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Short Sale Approved? or NOT!

By
Real Estate Agent with Group 26

The Problem with getting a Short Sale Approved.

The Short Sale Agent, could have all the I's dotted, and all the T's crossed, but the Short Sale will not be approved! Unless, you as the Professional that you are, strive to educated the Short Sale Negotiator.

Some Negotiator needs some coaching, and guideance. Short Sales are not the same, from Borrower to Borrower, and the negotiator has to understand this. Have you ever had a Short Sale being declined, and then being Approved, but the information given on the Property stayed the same?

Example: Property being Sold; 3bed/2bath Single Family Home, Non-Owner Occupied Completed Short Sales Package, Offer $5K more than the Listed Price, All Cash, No contingenies. Offer Submitted, Investors or Senior Management Declined based on Buyer's closing cost.

2nd Submittal: Snap-Shot Letter of Offer, No Closing Cost, All Cash $5,000 over Listed Price Market analysis of the community shows a $10,000 decline in Price of the Most recent solds. Vandalism is a problem for this area due to vacant properties, Contractor rehabbing home next door states that the property being rehab has $30k property damage due to vandals, and the city imposed a $100/day fine for rubbish in the Front, and back yard, with unkept landscaping. Buyer's are wanting to close immediately, and a 5day approval of offer is needed, or Buyer's has 48hours to cancel the offer in writing. (Submitted 24 hours later offer accepted.)

This could happen to you, and find out all the avenues before giving up. Short Sales are not difficult, They will be approved, or Not. Don't let the Negotiator or anyone make the process difficult for you.

 

Posted by

Hassan B Halak

 Contact

United Global Properties
1 Marine Plaza, Suite 304
North Bergen NJ 07047

201-604-1980 ext. 202 Office
201-604-1985 Fax

44 2031293760 United Kingdom
39 0200612869 Italy

201-417-6123 Cell
hhalak@unitedglobalproperties.com


Comments (3)

Marcus Rice
Equity First Realty - Richmond, VA
Richmond, NOVA, Virginia Beach Area Realtor/Broker

Great blog, you are heading down the right road, just don't give up and take as many short sales as you can. All my short sales close...........................

Nov 24, 2010 10:13 AM
Sonja Patterson
Keller Williams - BV - College Station, TX
Texas Monthly 5-Star Realtor Recipient for the Hou

Hassan, it is amazing how the same "product" in different packaging SELLS. :)  Second submission speaks to their bottom line more...

Nov 24, 2010 10:25 AM
Nick Tukmanian
RealWorks Residential - Colts Neck, NJ

Great blog, and thanks for posting. Short sales are indeed problematic if all the planets and stars are not aligned.

Nov 25, 2010 03:23 AM