01-02-2011, 03:39 AM
quote:While I don't "skip" them, I educate my clients right at the beginning about short sales. The sellers of those properties will accept ANY offer, they don't care, they know their acceptance is subject to the approval of the lender anyway.
Originally posted by KathyH
We saw pride of ownership in the short sale properties, but none of them were actually closing even though they had offers, so our realtor started skipping over them.
The "problem" is all lenders use different formulas to arrive at the price they will accept and nobody knows those formulas. A short sale takes months, will go through numerous "desks" before the final acceptance is approved by the investor, and it has nothing to do with market value. It's just a certain percentage of the outstanding loan amount that the lender is willing to take. The smart sellers and listing agents get the short sale approved before wasting their times. Most short sales never become real sales.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
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