Short Sales - Negotiating The Sale

Short Sales - Negotiating The Sale

Who will Negotiate the Sale ?

The listing agent and the home owner will negotiate the offers to get the BEST and HIGHEST possible offer.

Always present ALL offers to the seller and REJECT and or COUNTER Unresonable offers.

Have the Home owner to Accept the Best and Highest offer subject to the lenders approval of a Short Sale.

The lender don't want you to send in all offers for them to negotiate. You will only send then the BEST and HIGHEST offer for Short Sale approval. Keep in mind that this can take 45-90 days to get the approval. The lender has to weigh the value of a Short Sale ~VS~ Foreclosure. There are many steps to the process.

You will need a completed HUD-1 that must reflect the offer being submitted to the lender with the following information:

1. Dates
2. Fees
3. Names

Remember these tips

1. Do NOT add any fees that are not normally paid
2. Seller may NOT recieve any proceeds from the Short Sale

These fees will generally NOT be paid on a Short Sale

• Home warranty
• Repairs - Short Sales are sold "AS-IS"
• Inspection Fees
• Fees normally paid to Buyers including Tax service fees
• Surveys
• Junk Fees
• Utilities
• Buyer Closing Cost over 3% of sales price

Fees they will concider paying

• Property Tax
• Owners Policy
• County Doc. / Transfer Tax (if applicable )
• Escrow Fees
• Commissions - May be reduced
• Junior Lien Holders - these must be negotiated and show amount offered for release of the Junior Lien Holder. ( Junior Lien Holder would be like the 2nd Mortgage )

Junior Lien Holders may accept $1,000 - $3,000 ( Example ) to release the property but not forgive the debt.

* You ask why they may do this.

1. Better than getting nothing at all.
2. Professional Courtsey