Short Sales: An Example Of How We Escalated A Short Sale File

Real Estate Agent with RE/MAX Action
IL – I talk about “escalating” a short sale. To put that in perspective, I am going to give you a real life example of how it is done. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. We had a house on the market for 5 months. We started the price at 425k and slowly brought it down to 375k. We received no offers for 5 months. Then, we finally received an offer for 350k. Since we knew the bank’s appraised amount, we knew that offer wouldn't work. The bank’s appraisal had come in around 390k. (We didn’t think that number was the real value because buyers weren’t doing anything at that price.) We knew that that current offer at $159,000 didn't have a shot at getting accepted. In order to get this file thru, we had two things to do. 1. Get a new, more accurate appraisal done. 2. Escalate the file. To handle Part 1, we sent our own version of an appraisal to the lender. We explain to them why we did not think the appraisal was accurate and requested that they order a new one. Then, we asked for their supervisor's contact info. The new appraisal came back at 380k. The buyer told the bank that they would pay 365k, but no more. The bank accepted the buyer’s offer and we received an approval and the home sold a few weeks later. 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 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 (847) 338-0180 Discover how other sellers successfully completed a short sale 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 bank. Click here to request a copy. Thanks for reading this, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Dennis Toomey, RE/MAX Action, 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 Dennis's personal views and do not reflect the views of RE/MAX Action. This information on Short Sales: An Example Of How We Escalated A Short Sale File is provided as a courtesy to our viewers to help them make informed decisions.

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