The Best Ways To Get A Short Sale Approved. How many times have you heard someone claiming to be a short sale “specialist” and then tell you the best way to negotiate a short sale was to use a loss mitigation specialist? Then they will tell you that they use specialized spreadsheets, secret language and inside information etc, etc all to help get you approved. Well guess what? It’s all hogwash!
The real experts will not feed you all of that rubbish. A short sale expert will know that there are several essential things that need to be done to effectively get a short sale approved and that there is never immediate acceptance. Any short sale expert will have the experience to know what the challenges are and exactly what to expect. Additionally, a short sale expert will know what tried and true techniques to use to get the job done.
Here are some tips and tricks to getting your short sale approved.
• Think like a lender – how much is this going to cost them, how can they collect that debt, how can they avoid long term debt
• Follow up – after submitting each short sale package, call the loss mitigator that it was assigned to to make sure they got it
• Continual follow up – lenders are very busy with foreclosure so it is very important that you call every four days or so. Make sure you are being personable so that you don’t come across as someone they will try to avoid; however, you need to be persistent to help keep things moving
• Who owns the loan – Fannie, Freddie, FHA, VA etc, each has their own acceptable percentage value of your property
• Make your offer – then very nicely ask your loss mitagator to order a new interior BPO asap
• Get a title report – to make sure there are no surprises that you didn’t know about
• Talk to the loss mitigator – try to find out what value the BPO appraiser turned in. You may not be able to get them to give you this information but it is definitely worth a try
• Appraised value – 90% is what you should expect to pay
• Counteroffer – if you cannot get the value that the BPO appraiser submitted, make sure you ask for a counteroffer
• Submit your counteroffers – attach proof with your counteroffers to validate your claims. You can use the MLS listing to show days on the market, cost of repairs needed, the comps that have a low value and any negative press your area has received. All of these will act as proof to support your lower offer
• Cash – your loss mitagator will already know this but it doesn’t hurt to remind them that you can close more quickly with cash
Remember, lenders don’t like to do short sales; however, it is not the worst thing in their book. So you need to take charge and make an offer they can’t refuse. Show them that you are prepared and that you know what you are doing. Be as polite and courteous as you can possibly be. This is the best way to get what you want.
Talk to your realtor, they have been working with short sales for many, many years and they will be your best possible support throughout this entire process. So team up with someone that has the experience and know how to get the job done and done quickly!
For a FREE and confidential consultation about selling your Florida home “Short Sale” contact Attorney Bonnie A. Brown, PA. at 772-221-9024
Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process. Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review. Our legal assistant will not collect a retainer fee for services. Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval. Your lender is contacted weekly for updates and make sure positive progress is being made on the file. Please feel to contact our office with any questions or concerns regarding our short sale process.
About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net
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very Interesting post and have nice tips and tricks.