Tuesday, October 4, 2011 / by Lynn Horner Baker
A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appraisal.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The problem is that most homes are selling for less than appraisal. In one example, a non short sale listing sold for 225k. However, the property could have appraised for 300k.
That means the short sale lender would never have approved it. This is why your agent needs to make sure the appraisal is accurate. There is nothing unethical or illegal about doing this. Let me explain why.
80% of the loans handled by big mortgage companies are actually owned by an investor. These front companies (such as Wells Fargo, Bank of America, SunTrust, or Chase) are acting as a "servicer."
The servicers save money by taking 60-90 days to consider a short sale offer, turning down files over one missing doc, and cutting staff. This is why short sale offers get turned down for no reason.
However, if they can see that the house is valued at 145k and you're selling it for 140k, they'll accept the offer. Again, which is why your agent needs to make sure the appraisal is accurate.
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 Cobb County & Marietta 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 and owner of Horner Baker Partners. Cobb County & Marietta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
100% Released From Your Mortgage or We Will Pay You $1000.00!
View My homes for sale at www.AtlantaLoanModSecrets.com.
Lynn Horner Baker specializes in loan modification assistance and short sales in Atlanta Georgia Marietta Georgia. Atlanta Loan Modification Help Marietta Loan Modification Help, Atlanta short Sales Marietta Short Sales. Atlanta Short Sale Realtor, Marietta Short Sale Realtor. Fulton County Loan Modification Help Cobb County Loan Modification Help, Fulton County Short Sales Cobb County Short Sales. Fulton County, Short Sale Realtor ,Cobb County Short Sale Realtor, Fulton County and Atlanta Short Sales, Cobb County & Atlanta Short Sales, Marietta Short Sales, Cobb County and Marietta Realtor, Fulton County and Atlanta Realtor.
The views expressed here are Lynn's personal views and do not reflect the views of Horner Baker Partners.
This information on The Biggest Threat To A Successful Cobb County & Marietta Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
Manage Your Subscription | Forward To a Friend