Ridgewood Short Sale Question: I Have A Moral Dilemma. What Should I Do?

By
Real Estate Agent with RE/MAX Properties - Saddle River

Ridgewood NJ – The Stop Foreclosure Institute recently received a question from another agent named Beckie. Here was her question.

I have been waiting on my lender to approvce or deny my short sale for 7 months. We finally received an answer last week in form of a counter offer to the price.

The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try my best to negotiate at that price.

Before my agent could send the comps to the lender, the lender ordered an appraisal. My agent tells me that my property is worth more than $315k, but less than $345k.

So, we put the home back on the market just to prove to the lender that at that price there may be no bites. We were mistaken.

We received for $341,550. We told the first buyer if he goes up to what the lender wants, then we will close the deal with him. He didn’t budge so we accepted the higher offer.

In the meanwhile, we received an email this morning from the short sale negotiator. She said that the lender will accept the $315k price. Now, my agent is suggesting that we do not submit the $26k higher offer, because that will rock the boat. I have a dilemma.

The first buyer’s offer technically was accepted by the lender. I want to give it to him since he waited. But do we have an obligation to the lender to present the higher offer?

We accepted this second offer yesterday without a cancellation from the first buyer. The contract does give us an out. But now that the lender has agreed to the first buyer’s price, do we need to sell it to him? HELP ! Beckie”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Beckie’s Question. Beckie, I personally think that you are not morally required to submit the higher offer to BOA. But, that’s my personal opinion. Speak to a lawyer if you need to know how the law applies.

My guess is that your lender would accept the higher offer and spit out a new approval in less than a week. And a higher price reduces their losses.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at jlockard@remax.net. 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 (201) 825-6600 x343 or on my cell at (201) 674-3114. If you prefer, just fill out the form by clicking the words, Contact Me below:

 

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ridgewood 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, James Lockard.

James is a Real Estate Agent at RE/MAX Properties.

Phone: (201) 825-6600 x 343 Cell: (201) 674-3114. jlockard@remax.net

View My homes for sale at www.BergenCounty-Homes.com.

James Lockard specializes in loan modification assistance and short sales in Ridgewood New Jersey. Ridgewood Loan Modification Help, Ridgewood short sales. Ridgewood Short Sale Realtor Short Sale Realtor. Ridgewood NJ Short Sales. Ridgewood Realtor

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Important Notice

James Lockard, RE/MAX Properties, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Lockard’s personal views and do not reflect the views of RE/MAX Properties.

This information on Ridgewood Short Sale Question: I Have A Moral Dilemma. What Should I Do? is provided as a courtesy to our viewers to help them make informed decisions.

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