Most agents complain about how short sales drag out for months at a time. Another agent once told me, "I hate short sales. They take 9-12 months to complete. The banks never call you back to let you know what is happening." The real problem is that most home buyers will wait for 45-60 days for an answer on a short sale offer. After that, then they become impatient.
Here are four simple steps we can use to get your short sale approved in 90 days. If we miss any of these steps, then you risk waiting 6-9 months for an answer on the short sale.
Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and "Sliced and Diced."
Step 2: Influence the BPO. The BPO is the bank's version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer. Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.
Step 3: Find out what the BPO value is. Ask the negotiator for that info. They are required to send you a copy of the FHA appraisal (if the short sale loan is an FHA loan.) You can get a copy of the VA appraisal (short sale on a VA loan) from one of the VA Loan Centers.
Step 4: Use that information and knowledge of the loan owner's short sale guidelines to force the lender to approve the short sale.
Note: If the buyer's offer meets the loan owner's short sale guidelines, then it should be approved as is. No being wishy washy and wasting people's time.
Here are four simple steps we can use to get your short sale approved in 90 days. If we miss any of these steps, then you risk waiting 6-9 months for an answer on the short sale.
Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and "Sliced and Diced."
Step 2: Influence the BPO. The BPO is the bank's version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer. Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.
Step 3: Find out what the BPO value is. Ask the negotiator for that info. They are required to send you a copy of the FHA appraisal (if the short sale loan is an FHA loan.) You can get a copy of the VA appraisal (short sale on a VA loan) from one of the VA Loan Centers.
Step 4: Use that information and knowledge of the loan owner's short sale guidelines to force the lender to approve the short sale.
Note: If the buyer's offer meets the loan owner's short sale guidelines, then it should be approved as is. No being wishy washy and wasting people's time.
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