Stumble It!
Palmdale CA - Negotiating short sales is tough. In my opinion, some of the banks
are not making good financial decisions. "We won't approve the file without the
financials completely filled out," they say.
Or, they tell you the numbers won't work when the investor guidelines
actually say to approve the short sale. If the agent doesn't know who owns the
loan (or their short sale guidelines), then the bank negotiators can lie to
them. They don't know any better. Let me give you an example.
The Stop Foreclosure Institute recently closed a short sale that where the
owner of the loan was the Federal National Mortgage Association, also called
Fannie Mae.
The bank's appraiser said the home was worth 220k. Because of prior
experience with Fannie Mae Short Sales, I knew what they would accept as a
percentage of the value. The short sale offer being presented would net them
$6,000 more than that number.
The negotiator countered. She said the buyers needed to pay even more for the
house. We asked the buyers if they would raise their offer.
They told us that it was their highest offer. They had looked at a bunch of
other homes for sale. If their offer wasn't accepted they already had another
home in mind that they would purchase.
Most agents don't know the guidelines for short sales. They would have taken
the short sale negotiator at face value. As a result, the short sale would have
been rejected.
The buyer would have bought the other house and the seller would be at risk
of losing the home to foreclosure.
Fortunately, we knew the short sale guidelines. Because we knew the numbers
and the guidelines, we were able to push the negotiator for an approval. The
file was approved and the sale closed a little while later.
Thinking about a short sale? I can help you short sale your property and
never pay the bank another penny. Send me an e-mail at
don@homes-on-the-web.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer,
then you can call me at 661-480-6108.
Discover how other sellers successfully completed a short sale and request a
free consultation by
clicking here.
Thinking about a loan modification? Our Palmdale Loan Modification Kit has
the instructions you will need to get a loan modification approved with your
lender.
Click here to request a copy.
Thanks for reading this,
Don Gockel.
Don is a Real Estate agent at Keller Williams A.V..
Phone: 661-480-6108.
don@homes-on-the-web.com.
Showing You the Way Home
View My homes for sale at
www.homes-on-the-web.com.
Don Gockel specializes in loan modification assistance and short sales in
Palmdale California. Palmdale Loan Modification Help, Palmdale Short Sales,
Palmdale Short sale Realtor Short Sale Realtor. Palmdale CA Short Sales.
Palmdale Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Don Gockel's
personal views and do not reflect the views of Keller Williams A.V.. This
information on Palmdale Short Sales: How to know when the short sale negotiator
is lying to you is provided as a courtesy to our viewers to help them make
informed decisions.
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