Westminster CO – The Stop Foreclosure Institute recently received a question from Charlene. Here was her question.
“I am thinking about short selling my house. I’m just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing. I just have a hard time understanding why my lender would pay you if they are losing money. Please explain that. Charlene.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to her question. We will try to keep it simple in answering her question. Banks are not allowed to be in the business as their own brokerage firm to sell real estate. It is a conflict of interest since they are the ones that generate loans and financing for real estate. It would be defined as a monopoly on the real estate industry, and thus avoids the possibility of discriminating at their whim!
Thus, they must hire a real estate brokerage firm to sell their bank owned properties, so why not the brokerage firm at the short sale process, and with a savings.
The bank does benefit greatly to pay a real estate brokerage firm during the short sale rather than 8-12 months later when they own it after foreclosure! This is because they get to sell the house at today's price, versus what it will be worth down the road. I just did a comparison and pulled up sold homes.
All of the homes were very similar, in style, location, and all terms. First, I looked up the average selling price per SQ FT of homes that sold in 6-8 months ago. They sold for an average of $103 a SQ FT.
Then, I pulled up houses in the same neighborhoods that sold after the bank had foreclosed on them. Those sales were in the last 2 months. They are sold for an average of $85 a SQ FT.
These homes average 1,700 a SQ FT. That means a 1,700 bank foreclosure sold for $30,600 less. Ouch! As you can see, a short sale realtor brings tremendous amount of value to the bank.
You also benefit. Your credit damage is reduced. You also, have a lower chance of being chased down for the bank’s losses. A short sale is a win - win for everyone involved.
Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosureblog@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Request your FREE copy, below!
Thanks for reading this, Dan Hopper.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
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http://denverloanmodhelp.com/?p=301
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Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Stop Foreclosure: Why Does a Bank Pay the Realtor in a Short Sale? , is provided as a courtesy to our viewers to help them make informed decisions.
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