Approved Short Sales

November 30, 2009 by  
Filed under Approved Short Sales, Blog

Approved Short Sale

If you are shopping for a home and see the term: Approved Short Sale on a real estate listing, the chances are that it may be a relatively good deal.  There are very few listings that are actually Approved Short Sales because the only way that they become approved is after a hardship qualification, appraisal, and the acceptance of an offer.  The property is on the market again because the original approved buyer fell out of escrow usually because of the very long wait time.  The trick in clinching these is to find out what the approved price was from the listing agent, and submit an offer in the price range.

Most listings will be listed as Short Sales, while only a very small percentage will be listed as approved for short sale offers. Most of the time agents and/or their clients mistakenly believe that once they get an offer the lender will then take them seriously, approve a short sale and forgive them for any deficiency left over.  This is a very risky strategy as the lender has to first verify a borrower’s stated hardship with tax, bank assets, and earning statements, etc.  After that they will do an appraisal of the property and approve a price.  But before everything, they have to determine that it will be less expensive to sell short rather than sustaining the costs of foreclosing, taking possession, and trying to sell it themselves.  Only then is it approved for a short sale status and they are open to looking at offers.  This can take up 3 to 5 months and most buyers don’t have the patience for that kind of wait time; especially in today’s buyer’s market.  This is the primary difference between short sales and approved for short sale offers.

 

http://welcomehomesandiegocounty.com/files/2009/04/approved1-300x287.jpg

If you are behind on mortgage payments or foresee that you will be behind, you should consider contacting your lender directly and consider a leader in the industry execute a successful short sale.  Do it the right way the first time and get it done in the quickest manner possible.  We have almost all of our short sales approved in contrast with the very high failure rate amongst most realtors who aren’t specialist.  You owe it to yourself to find out why.

For a quick response, please fill out the input fields under “Contact Us for a Free Evaluation” at the upper right.  Please give us the best number to reach at as we can only do a consultation by phone and will email all support documents after the call. To view a list of short sales click here.

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