Woodbridge VA – We get all sorts of questions from buyers trying to purchase short sales. “We made an offer on a short sale almost 2 months ago. We haven’t heard anything back from the bank. Why won’t they approve my offer?”, they ask us.

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

So why do some buyers wait for 2-3 months and never get a response on their short sale offer? Are the banks really that bad?

Here is the answer to those questions. In some cases the reason that short sales are not approved quickly is because of the lender. The lender may just be backed up.

I know that we have waited a week for a call back from the bank. We had a designated short sale negotiator at the bank.

But, they were so overworked and backed up on files that it took them a week to return a call. That’s pathetic, isn’t it?

In other situations, we have seen the banks demand that the sellers agree to a promissory note. If the sellers don’t agree to it, then they won’t approve the short sale. Some of those sellers refused to sign a promissory note.

The short sale was never approved. But, we have seen lenders ask for a promissory note on less than 10% of the short sales we have handled. So, that is rarely the problem.

In most cases the problem is that the agent negotiation the short sale with the lender doesn’t know what they are doing. They aren’t following up with the lender regularly.

They don’t take the short sale process seriously. The lender tells them that they are missing documents and it takes them a week to track them down. You have to push the bank to approve the short sale.

Most agents aren’t trying to keep the process moving along. And the people at the banks are overworked and don’t push the files along easier.

So, if you are buying a short sale, don’t make the mistake of making an offer on just any short sale. Check to make sure that the seller has hired a hard working, experienced short sale agent to help them sell their home. 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 Carlos_noel@msn.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 703-881-0753

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Woodbridge 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, William Noel.

William is a Real Estate Agent at RE/MAX Allegiance. Woodbridge Short Sales Realtor:

Phone: 703-881-0753. Carlos_noel@msn.com.

View My homes for sale at NoelSells.com.

William Carlos Noel specializes in loan modifications and short sales in Woodbridge Virginia. Woodbridge Loan Modification Help. Woodbridge Short Sales. Woodbridge Short Sale Realtor. Woodbridge VA Short Sales. Woodbridge Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

William Noel, RE/MAX Allegiance, 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?

The views expressed here are William’s personal views and do not reflect the views of RE/MAX Allegiance.

This information on The Biggest Mistake Buyers Make When Buying A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
HyperSmash

Woodbridge VA – We are explaining the steps to approving a short sale in 90 days or less. Today, we’re going to explain Step 4: Use the BPO information and knowledge of the loan owner’s short sale guidelines to force the lender to approve the short sale.

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

After doing the steps detailed in the previous posts your agent has two important pieces of information now.

First, they know who owns the loan. They know if it is owned by Fannie Mae, Freddie Mac, FHA, VA, or if it is a portfolio loan or “Sliced and Diced.”

Second, they know the BPO value. Now, your agent is ‘loaded for bear.” They are ahead of 90% of all the other realtors negotiating short sales. As a result they will get some respect from the short sale negotiator at the lender.

They will be able to hold the lender accountable for their actions. They can use the short sale guidelines for that particular loan owner to force the lender to approve the short sale.

Here is an example of how that is done. Let’s say that a short sale property is selling for $278,000. The loan is an FHA insured loan. The home was marketed for 3 months before it sold.

The FHA appraisal says that the home is worth $290,000. FHA’s short sale guidelines stipulate that the lender should approve that short sale. Why?

Because FHA’s guidelines specifically instruct a lender to approve a short sale that will net them 88% or more of the FHA appraised value. After all the sales costs, the lender will net more than 88% of the $290,000 FHA appraisal value.

But, let’s compare this with what might happen to an unprepared realtor who doesn’t follow this process to approve short sales.

The negotiator could tell the realtor that they will not approve the short sale unless the buyer agreed to pay $290,000. Short sale negotiators do this all the time. Yes, it is an abuse of power but it still happens.

This realtor has worked very hard to sell the home for as much money as possible. However, the buyer refuses to pay more than $278,000 for the house. This agent can’t force them to pay more for the house.

