Denver, CO – Recently, we have seen some news in regards to the large banks, like Bank of America, indicating that we can start the short sale process prior to receiving an offer from a prospective buyer.
Is this something new or are these banks waking up to how the process in the past had some merit?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
This will help to reduce the short sale timeline. All of the documents will be submitted and if the negotiator needs anything else, they can request it earlier in the process. This also allows Bank of America to contact the owner of the loan earlier. This is important as some loan owners can take a while to respond.
We think this is a good development that will make Bank of America short sales easier. It also shows that the lenders are working to make the process smoother and easier.
Now, why would I say that the ways of the past had some merit? 8-10 years ago when working short sales was not the fad, but more of "isolated situations" to negotiate a short pay-off.
I can remember how simple it was to get a short pay-off approved within 60-90 days with out the difficulty of today. It was not unusual to submit a HUD-1 with what we, the real estate broker, would believe the property would obtain an offer at and create the net to the lender, right up front with the HUD-1.
We did not have a buyer in hand, but would negotiate the "net value" with the lender, thus determining our market price to satisfy the lender's required net. The end result, in a timely manner, was a qualified buyer and a short sale approval!
Then the lenders / banks / investors got overwhelmed with the high pre-foreclosure and foreclosure market, and could NOT handle the volume of those defaulted loans hitting their loss mitigation depts. They decided to incorporate the new regs and rules (just like the demanding financial package from the borrower), in order to deal with that volume. Instead, it created a LONG approval process.
Oh, how I MISS those days of getting short pay-off approvals done in less than 60 days!!
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: Are Banks Improving the Short Sale Process?, is provided as a courtesy to our viewers to help them make informed decisions.
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