Posted on Oct 5, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate in Roseville and Sacramento, your short sale specialist. I wanted to talk today about short sales and whether or not they are getting easier or harder.

As an agent that’s closed dozens of short sales over the years I can tell you that the market has changed a bit on getting them approved. The number one reason I’m seeing short sales get rejected or declined is because of value. In California we have an inventory shortage and as a result our values have escalated as well as the very low interest rates. The counter offers that we’re getting from the servicers and investors, especially if they’re Fannie Mae owned, are coming in at above market value. What do you need to do in order to get your short sale approved? There are some tips and tricks that you can put into play to get around this because at the end of the day how much is the buyer willing to pay above appraised value to close your transaction? We’ve had many of these valuation issues and we’ve been able to get through them and get the short sale closed.

Also I’m seeing short sales being declined for multiple reasons, invalid hardships, documentation reasons, but mostly they are because of valuation and hardship. What this really means to me is that they need something additional in the file to get it approved and I just have to find out what that is. Some of the issues we’ve had that have made short sales more difficult have all been overcome by the right documentation or speaking with the right person that has the authority to make a reasonable decision on the file. Again, it’s important to make sure you’re working with an agent that has the ability to determine what’s actually needed to get your short sale approved and closed. Experience does matter.

My suggestion to you is that if you’re interviewing agents out there it’s important to know that your short sale agent has closed many transactions, not just a couple. We’ve closed dozens and dozens of short sale transactions and from them we’ve learned a tremendous amount. This experience gives us the edge in getting your short sale approved. If you have any specific questions about your situation or your short sale, you can give me a call or click Start Here at the top of the page and fill in your contact information.

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