Columbus OH – The most likely reason why a bank
would accept to issue an extension on a short sale is because the bank prefers
to do the short sale over the foreclosure.
This is a reason why your agent needs to continue to tell them why the short
sale will be beneficial during the entire process.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
The biggest reason a short sale is beneficial is because banks usually make
10-20% more on a short sale compared to selling a property after foreclosure.
Besides, the further out the foreclosure date is, then the more beneficial the
short sale. That is because the bank gets to sell the house today, rather than
12-18 months down the road.
The savings can be quite substantial when you sit down and add them all up.
Doing a short sale and selling the property now makes more financial sense for
the bank than a foreclosure.
An extension to the closing date of a short sale is a major request for the bank.
Not every bank will accept such a request.
Here are some steps you may take to increase your chances that the short sale
bank will accept to give you the extension:
* Present a guaranteed closing date. You need to
be ready first, and then ask for the extension. This means that the buyer's
lender has approved the loan and will be ready to fund once the short sale
approval is extended.
* Sign an addendum extending the closing. The
short sale lender may want assurance that all parties to the short sale
transaction are still interested and ready to close. Sending an addendum to the
bank that is signed by all sellers and buyers proves that everyone has agreed
to the extension.
* Submit an updated preapproval letter and / or proof of funds
from the buyer. You need to show the bank that the buyer is
still qualified and ready to close by submitting an updated preapproval letter.
Do not assume that the letter you submitted at first will serve the same
purpose.
* Be professional and treat the negotiator with respect.
Explain the reasons behind the delay and assure the negotiator
of the date by which you will close. Do not demand the extension.
* Be prepared to pay for the privilege. An
extension by the short sale bank is a privilege, not a right. Some banks might
charge the buyer for every day they run past the original closing date.
That fee could be $100 a day or more. The buyer needs to be prepared to pay if
they can't close on time. 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. http://columbusohshortsaleadvisors.com/
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. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495.
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & 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.
Important
Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed 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 Rick and Robin's personal views and do not reflect
the views of Coldwell Banker King Thompson.
This information on Columbus Short Sales: Why Would a Bank Issue an Extension
on a Short Sale Approval Letter? is provided as a courtesy to our viewers to
help them make informed decisions.
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