Home Selling in Orlando>Question Details

Javier Rodri…,  in Orlando, FL

How can you get a short sale approved without a contract?

Asked by Javier Rodriguez, Orlando, FL Sun Nov 6, 2011

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J’s answer
It is far easier to get a price if you are dealing with a government backed mortgage loan; however that is no guarantee either. Majority of banks will request an offer first before going through their internal processes. Another aspect that happens frequently is getting an answer, any answer, from a bank in a reasonable time frame with an offer in hand. Although some banks are working toward improving their processed, banks are slow to move when there is change in their structured plat forms---it is a shot in the dark in most cases. Good luck!
1 vote Thank Flag Link Mon Nov 7, 2011

1.) Do not move out of the home.

2.) Contact the lender and tell them you want to see if your loan qualifies for HAFA.

3.) If so, you will provide some paperwork and request an approved selling price.

IT's usually not that easy, but this gives you an outline of the process.

Best Regards,
1 vote Thank Flag Link Mon Nov 7, 2011
Supposedly that is the way HAFA was supposed to work... the buyer submits the required financial and hardship docs and then they do an appraisal/BPO.

Unfortunately doesn't work well that way... if you have a Fannie Mae owned mortgage then you also can ask for assistance from our MLS, there is special "help desk" that will intervene if the lender isn't doing their "servicing" job correctly and dragging out the process to continue collecting "servicing" fees, etc.

All the best,
1 vote Thank Flag Link Sun Nov 6, 2011
I have never heard of that happening. No contract, no incentive for the bank to consider a short sale.
Web Reference: http://www.mysharphomes.com
1 vote Thank Flag Link Sun Nov 6, 2011
Find out if your sellers qualify for the HAFA short sale program. There is an aspect that will allow you to work with the bank to set a reasonable 'approved' asking price. On mine the bank sent an appraiser, and I was able to meet with him to discuss a reasonable market value for the home. Of course the bank insisted we liste the home for sale at the full market value, and then fought me tooth and nail whenever I wanted a price reduction, but at least I was able to say the deal is 'approved' at this price.
0 votes Thank Flag Link Sun Nov 6, 2011
Sounds like you would just have a SHORT, you need a contract for the sale part. You could get the concept of a short sale approved, but sooner or later you need a buyer to complete it.
0 votes Thank Flag Link Sun Nov 6, 2011
It's hard enough to get a short sale approved with one.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Nov 6, 2011
HI Javier,
I think what your trying to ask is "How can you get the Short sale Price Pre-Approved" without a contract.
If this is the case....then yes you can. However only with certain Lenders.
Bank of America, HAFA Short sale and Cooperative Short sales. They request the listing data and the Seller financial in advance. Then they set the list price for you.
Some Realtors/Brokers wait for this price and some do not. I am one of the Brokers that does not. I will always set the list price and work on getting an offer/Contract.
But to get back to your question, yes you can. Another example...Chase once they order the Appraisal or BPO they will have a range of value and tell you your too high or too low. Once you get their range of value set, the Bank will tell you "Go get yourself an offer". Naturally the final offer would be subject to Investor and or MI approval as with any Short sale.

Good Luck Javier!
Wendy Golding
Asset One Realty, Inc
Web Reference: http://www.scottnwendy.com
0 votes Thank Flag Link Sun Nov 6, 2011
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