Stop Foreclosure: Are Banks Improving the Short Sale Process?

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.

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:

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 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.

Stop Foreclosure: What are My Options to Move Forward?

Denver, CO – We recently received a question from a potential client, David, on a very common issue that many have been faced with over the 5-6 years.

Here is David's question. “I have recently been forced into early retirement, and we purchased our home in 2008 for $312,000 from a new home builder. We put down the minimum required of about $11,000, and our current loan balance is about $292,000.

There is only one loan with Wells Fargo. The new builder has closed out the subdivision and after "high" builder incentives, the same model as mine, has sold for around $276,000.

I have to move since the retirement, and I don’t have a job lined up. What are my options?," David.

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

Here was our answer to David’s Question. I believe that the "short sale" may be your best option. Let me explain why.

First, in most cases the bank will forgive you of the upside down debt. Second, it is a clean break that allows you to move on without having to worry about the house anymore.

Many people would consider renting out their house. But, that will only turn your home into a long term burden. You will have to collect rent each month from the tenant and cover the mortgage if they don’t pay.

The debt still exists and does NOT go away!

Besides, managing a rental home from another town is difficult. You won’t know how the tenants are maintaining it. It will be hard to rent the home to someone else after the move.

You will have to come back to town or hire someone else to rent it for you. This just means more expense and hassle for you. Again, which is why I recommend a short sale.

A third option is to simply stop paying on the home and let the bank foreclose. But, you end up with more credit damage versus if you short sold the home.

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:

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 RE/MAX Alliance.

This information on Stop Foreclosure: What are My Options to Move Forward?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Are Banks Difficult in Getting A Short Sale Approval?

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:

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 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.

Stop Foreclosure: Deny Short Sales to Avoid a Loss?

Denver, CO – One wonders if the banks are delaying the foreclosure and short sale process in order to take a loss. Even the media is reporting that they must be doing this to avoid showing losses on their books.

We have seen a reduction in recorded foreclosures in the Denver area, and yet the short sale activity is still very high, especially with property under $200,000.

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

I believe there is another major reason for the slow down of recorded foreclosures. The bank departments that handle foreclosure and loss mitigation are understaffed. We have recently heard that Bank of America is talking about reducing their staff by 30,000!!

When the foreclosures increased hugely due to the housing crisis, the banks have tried desperately to hire on more staff. Over the last 6 years, we have noticed that the quality of the customer service (negotiators) at the banks, has been very poor. Most do NOT know the rules and laws as they pertain to "credit", and the regulations as dictated by FannieMae, FreddieMac, and GinnieMae.

But, it takes time to hire and train people when the banks are handling a huge increase in delinquent loans. Besides, there is little accountability. Thus, we see a great turn over of personnel in their loss mitigation department.

Do you think a Fannie Mae Bureaucrat cares if a foreclosed home isn't put on the market right away? It's all play money when it's not your money.

Another factor in this is that most loans are not owned by the banks in question. For example, Bank of America only owns 80% of the mortgages they receive payments for.

It's not Bank of America's loss. It's Fannie Mae's loss, Freddie Mac's Loss, or a Pension Fund's Loss. The banks and loan owners have been willing to take huge losses on short sales homes we have sold.

Sure, the short sale process was slow. But, how fast or slow it was didn't depend on the size of the loss. We have experienced very fast short sales on huge losses.

We have also experienced very slow short sales on small losses. The short sale process takes a while whether or not the loss is big or small.

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:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Deny Short Sales to Avoid a Loss?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Do Short Sales Always Sale Far Below Fair Market Value?

Denver, CO – This is a question that gets asked many times over when confronted with new clients seeking some type of foreclosure relief, in regards to their homes.

This is not always the case! Banks / lenders do prefer to negotiate a short sale of your home rather than the alternative of a foreclosure. But they still seek to obtain a "fair market value" during this process in order to mitigate their losses, too!

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

In most cases, the owner of a property in a pre-foreclosure (short sale) situation, will most likely still be residing in the home, thus taking care of the property with what resources they have. On the flip side, the foreclosed homes have been vacated for quite some time and they ARE NOT taken care of. Creating a LESS value scenario!

