Short Sales are Difficult for Inexperienced agents

Short sales are difficult when you do not know what you are doing. But, they aren’t as difficult as people say.
Here is some essential things to getting a short sale approved. 

#1: Follow up. Many agents don’t take short sales seriously. They have heard the horror stories from other agents and therefore don’t think their odds of success are very high. Because of that, they don’t put much effort into the short sale. They’ll submit the short sale file, but won’t spend much time following up on it. If it gets approved, then great. If not, then oh well. A denied or drawn out short sale just confirm their perception that short sales are difficult. “I knew short sales were hard and this just confirms this”, they say to themselves. But, they never gave themselves a chance in the beginning and set themselves up for failure.

The key to getting our short sales approved is follow up. The bank’s negotiator is like a government bureaucrat. They just process the file. So you have to supply them with whatever they request. If you give them what they want, then there is a very good possibility the short sale will be approved.

#2: Luck. Not every single short sale is going automatically approved. The bank won’t approve the short sale if they think it is selling below fair market value after performing their own appraisal, but far from the past when the banks would just deny the short sale they actually now counter offer.

Depending on the type of loan you have and the fair market value of your home the banks have a set percentage of that amount they are looking to get out of the short sale amount, the guidelines for that amount is posted on their websites. 

 Getting the short sale approved is no longer the biggest issue, now the hurdle is if the bank counters will the buyer walk because if so you have to start all over again.

If you get HAFA approved then you have 120-days to sell the home and close. That program offers some relief from the threat of foreclosure. I can help you short sale your property and get back on your feet. Send me an e-mail at phillis@txhomerealty.com. 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 (214) 650-5536 .
Thanks for reading this, Phillis Nealy.

Phillis is a Real Estate Agent at The Texas Group. Dallas Short Sales Realtor:

Phone: (214) 650-5536.phillis@txhomerealty.com

Realty company with Service as Big as Texas