A Common Short Sale Mistake Being Made On Westminster Short Sales

Westminster CO – I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property.

Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.

The lender will take as gospel whatever value that person tells the bank the property is worth. If that value is more than the property is selling for, then the lender won’t accept the short sale.

Here are some common mistakes that you need to make sure that your short sale broker avoids.

One common mistake is to use comps outside the neighborhood when the bank is ordering an appraisal instead of an agent. Agents understand that buyers don't buy only in a specific neighborhood.

Buyers look for the best deal they can find within a specific are. Because of this, an agent is more willing to use comps outside of the neighborhood.

But, when the bank is using an appraiser you must use the closest geographical comps, not the lowest priced comps.

The second mistake is not controlling the access to the property. The person evaluating the property should not be able to get access to the house without the short sale broker knowing about it.

Your short sale broker must have all showings go thru their office. A third mistake I see is not treating the people valuing the property with respect.

Short sale brokers will be meeting the same people over and over. So, they must be punctual when they meet them.

They shouldn’t be forceful on the value. I recommend that they be convincing but not overbearing. Don't argue over the value.

Most of the time, the agent or appraiser is going to determine the value on their own. They will look at the comps, and if it all makes sense, then they will use your agent’s comps.

However, if they think that those comps are inaccurate, then they will get their own. I always show up 15 minutes early to familiarize myself with any potential repairs.

I look around and notice nicked drywall, peeled up flooring, cracked tiles, and other issues. When I go thru the house with the agent I note those items and write them on my clipboard.

Once I’ve prepped your Comparable Market Analysis, then I go ahead and send a copy to the short sale negotiator. I tell them that I put my own property valuation together for them to review.

Following these tips can mean the difference between failure and success on your short sale. 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 kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dan Hopper.

Dan is a Real Estate Broker at Remax Alliance. Westminster Short Sales Realtor:

Phone: 303-521-0984. denverforecosureblog@gmail.com.



View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax adviser 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 A Common Short Sale Mistake Being Made On Westminster Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Westminster Short Sales: Can banks get in trouble for taking too long to process a short sale file?

Westminster CO – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

First off, we are not saying that all real estate brokers are incompetent. However, we do see some brokers with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it. 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 kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dan Hopper.

Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:

Phone: 303-521-0984. denverforeclosureblog@gmail.com.



View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

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 adviser 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 Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Westminster Short Sales: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.

Westminster Short Sales: Do Short Sales Really Take 6-8 Months?

Westminster CO – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The real estate broker tells me we should have an answer any day.

But, they’ve been saying that for a long time already. What should I do? John.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

John, I think you should run for the hills. We see a lot of real estate brokers quote 6-8 months for a short sale response. Those short sale brokers simply don’t know what they are talking about.

We have processed short sales with the most difficult lenders in an average of 2-3 months, after we have received a legitimate offer from a qualified buyer. The key is aggressive follow up. You have to check on the status of the file twice a week.

The reason a short sale would take 6-8 months on average is because the real estate broker isn’t doing that. If it takes more than a week to get a response to a question or call, then we contact the CEO of the lender and the local newspapers.

It has taken a week to get a response to a simple question. We had a short sale negotiator that we had been working with on a file. We had already talked back and forth several times.

He told us that he was waiting on 1 item and then he could make a decision on the short sale. That item was going to be completed in 3-4 days.

We waited a week and then started calling him. I would call and e-mail him once each day. We still hadn’t heard from him after a week of e-mailing and leaving messages.

We think that is pathetic and incompetent. Don’t you agree? It shouldn’t take a professional more than a week to respond to a voicemail, should it?

At that point we contacted the CEO’s office. We told them that if we didn’t have a response in 24 hours, then we would contact Fannie Mae. (Fannie Mae owned the loan.)

Needless to say, he got back to us right away. 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 kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dan Hopper.

Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:

Phone: 303-521-0984. denverforeclosureblog@gmail.com.



View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

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 adviser 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 Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Westminster Short Sales: Do Short Sales Really Take 6-8 Months? is provided as a courtesy to our viewers to help them make informed decisions.

Westminster Short Sales: A Good Example Of Lender Incompetence On Short Sales

Westminster CO – We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the e-mail.

“I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last week in form of a counter offer to the price.

The contract price was $315,000. The lender countered $345,000. I told the buyer to and see if he is willing to pay more. After doing so, he said he will stay at the original price of $315,000.

I said I will try my best to negotiate at that price. Before I could send the comps to the lender, they order an appraisal.

I feel that the property is worth more than $315k, but less than $345k. In the meanwhile, I put the house back on market just to prove to the lender that at 345k there may be no bites. I was mistaken.

I received an offer at $341,550. We told the first buyer if he goes up to what the lender wants, we will close the deal with him. He didn't budge so we accepted the higher offer.

In the meantime, I got an email this morning from the professional negotiator I use to negotiate with the lenders. She said that the lender will accept the $315k price.

She suggested not to submit the $26k higher offer so as not to rock the boat. I have a dilemma. The first buyer's offer technically was accepted by the lender.

I think he deserves the house because he waited throughout the short sale process. But do I have an obligation to the lender to present the higher offer?

But now that the lender agreed to the first buyer's price, do we need to sell it to him? Or sell it to the second buyer?” A concerned Agent.

Here was the Stop Foreclosure Institute’s Response. We don't personally think that you are morally required to submit the higher offer. That lender has made the decision to accept the $315k offer. That first buyer has waited to get their offer accepted, and since the lender has come back with that acceptance, then proceed closing with the first buyer. The second buyer should have been in a back-up role, waiting for the acceptance, rejection, or counter of the first offer.

View My Video Blog comment at www.youtube.com/watch?v=HRTt1YJIFMI.

They will probably require 90 days to negotiate the new, higher offer after the close out the file. So you would need to make sure the higher buyer is willing to wait 90 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 kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dan Hopper.

Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:

Phone: 303-521-0984. denverforeclosureblog@gmail.com.

View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

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 adviser 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 Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Westminster Short Sales: A Good Example Of Lender Incompetence On Short Sales is provided as a courtesy to our viewers to help them make informed decisions.