Denver, CO – Here is a problem: Buyers don't like short sales because of the uncertainty and the wait.How do we solve this problem?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
When I first started doing short sales (we called them short pay-offs back then) about 12 years ago, the banks were a lot more receptive to working a short pay-off with the broker's ability to bring in many offers to get the approval done. There was no re-assigning a negotiator or closing out the file causing delays in the process!
We did not have the waiting period that we are face with today, and the lenders would get an appraisal or BPO done in a timely manner. But, let's remember, there were NOT as many short sales back then as we have been dealing with over the last 6 years.
Today, during the short sale process, if the BPO gets completed and the bank won't accept the buyer's offer, they loss mitigation department would close the file, threaten to let it go to foreclosure, or re-assign a new negotiator if you were to bring in a higher offer.
We do our best to request their negotiators / management to keep the file open, due to working counters and back up offers that can expedite the process and keep buyers from walking on us.
There are several reasons that banks should be willing to keep the file open.
Reason #1: Their investor has already spent $65 to $100 on a BPO or $350 on an appraisal.
Reason #2: A bank or servicer's job is reducing the losses as much as possible. Keeping the file open will make the property more marketable, which will allow for the brokers to procure higher offers.
Reason #3: It will help the bank/servicer reduce their costs. It will take less time for them to approve future files, versus if the file had to be completely re-opened, a new BPO ordered, a new negotiator assigned, and the financials reviewed all over again.
Keep in mind, that the servicer of the loan, gets a monthly fee for that service. So, for them to prolong the process means more money for them. The investors need to provide more incentives to negotiate the short sale versus a foreclosure.
In fact, congress is even thinking about making this a law on Fannie Mae & Freddie Mac short sales. Until then, we will have to petition for it on each individual file.
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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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 RE/MAX Alliance.
This information on Stop Foreclosure: One Step to Make Denver Short Sales Happen Sooner!, is provided as a courtesy to our viewers to help them make informed decisions.
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