Huntington Beach CA – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.
This isn’t true. Here is how one agent beat the odds and succeeded with a short sale.
A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member.
“I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender. We had an over zealous short sale negotiator.
We had the home on the market for several months and finally received an offer for $480,000. We submitted that to the lender with all the short sale paperwork.
The lender came back and said the price needed to be raised to $557,000 and the seller needed to sign a $50,000 promissory note.
Neither the buyer, nor seller would agree to those terms. At that point, the only alternative was to let the property go to foreclosure. But, I knew that the home would sell for even less than $480,000 and the homeowner would suffer from a foreclosure on their record.
So I did something about it. First, I knew the $480,000 was a good offer that reflected the Fair Market Value of the property. I also knew that Fannie Mae didn’t normally ask for promissory notes.
In fact, Fannie Mae’s policy is to erase the debt when the property is a primary residence. (This home was a primary residence.) Here’s what happened.
I went over the short sale negotiator’s head. I contacted Fannie Mae direct and held a 3 way call with the seller. We found out that the lender had lied. They had never even submitted the offer to Fannie Mae!
They had told us what they thought Fannie Mae should ask for. After I spoke to supervisors in Fannie Mae, I was then called by three different reps for Fannie Mae.
Within 72 hours a supervisor from the lender called up and gave me their net, which was 462k. This was well within the acceptable price of the offer of 480k.
The problem was that the buyers were so angry for having to wait 53 days on a 45 day allowance that they walked. However, I met another buyer and we sold the house to them.
The bottom line is the short sale negotiator lied, and got busted lying. I had to send in comparables and beg the BPO agent to get the inside scoop.”
As you can see, some agents are making things happen with short sales. This agent did an awesome job. He thought of calling Fannie Mae direct on his own. As you can see, not taking no for an answer helps you to be successful on a short sale. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Tony@HunthausenGroup.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 714-334-7808
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Huntington Beach 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, Tony Hunthausen.
Tony is a Real Estate Broker Associate at Remax Select One. Huntington Beach Short Sales Realtor:
Phone: 714-334-7808. Tony@HunthausenGroup.com.
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View My homes for sale at www.SellingHuntingtonBeach.com.
Tony Hunthausen specializes in loan modification assistance and short sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor Huntington Beach CA Short Sales. Huntington Beach Realtor.
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Tony Hunthausen, Remax Select One, 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 Hunthausen’s personal views and do not reflect the views of Remax Select One.
This information on Huntington Beach Short Sales: How One Agent Overcame The Odds is provided as a courtesy to our viewers to help them make informed decisions.