Short Sale ****Approved***** (foreclosure, agent, sales, accepted)

[missnew2nc]

Great NEWS!

My 5th short sale has been approved......YES.....It gets easier the more you do it.

Here is the story! I have/had a short sale that was priced 40k under the purchase price 3 years ago.

1. I first did a CMA of the area and previewed all of the other homes for sale in the area. I priced my home slightly under the BEST home in the subdivision. The bank relies on the BPO, and I wanted to get a good idea of what the BPO would be, so I did my own.

Sidenote: The bank relies on the BPO and HUD-1

2. The seller contacted the bank and started the process (when you have a seller who WORKS with you instead of against you it makes the process SO MUCH smoother).

3. After 37 days we received an offer that was UNDER the listing price. I contacted the buyer's agent and explained to her the situation (the bank is already taking a loss I doubt that they will go any lower). The next day she came back with a BETTER offer.

4. I then contacted the bank and sent OVER all the information that they requested. I faxed it, emailed it and sent it in the mail. Be sure to include a CMA and a HUD for the bank to review.

5. The bank then sent a broker out to do a BPO. After that was done I was assigned to a short sale representative from the bank. I called the rep every 48 hours until she finally accepted the DEAL.

6. We are currently in the process of completing inspections on the home.

NOTE: Now in my situation the buyer didnt move forward with getting the loan process started until she knew the bank has accpeted the offer (which took around 3 weeks). The buyer is now in the process of obtaining the loan which will take 3 more weeks..... Closing will take place in 3 weeks....

This is one of several ways to do a short sale, there are so many factors involved in short sales (buyers, sellers, buyers agents, inspectors, lenders etc). I guess it is most important to CONTROL the short sale and not let the short sale control you.

[2bindenver]

A lot depends on the lender, the investor, the insurer, the type of loan, if there is a NED (foreclosure notice,) net to the lender, if there are many liens/judgments, etc.

But congrats...seemingly the hard part is over.

[jsimon521]

Originally Posted by missnew2nc

Great NEWS!
1. I first did a CMA of the area and previewed all of the other homes for sale in the area. I priced my home slightly under the BEST home in the subdivision. The bank relies on the BPO, and I wanted to get a good idea of what the BPO would be, so I did my own.

Sidenote: The bank relies on the BPO and HUD-1

Congrats! I do have a question though. I am a prospective buyer of a short sale. The seller accepted my offer and shipped it off to the bank. I have started the loan process to expedite things if/when the bank approves the deal.

However, like most short sale buyers, my biggest concern is what the BPO will come back at. What can I do to assure that the listing agent sent over the necessary paperwork and has done whatever can be to assure the BPO doesn't come back any higher than the sellers had it priced for.


Thank you so much!
Jenn :O)