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Step Four to Get A Northeast OH Short Sale Approved In 90 Days Or Less

Northeast OH – We are explaining the steps to approving a short sale in 90 days or less. Today, we’re going to explain Step 4: Use the BPO information and knowledge of the loan owner’s short sale guidelines to force the lender to approve the short sale.

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

After doing the steps detailed in the previous posts your agent has two important pieces of information now.

First, they know who owns the loan. They know if it is owned by Fannie Mae, Freddie Mac, FHA, VA, or if it is a portfolio loan or “Sliced and Diced.”

Second, they know the BPO value. Now, your agent is ‘loaded for bear.” They are ahead of 90% of all the other realtors negotiating short sales. As a result they will get some respect from the short sale negotiator at the lender.

They will be able to hold the lender accountable for their actions. They can use the short sale guidelines for that particular loan owner to force the lender to approve the short sale.

Here is an example of how that is done. Let’s say that a short sale property is selling for $278,000. The loan is an FHA insured loan. The home was marketed for 3 months before it sold.

The FHA appraisal says that the home is worth $290,000. FHA’s short sale guidelines stipulate that the lender should approve that short sale. Why?

Because FHA’s guidelines specifically instruct a lender to approve a short sale that will net them 88% or more of the FHA appraised value. After all the sales costs, the lender will net more than 88% of the $290,000 FHA appraisal value.

But, let’s compare this with what might happen to an unprepared realtor who doesn’t follow this process to approve short sales.

The negotiator could tell the realtor that they will not approve the short sale unless the buyer agreed to pay $290,000. Short sale negotiators do this all the time. Yes, it is an abuse of power but it still happens.

This realtor has worked very hard to sell the home for as much money as possible. However, the buyer refuses to pay more than $278,000 for the house. This agent can’t force them to pay more for the house.

The short sale negotiator tells the realtor that they will “close the short sale file” in a week if the buyer doesn’t agree to pay $290,000. This is another tactic short sale negotiators use to bully uneducated realtors who don’t understand short sales.

The buyer doesn’t raise the offer and the home is foreclosed upon a few months later. It sells for $260,000 after the foreclosure. Your bank loses $18,000. You get a foreclosure on your credit report.

Ouch! This is why it is so important that the realtor you hire to short sale your house know what they are doing. 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 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 (440) 348-5500

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

Thinking about a loan modification? Our Northeast OH 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500.

View My homes for sale at

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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