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I get a lot of questions and requests from home sellers who are interested in doing a short sale on their home. Equally, Phoenix real estate buyers ask me whether it is worth making offers on short sale listings. The answer is similar in that if the short seller is organized and is represented by a qualified short sale realtor then there is a measurable record of success in negotiating short sales with the bank. so, if a buyer asked me whether they should make an offer on a short sale listing, I first asked the listing agent the same information that I would ask for my client if I were helping them negotiated with there are lender for short sale and submitting a short sale package.
Foremost be short sale seller must provide a authorization signed to release information to the representative; in this case, the sellers representative would be a Phoenix Realtor or possibly a law firm that is expert in negotiating short sales.
The second step is to ask that the listing agent has submitted a short sale package with the full listing agreement and a comparative market analysis of recent home sales in the subject properties district or location. Why you ask? Many real estate agents list short sales at a low price in order to solicit quick offers. However, this is not very close to it price a banquet accept. As a result, real estate buyers will submit an offer week at least two months possibly longer than four months in then receive a counteroffer at a much higher price. Though the buyer can accept a higher price offer, they typically are discouraged as they had expected and hoped to get the full price offer accepted by the lender. Make sure that if you are counting on buying a short sale that you make an offer at or near market so that no other offers which are required to be submitted by the listing agent get accepted.
Finally, it is critical that the listing agent has submitted a comprehensive and complete short sale package. There are two steps to the short sale process the first is that the seller who was attempting a short sale is approved by their lending institution. Banks will not simply let a seller ‘walk-away’ via a short sale if they can afford to pay the house but they just don’t want to. As a result the bank will need to see a complete submission of a short sale package which will include the following information:
- Authorization to release information
- Current listing agreement with addendums
- Fully signed purchase contract with addendums
- Property market analysis
- Buyer’s pre-approval letter or LSR
- A copy of the escrow deposit
- Preliminary HUD 1
- Listing history
- MLS property print out
- Hardship letter
- Seller’s financial statement
- Last 2 years tax returns
- Last 2 bank statements
- Last 2 paycheck stubs
- Proof of child support payments
Please ask the listing agent to confirm that this information has not only been collected but has submitted to the bank. If this information has not been collected and submitted then you are and likely more than four months until the seller gets approved. At that time, and only when the short sale seller has been approved that they qualify for the short sale will the bank order a BPO, broker price opinion or appraisal.
Remember, in order for a short sale to be approved there are two authorizations: Number 1: Financial condition meaning that there has been a demonstratable financial hardship since the short sale seller applied for the loan and claim they could pay in today when they are claiming they cannot. Number 2: the price of this sale is not indicated by the listing agents offer price on the Arizona MLS. The ultimate purchase price will be decided upon by the bank from at least one possibly to
After the short sale gets approved, the bank will issue a certificate of approval letter indicating as such:
if you would like to know more about the short sale process, list your home as a short sale and have my team negotiate on your behalf for no fee or look at some of the best preapproved short sales in greater Phoenix please call me today at 480-298-0133 or e-mail me at Kellen@KellenBritt.com .
Kellen Britt, GRI, your short sale listings expert in Scottsdale (480) 298-0133
please look at ourPhoenix short sale listings of the day:
Showing properties
1 - 4 of 42.
See more city of Cave Creek real estate.
(all data current as of
5/17/2012)
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$244,900 : 4731 E Preserve Way, Cave Creek3 beds, 2.00 baths
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$279,900 : 4623 E Mazatzal Drive, Cave Creek4 beds, 2.00 baths
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$254,900 : 4127 E Desert Marigold Drive, Cave Creek4 beds, 2.50 baths
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$260,000 : 36600 N Cave Creek Road, Unit 7D, Cave Creek3 beds, 2.00 baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
