Offers received...

Received offers on two different Short Sale listings this weekend. Once my sellers sign them tonight, the fun can begin. Sending the offers into the bank(s) and negotiating the terms of the Short Sale is much more interesting to me than marketing the property and waiting for an offer to come in.

After the initial phase of meeting with the sellers to address their needs and concerns and to determine if I can help them or not, comes the marketing phase where I determine a price, put the property on the market for sale, and all the other things that I do for exposure. After this I'm basically waiting for an offer to come in before I can do anything else. Sure, I'm continually marketing the property on Craigslist and other websites daily, lowering the price weekly, holding Open Houses, and talking to the bank every Thursday but until an offer comes I feel like I'm not accomplishing anything.

Once I have an offer to send in, then I have something concrete to discuss with the bank(s). I can then have the bank(s) start their process of ordering an appraisal, assigning a negotiator to the file, and then determining an acceptable net proceeds amount. It's all downhill from this point...

Lowball offers...

Why do buyers' agents submit lowball offers on my Short Sale listings without running the comps? If I have a property priced at $200K (based on Fair Market Value/FMV) some buyers' agent will send me a "low-ball" offer for $160K. It never fails. Then when I ask the buyers' agent if this offer is based on him or her recently running the comps, I always hear "no", that's just what my buyer wanted to offer. That makes no sense and also means that the buyer's agent is not doing their job by running the comps to determine FMV and advising their client(s) accordingly. Yes, the banks are discounting properties to get them sold, but it has to be within reason. Banks are NOT accepting ridiculous "low-ball" offers.

#Hashtags

I'm going to start using Hashtags on all my Short Sale postings to Twitter. This will include all Short Sale properties as well as all Short Sale news and information. I hope this helps my Twitter postings. #LasVegasShortSales

Just starting a new blog...