The short sale negotiator tells the realtor that they will “close the short sale file” in a week if the buyer doesn’t agree to pay $290,000. This is another tactic short sale negotiators use to bully uneducated realtors who don’t understand short sales.

The buyer doesn’t raise the offer and the home is foreclosed upon a few months later. It sells for $260,000 after the foreclosure. Your bank loses $18,000. You get a foreclosure on your credit report.

Ouch! This is why it is so important that the realtor you hire to short sale your house know what they are doing. 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 Carlos_noel@msn.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 703-881-0753

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Woodbridge 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, William Noel.

William is a Real Estate Agent at RE/MAX Allegiance. Woodbridge Short Sales Realtor:

Phone: 703-881-0753. Carlos_noel@msn.com.

View My homes for sale at NoelSells.com.

William Carlos Noel specializes in loan modifications and short sales in Woodbridge Virginia. Woodbridge Loan Modification Help. Woodbridge Short Sales. Woodbridge Short Sale Realtor. Woodbridge VA Short Sales. Woodbridge Realtor.

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

Important Notice

William Noel, RE/MAX Allegiance, 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?

The views expressed here are William’s personal views and do not reflect the views of RE/MAX Allegiance.

This information on Step Four To Get A Woodbridge Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

Woodbridge VA – We are explaining the steps to approving a short sale in 90 days or less. Today, we’re going to explain Step 3: Find out the BPO value.

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

This seems fairly simple. But, most agents never find out this number. as a result, they don’t know why their short sales are not being approved.

We talked to another agent a little while ago. “I’ve got 5-6 short sale files under contract. But, none of them are being approved.”

“The short sale negotiation company is working on them, but they can’t get any of them approved. What do I need to do?”, he asked us.

We started asking him for more info on the files. “What are the BPO values?” What percentage of that are the homes selling for?” What type of loan is it?”

Now, why do we ask these questions? Because that is how you determine what the problem is. We’ve negotiated over a hundred short sales with all the different lenders.

We know why the banks accept short sales and why they turn them down. On our short sales, the majority of the reason an offer was turned down was because of a high BPO.

The bank thinks the home is worth 200k, but the buyers won’t offer any more than 170k. The offer is not going to be accepted.

But, sometimes they will accept an offer on a 200k BPO if it is above 180k. It does happen, but not very often. 190k on a 200k BPO happens a lot more often.

If you don’t know the BPO value, then you don’t know why they are turning down your short sale offer. You don’t know what it will take for them to approve it. You are shooting in the dark.

This is the case whether you are negotiating the short sale yourself, or having someone else do it for you. Either way, your chances at success are much lower.

Here is how to find out the BPO value. First, ask the person at the lender that is negotiating the short sale. Most of the time they will give you that information.

If the short sale loan is a VA or FHA insured loan, then you can get a copy of the FHA or VA appraisal. (The banks use those to determine the property’s value instead of a BPO.)

If the lender will not give them the value, then the home owner can request a copy of the BPO. Most banks will give them that information because a homeowner is legally entitled to it.

They may not give it to the homeowner’s agent, but they will give it to you. Once you have that information you can determine if the short sale offer is reasonable or not. 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 Carlos_noel@msn.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 703-881-0753

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Woodbridge 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, William Noel.

William is a Real Estate Agent at RE/MAX Allegiance. Woodbridge Short Sales Realtor:

Phone: 703-881-0753. Carlos_noel@msn.com.

View My homes for sale at NoelSells.com.

William Carlos Noel specializes in loan modifications and short sales in Woodbridge Virginia. Woodbridge Loan Modification Help. Woodbridge Short Sales. Woodbridge Short Sale Realtor. Woodbridge VA Short Sales. Woodbridge Realtor.

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

Important Notice

William Noel, RE/MAX Allegiance, 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?

The views expressed here are William’s personal views and do not reflect the views of RE/MAX Allegiance.

This information on Step Three To Get A Woodbridge Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.