Who Actually Makes The Decision On Approving Or Denying A Columbus Short Sale?

Columbus OH – Is your loan with a large lender such as Wells Fargo or Bank of America? They usually don't make the final decision on your short sale. Here is why.

In most cases, the lenders are working as a servicer. They are handling the loan for a third party (the actual owner of the loan.)

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

This third party owner can be a corporation, a pension fund, a wall street firm, or split up between thousands of different people.

Or the owner can be a government entity such as Fannie Mae, or Freddie Mac. This means you still have options if your lender rejects your short sale.

Find out who the owner of the loan is and contact them directly. They will often reconsider the short sale. Simply present your case. Tell them exactly why they should accept the short sale offer.

I have found that the investor usually does a better job reviewing the new offer. If they decide a mistake was made they will approve the short sale offer. I have especially found this strategy helpful when the lender is asking for a promissory note or deficiency judgment.

Many times the negotiator at the servicer will reject a short sale for no reason. Or, they will make unreasonable demands, such as a higher sales price or a cash contribution from the seller.

Why do they do that? They may get paid bonuses for it. Or, they feel like they need to compete with a co-worker.

A co-worker might tell them, "I just got a $20,000 cash contribution from this short sale seller. The guy didn't even realize that I am only required to get $5,000."

Because of this, the negotiators at the larger servicers turn down short sales they should approve. Later on the properties sell for substantially less as a bank owned property.

We've seen many short sales get rejected. They almost always sell for less money. The losses range from $12,000 to hundreds of thousands of dollars.

I know this may surprise you. But, it happens all the time. If you feel like your short sale is getting turned down for no reason, then contact the owner of the loan directly.

They may decide to approve the offer. 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 Who Actually Makes The Decision On Approving Or Denying A Columbus Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.