Realtors in Bay County, Florida (Panama City and Panama City Beach) are now required to change listings with an accepted offer by the seller, that is waiting approval from the lender, from an Active listing to a Contingent listing. This removes the listing from searchable websites and reduces the number of people that know the property is for sale. If you have any experience with short sales then you know that lenders encourage multiple offers. When a property has multiple offers, the likelihood of getting a transaction processed increases.
So how can you take advantage of this change? Include contingent listings in your property search and make an offer. Don’t let the agents tell you that your offer will be considered a backup offer. The fact is, the lender wants to see all offers and doesn’t care which one came in first. A typical Short Sale transaction can take 45 to 90 days to close and in extreme cases a year. By making an offer on a contingent Short Sale, you will have less competition, and the time to close the transaction will be shorter because the original offer started the Short Sale process with the lender.
Now I know what your are thinking. Won’t I have to make a high offer to out bid the first guy? The answer is no. In my experience, the original buyer will get frustrated with the process and withdraw their offer if it takes longer than a few months. This could possibly make your offer the only one on the table.
Are you looking to invest in a second home or condominium along the coast of Northwest Florida? Do you have questions regarding real estate in Panama City, Panama City Beach, Mexico Beach, Rosemary Beach, Sandestin, or Destin Florida? If so, call Chad Miller at Miller & Associates Realty.
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