The lender has already reviewed the short sale documents and had a property valuation done and has determined a price they are willing to let the home be sold for. As long as you are working with a RealtorÂ® that really understands the short sale process the chances of it closing are extremely high. Feel free to contact me if you have any other questions or need put in touch with an experienced short sale RealtorÂ® in Orlando.
Terry McCarley, RealtorÂ®, CDPE
Jones & Co Realty
What the term â€œShort Sale Price Previously Approved By Lenderâ€ means is a contract was placed on the property, and fell thorugh. As a part of the process the lender order and a â€œBPOâ€ â€œBrokers Price Opinionâ€ and based on the BPO value, and how much of a lose (closing cost, etc) the lender established a value the lender was willing to accept to release the lien and remove the loan from its books.
When buying a short sale if the lender has already established a price/value itâ€™s willing to accept, and a lender loss mitigator has been assigned to the loan it cuts the short sale process tremendously.
Michael D. Bellamy, P.A.,
REALTORÂ®, SFR, BPOR
Charles Rutenberg Realty, Inc
933 Lee Rd, Suite 300
Orlando, FL 32810
"The Standard of Excellence"
If you plan to make an offer at the asking price, the process for the negotiator to approve your offer will be much faster. For sure, your transaction will close. If the BPO findings are still current, the negotiator can avoid from ordering another one. However, if your offer is below the approved short sale price, the process is starting all over again subject to the bank/investor's approval.
Please make sure that you will find a short sale specialist. It is a long process but if you have a competent agent, he/she will try to make the process more enjoyable.
Talk to your buyers agent, but it is VERY possible given they have an 'approved' price that this home was under agreement and it fell through. Because short sale properties take anywhere from 4-12+ months to close, that may be the reason the home has been on the market for so long.
Talk to your buyers agent, but make sure he/she is knowledgeable in the short sale process.