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An important tip on how to get your Aventura Short Sale approved!

By
Real Estate Agent with Wynd Realty & Katz Realty Group 385052

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Short Sales can be very frustrating if you or your real estate agent do not know how to work properly with the bank, and in order to obtain an approval for your short sale, you will need to impress the lender.  I have been doing Aventura Short Sales with tremendous success, and along with many other key components, there is one secret to getting a short sale approved by the bank quickly.  This real secret is the strength of the contract, not the purchase price!  People believe that the banks care mainly about the purchase price, which is not true.  The banks care more about resolving the issue quickly with buyers that can close.

A family friend(who didnt use me) was surprised when the bank turned down their ful price offer of $135,000 and he mentioned that the buyer already had a pre-approval for his VA loan.  I laughed and said, 'I am not surprised'.

Now, here is a part of the strategy!  The proper way to sell this property worth $135,000 is to list it at $99,900 and only accept cash offers.  At this price, the investors will come swarming, and you can name your terms and conditions for the contract.  With this new leverage, the contract that I would require would be all CASH, with very short contingencies and a requirement to close within 7 days of bank approval.  This is the way I have handled my last 3 short sales, and I have closed all in under 30 days from listing as an 'unapproved short sale'.

Of course, there are many more important strategies to utilize in order to get a short sale approved and closed.  For more information, or more of my secrets on how to close a short sale, or to list your home, email or call James Katz at Katz Realty Group!  

Posted by

Jimmy Katz - Broker

Katz Realty Group - Serving Parkland and all of South Florida!

Cell:  305-992-6750

Email:  Jimmy@TheKatzRealtyGroup.com

Charli Bus Bench

Are you thinking about Buying or Selling in Parkland or the South Florida area?  Call us at 305-932-KATZ(5289) or visit us at www.TheKatzRealtyGroup.com.  

 

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Jimmy Katz - Broker

Katz Realty Group, Inc.

O:  305-932-KATZ(5289)

C:  305-992-6750

Jimmy@TheKatzRealtyGroup.com 

Always search the MLS for FREE at:

www.TheKatzRealtyGroup.com

Comments (1)

Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Jim ~ very interesting strategy on how to get short sale approval! I think the hard part about this strategy would be getting the seller on board. How do you convince them this is the best way to proceed?

Jun 30, 2011 03:22 PM