An owner occupied home looks like a home. The furniture and appliances are setup in their proper places. The house is clean and kept up on. Which we still encourage the seller to maintain for higher value offers.

So short sales do not always represent a bargain. They do represent a bargain compared to other homes on the market whose owners may not understand their home's true value. We see an average of 3-10% less than the fair market value.

The bank will not approve a short sale unless the home is selling at or near it's fair market value. So you get a fair price, but not necessarily a bargain when you buy a short sale. As compared to the foreclosed properties that can produce less value by 8-18% on the average!

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:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Do Short Sales Always Sale Far Below Fair Market Value?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Work the BPO Agent for a Short Sale Success!

Denver, CO – The real estate Broker you hire to short sale your house should know how to “influence the BPO.”

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

The Broker's Price Opinion (BPO) is a market value opinion of the home, performed by another real estate agent hired by a third party company (asset management company) for the bank / lender.

This function is important to the lenders in their attempt to obtain a fair market value of the home requesting the short sale approval. The lenders want to make sure that when they negotiate with the home owner in agreeing to a short pay-off, that they are getting a "fair" value for the home.

Many of the real estate agents doing BPOs have a heavy work load and will do many of them a day. We as the short sale broker want to make sure they are using the BEST information out there for our clients.

It is important that the information reflects the accurate market conditions and it is presented properly to the lender through the BPO!

Your short sale broker should provide the best market evaluation information to the BPO agent, and to include a property condition report and the feedback from other brokers that have performed showings on the short sale property.

An hour spent influencing a BPO will save countless hours later escalating a file or negotiating more offers. This influence is NOT to "twist the arm" of the BPO agent, but to assist them in preparing the BPO with good hard facts of the market and your property conditions.

If the BPO says the home is worth close to the short sale price, then the short sale will make more sense to ALL parties, and then result in a quicker short sale approval.

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:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Work the BPO Agent for a Short Sale Success!, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Determining the Value of Your Short Sale Property!

Denver, CO – It is very helpful in loan modification and short sale negotiations to know the fair market value of your home. You can use the value to convince your lender to accept your loan modification or short sale offer!

As an experienced Short Sale Realtor, I can help you determine the value of your home. Here’s how I do that.

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

First, I will look at ALL of the homes similar to yours that have sold in the last 6 months. I will pick out the 3 homes that are most similar to yours.

Here are a few things that will cause me to pick one home versus another: Home has very similar features, number of bedrooms, and number of bathrooms. I also prefer to use bank owned and short sale properties.

Yes, it is true that bank owned properties usually sell for less than non bank owned homes. But, if your lender denies your loan modification or short sale and chooses to foreclose, then they will be selling the house as a bank owned property.

I might as well use the comparable sales closest to how they will be selling the property. After I pick out the 3 closest comparable sales, then I do a Comparable Market Analysis.

First, I make adjustments to the other sales. For example, if a home has 10% more living space, then I might adjust it’s comparable value by 5-8%.

After I make all the adjustments I average the sales price of the 3 similar homes. That gives me the fair market value of the home.

This process is very similar to what appraisers do, but it is not an appraisal. Rather, it is a Realtor’s Professional Opinion of your home’s value, based on previous sales. These SOLD properties tell us what the Buying Market is willing to pay!

Remember, it is THAT Buying Market that truly dictates what the Market Value really is!!

What do banks rely on? They will perform their own Broker’s Price Opinion. The short version is BPO. Is it a good valuation of your home? The banks do believe they are, and that is why they hire third party companies to hire local Realtors to perform the BPO.

In fact, they have used another Realtor’s opinion of the value to determine if they should approve or deny a short sale. Make sure your Short Sale Realtor is on board with how to work with a Realtor performing a BPO on your home so that it truly reflects what is going on in this neighborhood!!


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:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Determining the Value of Your Short Sale Property!, is provided as a courtesy to our viewers to help them make informed decisions.