There is a growing phenomenon in the US housing market known as a “short sale.” A short sale is when a homeowner is attempting to sell their home when their mortgage debts exceed the fair market value of their home. The sale of the property, if the mortgage lender agrees to such, will leave the homeowner responsible for unsecured debt. In order to sell short, owners or their agents must receive permission from their mortgage lender to sell their home for less than the amount owed. In the current real estate market, this situation reflects approximately 50%, or more in certain markets, of the current inventory. The process of acquiring consent to sell the home from the mortgage lender and negotiating the selling price is often time consuming and frustrating, as the purchase must go through the internal mechanisms of their mortgage lenders which are large and often times difficult to navigate.
With the launch of bidEup ( http://www.bidEup.com ), Realtors now have a new tool to assist their clients who are forced to sell short. bidEup.com enables Realtors to offer simplified solutions and processes for their customers that are looking to sell their home and move on with life. On bidEup.com, real estate agents can conduct an online sale with the reserve or minimum sales price equal to the mortgage payoff amount plus commission or the short amount the mortgage lender has agreed to. bidEup.com offers sellers a pool of qualified and able buyers, not just “casual” buyers gauging the activity of the market. The qualified buyers submit electronically executed offers to purchase through the site and the system analyzes the offers and presents the agent and the seller with the one that fits the sellers pre-set terms and conditions. The bidEup process will present offers that equal or exceed the amount agreed to by the lender. If the online sale does not result in a completed sale, then the agent and seller will have access to the offers on the table to take to present to the mortgage lender for approval.
Our current housing market is saturated with inventory and has a shortage of buyers. Due to a credit crisis and a break down in consumer confidence, homeowners have become literally stuck in their current home, unable to sell. Competing for homebuyers has become increasingly difficult, expensive and often unsuccessful for Realtors. Homes stay on the market for seasons and families are forced to put their plans on hold, at the least.
The bank of qualified and motivated buyers supplied by bidEup.com is not just a tool for Realtors conducting short sales and assisting homeowners feeling the financial pinch. Rather, Realtors can also use bidEup.com to assist their customers who are looking for a quick sale due to such events as job relocation, divorce, retirement or changing family size. No different than stocks, the key principal in real estate is buy low and sell high. In a downward trending market the key to saving your financial position is to exit before the price slips below the price you paid. Each day on the market is costing sellers and their agents money, as home prices are slipping daily. It is important that real estate agents have a strategy to sell properties quickly. Through many creative marketing strategies, bidEup provides real estate agents with motivated sellers an opportunity to maximize listing exposure and reach the motivated buyers, which enables sellers to sell on demand.
According to David McNairy, CEO of bidEup, “bidEup is a one-stop resource for buyers that allows them to find the bargain they’re looking for, locate a licensed real estate agent, use online tools for due diligence, obtain financing, electronically execute and submit written offers and ratify contracts of sale.”
The efficiency provided by bidEup’s technology eases both the buying and selling process. By requiring all properties on the site to be listed with a licensed real estate agent or offered for sale by builders, professionalism is maintained through the transaction. Sellers sell their homes on-demand through bidEup by reaching a broader pool of able buyers.
About bidEup
Located in Bethesda, Maryland, and founded by real estate attorney David McNairy, bidEup, Inc.’s patent pending technology is the world’s first legally binding online real estate marketplace. For more information, visit http://www.bideup.com .