Home Selling in Raleigh>Question Details

Jusme33, Home Owner in Raleigh, NC

Homeowner of short sale with approved letter from bank in Raleigh, NC

Asked by Jusme33, Raleigh, NC Mon Feb 6, 2012

I had an offer on my short sale but the buyer changed their mind, a few weeks before the bank approved that offer. I now have an approved letter from the bank that will expire in May with an incentive for me to get my house sold before that time. I would like to know what I can do and what I should suggest my realtor to do so that I can get buyers interested in my home and get offers on my home?

My realtor is suggesting that many people are not looking at my home because people don't want to get involved in short sales due to the time (however I have an approved letter from bank with price they will accept, which should condense the time as long as the offer that I receive now is in line with the first offer I received); people want a first floor master (I have all bedrooms on second floor), and the housing season in which we are in (Winter Season).

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Kathy Baker’s answer
Great answers from other real estate professionals....another option may be to call a Home BUYER like our company, The House Business. If the home qualifies, we can step in and purchase the home fairly quickly, We can also buy homes that are holding up "Contingent" Offers...http://www.thehousebusiness.com Thanks for considering our services. We have been buying homes in this area for over 30 years and are members of Better Business Bureau.
Kathy Baker -The House Business 919-858-7060
0 votes Thank Flag Link Tue Apr 10, 2012
Not from NC but in most cases if you market it with a pre approved comment that should get some traffic in. That is the hardest part after that the short sale is pretty easy
0 votes Thank Flag Link Tue Feb 7, 2012
Lower this listing price to the approved bank price. Start the comments with "Short Sale WITH BANK APPROVAL" READY TO CLOSE IN 30 DAYS. Short sales are the only thing selling so don't believe people won't get involved. Feel free to email me directly with any further questions. marshall@richrealtygroup.com
0 votes Thank Flag Link Tue Feb 7, 2012
I've worked with several properties that were approved, but the investor(for the loan) still has to approve the settlement statement. It is essential that it is in the buyer and agent remarks that the list price is an approved amount by the lender. It helps if you also have an amount the lender would allow for closing costs. Market the property at that price for 30 days and if no offers, reduce the price and renegotiate with the lender. At least if you market the property at that price and it doesnt sell, you have a reasonable request for the lender to take a lesser amount. The right price will sell your property.

If its vacant, you can always rent it and make some money!

Web Reference: http://www.ConderRealty.com
0 votes Thank Flag Link Mon Feb 6, 2012
I would suggest to list the house at the bank approved price (or even a little lower) in order to increase the showing traffic. Also have the agent to state in the Agent Remark - bank approved short sale. As long as you have an offer on hand, bank will work with you and will stop the foreclosure process.

There are only 1/3 of short sales are actually sucessfully closed. The key is the listing agent's (or the attorney's) knowledge, past experience, and the perseverance.

Good luck,

0 votes Thank Flag Link Mon Feb 6, 2012
The fact that your property is advertised as a short sale will increase some buyer traffic and decrease other buyer traffic. When I check the MLS for distressed properties, typically most of them are under contract. Now that you know the price the bank will "approve", you are taking a big part of the unknown out of the negotiations. Ask your realtor to follow up with each buyer's agent to make sure that they understand the details of your bank letter. Good luck!
Web Reference: http://mariescheuring.com
0 votes Thank Flag Link Mon Feb 6, 2012
I agree with Brandon; make certain it is written in the buyers remarks section in bold capital print!
0 votes Thank Flag Link Mon Feb 6, 2012
I would ask my agent if they want to push this sale or terminate the listing and refer you to a local attorney who has a short sale department, for answers. If it were my situation, I would not give up until the fat lady sings. Short sales typically do take longer but so what? I don't know your situation but if you're under a sincere hardship, your bank may even take less than your last buyer offered. Its hard to know until you get to that point in the process. You're certainly not going to get it sold without exposure. The bank does not want your house! It seems they do but they don't! Btw, Brandon is correct. Good luck!
0 votes Thank Flag Link Mon Feb 6, 2012
Make sure your listing states it is a "pre-approved short sale". Buyers do not want to get involved with a short sale because it takes FOREVER to hear back. I might even add the pre-approval letter from the bank to your listing as a doc so other agents can see it that are looking. Good luck!
0 votes Thank Flag Link Mon Feb 6, 2012
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