Bellingham Neighborhoods: Bellingham Short Sale Approvals - They're not as elusive as you might think

Bellingham Short Sale Approvals - They're not as elusive as you might think

Bellingham Short Sale Approvals, They're not as elusive as you

might think or might have been told!

Here are some tips for you to consider when placing an offer on a Bellingham Short Sale.

  1. Offer a Realistic Price: Your offer should be in the ball park of recent sales in the area.  Have your real estate agent prepare a package of "evidence" to support your offer including comps., market data & stats., employment, etc.

  2. Pre-Approval Letter:  This is the 1st step of the buying process these days...period.  Sellers won't even consider an offer without a pre-approval letter.  Tip...put the address and the exact offer amount on the letter, so that you're not giving away your negotiating power. 

  3. Have some wiggle room in your offer amount:  Banks most often counter.  With that being said give yourself some room to move.  Have your agent prepare more evidence to support your counter no matter what it is.  Most likely the numbers have changed (decreased) and/or the rep. at the bank needs a reminder, so have your agent work for that commission.  

  4. They come AS IS: Banks are not in the fix-it industry...not yet anyway.  Although, they're definitely moving in that direction as the days pass.  They don't (yet) have a team of contractors, nor are they going to pay for any repairs or upgrades that you might think are necessary.  Figure them into your offer price.  Have your agent call their team of contractors to get some bids for the work and submit it as evidence for a price reduction.

  5. Use a Short Sale Specialist: I realize it's tough to not choose your buddy, your neighbor, or your bosses wife, but if you are buying a Short Sale – work with an agent that specializes in short sales.  I know what you're thinking...but Tara, everyone says they specialize in Short Sales these days.  Yep, it's true, after everyone figured out that the market really was going in the crapper, they jumped on the wagon...or is it off the wagon? Huh, I'm not sure.  Anyway, the best way to find a good agent is to meet with a few or call a few & start asking questions...you'll know right away who's blowing smoke.  
Tara is a full time Realtor in Whatcom & Skagit Counties.  She has taken over 800+ hours of training in short sale, Reo, creative real estate, & finance.  For short sale negotiations she uses a team of short sale attorney's that have a very high closing ratio.  For more information feel free to contact Tara via phone, text, or email.  

Tara Camp ~ 360-296-3244 ~ TaraPropertiesNW@gmail.com

 

Comment balloon 1 commentTara Camp • August 12 2010 02:00AM

Comments

I hate to do this but were there item 2,4,6 and 8?  Good info. just wanted more.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) about 8 years ago

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