What is an approved short sale and how do you get one?

    When it comes to advertising and marketing – the term “Approved Short Sale” has gone way past “worn out”.

    In fact, people are using the term – I should say Agents are using the term in order to attract both buyers and the Short Sale Sellers of the world.macbox_approved_short_sale

    That is because, the term, “Approved Short Sale” means that the bank or banks involved in the short sale have given their Green lights to let the sale continue and close escrow.

    Therefore – in some cases it is a “SCAM”.  Contact your realtor to check on the true status of the “short sale” that you are seeing advertised on the WWW.

    However, the only way that most banks can do this is by the Real estate agent having submitted a “full package” for their review and approval.

    What a Full Short Sale Package constitutes in a Short Sale Situation:

    • The Listing agreement and various addenda that provide the listing is a short sale.
    • The Paper Work from the “human component” the seller. Letters of hardship, financial documents and other items that the Short Sale bank requires to start the process.
    • An Offer – Yes, the third part is having someone that wants to buy the short sale enough that they put it in writing with a real estate agent, qualify with a lender and put down earnest money(deposit).

    After those three are received by the agent handling the short sale – they are submitted to the lender in the first position, the one that owns a larger chunk of the debt.

    I say this because today, there are a lot of loans, and our short sale sellers, that have multiple loans on the properties.  80/20’s – with a 1st and a 2nd – etc…

    Sometimes, during the process – the short sale buyer gives up with regard to waiting.  Sometimes, they lose their job’s or have their hours cut.

    Sometimes the bank denies the short sale.  There are also times when the Short Sale Seller is able to make a mends with their mortgage holder and recovers from their situation.

    When the buyer leaves the transaction -the short sale – after the bank has approved the Short Sale – you have a case where the Short Sale has been Approved.  BE safe – let us know if we can help you and thanks for reading.

     

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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