Norwalk Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter?

admin, Feb 7 2012

Norwalk CA – The most likely reason why a bank would accept to issue an extension on a short sale is because the bank prefers to do the short sale over the foreclosure.

This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial during the entire process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to selling a property after foreclosure.

Besides, the further out the foreclosure date is, then the more beneficial the short sale. That is because the bank gets to sell the house today, rather than 12-18 months down the road.

The savings can be quite substantial when you sit down and add them all up. Doing a short sale and selling the property now makes more financial sense for the bank than a foreclosure.

An extension to the closing date of a short sale is a major request for the bank. Not every bank will accept such a request.

Here are some steps you may take to increase your chances that the short sale bank will accept to give you the extension:

* Present a guaranteed closing date. You need to be ready first, and then ask for the extension. This means that the buyer’s lender has approved the loan and will be ready to fund once the short sale approval is extended.

* Sign an addendum extending the closing. The short sale lender may want assurance that all parties to the short sale transaction are still interested and ready to close. Sending an addendum to the bank that is signed by all sellers and buyers proves that everyone has agreed to the extension.

* Submit an updated preapproval letter and / or proof of funds from the buyer. You need to show the bank that the buyer is still qualified and ready to close by submitting an updated preapproval letter. Do not assume that the letter you submitted at first will serve the same purpose.

* Be professional and treat the negotiator with respect. Explain the reasons behind the delay and assure the negotiator of the date by which you will close. Do not demand the extension.

* Be prepared to pay for the privilege. An extension by the short sale bank is a privilege, not a right. Some banks might charge the buyer for every day they run past the original closing date.

That fee could be $100 a day or more. The buyer needs to be prepared to pay if they can’t close on time. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jim@jim-sweet.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 562-677-1552

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Norwalk loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, James Sweet.

James is a Real Estate Agent at Prudential of California Realty. Norwalk Short Sales Realtor:

Phone: 562-677-1552. jim@jim-sweet.com.

“A Senior Working for You”

View My homes for sale at http://jim-sweet.com.

James Sweet specializes in loan modification assistance and short sales in Norwalk California. Norwalk Loan Modification Help, Norwalk Short Sales. Norwalk Short Sale Realtor Whittier Short Sales, Whittier Short Sale Realtor. La Mirada Short Sales, La Mirada Short Sale Realtor. Downey Short Sales, Downey Short Sale Realtor. Buena Park Short Sales, Buena Park Short Sale Realtor Fullerton Short Sales, Fullerton Short Sale Realtor. Santa Fe Springs Short Sales, Santa Fe Springs Short Sale Realtor. Norwalk CA Short Sales. Norwalk Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Sweet, Prudential of California Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are James’s personal views and do not reflect the views of Prudential of California Realty.

This information on Norwalk Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter? is provided as a courtesy to our viewers to help them make informed decisions.

Norwalk Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?

admin, Feb 6 2012

Norwalk CA – Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can’t perform especially after waiting for a number of months to buy a home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

For the non-short sale transaction the buyer’s lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not?

With a short sale the short sale bank usually says the short sale approval is only good for 30 days. If the sale doesn’t close before that, then the short sale approval is null and void.

If the buyer’s lender can’t meet that date, the buyer could end up losing out on the opportunity to buy the home. Even worse, the seller loses their opportunity to sell their home and avoid foreclosure.

Sometimes, banks prefer to foreclose if the auction date is at hand. However, some banks under certain circumstances will extend the closing date. A short sale may be extended provided:

* It is not a Fannie Mae short sale in default.

* The bank wants to postpone the auction.

It is always advisable to close on time and not need an extension. Some lenders do not understand that the short sale closing date is not always flexible, and that they should do their best to meet that time frame.

You might have to let them understand this just to try and prevent foreclosure from coming your way. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jim@jim-sweet.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 562-677-1552

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Norwalk loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, James Sweet.

James is a Real Estate Agent at Prudential of California Realty. Norwalk Short Sales Realtor:

Phone: 562-677-1552. jim@jim-sweet.com.

“A Senior Working for You”

View My homes for sale at http://jim-sweet.com.

James Sweet specializes in loan modification assistance and short sales in Norwalk California. Norwalk Loan Modification Help, Norwalk Short Sales. Norwalk Short Sale Realtor Whittier Short Sales, Whittier Short Sale Realtor. La Mirada Short Sales, La Mirada Short Sale Realtor. Downey Short Sales, Downey Short Sale Realtor. Buena Park Short Sales, Buena Park Short Sale Realtor Fullerton Short Sales, Fullerton Short Sale Realtor. Santa Fe Springs Short Sales, Santa Fe Springs Short Sale Realtor. Norwalk CA Short Sales. Norwalk Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Sweet, Prudential of California Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are James’s personal views and do not reflect the views of Prudential of California Realty.

This information on Norwalk Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter? is provided as a courtesy to our viewers to help them make informed decisions.

Norwalk Short Sales: How To Do a Bank of America Cooperative Short Sale

admin, Feb 3 2012

Norwalk CA – You can hire a real estate agent if you want to, but it’s not a necessary step to get preapproved for the short sale. I help my sellers get preapproved but not every short sale agent offers this type of service because we don’t get paid to do it

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is how the program is approached:

1. Write a hardship letter.

2. Send the hardship letter to the bank and ask the bank to do a Cooperative Short Sale.

3. Follow up with Bank of America weekly to make sure your Cooperative Short Sale is being processed.

The bank might request other documents. But, in most cases it will not. The program is streamlined. This means the bank will run a credit report.

If your FICO score is very low and your credit report is terrible, then Bank of America probably will not ask for supporting documents. It will simply approve your Cooperative Short Sale.

The process can take anywhere from 30 days to 3 month. By working with Bank of America on a Cooperative Short Sales, you can sell your home without the negative aspects of a foreclosure.

It truly is a situation where everyone’s best interest: yours, the buyers, and the banks, can be mutually considered. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jim@jim-sweet.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 562-677-1552

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Norwalk loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, James Sweet.

James is a Real Estate Agent at Prudential of California Realty. Norwalk Short Sales Realtor:

Phone: 562-677-1552. jim@jim-sweet.com.

“A Senior Working for You”

View My homes for sale at http://jim-sweet.com.

James Sweet specializes in loan modification assistance and short sales in Norwalk California. Norwalk Loan Modification Help, Norwalk Short Sales. Norwalk Short Sale Realtor Whittier Short Sales, Whittier Short Sale Realtor. La Mirada Short Sales, La Mirada Short Sale Realtor. Downey Short Sales, Downey Short Sale Realtor. Buena Park Short Sales, Buena Park Short Sale Realtor Fullerton Short Sales, Fullerton Short Sale Realtor. Santa Fe Springs Short Sales, Santa Fe Springs Short Sale Realtor. Norwalk CA Short Sales. Norwalk Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

James Sweet, Prudential of California Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are James’s personal views and do not reflect the views of Prudential of California Realty.

This information on Norwalk Short Sales: How To Do a Bank of America Cooperative Short Sale is provided as a courtesy to our viewers to help them make informed decisions.