Never give up when the Lender says "No"

One of my Short Sale Listings has really put me to the test of having to support the "Why" of an offer; Why should the Lender accept the offer.

I received an offer on a Short Sale listing back at the end of Aug. The offer came in about 7% below list. Not too bad. The Lender ordered the BPO that came in almost 20% above list. WHAT? Where are these numbers coming from?

I challenged the BPO and went back to the solid market statistics for the area that I had already presented to them; recently sold homes and their prices, inventory of homes, condition of subject home. etc. And all clearly indicated the offer price was within an acceptable range for an offer. The Lender reviewed and said "yes", you're right we'll adjust the fair market value down a bit and this is what me must net. Still, nothing was done that would allow the home to be sold with the net that they were requiring; still putting that sale price to be 10% above list. Through these negotiations I had been dealing with Directors of Management who were reviewing the file. That was it their final price. Still continuing to fight the case, I increased the List Price for now.

So what happened after the List Price was increased? Yep, you guessed it not one showing. What Buyer is going to buy a home for $205,000 when they can buy a home with a new roof, upgrades and more for much less? Nobody would. So this went on for three weeks with no showing and no offers.

I had no intention of giving up on this homeowner. Especially with the suffering that my homeowner had experienced in the passing of her husband who was the bread earner of the family. She could not pay the mortgage on her salary and was therefore forced to sell her home.

Three weeks passed and I went back to the Lender advising of no showings and no offers and requesting that they reconsider their position. Again, I reiterated my past provided market statistics and the continuing increase of foreclosures in South Florida with no correction in the near and perhaps longer. I reminded them of the homes that were selling in the homeowners area once they were foreclosed upon at drastic price reductions far below the prior offer that was received on this property. I reiterated the distress of the homeowner. They agreed to reconsider. They forwarded the property for review to their REO dept. Within two days, I received a written approval from the Lender for a sale price of $175,000. We are now just awaiting on the financing from Buyer.

So, if you're working on a Short Sale and the Lender said "No" the first time around, don't give up. If you have all the facts that support your offer, keep on keeping on. Persistence is key and you can do it!

American Home Mortgage Servicing Inc did what was best in this situation and I applaud them for their efforts. That's why I say that we should never give up if we truly believe in our offers and the sale being a win win for all.

The more you know, the better prepared, the better the outcome. Got something that you'd like addressed, let me know!

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland and Sunrise in Broward, Dade and Palm Beach County of South Florida as your dedicated Realtor ready to work for you. Looking forward to hearing from you soon. Call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse