Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.
Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down.
Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they donâ€™t want a foreclosure on their books.
These myths are just not true. Lenders are willing to foreclosure on properties. They have entire departments handle the sale of properties that they have foreclosed on.
Another foreclosure is nothing to fear. At the same time, they do prefer short sales. Short Sales are known to reduce a lenderâ€™s loss compared to a short sale.
They have high paid actuaries who have run the numbers and proved that to be the case. That means they take a pragmatic approach on short sales.
They want to make sure that he short sale offer isnâ€™t lower than what the home would sell if they foreclosed on it. That is why they order an appraisal before accepting the offer.
They wonâ€™t agree to a sale if the offer is for substantially less than the appraised value. If the offer is 5% lower than the appraisal, then they might accept it.
If it is substantially less, then they will ask the buyer to raise their offer to the appraised value.
Another thing lenders check before approving a short sale is that they arenâ€™t approving a short sale for someone that is able to afford their home.
They donâ€™t want to lose money on a short sale when they can make money when the person repays the loan. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Shawna.firstname.lastname@example.org. I will contact you for a free 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 (651) 256-7385
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, shawna Frazier.
shawna is a Real Estate Agent at Re/max Results. Short Sales Realtor:
Phone: (651) 256-7385. Shawna.email@example.com.
Assisiting howowners in distress
View My homes for sale at www.shawnafrazier.com.
Shawna Frazier specializes in loan modification assistance and short sales in Saint Paul Minnesota. Saint Paul Loan Modification Help, Saint Paul Short Sales. Saint Paul Short Sale Realtor , Short Sale Realtor. MN Short Sales. Realtor.
Copyright 2010 SFI Marketing Institute, LLC. 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 shawna Frazier's personal views and do not reflect the views of Re/max Results.
This information on Short Sales: Are Lenders So Desperate They Will Accept Any Offer? is provided as a courtesy to our viewers to help them make informed decisions.