by Greg Diodati
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by Greg Diodati
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In regards to Short Sale Properties, I have heard many times how Realtors are obtaining several offers and submitting multiple offers to the bank for approval. First, the bank has a security interest in the property, but they are not the owner of record and will not be a party to the contract. The contract should be submitted to the homeowner only. Of course any offer accepted by the homeowner is subject to the Lender’s approval because of the Short Pay or Short Sale.
In addition, not only is the Realtor’s duty to the homeowner, but it is to sell the property in the quickest manner possible. We are conditioned to think that the highest offer is the best offer, but is it? In the world of negative equity, getting the property sold as soon as possible is the best offer. When a homeowner has negative equity and they owe more than the house is worth, they will not get any proceeds from the closing. Therefore, when a Realtor’s client is in a distressed situation, facing foreclosure, the best offer may not always be the highest price.
If a homeowner has an option to choose between two offers, one may be from a conventional buyer looking for a home to purchase, conditioned not only on the short sale approval but their approval from a lender for the purchase of the property. The second offer may come from an investor who may offer less, knowing the difficulties with the short sale process, typically does not need approval from a lender for approval. In the best interest of the distressed homeowner, the offer that provides the quickest close is the best offer. Not to mention, that the investor having made an offer is committed to the process since he/she has no intention of living in the property.
Westwind Real Estate Services, works with distressed homeowners with negative equity, to stop the foreclosure process. We make an offer to purchase their property, negotiate directly with the lender to settle the account and provide the homeowner an opportunity to get a fresh start. Visit our website at www.StopOurForeclosure.net to get information on how to stop foreclosure.
CA DRE#01830446
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