Recently, we`ve received a rash of ridiculous offers on listings we have which are "Short Sales".
There seems to be confusion from many buyer`s who believe they can make "Low Ball" offers to the sellers of these properties and they`ll simply sign.Guess what? They can refuse to sign the offer and rightfully so.
Somehow the Buyer`s agents representing these clients firmly believe the sellers must sign off to these insane offers,and get upset the seller`s aren`t cooperating.
It`s clear the confusion is rampant.
A Short Sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
That mentioned if a mortgagee owes the lender $300,000 and has listed their home for sale at $250,000 doesn`t mean they`ll accept offers for $125,000!Would you?
By now many in the Real Estate profession know the lenders will not accept these insane offers, the time and effort involved to send them is very time consuming.
Unless you`re serious in buying a home that is below market value and priced accordingly it is our opinion you`re buying for all the right reasons. If you`re in the market to send ridiculous offers all over town, may I save you the time and tell you to forget it!
For additional information on "Understanding how a Short Sale Works" please feel free to contact us at 954-275-0200.
It`s our pleasure assisting you.
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