Alexandria Short Sales: Who Makes The Decision To Approve Or Deny Your Short Sale?

Alexandria VA - Is your loan with a large lender such as Wells Fargo or Bank of America

? They usually don't make the final decision on your short sale. Here is why. In most cases, the lenders are working as a servicer. They are handling the loan for a third party (the actual owner of the loan.)

This third party owner can be a corporation, a pension fund, a wall street firm, or split up between thousands of different people. Or the owner can be a government entity such as Fannie Mae, or Freddie Mac. This means you still have options if your lender rejects your short sale.

Find out who the owner of the loan is and contact them directly. They will often reconsider the short sale. Simply present your case. Tell them exactly why they should accept the short sale offer.

I have found that the investor usually does a better job reviewing the new offer. If they decide a mistake was made they will approve the short sale offer. I have especially found this strategy helpful when the lender is asking for a promissory note or deficiency judgment.

Many times the negotiator at the servicer will reject a short sale for no reason. Or, they will make unreasonable demands, such as a higher sales price or a cash contribution from the seller. Why do they do that? They may get paid bonuses for it. Or, they feel like they need to compete with a co-worker.

"I just got a $20,000 cash contribution from this short sale seller. The guy didn't even realize that I am only required to get $5,000, their coworker might say. Because of this, the negotiators at the larger servicers turn down short sales they should approve.

Later on the properties sell for substantially less as a bank owned property. We've seen many short sales get rejected. They almost always sell for less money. The losses range from $12,000 to hundreds of thousands of dollars.

I know this may surprise you. But, it happens all the time. If you feel like your Alexandria Short Sale is getting turned down for no reason, then contact the owner of the loan directly. They may decide to approve the offer.

by: Ray Gernhart

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