Impatient Short Sale Buyers

Buyers can be a problem when it comes to a short sale as many do not wish to wait 90+ days for an approval. Then after 90 days of negotiations, appraisals, paperwork, and hard work the buyer walks and the property goes back on the market.

One of the things that we do with all of our short sale listings is require the buyer to put down a non-refundable earnest money deposit for a specified length of time.

This ties the buyer to the property as walking away would cost them the earnest money. It also gives them peace of mind that they are the only offer that we are currently negotiating and basically assures them that upon approval the home will be theirs.

This helps cut down the number of buyers who aren’t really serious about buying the house. It also eliminates most of the lowball investment buyers as well as those individuals putting in multiple offers all over town.

Short sales are not going away and will be here for years to come. If you are interested in short selling your Arizona home please contact us at 480-241-4406 and we’ll be happy to help.

Related posts:

1. What’s short about a “short sale” anyways?
2. Fannie Mae Closing Cost Assistance & Appliance Incentive
3. Rising Interest Rates Affect More Than Buyers
4. Short Sale Guarantees
5. Buyers are scrambling to get closings before November 30!