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Fort Collins Short Sales: Who is in charge during a short sale?

By
Real Estate Agent with Kittle Real Estate

Fort Collins Short Sales: Who is in charge during a short sale?

Fort Collins CO – Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.

The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses.

We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner.

You, the home owner are in charge. That means that you can make the following decisions.

You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept.

 

Fort Collins Short Sales: Who is in charge during a short sale? FULL ARTICLE

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Owner is the legal entity and sell the property.  Only thing the bank can do is agree or disagree with the sale.

Jan 02, 2012 04:04 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

I need to disagree here.  Although it is not the lender who puts the short sale home UP for sale... it is the lender who has the final say as far as whether or not an offer is accepted.  Without the lender's ok... the home does not sell.  And, if that is the case... sooner or later it goes into foreclosure.  And when happens... yes, it IS then the lender who puts it up for sale.

So, although the seller... in the case of short sales... initiates the Short Sale process... it is the lender who has the final say.  Therefore... it is the lender who is really in charge.

If the lender does not want to sell the property at a certain price, there is nothing the seller can do about it.  That being the case... the seller is most certainly not "in charge."

Jan 02, 2012 04:10 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rob, short sales are so complicated, it pays to hire or use an experienced short sale agent!   Great info!

Jan 03, 2012 04:29 AM
Sonja Patterson
Keller Williams - BV - College Station, TX
Texas Monthly 5-Star Realtor Recipient for the Hou

Rob, great link showing the testimonials of those who have "been there" and come out successfully from the short-sale process!  Here's to the Kittle team helping more families realize their real-estate goals in 2012!

Jan 03, 2012 07:01 AM
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

Great information for those sellers considering a short sale, Rob - very important to seek the counsel of a knowledgeable REALTOR like yourself! Hopefully everyone checks out the link in the article for a further testimonial.

Jan 03, 2012 12:52 PM
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Rob, REALTOR® with short sale experienced, knowledge and negotiation skills may have a successful closing, otherwise it is a wasting of time. Wish you good luck.

Jan 04, 2012 03:29 PM
Pam Hills
Innovative Artistry - Kendall, FL
ASP/IAHSP- Stager Miami, FL, Creative Minds Innovatively At Work

Dear Rob - Well I can tell from the comments this is one for the "suggest" button...a good volley already has begun :)  Best of the New Year & as stated above....helping many achieve their goals for 2012!

Jan 04, 2012 06:03 PM
Rob Kittle
Kittle Real Estate - Fort Collins, CO
"We Specialize, You Benefit!" -Kittle Real Estate

Thank you all for the comments, Short Sale is a real complicated thing, specially dealing with the bank, it's a case-to-case basis. Our team is doing our best to help every client have their home sold during this stage rather than go into Foreclosure. Happy New Year to all!

Jan 05, 2012 02:16 PM