Friday, January 21, 2011

Outer Banks Short Sales - making an offer

If a seller's agent does their job correctly, they will help the seller price the house so that the asking price is backed up by the most recent comps on the market. The lien holder is going to order BPOs which will tell them how much the market value of the short sale property is. They aren't likely to take any less; they are already taking a hit.
If a buyer's agent does their job correctly, they will provide their buyer with recent comps for the property being offered as a potential short sale. This will give the buyers a realistic picture of the minimum amount the lien holder will be looking for. If a buyer's agent just allows their buyer to make a low offer, the buyers will be in for a huge disappointment when the lien holder counters their offer and it's thousands and thousands of dollars more.
Most properties, whether they are bank owned, potential short sales or just a regular Outer Banks homeowner's property, should be priced close to market value to insure a successful sale. If you aren't sure how the home is priced, ask your agent to provide comps for you. Then, your offer won't be unrealistic and your chances of owning a great Outer Banks Vacation or Investment home will be greater!
From you professional Outer Banks REALTOR,
Wende Pritchard, Owner
All About OBX Real Estate
252-207-1147

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