Stop Foreclosure: A Reckoning for the Banks, Or Not?

Westminster CO – Some experts "speculate" that banks don’t like to approve short sales or loan modifications. Maybe this is why they think that.

They believe that lenders are reluctant to speed up short sales or loan mods because they want to hold off the day of "reckoning". Why is that?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Let’s say that Joe owes $300,000 on his mortgage. The house appraised for $300,000 when he bought it.

However, the market value has dropped to $220,000. Joe gets behind on payments. Unless Joe has an extra $80,000 lying around, then his bank just lost $80,000.

You know it, I know it, the bank CEO knows it, and even Joe knows this. However, the bank’s investors don’t know it. This could be the reason why!

The $80,000 loss hasn’t been factored into earnings at this point in time. Yet, if the bank can drag out the short sale and loan mod process, then they can delay putting the losses onto their books. They are playing some kind of financial game!

Now, I’m sure you are saying, “But there are SEC regulations that forbid this from happening. Let’s look at a real life example of this happening.

Germany and France are having a hard time agreeing to bailout Greece. Now, I’m sure that they have rules similar to the SEC in America.

Sarkozy and Merkel both know that if they don’t bail them out, then French and German Banks will lose their shirt. This will cause huge financial problems for the entire euro zone and the French and German Economies.

Even though everyone know that those banks have already lost the money. But, the losses haven’t been factored onto the books yet.

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=301

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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: A Reckoning for the Banks, Or Not? , is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Negotiate With 2nd Liens From Your Bargaining Strength

Denver, CO – In our blog post a few days ago, we talked about a first and second mortgage that both wanted more money out of the deal. The problem was they were asking for it at the others' expense.

In a sense, we had two monkeys with their hand in the same cookie jar. Neither could get their hand out without the others' cooperation. So, you have an impasse until someone gives in.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is what happens if both parties stubbornly refuse to compromise. The first mortgage forecloses on the house and sells it as a bank owned property. They get the full value of whatever the house sells for.

The second mortgage gets ZERO! Yep, that’s right. Because they are a second mortgage, their right to the property is removed thru foreclosure.

Now, I’m sure you’re asking, “Then why would the first mortgage even give them a penny? They shouldn’t even negotiate with them!”

Here is why it does pay them to negotiate with them. It pays to do so. It takes 6-12 months to foreclose on a property. 6-12 months of lost interest earnings is a lot more than paying $3,000 to $9,000 to the second mortgage.

So, that is your ultimate bargaining chip to use against the second mortgage. We even tell them that if they don’t accept the offer and the home is foreclosed upon, then we will report them to their superiors, and if necessary, provide a written letter to your local Congress representative!

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=301

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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: Negotiate With 2nd Liens From Your Bargaining Strength, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: I Have A Moral Dilemma. What Should I Do?

Denver CO – The Stop Foreclosure Institute recently received a question from another agent named Beckie. Here was her question.

I have been waiting on my lender to approve or deny my short sale for 7 months. We finally received an answer last week in form of a counter offer to the price.

The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try my best to negotiate at that price.

Before my agent could send the comps to the lender, the lender ordered an appraisal. My agent tells me that my property is worth more than $315k, but less than $345k.

So, we put the home back on the market just to prove to the lender that at that price there may be no bites. We were mistaken.

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

In the meanwhile, we received an email this morning from the short sale negotiator. She said that the lender will accept the $315k price. Now, my agent is suggesting that we do not submit the $26k higher offer, because that will rock the boat. I have a dilemma.

The first buyer's offer technically was accepted by the lender. I want to give it to him since he waited. But do we have an obligation to the lender to present the higher offer?

We accepted this second offer yesterday without a cancellation from the first buyer. The contract does give us an out. But now that the lender has agreed to the first buyer's price, do we need to sell it to him? HELP ! Beckie”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Beckie’s Question. Beckie, I personally think that you are not morally required to submit the higher offer to BOA. But, that’s my personal opinion. In the past, we have had some of the large banks actually NOT take the higher value since they had already received approval from the investor on this particular loan.

In that case, it might have stopped the process with a new buyer, regardless of the price of the offer. Then you may lose BOTH buyers waiting for a new short sale approval. Yes, some lenders will assign a new negotiator and that will start the process all over!!

Now, in the case of your short sale offer, it was countered by the bank, at the $345k price. Your listing broker should have taken the OTHER offer since it was closer to the lender's counter! In my opinion, since there was NO short sale approval by the lender / investor, then that OPENED the door for more offers to be submitted for the short sale approval!!

Thinking about a short sale?

I can help you short sale your property and get back on your feet. 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

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=301

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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: I Have A Moral Dilemma. What Should I Do?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Get the Right Value on the Denver Short Sale Appraisal!

Westminster CO – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is done with the right market value information! In an earlier blog, we discussed how important it was to know when the appraiser or real estate agent is doing the appraisal or BPO.

Here is the process the listing broker needs to follow to ensure a more accurate appraisal/BPO.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The person doing the appraisal/BPO doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay a certain contract value. That is why the listing agent must explain that story to them.

First, your listing agent should always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with them, whenever possible. Appraisers do like getting MORE information in order to assist them in their evaluation!

It means they do not have to spend more time chasing down information that might be difficult to locate. Thus, getting the appraisal/BPO done in a timely manner.

The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market. When we talk about short sale listings, the best comps are other short sales listings or foreclosed listings!

Also, appraisers want the closest geographic comps available.

In order to better tell the story of this property, the listing agent should show them the MLS history and explain why the house is only selling for this amount. More supporting data will HELP the process!!

Also, our Short Sale Team likes to use a "property condition" report, that the sellers filled out when the listing agreement was done. Why?

