Yesterday I gave you five key points to determine whether or not you should list your house with an investor who is ultimately going to purchase your home in a short sale situation. Here are a few more topics.
6). Earnest deposit. Let's face it, an earnest deposit is required on nearly every real estate transaction in the United States. So expect them to open escrow upon your acceptance of the purchase offer and put down a reasonable earnest deposit.
7). What if the offer is cash? Well then you should require to see proof of funds, you may be surprised to find out that some cash offers are really not cash at all. It is just financing and a buyer trying to present a "better looking" offer.
8). You need to know what will happen if the bank does not accept the offer that is presented from the investor. Your home is listed with their preferred listing agent, who has submitted an offer to the bank with an amount they want to pay for it. Remember you as the seller have signed the purchase offer and agreed to sell your home to them. You cannot just back out now, but what if the bank is not accepting the offer? Will they continue to market your home to other potential buyers? Or will they keep your home under contract until it forecloses.
9). As with any transaction, whether it be real property or other, you need to use your best judgment and be sure to do your due diligence.
As with any real property transaction in Maricopa and Pinal counties, we recommend you use us! Marie Zubkoff 480.233.7051 and Andrew Walsh 602.527.2639 with US Preferred Realty. Visit us at http://YourGilbertHome.com Thank you!
