A Common Bergen County Short Sale Myth: The Home Has To Be On The Market For 90 Days Before The Bank Will Consider A Short Sale

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

sellerBergen County NJ – I am frustrated that people can be perpetuating these kinds of myths online. These experts on financial websites have never sold a short sale.

Some of them are not even licensed realtors. I recently saw an article on a well known financial website. The article falsely claimed that ” A home has to be on the market for at least 90 days before the lender will review the short sale file.

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

Obviously this person has never sold a VA Short Sale, nor reviewed VA Short Sale Guidelines. Not many people know about it, but a lender must give an answer on any short sale file within 45 days.

They must make a decision within 45 days of their receipt of all necessary documents from the home seller. As you can see, the 90 day rule does not apply to VA Short Sales.

We’ve negotiated hundreds of short sales and never seen a lender request the home be marketed for 90 days before they will consider an offer. That is ludicrous!

So, before you believe everything you read about short sales ask for the person’s credentials. Ask them, “How many short sales have you been involved with?”

The answer from many of these so called experts may surprise you.

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 Bergen County 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.
Find Information about Bergen County Real Estate at:www.BergenCountyRealEstate.info.

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

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

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 A Common Bergen County Short Sale Myth: The Home Has To Be On The Market For 90 Days Before The Bank Will Consider A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Comments (10)

Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Thanks for sharing your wealth of knowledge. We are just beginning to see short sales in the U.S. Virgin Islands and information is not readily available, yet.

Mar 29, 2012 11:08 PM
Ron Tiller
Star Referral - Grand rapids MI - Grand Rapids, MI

I sometimes think the rule is: "If you haven't heard a short sale rumor bu 10 AM, start one".

Mar 29, 2012 11:14 PM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

With so much information out there on the internet, a seller is probably guaranteed to see some half truths, misconceptions, false promises.  However finding a local real estate expert like yourself in the Bergen County NJ area is going to help any seller or buyer know about their local market.

Mar 29, 2012 11:55 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The rules of engagement with banks are not uniformed and always changing  that's for sure....Each bank recovers differently and at different times...I remember in the beginning of this lending fiasco, Banks were telling people to go delinquent before they could help them. Now, they never said that....? It can get confusing at times...good post

Mar 30, 2012 12:53 AM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Thanks for the clarification.  The short sale process can be very difficult ot navigate.

Mar 30, 2012 12:50 PM
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

There are so many myths floating around about short sales... I wonder how they all get started.

Mar 30, 2012 12:55 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

James - I think there are so many myths and inaccurate information about short sales out there.  The best thing a person can do is contact someone knowledgeable.

Mar 30, 2012 04:20 PM
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

It's actually 91 days!  Just don't tell the experts. ;)

It's probably wishful thinking from the seller's perspective.

Mar 30, 2012 05:01 PM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I'm wondering about your statement that says a "lender must give a response on a file within 45 days."  Are you referring to a VA Compromise sale specifically?  I've done VA Compromise Sales and am familar guidelines and am not aware of a 45 day rule stated there.  Can you point me to the rule that states this.  I'd like to have it available the next time I run into a road block.

Mar 30, 2012 09:28 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks for sharing. I will bookmark this post.

Mar 30, 2012 10:46 PM