Short Sale Success! Lake Ridge Homeowner Receives Lender Approval After Difficult Negotiation!

Short Sale Success! Lake Ridge Homeowner Receives Lender Approval!

Copyright (c) 2010, Deanna and Jim's GOLD Team, RE/MAX Olympic

     Homeowner's financial circumstances sometimes change due to events beyond their control. When such events make it impossible to continue making the mortgage payments many homeowners pursue a short sale rather than incurring the damage to their credit of a foreclosure.

     Getting a short sale approved requires employing an experienced short sale specialist, such as a Certified Distressed Property Expert (CDPE) who is thoroughly familiar with both the local market and the ins and outs of negotiating with various mortgage servicers.

     A Lake Ridge homeowner recently applied for the approval of their short sale to a major loan servicer well known to the GOLD Team.  Although the homeowner's hardship appeared clear cut and approval would have been expected without issue the servicer announced that due to recent rule changes by the actual investor (one of the GSEs) the homeowner would be required to make a significant cash payment at settlement.

     Over the course of a number of days of back and forth negotiation the servicer reduced their request by 50% and the homeowner still refused to pay anything. Exploring deeper into the homeowner's situation in order to explain it better to the bank led to the homeowner deciding to offer a scant 1/5 of what the bank had originally demanded.

    Upon finally receiving both additional information and this small concession from the Seller the bank's negotiator emailed the GOLD Team's CDPE, "Thanks for your work on this file. I am going to approve this file strictly because of you, I think things will be taken care of in the end. Working on your approval letter now."

    The negotiator subsequently added, "Trust me it is not an easy decision but in the end it is also about the buyer and the hard work the agents have done. I do have to say you have been one of the best agents to work with, thank you for educating your clients on the short sale process."

   The approval letter was received within an hour. The settlement is being scheduled.

(Deanna and Jim's GOLD Team has handled over 500 northern Virginia residential real estate transactions in the last 10 years.  We work with over 18 servicers and have MBA, MSE, MA, CDPE and Associate Broker credentials.  If you are need to buy or sell short we believe that using us will significantly advantage your attempt.)