What does it take to get your short sale closed?
We all know it can be a challenge to close on a short sale listing, and I think the number one thing to make it happen is a buyer who is dedicated to sticking with it no matter what. Buyers who get spooked at the first bump in the road are not going to be able to go the distance. Buyers who are out shopping around and making offers on every possible property are not serious.
A buyer with only one property in mind will be paying attention and doing whatever it takes to close the deal. When the banks are holding their ground and not willing to pay for things which would normally be covered by a seller, a serious short sale buyer will be prepared to pony up for:
- survey
- termite inspection
- termite treatment
- condominium documents
- needed repairs
- seller closing costs
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The Buyer and the Buyers agent and their understanding of the short sale process is vital to closing a short sale. Here is an example:
- I had 2 new offers for a short sale property. Terms and conditions were the same, and we weren't sure which Buyer to go with. Obviously, we wanted the one who was most likely to close, but both buyers seemed to really like and want the home. Then it happened! The agent of one of the buyers called and said his clients wanted to see the house ONE MORE TIME before signing the counter. That made our decision that much easier. We accepted the offer from the other buyer and should be closing soon.
On a second note: I always require the Buyer to bring in the earnest money deposit if we are accepting their offer. This keeps the Buyer vested in the property and usually eliminates the issue of them going out and making offers on other properties. If the Buyer isn't vested in the property, good luck getting them to wait for 3 to 4 months and then closing on the deal.
Patrick Sharples, 714.293.2792, CA DRE # 01245463
Helpfulness and caring is my whole thing are kind of karmic joy that comes of it!
Patrick - interesting strategy! I'm glad to hear it worked, or at least appears to be working. Likewise with this sale... the first buyer seemed very keen but then backed out when the price was adjusted. The real buyer stepped up and stuck with it after that. I could tell she was not going to fade away.
Debbie and Laura - Hi, and thanks for comments too. Yes it helps if we are all caring and considerate along the way too!
Georgina, you made an interesting point that may get missed. You said when the banks hold their ground and won't pay for things that a normal seller would pay for. Tell the folks don't miss this...
Great post! 3 things that are very important - Patience and have all your ducks in a row. Keeping the buyers and sellers at ease as much as possible throughout the process. Which sometimes means giving an update that there isn't an update from the bank.
This is just wonderful Georgina. Congrats to the buyer and kudos to their patience and dedication to getting the transaction done.