Short Sales: Who is in charge during a short sale?

By
Real Estate Agent with Keller Williams Realty Tacoma

Seattle and Tacoma,WA –Hi! This is Nathan Olotoa with 59days2sold.com and www.seattleshortsalesagent.com and I specialize in short sales in the Tacoma and Seattle areas.

– Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.

The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?

Discover how other sellers successfully did a short sales to avoid foreclosure clicking here.

Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses.

We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner.

You, the home owner are in charge. That means that you can make the following decisions.

You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept.

You are allowed to turn down offers that you don’t like for whatever reason. (Maybe the buyers are too picky about the home and want you to make repairs.)

You are allowed to turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract.

You are allowed to ask for an earnest money deposit to make sure the buyer is serious about the house.

It is your right to do these things for as long as you own the property. Don’t let anyone tell you otherwise. 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 and answer any questions you may have. Or, if you prefer, you can call me at 253-310-1177

Discover how other sellers successfully completed a short sales 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. Short Sales Realtor

Phone: 253-310-1177. asknate@kw.com.

Listed to Sold in 59 days or less

View Tacoma homes for sale and Seattle homes for sale at 59days2sold.com. View my previous blog posts at www.seattleshortsalesagent.com.

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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 Nathan Olotoa's personal views and do not reflect the views of Keller Williams-Tacoma.

This information on Short Sales: Who is in charge during a short sale is provided as a courtesy to our viewers to help them make informed decisions.

Comments (4)

Suzanne Taylor
Ultima Real Estate - Corpus Christi - Corpus Christi, TX
Home Sales In Corpus Christi, TX

Nathan, thanks for a great post.  It was very informative and full of good information.  Suggesting.

Feb 09, 2011 12:04 PM
Brian L. Sirota, Esq.
Bristar Realty (Realtor/Attorney) - Orange, CA
For Solutions: (714) 501-7660

Nice basic discussion of the homeowner's involvment in short sales.

Brian L. Sirota, Esq., Broker/Attorney, BriStar Realty, Orange County, California

Feb 09, 2011 12:08 PM
Kevin Lowry
Cutler Real Estate, Wooster - Wooster, OH

This is great information. I think to many times we treat the banks like they are part of the contract when in actuality the contract is contingent on both the buyer and seller getting approval by the banks. I try to explain to buyers and sellers that a short sale is just another type of contingency on the sale it is NOT up to the bank to accept the offer but to approve the terms between the seller and the lender.

Feb 09, 2011 12:10 PM
Anonymous
Judy Allen

Thank You!  So many sellers have the attitude of "It's not my home." Let

the Bank call all the shots.

Judy Allen, CRS, e-PRO, Realtor,Prudential Utah Real Estate, 28 years selling properties in"Utah"

 

Feb 09, 2011 12:16 PM
#4