The short sale process is one of the complex operations that requires a lot of effort and negotiation. However, there are some steps you can take to attract the listing agent and increase the chances of your offer being accepted. In this article, we will review some tips and tactics you can use to make the listing agent favor your offer and consider you a committed and flexible buyer.
Enhancing the Offer for the Seller
For the seller, you can present an offer that includes a significant grace period for moving out of the home, which will definitely enhance your offer. Furthermore, there isn’t much you can do to incentivize the seller to accept your offer over others; you are not allowed to improve the offer financially in a short sale process. This is because the bank’s agreement prohibits incentives or secret agreements between the buyer and seller, especially to prevent the seller from selling their home for less to a friend or relative.
Influencing the Listing Agent
While you may not have the ability to influence the bank or the seller, you can influence the listing agent, who is often overlooked in the short sale process. Sellers rely on their agent for advice on which offer to accept. If all offers are similar, you can do one thing to stand out from the rest, which is to make the listing agent’s job easier. No problems or complications.
Attractive Tactics
Here are some tactics that can be used to attract the listing agent and convince them that the buyer is enthusiastic and easy to work with:
1. Promise not to call every week for updates: Let the listing agent know that you will assume they will contact you when they receive approval from the bank, and that you won’t bother them with unnecessary calls or messages.
2. Inform the listing agent that you have explained the short sale process to the buyer: The listing agent will be pleased to know that they are working with a responsible buyer’s agent who is knowledgeable about the short sale process. Completing a short sale can be stressful, and knowing that they won’t have to answer the buyer’s or their agent’s questions about the process will make the listing agent very happy.
3. State that the buyer is willing to wait up to 6 months for bank approval: No listing agent wants to find out three months into the short sale process that the buyer has backed out. They don’t want to have to relist the home over and over again. Once is enough.
4. Commit to transferring the earnest money deposit to escrow upon seller acceptance: A buyer who has made a serious deposit conveys goodwill and will become part of the down payment more closely tied to the deal and shows readiness to wait for approval rather than a buyer who refuses to transfer the deposit. It reflects the buyer’s character.
5. State that the buyer will cooperate with the bank if additional claims are made: You cannot know exactly what the bank will do in the short sale process. The bank may request a larger sum of money. The bank may not agree to pay fees. The second bank may require a larger contribution. A buyer who is willing to cooperate and negotiate with the bank or banks, if necessary, is the buyer that listing agents will prefer.
In short, you are telling the listing agent: “You know all those horrible things that happen with buyers in the short sale process that make your life painful? If you choose my offer for the short sale, none of those horrible things will happen to you.” Who could resist that logic?
Source: https://www.thebalancemoney.com/getting-short-sale-offer-accepted-1799123
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