A few weeks ago Dick & Jane received an offer on their house. It was $20,000 less than they owe on it. Dick & Jane promptly signed the offer and provided all of the documentation Eakes Realty Group needed in order to submit the offer to the bank.
Eakes Realty Group sent all 50 pages of the short sale package to the bank. Every 3 days Eakes Realty Group called the bank to ask if a negotiator had been assigned to the short sale request. Finally - after 2 weeks a negotiator was assigned.
The negotiator now will send a different realtor to the property to do a "broker price opinion or BPO". Basically - the agent is doing comps on the neighborhood and telling the bank what they think it is worth. This is the number the bank will use in determining if they will accept the short sale offer.
In this situation the BPO came back right in line with the offer and the bank accepted the short sale offer. This was a very easy case. They can and do get much more complicated.
Dick and Jane will walk away from this home with the deficiency balance on their loan waived. This is not always the case. If you don't know your options and don't have experience negotiating with the bank don't do it on your own! You could end up owing thousands and not even realize it!
If you or someone you know is in trouble with your mortgage please let us help you - AT NO COST TO YOU!
If you or someone you know has miliatary orders to move we can help you too!
Call us. 228-223-0665
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