Leslie Carver of Team Carver, presented Short Sale Tips for Buyers Agents today at our weekly sales meeting. Team Carver was the # 1 Top Producing Team in the Prudential Americana Green Valley office in 2008 with 182 closed units and $56 million in closed sales volume. The Team ranked 19th in the entire Prudential network of over 62,000 sales associates. Team Carver specializes in REO, short sales as well as traditional real estate business. Leslie is a Certified Short-Sale Professional who has a high rate of successful closings - due primarily to her excellent qualifying techniques, negotiation skills and efficient systems in place.
If you are a homeowner contemplating a short sale or an agent wanting to refer a short sale, contact Leslie at 702-436-3615, or her email at Sold@TeamCarver.com.
What is a Short Sale?
- When the value of the home is less than the loan amount and the lender accepts a payoff for less than owed.
- On a short sale, offer aacceptance is between Buyer and Seller, with a contingency of short sale approval.
- Not to be confused with an REO offer, where the seller is the lender and offer acceptance will ultimately come from the bank/lender.
In order to educate your buyer and help them understand the nuances of the short sale process, a critical step is to determine the expertise, experience and procedures of the listing agent. As always, let your buyer make the ddetermination to proceed with an offer once you have ascertained the experience of the listing agent. Here are some questions Leslie uses to qualify the short sale listing agent.
Questions to Ask the Listing Agent about Short Sales:
How many short sales have you successfully closed?
Who is the lender (s)?
Where are you in the process?
Has the BPO been ordered?
How often do you contact the lender(s)?
What is your policy in accepting offers?
Do you put the property in contingent status
Leslie includes the following contract language when representing a buyer. Her business philosophy is to treat others the way she would like to be treated. So, this language allows a buyer to cancel and receive their earnest money back with written request and without a signature from the seller after the agreed-upon time period has elapsed.
Earnest Money language for the short sale contract:
If Seller is unable to perform 90 days* after acceptance of offer, Buyer has the option to cancel this transaction for any reason and receive a full refund of earnest money deposit without any further signatures required. Escrow Holder, Equity Title of Nevada, is not to be held liable or responsible for any loss or damage which Buyer(s) or Seller(s) may sustain by reason of the above addendum to the contract, nor for failure of any of the conditions of this escrow, nor for the recovery of said money for any reason whatsoever should this transaction cancel under the terms above. All parties hereto are aware and understand that Equity Title of Nevada will follow the instructions to cancel this transaction and all other instructions as it relates to the cancellation upon written instruction from the Buyer(s) to proceed with the cancellation and return of the earnest money as set forth.
*The amount of time given is determined by you! This language should be in an Addendum to the offer.
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