Tie Sale
What Must Sellers Presume In Short Sale Process
Today’s subject is focused on seller expectations. As you are selling your house in the Phoenix marketplace through a short sale there are particular expectations that we want you, as the seller, to be aware of.
First, you ought to expect a high buyer fallout rate. Right now we are in a extremely volitale market with buyers. Buyers wish to get the best deals. They are impatient. They might discover a foreclosure property. Buyers are not fully commited to the short sale progression because of fear and because they want to acquire the best deal. The commitment from buyers just isn’t that deep. We aim to tie the buyer down to a agreement by way of nonrefundable ernest money. Depending on the purchase price we ask for $750 to $1000.
An additional expectation you may discover is that the bank is always going to want more funds in a short sale. Depending on your deficiency, be expecting the bank to ask for a promissary note or else cash. Any time they ask for this, we instantaneously tell them no. That begins the process of negotiation. Normal practice provides that the bank will note that they have approved the sale buy retain the right to sue you for the deficiency. This is customary verbage in 90% of all approval letters. Other times this can be changed if you add a promissary note or cash. With a promissary note or cash you may occasionally get them to relinquesh the right to collect on that deficiency
In Arizona, we are a non-deficiency state. They can not collect on that deficiency, however they can sue you for it. Therefore, you ought to be aware of this.
We have our systems in place. We successfully closed 9 short sales in the month of May, an increase from 7 in the month of April. We look forward to working with you.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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