Re: Los Angeles SHORT SALE
Posted by Jonathan Anozie on 2/27/09
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
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
> 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
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.