The Key to a Successful Short Sale
At should you price you short sale at?
The bank is going to do their own analysis of the sale price and market data. The list price of a short sale home usually has very little to do with the actual purchase price a bank may allow. That is why is so important to value the home with recent and accurate market data. This is where experience comes into play; there is often a fine line between pricing a home with what the bank will accept and what buyers are willing to pay. A number of agents’ market short sales at low and implausible prices, in hopes buyers will submit offers. Even though seller may accept the offer it does not obligate the bank and mean they will be in agreement and approve the short sale.
What is a short sale?
Short sales occur when a lender agrees to accept less than owed on a mortgage. The property may be burdened by two loans or one loan. If it has two loans, both lenders must agree to accept a short sale and homes that have two loans are often the most difficult to do.
Why Banks Reject Short Sales
Documentation, documentation packaged correctly is the key to success. Lenders require documentation before approving a short sale. Sellers do not need to be in foreclosure or behind in making monthly mortgage installments, for a short sale to be successful. Here are reasons that banks turn down short sale requests:
· Low Short Sale Offers
Banks will request an appraisal or a Broker Price Opinion When the listing agent submits the short sale offer, an experience agent will also include a their own Broker Price Opinion that supports the purchase price for a short sale. If the lender believes they will come out ahead by taking the property through foreclosure, the bank will reject an offer.
· A Complete and Detailed Short Sale Package is Key!
Ask any short sale specialist and you'll hear horror stories of how banks lose documentation. In some cases, it doesn't matter how many times the package is expressed overnight or faxed, the bank might misplace it. Worse, an important document might not be in the file, and without every single required document, the sale will not be granted.
There are other reasons a short sale may not be successful: the seller does not qualify, the buyer does not qualify or the second mortgage holder may not cooperate. The Lilly Team at PMZ Real Estate has been helping distressed home owner complete successful short sale. We are short sale certified call Hugh at 209-479-9222 or e-mail us at thelillyteam@comcast.net for you short sale package.
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