Today’s topic is focused on seller expectations. As you are selling your home in the Phoenix market with a short sale there are certain expectations that we would like you, as the seller, to be aware of.
First, you should anticipate a high buyer fallout percentage. Right now we are within an incredibly volitale market with buyers. Buyers wish to obtain the best deals. They can be hasty. They may find a foreclosure property. Buyers are not fully commited to the short sale process because of fear and because they would like to find the best deal. The dedication from buyers just isn’t that strong. We strive to bind the buyer down to an agreement through nonrefundable ernest money. Based on the purchase price we ask for $750 to $1000.
An additional expectation you may discover is that the bank is always going to want more money in a short sale. Depending on your deficiency, be expecting the bank to ask for a promissary note or else cash. Any time they ask for this, we instantaneously tell them no. That begins the progression of negotiation. Typical practice provides that the bank will note that they have approved the sale buy retain the right to sue you for the deficiency. This is customary verbage in 90% of all approval letters. Some times that can be altered if you add a promissary note or cash. With a promissary note or cash you may occasionally get them to relinquesh the right to collect on that deficiency
In Arizona, we are a non-deficiency state. They can not collect on this deficiency, although they can sue you for it. As a result, you should be conscious of this.
We retain our methods in place. We successfully closed 9 short sales in the month of May, a increase from 7 in the month of April. We look forward to working with you.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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