Here are some highlights that help negotiate a short sale process. Every mortgage lender and negotiator has a different
approach when it comes to handling the short sale process:
- We are patient, yet persistent and helpful with the mortgage lender on the short sale
- We reinforce to the mortgage lender how a short sale helps save many costs associated with the foreclosure process: attorney’s fees, eviction procedure, delays from borrower’s bankruptcy, damages to property, etc
- We work to convince the mortgage lender how it’s in their best interest to approve the short sale by accepting less money now
- If the mortgage lender responds with a higher short sale counter offer, we ask open-ended questions regarding their opinion of the validity of the short sale BPO to draw out more information
- We ask if they agree with the agent’s assessment and how it was obtained
- We expect a mortgage lender will accept between $10,000-$20,000 less for the short sale than stated
Back to Phoenix Home Seller Process FAQ’s
Article by Ron Wilczek
Ron has written 94 awesome articles.
Ron Wilczek has been a Real Estate Agent since 1999 and the broker / owner of Metro Phoenix Homes since 2009. He represents clients in resale, new home construction, investment homes, and multi-family investments.
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