When a Short Sale lender wants a home put on an online auction even after receiving an offer, does this mean that lender will accept the reserve?

Asked by Msbuckeye2u, Dayton, OH Tue Oct 8, 2013

price thats on the auction? Since it seems that the reserve price is the lenders acceptable amount and not the actual sellers?

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4
Heather Wise…, Agent, Columbus, OH
Thu Oct 10, 2013
Please remember that the Lender may try to dictate the terms of the short sale, but they cannot interfere with your contract. It is VERY important to have the help of a very experienced short sale qualified real estate agent o help you through this process. The bank reps will try to tell a homeowner what to do, but it really comes down to the agent negotiating with them to find out what they really need out of the entire process. Banks want to get what they mortgaged the property for, back out of the home. If they are going to take a loss, they want it to be minimal. The bottom line is that you need to find their bottom line. Anything above that, they should accept. They incur a lot of expense and extra time having to foreclose on a property. So a good negotiator will use this to their advantage and know how to help the process along without having to jump through all of the hoops a lender will try to put you through.
1 vote
Msbuckeye2u, Home Buyer, Dayton, OH
Tue Oct 8, 2013
OCWEN IS THE LENDER of the short sale
0 votes
Jason Opland, Agent, Westerville, OH
Tue Oct 8, 2013
Who is the lender? NationStar? The mortgager services usually have a relationship with the servicer and collect a fee if the home sells thru the auction process whereas they do not if the home is sold thru an agent. The best thing a buyer can do is locate an agent who specializes in short sales as they are familiar with the nuances of these transactions and have the knowledge and experience to best guide you through the process.

Jason Opland
Better Homes and Gardens Real Estate
Web Reference:  http://www.JasonOpland.com
0 votes
James Deskins, Agent, Worthington, OH
Tue Oct 8, 2013
I wouldn't bank on that. Short sale banks change their minds on what they will accept all of the time.
0 votes
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