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When A Bank Should Accept A Buyer's Offer To Buy A North Metro Atlanta Short Sale

Tuesday, October 4, 2011   /   by Lynn Horner Baker

When A Bank Should Accept A Buyer's Offer To Buy A North Metro Atlanta Short Sale

North Metro Atlanta – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.

So, a lender should accept an offer if it will net the most money.

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

The answer is that it is unlikely that any of that will happen.

Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the lender.

Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show.

Explain the following to the lender’s negotiator, "As the listing agent selling the home you are an experienced agent. The house has been on the market for X number of days. The owner has lived here the entire time and kept up on the house.

It looks good. We have had 43 showings since it's been on the market. Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money.

The agent is doing their job marketing the property. With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, the owner will move out.

It won't be keeping the house up anymore and may not be secure, a big concern. The new listing agent will be working on 20 other homes and won't be able to do as good of a job. Do you honestly think the home is going to sell for more money at that time?"

When you ask them that, they won't be able to argue with you. 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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