A brief slide presentation to qualify and educate potential buyers on "Short Sales".
Short SalesA Buyers Presentation2What is a Short Sale?
The home may be over-leveraged or underwaterThe seller may behind on payments and cannot sell for high enough to cover what is owed plus other required fees to close.Lenders created short sales as a foreclosure alternativeLenders would rather allow sellers to short sale versus foreclosing.Foreclosing on properties costs lenders money
. There is more debt owed against a property than the propertys value. In a loan default situation, (pre-foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or short) the amount owed as payment in full. ________________________________3Should You Place An Offer On A Short Sale ?
Do not have a home to sellAble to wait weeks or months before receiving an answer to their offerFlexible on termsFlexible on closingWilling to purchase a home AS-ISHave solid financing with no financing restrictions such as excessive contributions
Short Sales transactions require buyers who meet specific qualifications.4How Does A Short Sale Differ From Other Transactions?Short Sales have a longer approval process because:
Seller must qualify for a hardshipSellers must provide documentationAn evaluation of market value must be conducted by the sellers lenderMore parties are involved in the approval process
5Parties Involved In A Typical Real Estate Transaction6Parties Involved In A Short Sale Transaction7Why Should I Place an Offer On a Short Sale?There are no other properties available in the areas they want to liveProperty contains most of the items on their wish listCondition of the propertyNot willing to purchase a home without property disclosuresLooking for a property under market valueNot in a rush and flexible on closing dateNot concerned if their offer is rejected
Most buyers place offers on Short Sale Properties for one or more of the following reasons:
8Searching For The HomeLocate all properties that meet your needs including Short SalesQualify the Listing AgentCollect market dataCompare the Short Sale Property with Your NeedsProvide you with community, city, and school InformationSchedule showingsHelp you complete the paperworkPresent your offerSchedule inspectionsMake sure you get timely updates on the progression of your offerManage the transaction
Your Agent Will Help You
9Submitting An OfferPurchase contractShort Sale AddendumAS-IS AddendumFully Completed Loan Status Report or a Loan ApprovalVerification of Funds If Paying Cash
Any Other Required Disclosures
Your Real Estate Agent Is Here to Assist You!What you will need to submit an offer on a Short Sale:
10Why Your Agent is Best?They Know this niche marketThey Know how to locate the right property for youThey Work with a team of Experts who are familiar with Short Sale TransactionsThey are Ethically Obligated to Protect Your Interests
11In ConclusionPurchasing a Short Sale home may require a little more patience and additional documentation submitted with your offer, but it just may be the path to finding your next great investment property or your familys dream home.
Buyer Qualification FormARE YOU WILLING TO WAIT FOR AT LEAST 60-90 DAYS FOR AN ANSWER TO YOUR OFFER? YES / NODO YOU HAVE A HOME TO SELL? YES / NO DO YOU HAVE ALTERNATE PLANS, IF YOU DO NOT HAVE A RESPONSE TO YOUR OFFER IN 60-90 DAYS? YES / NOIF YES..WHAT ARE YOUR PLANS?________________________________________________________________________________________________________________________________________________________________________________________________________________________MY SHOWING POLICY IS TO PLACE AND MANAGE ONE TRANSACTION FOR YOU, ARE YOU WILLING TO PAY AN UPFRONT NON-REFUNDABLE RETAINER FEE OF $_______ FOR MULTIPLE VIEWINGS AND/OR MANAGEMENT OF ADDITIONAL PROPERTIES AFTER YOU SUBMIT AN OFFER ON A PROPERTY? YES / NOARE YOU COMFORTABLE WITH PURCHASING A PROPERTY AS-IS? YES / NOHAS THE LENDER YOU SELECTED PARTICIPATED AND CLOSED A SHORT SALE TRANSACTION IN THE LAST 60 DAYS? YES / NO UNKNOWNARE YOU WILLING TO PLACE BACKUP OFFERS ON PROPERTIES? YES/ NOARE YOU WILLING TO PLACE A FULL PRICE OFFER ON A SHORT SALE? YES / NOIF YOUR OFFER IS IGNORED OR REJECTED BY THE SELLERS LENDER, ARE YOU WILLING TO LOOK AT OTHER SHORT SALES? YES / NOBUYER: _______________________________________________DATE___________________________BUYER: _______________________________________________ DATE __________________________AGENT: ______________________________________________ DATE __________________________
Contact me with any questions. I am here to assist you.Mario J SaraccoProfessional REALTORNew Venture Realty,LLCBus: (623)889-3665Cell: (623)215-5732
Prompt, Professional, Priority Service!