The Short Sale Myth
Lenders Need To See That The property was listed at the payoff amount for at least a little while.
We don’t know where this rumor got started but it’s just not true. Most agents think, "Hey I did my due diligence and had the house listed at the payoff amount even though the value is much less." Eventually the price gets reduced to where it should be but it’s too late.
The bank nor it’s employees even care that the house was listed at ‘full payoff’. In most cases they don’t even care that it was on the market for 5 months. The main thing you will notice is that they want to make sure your offer submitted is as close to full market value as possible to get it sold.
If you listed your home with an agent that says it has to start at the payoff amount as the list price then they’ve done you and the bank a huge disservice. They’ve wasted valuable moments during a declining market causing the true value to drop even further making your negotiations that much more difficult even when you do get an offer.
To connect with an agent who gets it and understands what the bank really is looking for in your short sale, 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.
