Columbus OH – We are explaining the steps to
approving a short sale in 90 days or less. Today, we're going to explain Step
4: Use the BPO information and knowledge of the loan owner's
short sale guidelines to force the lender to approve the short sale.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. columbusohshortsaleadvisors.com/
After doing the steps detailed in the previous posts your agent
has two important pieces of information now.
First, they know who owns the loan. They know if
it is owned by Fannie Mae, Freddie Mac, FHA, VA, or if it is a portfolio loan
or "Sliced and Diced."
Second, they know the BPO value. Now, your agent
is 'loaded for bear." They are ahead of 90% of all the other realtors
negotiating short sales. As a result they will get some respect from the short
sale negotiator at the lender.
They will be able to hold the lender accountable for their actions. They can
use the short sale guidelines for that particular loan owner to force the
lender to approve the short sale.
Here is an example of how that is done. Let's say that a short sale property is
selling for $278,000. The loan is an FHA insured loan. The home was marketed
for 3 months before it sold.
The FHA appraisal says that the home is worth $290,000. FHA's short sale
guidelines stipulate that the lender should approve that short sale. Why?
Because FHA's guidelines specifically instruct a lender to approve a short sale
that will net them 88% or more of the FHA appraised value. After all the sales
costs, the lender will net more than 88% of the $290,000 FHA appraisal value.
But, let's compare this with what might happen to an unprepared realtor who
doesn't follow this process to approve short sales.
The negotiator could tell the realtor that they will not approve the short sale
unless the buyer agreed to pay $290,000. Short sale negotiators do this all the
time. Yes, it is an abuse of power but it still happens.
This realtor has worked very hard to sell the home for as much money as
possible. However, the buyer refuses to pay more than $278,000 for the house.
This agent can't force them to pay more for the house.
The short sale negotiator tells the realtor that they will "close the
short sale file" in a week if the buyer doesn't agree to pay $290,000.
This is another tactic short sale negotiators use to bully uneducated realtors
who don't understand short sales.
The buyer doesn't raise the offer and the home is foreclosed upon a few months
later. It sells for $260,000 after the foreclosure. Your bank loses $18,000.
You get a foreclosure on your credit report.
Ouch! This is why it is so important that the realtor you hire to short sale
your house 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. 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. 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 Step Four to Get A Columbus Short Sale Approved In 90 Days
Or Less is provided as a courtesy to our viewers to help them make informed
decisions.
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