Vancouver Wa Real Estate - Elite Realty NW

"Sure, I do short sales!"

Short Sale Buyers, Be Sure To Hire The Right Agent To Represent You!

Currently, 32 of my 35 listings are short sales. This wasn't by design. We were some of the first agents to negotiate short sales in our area and I guess we got a good reputation. Lately, I have been noticing a disturbing trend with short sales. Buyers are hanging in with the transaction until the bank counters with a higher price and then they bail out of the deal. Sometimes the counter is astronomically high and other times it is just a few thousand bucks. When they rescind their offer, we put it back on the market as a "bank approved" short sale. We know the price that is acceptable to the lender and we can close quickly at that price.

What disturbs me is what often happens next. A buyer comes along and writes an offer on the "approved" short sale. Most of the time the offer is less than what was approved. This causes the file to be put back into negotiations and the process starts all over again. Sometimes this process can take months.

I recently had a condo short sale deal that was approved at $160,000. Nothing has sold in the complex for less than $180,000 since it was built. This was a smoking hot deal for who ever wanted to step in and take it. An agent showed up with qualified buyers and wrote an offer for $156,000.  ???

I spent the next 2 months re negotiating with the bank only to have them counter at the same $160,000. The buyer walked on the deal! I now have other agents calling and asking if the bank would accept lesser amounts.

Uh... NO!

Let's look at the facts:

1. It comps out all day long at $180,000. That is $20,000 more than the price that the bank is willing to accept. Take it!

2. The bank is willing to close quickly on the approved price. Take it!

3. Any offer that is lower than the approved price means that negotiations will need to be re opened and the possibility of a successful deal is lowered exponentially. Take the approved deal!

Buyers - Are you looking specifically for a short sale? If so, interview your agent and only pick an agent who is experienced with these types of deals. You need an agent who is experienced at navigating the mine field that we affectionately call short sales. Ask them a few tough questions: How many short sales have you closed this year? Please provide proof! Do you list short sales? Please provide proof! Have you ever negotiated a short sale to a successful close? Please provide proof! I think you can see where I am going with this...

Please make my life easier and hire a qualified agent to handle your purchase!

When you choose us to handle your Vancouver Washington real estateneeds, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark County and we specialize in Vancouver, Ridgefield and BattleGround. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area.  Additionally, we have helped numerous families build their own Vancouver Washington dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service. Go to www.ernw.org for more information. See our video here. Short Sale Buyers, Be Sure To Hire The Right Agent To Represent You!