- What do you do when the house won't sell for any more money, but the bank keeps on rejecting the offers? You can give up, but the seller may lose their home to foreclosure.
Ouch! Why not escalate the file and get it approved. Here's an example of how it worked for the Stop Foreclosure Institute.
We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000. Since I knew the bank's appraiser's valuation, I knew the offer wouldn't work.
The bank's appraiser said the house was worth $195,000. Yes, after we had had the house on the market for 4 months. Because I knew the loan owner's guidelines, I knew that that current offer at $159,000 didn't have a shot at getting accepted.
In order to get this file thru, I had two things to do.
- 1. Convince the bank that their valuation was inaccurate and that they should order a new value.
- 2. Escalate the file.
To handle Part 1, I send my own opinion of value, also called a Comparable Market Analysis, along with comparable homes for sale. I explained that the valuation they were using was inaccurate and that they needed to order another one.
Here is what I did for Part 2. Then, I asked for their supervisor's contact info. Remember, most of our communications are e-mail. Two-thirds of the time they will e-mail me back the supervisor's info. The other one-third of the time they will just start doing a better job on the file.
If the new bank appraiser's valuation comes back within range, they will approve the file and we can close. On the subject house, the new appraiser's valuation came back within range. We received an approval on the short sale and it closed a little while later.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at asknate@kw.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 253-310-1177.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Nathan Olotoa.
Nathan is a Real Estate Broker at Keller Williams-Tacoma. Phone: 253-310-1177. asknate@kw.com. Listed to Sold in 59 days or less View My homes for sale at 59days2sold.com. Short Sale Realtor. Short Sales. Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma. This information on Short Sales: What to do after the lender rejects the short sale offer is provided as a courtesy to our viewers to help them make informed decisions.
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