“When I called my lender, they wouldn't talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I’ll never get the short sale approved.”
Here was our answer: Most lenders will not talk to you about a short sale until you have several things in place. They want a solid offer from a pre-qualified home buyer along with all the necessary financial documents. They do this because they only want to process short sales that will sell and close. Now, I think it’s a stupid way to do things. Instead of refusing to negotiate short sales until there is an offer on the table, they should instead pre-approve short sales.
It would make the process so much easier. A home could be placed on the market at a set price. Buyers would be more interested in the property because they know they can get an answer in 2-3 days versus 2-3 months. We have brought this up with Matt Vernon, the Vice President of Bank of America’s Short Sale Department. He knows there is stuff to improve. But, it’s hard to change the course of a huge company with so many different parties involved. Despite all this, experienced short sale agents are getting short sales approved every day.
The Short Sale Process is getting better and easier to navigate. More and more lenders are moving towards “Approved” Short Sales. You just need to find a good short sale Realtor who can navigate their way through the crazy short sale process.
If you're 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 Ashish@EastLionInc.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 (818) 259-3455.
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Real Estate Agent, East Lion Realty & Mortgage
Phone: (818) 259-3455
Ashish Trivedi specializes in loan modification assistance and short sales in Southern California. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Ashish Trivedi, East Lion Realty & Mortgage, 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 adviser 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 through 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 Ashish's personal views and do not reflect the views of East Lion Realty & Mortgage. This information on "Does My Short Sale Have To Be Approved Before I Put It Up For Sale?" is provided as a courtesy to our viewers to help them make informed decisions.