"I am trying to buy a short sale property. I put my offer on the property a few months ago. The property was priced about 50% lower than the other homes in the area.
The bank finally approved the short sale. However, they said that I have to pay the back taxes, unpaid homeowner's association fees, and the seller's closing fees.
I agreed to do that because the home was such a good deal. However, now that I've agreed to that the bank won't get back to the agent.
Now the agent is saying that they won't approve the sale price even with my paying all of those costs. I don't understand what is going on? Please help. Daniel."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
Here was our answer to his question. Daniel, it sounds like you are frustrated. Here is the reason that your offer is not being accepted by the short sale lender.
You mentioned that the house is selling for much less than other homes in the area. It must be worth more than what you offered. Otherwise, you wouldn't have been willing to pay for all of those other costs.
The bottom line is that bankers are not idiots. They have a number of different things they check before they approve a short sale. One of those is the fair market value of the home.
They will usually order an appraisal to check the value. It sounds like they took a second look at the appraisal and realized that the home was selling below market value.
If you really like the home, then you can see if they will accept an offer closer to the appraised value. Or, keep shopping for another home. 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, Robin Lemmons.
Rick and Robin Lemmons 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.
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Important Notice
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 Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on I Want To Buy A Columbus Short Sale Property. Why Is It So Difficult? is provided as a courtesy to our viewers to help them make informed decisions.
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