Columbus OH – We are explaining the steps to
approving a short sale in 90 days or less. Today, we're going to explain Step
3: Find out the BPO value.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. columbusohshortsaleadvisors.com/
This seems fairly simple. But, most agents never find out this number. As a
result, they don't know why their short sales are not being approved.
We talked to another agent a little while ago. "I've got 5-6 short sale
files under contract. But, none of them are being approved."
"The short sale negotiation company is working on them, but they can't get
any of them approved. What do I need to do?", he asked us.
We started asking him for more info on the files. "What are the BPO
values?" What percentage of that are the homes selling for?" What
type of loan is it?"
Now, why do we ask these questions? Because that is how you determine what the
problem is. We've negotiated over a hundred short sales with all the different
lenders.
We know why the banks accept short sales and why they turn them down. On our
short sales, the majority of the reason an offer was turned down was because of
a high BPO.
The bank thinks the home is worth 200k, but the buyers won't offer any more
than 170k. The offer is not going to be accepted.
But, sometimes they will accept an offer on a 200k BPO if it is above 180k. It
does happen, but not very often. 190k on a 200k BPO happens a lot more often.
If you don't know the BPO value, then you don't know why they are turning down
your short sale offer. You don't know what it will take for them to approve it.
You are shooting in the dark.
This is the case whether you are negotiating the short sale yourself, or having
someone else do it for you. Either way, your chances at success are much lower.
Here is how to find out the BPO value. First, ask the person at the lender that
is negotiating the short sale. Most of the time they will give you that
information.
If the short sale loan is a VA or FHA insured loan, then you can get a copy of
the FHA or VA appraisal. (The banks use those to determine the property's value
instead of a BPO.)
If the lender will not give them the value, then the home owner can request a
copy of the BPO. Most banks will give them that information because a homeowner
is legally entitled to it.
They may not give it to the homeowner's agent, but they will give it to you.
Once you have that information you can determine if the short sale offer is
reasonable or not. 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 Three 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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