Today’s real estate transactions require patience and finesse. If you’re buying short sales in Tampa Bay or anywhere, your efforts need to be focused and aligned with the big picture.
So… if you are making an offer on a short sale property, here are a few best practices that will help to ensure your success. Basically, talking a good game will take you nowhere; it comes down to letting your actions speak for your intentions.
- Start with a decent earnest money deposit …go with a binder in the range of 1 to 3% of the short sale price; anything less may appear a bit too casual.
- Go with the stipulations – If the contract requires that the deposit be placed into a trust account pending the approval of the short sale package, don’t balk. Your earnest deposit should be just that.
- Get a solid letter from your lender – Show ‘em what you’ve got and that your candidacy is as strong as your ability to come through with the financing. If an underwriter says you’re golden, you can’t be trumped.
- If you really want this place, take it “As Is” – this is not a typical real estate transaction, don’t be nit picking about minor repairs and fees; odds are you’re getting a great deal…don’t jeopardize it with requests for a replacement garden hose or a carpet allowance for the guest bedroom.
- Have patience – don’t go in thinking your deal is going to be the exception to the rule; plan on up to four months to close, hope to be pleasantly surprised, but be ready to go at any time.
- Do what you say you’re going to do – although more streamlined than ever, the short sales process is a complicated and time consuming one; work with your Realtor and do whatever he or she advises.
Bottom line, if you’ve found your dream home and you’re getting it at a bargain price, don’t let impatience or arrogance gum up the gears. Short sales may be around for a while, but you don’t want your dream home to get away.