What Short Sale Brokers Look for Buyers

Houston TX – Short Sales can be tough. Many buyers don’t understand the process and think that since it is a buyer’s market, then they set the rules. That’s not the case.

You, the seller and your Short Sale Realtor, set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don’t then you dramatically reduce your odds of successfully short selling your property. This is why hiring an experienced Houston Real Estate Broker is so important.

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Here is what you should think about before you take your home off of the market.

1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.

The person making the first offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.

2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification; your broker should be familiar how to obtain this information.

3. We recommend that the buyer inspect the home before the sales contract is signed. Your Houston Short Sale Broker should have a list of Home Inspectors to assist the Buyer in getting an inspection. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender. We also suggest that you buy the Buyer a Home Warranty and give it to them at the close. This helps the Buyer with unforeseen issues that can crop up after the sale. If they have a warranty to make use of, they are less apt to gripe you out for something that you did not know about in the first place. In addition, these home warranties are just good “risk management” on your part and they are inexpensive.

With a THOROUGH inspection in hand, the price can be adjusted accordingly BEFORE it is submitted to the lender. This saves from having to negotiate the price again if a problem is found after the short sale is approved. The lender is more likely to accept a lower price if you send them a copy of the inspection.

4. Your Real Estate Broker needs to get an agreement from the Buyer to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow. Your Short Sale Broker should be able to prepare the Buyer for these delays should they occur.

5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.

These are what we have determined to be necessary for a successful short sale. If you don’t have a serious buyer then you are wasting your time and your agent’s time as well.

Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can’t get a loan or back out after the inspection.

Helping someone avoid foreclosure is serious business. That’s why we treat it as such. Thinking about a short sale?

I can help you short sale your Houston property and never pay the bank another 

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (713)589-8808

Always verify your Short Sale Realtor’s professional credentials. This can be done at various state agency websites. Here in Texas this is the Texas Real Estate Commission (TREC) and their web address is www.trec.state.tx.us/ Also, REALTORS® are members of a local boards and here in Houston that board is the Houston Association of REALTORS®; their website is www.har.com/ If someone says they are a REALTOR®, Real Estate agent or Real Estate Broker and they do not have an active, up-to-date license and they represent others in a transaction in Texas, they are doing so illegally. Needless-to-say, that is not the person you want handling your real estate business. I am a member of the Houston Association of REALTORS® (HAR), Texas Association of REALTORS® (TAR) and the National Association of REALTORS® (NAR).

Guillermo is a Texas Independent Real Estate Broker, license #0506808 based in the Houston, TX. He has performed real estate consulting work in Florida, Mississippi Nevada, Utah and of course Texas. Houston Short Sales Realtor:

Phone: (713)589-8808 .      email  g@realtyrighttexas.com

View My homes for sale at www.realtyrighttexas.com .

Guillermo Coronado specializes in Short Sale  assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor. Houston Short Sale. Houston TX Short Sales. Houston Realtor.

This information on “Know what your Short Sale Broker should look for in a Buyer of your Houston Short Sale property” is provided as a courtesy to our viewers to help them make informed decisions.