Westminster CO – Short sales are difficult when you do not know what you are doing. But, with the right planning, proper documentation and process in place, you greatly increase your odds!
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here are the three keys to getting a short sale approved.
#1: Follow up. Many agents don’t take short sales seriously. They have heard the horror stories from other agents and therefore don’t think their odds of success are very high.
Because of that, they don’t put much effort into the short sale. They’ll submit the short sale file, but won’t spend much time following up on it.
If it gets approved, then great. If not, then oh well. A denied or drawn out short sale just confirm their perception that short sales are difficult.
“I knew short sales were hard and this just confirms this”, they say to themselves. But, they never gave themselves a chance in the beginning and set themselves up for failure.
The key to getting our short sales approved is follow up. The bank’s negotiator is like a government bureaucrat. They don’t care if the short sale is approved or denied. They just process the file.
So you have to supply them with whatever they request. If you give them what they want, then with a little luck the short sale will be approved.
#2: Luck. Not every single short sale is going to be approved the first time. The bank won’t approve the short sale if they think it is selling below fair market value.
But, the bank’s valuation process is flawed. Sometimes the property will be valued fairly and sometimes it won’t. Sometimes luck is with you and the valuation is good.
Other times, it isn’t and the short sale is denies. Which brings us to Key #3: Time. If the short sale is denied, then you simply put the home back on the market and try again.
The odds are better than 50% of the time the valuation will be correct so the short sale can be approved. This gives you another fair shot at getting the short sale approved.
If luck is on your side, then the short sale is approved. If not, then you have to try again a third time. Again, the odds are in your favor.
If you have time on your side, then the odds will usually prevail and the short sale will be approved. That is why the vast majority of short sales are approved by the second time around.
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.
For related blog / video blogs, click on the links, below!!
http://denverloanmodhelp.com/?p=329
www.youtube.com/user/denverloanmodhelp
www.youtube.com/user/yourhomesellshere
FOLLOW DAN HERE:
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: Are Banks Difficult in Getting A Short Sale Approval?, is provided as a courtesy to our viewers to help them make informed decisions.
No comments:
Post a Comment