This information includes items that need repaired or replaced and an estimated cost of those tasks! This is provided to the appraiser or real estate agent doing the appraisal or BPO. Again, this input helps tell the story of this property!

A real estate agent will use the listing agent’s comps most of the time. An appraiser will be receptive to taking the information, and it is the listing agent's job to "encourage" the use of their input!!

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!


Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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=265

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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: Get the Right Value on the Denver Short Sale Appraisal! is provided as a courtesy to our viewers to help them make informed decisions.

Loan Modification: Is Forbearance an Alternative to a Loan Modification??

Denver, CO - A forbearance is when you catch up all your back payments and continue paying your original mortgage payment. This is a good option for many. However, it doesn't reduce your payment as much as a loan modification does.

Need a loan modification? Request your FREE loan modification, below:


Most lenders are glad to negotiate a forbearance. The one advantage is that the process is much shorter. You avoid the lengthy and troublesome loan modification process. A forbearance can normally be approved in two weeks to a month. Contrast this with the one to six month process associated with loan modifications.

The big drawback with a forbearance is that it doesn't reduce your payments. In fact, the first 12 months are tough. Here is why. You are re-paying the back payments during those 12 months. Thus, the lender can use this to COLLECT the missed payments!!

This means your monthly payment actually increases. If you were paying $800 a month before, you are paying $1,150 during the forbearance. Many homeowners accept a forbearance only to default because they can't afford the higher payments.

A good loan modification is what they really need. However, the lender will be reluctant to approve it. Why? Because they already defaulted on the forbearance. This is why I recommend you only ask for a forbearance if you can afford the higher payment OR in some of my clients' cases, they used the forbearance to BUY THEM TIME! Why?

It kept the defaulted loan out of the foreclosure process, and allowed them to use that 6 month or 12 month forbearance to MARKET THE HOME, and negotiate a short sale!!


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. Request your FREE loan modification guide, below!


Thinking about a short sale?

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.

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://denverstopforeclosureblog.com/?p=836

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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 Loan Modification: Is Forbearance an Alternative to a Loan Modification??, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Avoid Disaster When Lender Does An Appraisal or BPO!

Westminster CO – One of the biggest threats to your short sale is a high appraisal. Which is why your short sale broker needs to make sure the appraisal gets the right input!

There are a lot of opinions on how to ensure the appraisal has the most correct and accurate data. You need to ask and make sure your agent is willing to put the right check and balances in place during this evaluation by the banks.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

What I mean by the right "check and balances" is, the listing broker needs to pay attention as to who is scheduling to view the property. In the early stages of the short sale, the short sale team needs to know if the lender is going to perform an appraisal or a BPO (Broker Price Opinion) to obtain value. Why?

It is important to know if you will be having a real estate agent setting up the showing to perform the BPO, or if an appraiser will contact you. Too often, when a real estate agent sets up the showing, the listing broker does not KNOW that they are going to perform the BPO. Thus, the listing broker does not provide valuable input to that real estate agent, and then it is possible the right information on market value does NOT get into the BPO!

If an appraiser is setting up the showing, the listing broker MUST provide that appraiser info on market conditions, property condition (what must be repaired or replaced), and good relevant sold comps! Again, too often listing brokers get LAZY and do not perform this extra work!!

What does a listing broker do? When a real estate agent sets up a showing, they can be asked if they are going to view the property for a BPO! Discover why they are wanting to view the property! Especially, in the early stages of the listing and you KNOW the lender needs to get one done for the short sale approval.

Doing this extra work, will assist in getting the lender to a "realistic value" based on YOUR input to the BPO and the appraisal. So, when offers do come in, they will be closer to your listing value and the lender's perception of value! Avoid the high BPO and Appraisal values because the listing broker failed to do extra work!

These type of efforts will help make the short sale process less difficult to work buyers' offers and may help expedite the short sale process. Do it right, from the beginning!!

Thinking about a short sale?

I can help you short sale your property and get back on your feet. 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. Request your FREE loan modification guide, 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=265

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 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: Avoid Disaster When Lender Does An Appraisal or BPO!, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: The Biggest Threat To A Successful Denver Short Sale

Westminster CO – The biggest threat to your short sale is a high appraisal that Banks will consider for short sale properties due to economic reasons.

A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appraisal.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The problem is that most homes are selling for less than the appraisals. In one example, a listing sold for $225k, that was neither a short sale or bank owned. However, the property could have appraised for $300k, based on some recent comps that were short sales.

That means the short sale lender would never have approved it. This is why your short sale agent needs to make sure to price the short sale property based on good actual SOLD comps. Your broker needs to provide that information to the appraiser to assist them in determining market value, based on the offers. There is nothing unethical or illegal about doing this. Let me explain why.

80% of the loans handled by big mortgage companies are actually owned by an investor. These front companies (such as Wells Fargo, Bank of America, SunTrust, or Chase) are acting as a "servicer."

The servicers save money by taking 60-90 days to consider a short sale offer, turning down files over one missing doc, and cutting staff. So, if they have offers coming in "way under the appraisal value", it is another excuse to just turn down your short sale request!

However, if they can see that the house is valued at 145k and you're selling it for 140k, they'll accept the offer. Again, which is why your agent needs to make sure the appraisal will be more in line with the market values.

Thinking about a short sale?

I can help you short sale your property and get back on your feet. 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. 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=265

www.youtube.com/user/yourhomesellshere

www.youtube.com/user/denverloanmodhelp

FOLLOW DAN HERE:

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 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: The Biggest Threat To A Successful Denver Short Sale is provided as a courtesy to our viewers to help them make informed decisions.