Why Do Nashville Loan Modifications and Short Sales Fail?

Real Estate Agent with Chris Ellise Realty
a href="http://www.gainesvilleshortsaleblog.com/wp-content/uploads/2011/07/frustrated-realtor.jpg">Nashville TN – The Stop Foreclosure Institute recently received a question from James. Here was his question. "I’ve heard that there is a 70% failure rate on short sales. Is that true? If so, then why do so many short sales fail? James” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the answer to his question. Yes, a lot of short sales do fail. However, those statistics are for individual short sale offers submitted to lenders. If the first offer on a short sale is turned down, then another offer is usually submitted. On each individual house being sold, the failure rate is much lower. Here are the reasons that many short sales do fail. Reason #1: The sales price is lower than the lender wants. The lender thinks the house is worth X, but the sales price is $30,000 lower than X. The lenders are not always getting good information on the property values. In my opinion, their valuation method is flawed. There is a serious conflict of interest in the way lenders obtain their property value. But, the lenders don’t really care to fix it. Reason #2: The tenant doesn’t want the home to be showed. Many short sales are rental properties. However, the tenant doesn’t want the home to be shown to buyers. Why not? Well, if the house sells then they will have to move out and find another place. They are comfortable where they are at and they don’t want to move. This is why a home that is rented is much harder to short sell than a vacant home. 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 nashvilleshortsalepros@gmail.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 (615) 850-4173 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our Nashville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Reggie Woodgett. Reggie is a Real Estate Agent at RE/MAX Elite. Nashville Short Sales Realtor: Phone: (615) 850-4173. nashvilleshortsalepros@gmail.com. View My homes for sale at Nashville Homes For Sale and Nashville Foreclosed Homes Reggie Woodgett and The Woodgett Group specialize in loan modifications and short sales in Nashville Tennessee. Nashville Loan Modification Help. Nashville Short Sales. Nashville Short Sale Realtor. Nashville TN Short Sales. Nashville Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Reggie Woodgett, RE/MAX Elite, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. 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 Reggie's personal views and do not reflect the views of RE/MAX Elite. This information on Why Do Nashville Short Sales Fail? is provided as a courtesy to our viewers to help them make informed decisions.
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Comments (1)

Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ

Those are two excellent reasons... I often ask the landlord (my client) to give the tenant an incentive to be cooperative!

Nov 01, 2011 12:52 PM