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Short Sales & MLS

By Pat McQuaid

Real Estate Agent with McQuaid Real Estate Services at eXp Realty

April 28, 2008 04:49 PM

A petition is being circulated asking MLS to look into the way Short Sales are dealt with by the MLS. I agree that the time taken by the mortgage company for approval is a concern. I also agree that the selling price in the listing may not be accurate. But is it possible for the seller to get pre approval on a short sale? How long will this take? Will the home ever sell? Let's work together to find the proper solutions to help the homeowner during this trying time in their lives.

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Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Pat: Yes, it is possible for the seller to get approval on a short sale from the lender. Sometimes they will come back with a minimum figure they will accept. All you can do is make it very clear in the MLS comments section that the listing is subject to short sale approval by the mortgage lender. Most everyone knows that is going to take awhile.

Apr 28, 2008 05:03 PM

Courtney Cooper

Cooper Jacobs - Seattle, WA

206-850-8841

I have run into banks lately that won't preapprove a short sale - not a good sign...

Apr 28, 2008 05:08 PM

Brian Solinsky

Keller Williams Realty - Puyallup, WA

CDPE, CNE, ABR

Our MLS just adopted a new short sale form that should clarify things for buyers. I have worked with buyers and closed 5/5 short sales in the past few months. What I have found is that most do not have pre-approval. Usually the bank will not even consider a short sale until an offer is presented. Even then it can take a lot of time to get it done. However, all of my clients have been very pleased to get a property well under appraised value. It's nice to have some built-in equity and for that my clients have all said it was worth the wait and worry.

Apr 28, 2008 05:19 PM

Erin Newington

5305573559 - Grass Valley, CA

Sierra Foothills Realtor

Welcome to active rain! It is great to have you!

Apr 28, 2008 05:51 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Banks/lenders all work differently. And yes, many of them won't pre-approve a short sale without an offer.

What MAY save some time is for the owner and his/her seller's agent to get all their documentation in at the outset so that the Lender will have a working file.,

In spite of all the preparation (such as inclusion of financial info, hardship letter, etc) it appears that acceptance/approval occurs at about 30-45 days after seller accepts an offer.

Today, I just heard back from an agent who skipped a step --- she sent all the offers directly to the lender. She didn't have the seller accept, much less acknowledge and sign the offers. I don't think this is right, so I will look into our rules. The homeowner is still the seller and should be the first step towards getting an acceptance.

Apr 28, 2008 07:38 PM

Greg Steffens

Mountain Country Realty - Lake Arrowhead, CA

Hi Pat - Welcome to Active Rain and congrats on your first posts. Be sure to spend some time looking around at what and how others are blogging here. It is a great education and lots of fun. Looks like you're off to a great start...keep it up!

Apr 29, 2008 04:09 AM

Keith Elliott Jr

KEIRE Realty Group - Manassas, VA

Principal Broker/Owner

Hello Pat,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Apr 29, 2008 01:45 PM

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McQuaid Real Estate Services partners with Keller Williams Realty Greater Worcester. Pat McQuaid updates on real estate in Worcester County Massachusettts with a focus on Shrewsbury, MA and surrounding towns.

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