Buying A Columbus Short Sale? Here's How To Know If Your Offer Will Be Approved

Columbus OH – Buyers often contact me for advice on short sales. They are frustrated with the short sale process and want to know why their offer hasn't been accepted.

"I made an offer on a short sale property six months ago. How come I haven't received an answer yet?", they ask me. Most people don't know that it is fairly simple to determine if a short sale offer will be approved.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.  http://columbusohshortsaleadvisors.com/

You simply need to know what the lender's guidelines are for approval. Most lenders will first order an appraisal to determine the value of the home.

They don't want to sell the home for less than the appraised value. The appraiser will look at recently sold properties and how they compare to the subject property.

They will use that info to determine the Fair Market Value. They turn in their report to the lender. The lender uses the reported value to accept or deny an offer.

If the offer is substantially lower than the appraisal, then they will reject the offer. However, they will usually accept offers within 5% of the appraised value.

Obviously this varies according to the lender and the circumstances.  So, you want to know if your offer will be accepted by the short sale lender?

Ask your realtor to put together a CMA, also call a Comparable Market Analysis. This is your agent's opinion of the value of the property.

If your offer is within 5% of the agent's opinion of value, then you have a good chance at the lender accepting it. If your offer is below that 5% mark, then there is still a chance the lender will accept it.

However, the odds decrease substantially. If you want a second opinion on the value, then order an appraisal. You can send your appraisal to the short sale lender.

It will be hard for the short sale lender to argue with an appraiser's opinion of value for a property. 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 & 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

Rick & 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 Buying A Columbus Short Sale? Here's How To Know If Your Offer Will Be Approved is provided as a courtesy to our viewers to help them make informed decisions.