Bank of America now letting a backup offer replace a buyer that walks on a short sale

This is great news and a long time coming. One of the most frustrating aspects of a short sale is when a buyer walks. Fortunately I have learned the hard way and now take backup offers on all my short sale listings just because of this problem.

Approximately 50% of buyers walk on a short sale which leaves the seller, listing agent and Attorney negotiating the short sale back at square one. I then have to put the property back on the market and the lender closes the file. When you get a new offer, you would then submit it to the lender and start at the beginning with a new bank negotiator.

Bank of America has implemented a new system in which you have 14 days to submit a new offer, along with a few other tasks:

When a Backup Offer Is Ready

You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property. Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit. If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:
· Complete the "Listing Data" task.
· Provide the marketing description.
· Review the marketing plan.
· Upload the offer. (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")

If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

This is a big step forward in the short sale game and hopefully the other lenders will follow suit.

Looking for a short sale expert in West Palm Beach or South Florida? Contact me to find out if you are a short sale candidate and to know your options!

Happy selling!

You can find me on my website: www.traciesellsflorida.com

The 3 Essentials for selling your home

The Holidays are quickly approaching...I still can't believe Thanksgiving is a few days away. Here are some tips for selling your home and how to amp up your homes presence on the market during the Holiday Season.

Don't be discouraged..buyers looking at properties right now are serious buyers, so capitalize on that and make your home stand out. Will they remember your home after they have looked at 10 others in the same day (which I strongly suggest you NOT do). Check out my previous Blog posts on some quick and cheap tips you can do to get your home ready to sell.

3 essentials to selling your home:

1) Price
2) Shows well
3) Marketing - Find a great Agent and find out their marketing plan for your home.

Get all three of these and I guarantee you success. A great Agent is honest, so you might not like what they have to say, but their job is to sell your home, so trust in them.

Good luck!

Tracie

Do you want to sell your house or not?

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Okay, let me just start by saying - I know sellers, especially in a short sale situation, don't want to shell out money for repairs or staging.  But you can do some simple things to help sell your home without spending much money by following some simple steps and using some common sense.
I'm writing this in response to showing several properties to a client the other day.  In the first home we were greeted by the owner, who proceeded to walk with us through room by room.  Big NO NO!!  Buyers do not want to see your home with the homeowner walking behind them, because it makes them feel uncomfortable and slows the process of going through the home.  The second issue came when we couldn't even walk in two of the bedrooms, and because it was so cluttered, you couldn't even see the floor.  Buyers want to see Real Estate, not clutter. 
I'm still amazed when I run into these situations, so that leads to wonder, do they want to sell their home or not?   I have listed some tips that require no money, just a little of your time, but well worth it!

1)  Pick up toys or clutter and even remove magnets on the refrigerator.  The less clutter and knickknacks you have lying around, the more potential buyers will be able to see your home and what it offers. Remember, you are selling your house, not your stuff. Plus, getting a head start on packing will eliminate some stress down the road. 

2) If you can prepare for the showing, turn the lights on and open up the curtains and let the light shine in.

3) If your home has some minor repairs that need to be made, do it!  Maybe some rooms just needs a  fresh coat of paint, just keep it neutral.

4) Keep it clean - it doesn't take money to keep your clean and smelling good.  Clean homes sell, trust me!
 

5) If you have pets, especially large ones, take them out of the home for showings.  The last thing a prospective buyer wants is to have a dog being aggressive or greeting them at the door with  a slobbering dog.  

   Bottom line, it doesn't always take money, all it takes is some elbow grease, as my grandmother would say.  So get out the broom and cleaning products and get to it.  You don't want to give them any reason not to put in an offer.

Good luck!

Please take a moment to check out my website: www.traciesellsflorida.com

Tracie Whillock

Contact me:

Call or text (561) 376-0985 begin_of_the_skype_highlighting              (561) 376-0985      end_of_the_skype_highlighting
Email: tracie@traciesellsflorida.com