Finding a Short Sale Expert

Finding a Short Sale Expert

Columbus Short Sales: Why Do So Many Loan Modifications Fail?

Columbus OH – We had a negotiator at Bank of America try to push us around a little while ago. We’ve studied and analyzed all of the short sale guidelines and rules.

This was an FHA loan and therefore would be governed by FHA’s Short Sale Guidelines. This means that the lender must follow FHA’s Specific Instructions on how to handle the short sale. Here's what happened.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

FHA sends all of the lenders who handle their loans a letter called "Mortgagee Letter 2008-43." It details exactly how the banks servicing an FHA loan are supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc.

We had had a wretched experience with another FHA short sale. The lender lied to the seller's prior agent and hadn't followed the FHA Short Sale Guidelines. Because of that experience, we had read through this letter 2-3 times.

Bottom line, we know a little bit about FHA's rules for short sales. The problem was this negotiator at a large national bank didn't want to follow the rules!

Instead she made up her own rules! She told us that the buyer and seller had to split the cost of the title insurance. The problem is on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In our area,  the sale's contracts are written with the seller paying for the title insurance. The buyer pays their closing costs and the title insurance for their lender.

But, this negotiator didn't want to allow that. I had to argue back and forth with her for 2-3 days until she finally relented. FHA is insuring this lender against any and all loss on the loan.

They have given that lender an almost risk free way to make a decent profit on a mortgage. If they have given you specific instructions on how to negotiate a short sale, then follow those instructions!

Here is the bottom line. If the negotiator at the lender is lying to you, then ask for their manager. When you talk to their manager, explain how they are breaking the rules.

Tell them you may contact FHA and tell them that the lender is breaking the rules. 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 robin.lemmons@kingthompson.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 614-741-2495

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Columbus 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, Rick and Robin Lemmons.

Rick and Robin are a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495
robin.lemmons@kingthompson.com
A Zest For The Best
View Our homes for sale at www.rickandrobin.com.

Rick and Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

4 Keys To Successfully Buying A Columbus Short Sale

Columbus OH – Buying a Short Sale can be a great way to get a good deal on your home purchase. However, you need to be aware of what is involved with buying a short sale.


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

Here are four things that will give you a better chance at success.

1. You must work with an agent who understands the short sale process. If your agent doesn't understand the process, then they won't know which short sales are worth looking at and which to avoid.

2. You must be pre-approved for a loan with a reputable lender. The short sale lender will want to know that you are qualified to buy before they will approve the short sale.

3. You must understand that not every property can be bought for below market value. This is especially true if you are buying a home where the seller's agent is not experienced with short sales.

The short sale lender is a business and wants to recoup the most money from their investment. The entire reason for the short sale approval process is to protect their investment.

4. Be prepared to wait 3-4 months to buy the home. In my opinion, if you wait past 4 months, then the seller's agent doesn't know what they are doing.

It is unlikely that they will be able to convince the lender to approve the short sale, even if you give them another 3-4 months.

Between you and me, anyone who says that their last short sale took 8 months doesn't know what they are doing. 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 robin.lemmons@kingthompson.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 614-741-2495


Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.


Thinking about a loan modification? Our Columbus 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,
Rick and Robin Lemmons.

Rick and Robin are a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495
robin.lemmons@kingthompson.com
A Zest For The Best
View Our homes for sale at www.rickandrobin.com.


Rick and Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.


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