Re: Los Angeles SHORT SALE

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On 2/27/09, Jonathan Anozie wrote:
> Sonia, the bank must approve the sales price of any short sale.
> If the bank wants you to offer $429K, have an experienced real
> estate professional make sure that $429K is the current market
> value.
>
> If you and your Realtor believe the value of the property is
> less, provide a compelling case to the bank as to why it is
> worth less. The listing agent should be able to help in bringing
> these details to the bank's decision maker. Compile evidence
> such as market conditions, crime rates, how many foreclosures
> are in the neighborhood, etc.
>
> The bank, many times, is not located in the area of the property
> and does not know the nuances of the market that a property is
> located in. In many cases, in which I was the listing agent, I
> prepared all the necessary documents and gave the bank a
> detailed breakdown of why a property should sell for, even
> factoring in that it is a Los Angeles short sale.
>
> Banks will make an educated decision if provided all of the
> information. It is simple economics on their side. Sell now for
> a fair price or go through the long and expensive foreclosure
> process. They do not want an REO/bank-owned property on their
> hands. An experienced short sale Realtor can navigate this
> sensitive and complex process without surprises down the road.
>
> Hope this helps. And feel free to email me if you have any other
> questions.
>
> Jonathan Anozie,
> janozie@realtyexchangefirm.com
> http://www.realtyexchangefirm.com/
>
>
>
>>
>> On 5/07/08, Sonia A. wrote:
>>> Los Angeles, CA. The short sale house was listed for
>>> $350k. Our offer for $370k was accepted on 4/2. The
>>> acceptance was signed by the owner. Then the agent said:
>>> we'll see if the bank agrees. Does our signed contract
>>> mean nothing? We just heard (5/7/08) that the bank wants
>>> to clear $400k which means that they want our offer to be
>>> about $429k. Is there no way to get them to honor our
>>> accepted offer? In the meantime we've taken out a line of
>>> credit (getting ready for the down payment) incurred
>>> interest charges

Los Angeles Short Sale