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REAL
ESTATE NEWSLETTER - BLOG
12-14-08 Issue
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| I have had requests from out of area buyers and investors who want someone knowledgeable to represent them in buying a Washington State home or property. That is ok, I am licensed to do real estate business in the entire state, however here are a few things that I tell most people who ask for my services that may be of interest to all. This is my reply to an email request; Thank you for your interest. I have a few Short Sale deals pending at this time and yes, I can handle another one. The property is about two hours away so I would not be able to physically show up for inspections, showings etc. What I would do is a BPO/CMA for the Lien Holder, produce a HUD style Sellers Net Proceeds form, obtain the additional documents we need and write your offer on approved forms, my Attorney Mr. Burns will do Negotiations. Although I have done all my own negotiations in the past, his involvement will help more offers to be accepted. His fee and mine are paid by the Bank/seller or Lien Holder in most cases, however if we end up with a Lien Holder who will not pay a full 3% fee to me then you would be expected to pay the difference....some will only agree to pay 2% or 2.5% in an effort to save a few dollars. Each of these sales generally take 5 times longer to close and up to 120 pages or more of paperwork..... as compared to the normal 25-30 pages on a normal sale, so I will not work for a smaller fee than 3%. You would need to agree to his involvement and his team will keep you informed weekly on the progress. Hopefully you can accept PDF documents by email and... have a printer? When your offer is accepted you will be able to go to a local Title/Escrow Company to sign closing documents. A few more quick facts that you should know: 1. Please be aware that this process and take 3-5 months on average. 2. There is a lot of paperwork to process and it can get quite complicated. Thus, many agents will not do these Short Sales. You must have a lot of patience too. 3. Many buyers get tired of the long wait and quit the process in the 3rd or 4th month... so after months of work the agents involved do not get paid a fee. 4. Many Short Sale properties do not sell at all and end up being REO, or Bank Owned properties. 5. Many Short Sale properties are advertised at a lower price than what the Lien Holder will accept, which I do not like, in order to get an offer and a buyer to the negotiation table. This is not to say that this property is under priced like some.... we sometimes just do not know until we see what the Lien Holder says. 6. The Lien Holders expect to see 1% Earnest Money and a Lenders Letter of Pre Approval along with your offer. If you do not have a Lender I can recommend one. 7. There are a few simple things that we can do to save some effort and time, which will please the Lien Holders agents who may have 100 or more of such files on their desk to deal with. Notes: Donald J. Leske II
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Designated Broker |
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