There are two things you need to know when you are negotiating a short sale. First thing you need to know is it is a simple math problem. Will the lender get more money approving a short sale or will they get more money by going to foreclosure. If the answer is they will get more money in approving the short sale, then it is very rare when they will deny it.
Second thing to know is when you are talking the the bank about the approval and you hear the word "no" they are not really saying no, they are saying "know" as in they do not know enough information to make an informed decision. Now your job is to get them the information they need to make the decision or find someone who will listen to reason.
I had a file declined for the second time this week and the only reason they would not have accepted this deal is because they did not think they would be getting enough money. I had an appraisal from the buyer showing the market value and it was within 1% of the offer price so I knew they must have had a bad bpo based on the number they told me they wanted.
I talked to the negotiator, and her manager and they would not listen to reason. They were being given the information to make the informed decission, but still were not capable of doing so. I decided to aim for the top and went straight to the VP of the bank, explained the market, provided the appraisal information and then the light came on for him and he confirmed his BPO was drastically different and ordered a new appraisal.
If I took the "no" to mean no this deal would be dead. No is not no, remember that and your success rate will go through the roof. I did a video on these short sale tips on my website.
Comments(0)