Wednesday, November 9, 2011 / by Lynn Horner Baker
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
During the short sale process, if the BPO gets completed and the bank won't accept the buyer's offer, then request that the bank to keep the file open.
There are several reasons that banks should be willing to keep the file open.
Reason #1: Their investor has already spent $65 to $100 on a BPO.
Reason #2: A bank or servicer's job is reducing the losses as much as possible. Keeping the file open will make the property more marketable, which will cause it to sell for a higher price.
Reason #3: It will help the bank/servicer reduce their costs. It will take less time for them to approve future files, versus having the file completely re-opened, a new BPO ordered, a new negotiator assigned, and the financials reviewed all over again.
In fact, congress is even thinking about making this a law on Fannie Mae & Freddie Mac short sales. Until then, we will have to petition for it on each individual file. 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 Lynn@HornerBakerPartners.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 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta 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, Lynn Horner Baker.
Lynn is a Real Estate Agent at Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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