The Short Sale Myth
The lender won’t foreclose on the property if we are in negotiations with an offer.
While we know that in most cases the bank does not want to foreclose on your property, they will still proceed with a foreclosure if you’re not making progress. And unfortunately progress isn’t necessarily defined as simply having an offer.
Your agent should be in constant communication with the bank to find out where you are in the process and be doing everything possible to get your home sold and be able to explain concisely why the offer being submitted is in the best interest for the bank.
A common technique used by many agents is to submit a bogus offer that is substantially lower than the value of the property in hopes that the lender will see this as positive activity and stall the foreclosure proceedings while a more reasonable offer is sought out.
Many agents and home sellers are left with their mouth hanging wide open when they realize that the lender is about to… or has already in fact taken the property back even though there was an offer on the home regardless of how genuine it was.
If you’d like to work with an agent who knows how to work WITH the banks instead of trying to fraudulently deceive the banks, contact us at OCForeclosureOptions.com and we’ll connect you with an agent in your area with the right amount of knowledge, the right amount of experience and the right tools to get your short sale closed the right way.
