More Information and Method Changes
One of the best procedure changes that we made is that we just changed our ernest cash, the non refundable ernest money that our buyers put up from $500 to $1000. This means that from the first 90 days of the transaction, the buyers money is nonrefundable. We do NOT ever remit all of the contracts to the bank. So, the majority of the complaints that we get from people is that buyers all falling out because they are not as dedicated to the deal. Nevertheless, because all short sales are closable in 90 days, this should be beside the point.
What we learned in previous days is that we can get a buyer to recognize that the short sale method is long, usually 60 to 90 days. Nonetheless, a certain amount of the time, for example 30-45 days in the buyer would send over a cancellation of the contract and let us be aware of that they are no longer interested in the house.
So, at the end of 2008, we implimented a nonrefundable ernest money that the buyer has to put in escrow and is nonrefundable for 90 days. That lets us to go to the bank in sufficient time to get authorization from the lender. If you aren’t doing this as a real estate professional, you have to begin. When someone has added money on the line they are more commited.
Also in 2008, we started requiring the seller to give an upfront negotiation charge to Group 4610. We did that to induce the committment from the seller. We have talked on the subject of the committment of the seller being important to the success of a short sale contract.
We do this strictly so that the buyer is as committed to the process as we are. This is necessary so that we can give one hundred percent to every one of our clients.
So, the change for real estate agents dealing with short sales is to remove the sellers that are not committed to the process.
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/more-tips-and-process-changes-in-2009-short-sale-power-hour-12-31-09/ title=”More Tips and Process Changes”>Short Sale Power Hour by the Short Sale Specialists of Arizona
