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Occasional Visitor
missgomes
Posts: 2
Registered: 11-14-2011

Short Sales..

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11-14-2011 11:19 AM

Hi,

 

Is there a way to tell if Short Sales have had a bank approval or not?

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Coldwell Banker Hearthside Agent
Coldwell Banker Hearthside Agent
Leah Hartner
Posts: 61
Registered: 10-22-2010

Re: Short Sales..

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11-15-2011 11:23 AM

Hello Miss Gomes,

 

          This is a very relevant question in todays market.  Unfortunately, there aren't any "outward" signs of whether the short sale has been approved unless the listing agent puts in it the MLS remarks.  If you are interested in a short sale but want to know the status of it before you go to see it, I can get in touch with the listing agent to find out where it is in the short sale process.  You can contact me at 215.359.5952 or leah.hartner@ziprealty.com.  Hopefully I can get an answer for you within 24 hours.

 

Thanks,

 

Leah

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Occasional Visitor
missgomes
Posts: 2
Registered: 11-14-2011

Re: Short Sales..

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11-17-2011 10:26 AM

Hi Leah.  Thanks for your response.  Could you give me some insight on how the prices are derived? 

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Coldwell Banker Hearthside Agent
Coldwell Banker Hearthside Agent
Ken Krauter
Posts: 31
Registered: 03-30-2010

Re: Short Sales..

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12-30-2011 10:06 AM

Short sale prices are usually determined by either a comparative market analysis or by an appraisal ordered by the lien holder.  Since the property is still in possession of the Owner of Record they can still influence the list price.  Before you visit a short sale listing your agent should contact the Seller's representative and ask a few simple questions: has the short-sale package been submitted to the lien holder? Has a BPO or appraisal been ordered? Are their multiple lien-holders?  have their been any offers submitted?  If so what is the highest REJECTED offer amount?

 

The answer to these questions will give your agent a lot of insight as to where the Seller stands regarding the short-sale process.

 

If you have any questions please call either Leah Hartner (215-359-3952) or myself, Ken Krauter @ 215-450-0605; we are both on the Ken Krauter Team.

 

Best wishes for the New Year to you and your family...

 

KK

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