Follow us!

    Re: Los Angeles SHORT SALE

    Posted by MBN on 12/11/09

    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,
    >> 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

    Posts on this thread, including this one
  • Los Angeles SHORT SALE, 5/07/08, by Sonia A..
  • Re: Los Angeles SHORT SALE, 5/22/08, by Los Angeles Lawyerette.
  • Re: Los Angeles SHORT SALE, 2/27/09, by Jonathan Anozie.
  • Re: Los Angeles SHORT SALE, 4/18/09, by STEPHAN SABBAH.
  • Re: Los Angeles SHORT SALE, 6/25/09, by Los Angeles Short sales.
  • Re: Los Angeles SHORT SALE, 12/11/09, by MBN.
  • Re: Los Angeles SHORT SALE, 3/04/10, by The Realty Exchange Firm.

  Site Map:  Home Chatboards Legal Jobs Classified Ads Search Contacts Advertise
  © 1996 - 2013. All Rights Reserved. Please review our Terms of Use, Mission Statement, and Privacy Policy.