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What is an Approved Short Sale?

Simi Valley What is an Approved Short SaleWhat is an Approved Short Sale? No doubt if you have been in the market to purchase a home, you have encountered properties listed as Short Sales.  A Short Sale is a property that is selling for less than the amount owed against that property.  If your Real Estate Agent claims that any of these properties are Approved Short Sales, I hope to clear up some common misunderstandings.

I created a flow chart that shows the process for the Short Sale.  I have been helping Home Sellers with Short Sales since 2008 and in that time we have never had a lender consider or process a Short Sale Approval without a bona fide offer from a real live home buyer. The approval when granted, is granted for the offer written and accepted by the seller and only that offer alone.  This does not create a blanket approval for other similar offers.  If for some reason the buyer backs out or the offer is cancelled, any new accepted offer will have be approved by the lender as it’s own deal.

As a listing Agent, we may tell the buyer’s agent that we have obtained Short Sale Approval for the last offer, but this really only indicates that we have a good idea what the seller’s lender is willing to accept to gain approval for the next offer. So in reality, there is no such thing as an Approved Short Sale for any property that is not currently under contract.

During the Approval process we obtain enough information from the Seller to know why they value the property at a certain price, what costs they are willing to pay for and how much time they will allow for escrow. Based on the previous approval we have a pretty good idea what backup offers may have a chance of being approved.

Short Sale properties are going to be in the market for a few more years to come.  Buyers will encounter these properties and many will provide a good purchase opportunity.  Working with a real estate agent that understands the process is critical.  Please review my articles related to short sales so you will know what to expect in a Short Sales purchase, then call me to help make this a process you will understand (805) 432-7705; if you are going to write and offer on a Short Sale then you will want to go in someone who knows the complexities of these transactions inside and out.

Posted in: Sellers, short sales Tagged: homes for sale, real estate, Short Sale, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

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  2. Broker Facing Federal Prison Time in Short Sale Flipping Fraud – Community Home Buying & Selling Real Estate Guide says:
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Client Testimonials

Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

suelac2

Ted was wonderful in helping us sell our house. He was in constant communication with us and made the process very easy and stress-free. He was very knowledgeable and professional. I highly recommend him.

reuel

Professional and very easy to work with.

geralyn

Ted's continuing knowledge of local real estate markets enabled an immediate, correct valuation of the house we sold. Calm and competent throughout the process, he remained unflappable through the invevitable hurdles. His escrow team at Keller Williams were perfect.

jeff

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