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The battle for acceptance from the bank in Beaverton, Oregon short sales (Not always easy, when your buyers jump ship before the day is over)


The thing with Beaverton, Oregon, short sales is they sometimes take a long time to close, but I do have to say that time is getting shorter. I think the banks are finally starting to figure out that they are actually making more money by acting and accepting these short sale offers quickly than they are if they delay, delay, and delay some more.

But, what happens when the unforeseen happens? A game of price starts to happen and the buyers are jumping ship almost as fast as they are presenting the offers. Recently I took a short sale listing on a street that had two other Beaverton, Oregon, short sales on it. These are really cookie cutter homes and all are within 10 feet of each other.  It’s so bad, that once you are inside, if someone were to blindfold you and turn you around three times, you wouldn’t know which one you were in.

Buyers jumping ship on Beaverton, Oregon Short Sales

So, I have this listing and it gets an offer rather quickly as we were the lowest price home on the street, even if by only a thousand dollars, we were the lowest. But, before I could get back to the sellers home to get signatures, the buyer calls and says they are withdrawing their offer. OK, I guess the financing fell through or something, it happens.

But, a day later I come to find out they had written another offer on the cookie cutter next door that had just lowered its price to $2000 below ours the same day they put the offer in on my listing. They were going with the better deal. Now, I wish this was the end of the story, but we aren’t there yet.

The next day after that, the 3rd house lowers its price and you guessed it, the buyers are walking from home number 2 for the better deal on house number three. So do we now lower our price and continue this game to the point of ridiculousness or do we let that one close and just wait?

What are a sellers and their agents to do? The short sale price war isn’t over until the banks say is over, I guess.

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 13 commentsRespect Realty LLC • September 18 2011 03:47PM

Comments

Todd, It's just like you say, a GAME! Why pay more for something when the next BEST DEAL is right next door or down the street?! As a listing agent, it gets frustrating when the bank refuses to lower the price of a home to market price to get it SOLD.

Posted by Wanda Kubat-Nerdin - Wanda Can!, So Utah Residential, Referral & Relocation REALTOR (Prado Real Estate South) almost 8 years ago

As you know if you've done a bundle of these short sales only when a mediator/negotiator is in place is a timely to get a price reduction...i've only had 1 negotiator and they made it happen within 2 months...otherwise you battle with them on comps...

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) almost 8 years ago

I can only imagine what that buyer's agent is thinking. These homes can't be identical even if they are cookie cutter homes. Are they even looking at things like the quality of flooring, appliances or any other type of upgrade? How frustrating!

Posted by Cynthia Larsen, Independent Broker Serving Sonoma County, CA (Safe Haven Realty) almost 8 years ago

Thanks for the insight, I don't get this perspective on the short sale process. I hear about it from the escrow side of the aisle.

Posted by Rene Fabre, Marketing in the Digital Age (First American Title) almost 8 years ago

In the Navy, we called it absent without leave (AWOL). I do a lot of short sales where AWOL is a way of life. Faster banks would help!
Remember when Saturday meant weekend and time off?
Paul

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) almost 8 years ago

It does seem crazy that despite these homes losing thousands in equity everyday because of the bank delays they continue to do it. You have to still wonder if they are getting kickbacks from someone, be it the government or some other entity.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) almost 8 years ago

I am hung up right now on a couple of short sales.  I know they are progressing but my buyers are chomping at the bit to get them.  I call them two or three days a week to give them updates when I really don't have anything to tell them.

Posted by John Walters, Licensed in Louisiana (Frank Rubi Real Estate) almost 8 years ago

I love the image that you used because it is a perfect analogy for how one feels when the buyers bail. Bummer.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) almost 8 years ago

Short sales are always a headache, but we are seeing approvals a bit quicker, but still a fair amount of buyers walking prior to acceptance.

Posted by Scott Freedle (Metro Brokers Freedle and Associates ) almost 7 years ago

Buyers need to be a little more patient . in this situation they may drown

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 7 years ago

I told an agent yesterday, if the sellers agree to the offer, they will counter that the buyer can not withdraw their offer for 60 days.  And if they do not agree to that, the home remains active on the market (instead of pending short sale) to allow more buyers to write back up offers.  I'm getting tired of buyers bailing.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX Solutions) almost 7 years ago

Dear Todd,
The whole business of real estate is so different in the current market. People don't seem to look at the overview to analyze what will be best in the long run.

I suggest to my clients that the whole deal must be reviewed. Purchase price, certainly, but some other details make a seemingly more expensive deal actually a better deal. Perhaps YOUR listing only had one mortgage on it or there were other positive aspects.

I really like the comment by Kay Van Kampen (#11) - plan to integrate that commitment into our contract negotiations. Thanks - Kay!

Have a happy day -
Lynn

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) almost 7 years ago

Todd,

Sounds like short sale poker...

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Diary of a Realtor

Posted by Deb Brooks (Brooks Prime Properties Wichita Falls Texas) almost 7 years ago

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