Woodbury MN Short Sales: What if I feel my short sale negotiator is deceiving me?
Woodbury, MN – Negotiating Woodbury MN short sales is tough. In my opinion, some banks are not making good financial decisions. “We don’t approve a file without your financials completely filled out,” a bank negotiator says.
Bank negotiators tell you the numbers won’t work when the investor guidelines actually say to “approve” the short sale. When your agent doesn’t know who owns the loan (or their short sale guidelines), then the bank negotiators can lie to your agent and deceive you. They don’t know any better. Let me show you an example.
The Metropolitan Home Team recently closed a short sale where the owner of the loan (Investor) was the Federal National Mortgage Association, also called Fannie Mae.
The bank’s appraiser said the home was worth $150,000. Because of prior experience with Fannie Mae Short Sales, I knew what they would accept as a percentage of the value. The short sale offer being presented would net them $4,000 more than that number.
The negotiator, working for the servicer, countered. She said the buyers needed to pay even more for the house. We asked the buyers if they would raise their offer.
They told us it was their highest and best possible offer. They had looked at a bunch of other homes for sale. If their offer wasn’t accepted they already had another home in mind they would write an offer on.
Most agents don’t know the guidelines for short sales. They would have taken the short sale negotiator at face value. As a result, the short sale would have been rejected.
The buyer would have bought the other house and the seller would be at risk of losing the home to foreclosure.
Fortunately, we knew the short sale guidelines. Because we knew the numbers and the guidelines, we were able to push the negotiator for an approval. The file was approved and the Woodbury home sale closed 30 days later.
Thinking about a short sale? I can help you short sale your Woodbury home and never pay the bank another penny. Send me an e-mail at TimMurphy@MetropolitanHomeTeam.com . I will contact you for a FREE No Cost, No Obligation 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 (952) 223-0999
Discover how other sellers successfully completed a short sale and request a free consultation by Clicking Here.
Thinking about a loan modification? Our FREE loan modification report has the answers you will need to get a loan modification approved with your bank. Click Here for your FREE Report
Thanks for reading this, Tim Murphy.
Tim is a local Woodbury real estate agent @ Re/Max Results.
Phone: (952) 223-0999.
P.S. Please feel free to call or e-mail me at anytime for a FREE No Cost, No Obligation Consultation. My goal is to help as many families as I can in 2011.
Get the tools you need for a successful loan modification by clicking here.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Additional Suggested Reading
Tim Murphy, MN & WI Licensed Realtor
Metropolitan Home Team
RE/MAX RESULTS
Phone: 952.223.0999
Important Notice
Tim Murphy and Metropolitan Home Team are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a Woodbury loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Since we know avoiding foreclosure is so important to any homeowner, we recommend you speak with the appropriate legal or tax advisor before making any decisions.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us a fee. We normally make a real estate sales commission for helping you complete a successful short sale.
Copyright 2011 Murphy Inc. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Tim Murphy’s personal views and do not reflect the views of Metropolitan Home Team.
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