The Most Important Factor in Short Sales
There is a lot of short sale activity in the Daytona real estate market, but many people are very frustrated over the process. They want a good deal, but waiting weeks and months is frustrating.
To be in the best position, several things must be considered, but the most important is that you must have cash or financing secure before attempting to go to a bank with a short sale offer. If you don’t make sure of this step, you are wasting your time.
The banks seem to take forever, but they are going to easily reject offers that are not solid. An offer without certainty of completing the transaction because of funding sources, is almost certain to fail. It may still take a long time to get the rejection, so you don’t want to be in that position.
If you are not offering cash, you need to get qualified for a loan for the value of the offer you are making. You will need to have the qualification letter to submit with the offer.
You must also keep in mind that many people are really low-balling offers and that if you do the same, you will likely be outbid by someone who has offered closer what the bank and its committeee believe is acceptable.
We have good experience with short sales and know what the banks are looking for. If you have the patience to pursue this path, we have a list of properties that must be sold through short sale or will foreclose shortly. Gime a call to discuss your options and what’s available.
For more information on short sales, check out our popular post Real Estate Short Sale Can Save You 20 to 40 Percent.