Helena Talbot’s blog - The Best Ways To Get A Short Sale Approved

How many times have you heard someone claiming to be a short sale "specialist" and then tell you the best way to negotiate a short sale was to use a loss mitigation specialist?  Then they will tell you that they use specialized spreadsheets, secret language and inside information etc, etc all to help get you approved.  Well guess what?  It's all hogwash!  

The real experts will not feed you all of that rubbish.   A short sale expert will know that there are several essential things that need to be done to effectively get a short sale approved and that there is never immediate acceptance.  Any short sale expert will have the experience to know what the challenges are and exactly what to expect.  Additionally, a short sale expert will know what tried and true techniques to use to get the job done. 

Here are some tips and tricks to getting your short sale approved.

• Think like a lender - how much is this going to cost them, how can they collect that debt, how can they avoid long term debt
• Follow up - after submitting each short sale package, call the loss mitigator that it was assigned to to make sure they got it
• Continual follow up - lenders are very busy with foreclosure so it is very important that you call every four days or so.  Make sure you are being personable so that you don't come across as someone they will try to avoid; however, you need to be persistent to help keep things moving
• Who owns the loan – Fannie, Freddie, FHA, VA etc, each has their own acceptable percentage value of your property
• Make your offer - then very nicely ask your loss mitagator to order a new interior BPO asap
• Get a title report - to make sure there are no surprises that you didn't know about
• Talk to the loss mitigator - try to find out what value the BPO appraiser turned in.  You may not be able to get them to give you this information but it is definitely worth a try
• Appraised value - 90% is what you should expect to pay 
• Counteroffer - if you cannot get the value that the BPO appraiser submitted, make sure you ask for a counteroffer
• Submit your counteroffers - attach proof with your counteroffers to validate your claims.  You can use the MLS listing to show days on the market, cost of repairs needed, the comps that have a low value and any negative press your area has received.  All of these will act as proof to support your lower offer
• Cash - your loss mitagator will already know this but it doesn't hurt to remind them that you can close more quickly with cash

Remember, lenders don't like to do short sales; however, it is not the worst thing in their book.  So you need to take charge and make an offer they can't refuse.   Show them that you are prepared and that you know what you are doing.  Be as polite and courteous as you can possibly be.  This is the best way to get what you want.

Talk to your realtor, they have been working with short sales for many, many years and they will be your best possible support throughout this entire process.  So team up with someone that has the experience and know how to get the job done and done quickly!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker- Licensed in Virginia. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.