We were able to work with them and their lender before the foreclosure process even started to establish a price that the bank was willing to accept. We listed the home as a pre-approved short sale and were able to get the bank to forgive their debt and approve the sale.
A short sale is very similar to a standard sale. The difference is the cooperation with the bank (lien holder) to establish a price that they will accept. This takes more time than a standard sale and financials from the homeowner. The bank will perform a financial analysis on the homeowner and they will also order a BPO (broker price opinion) to analyze their position as it compares to the value of the home.
Many short sales we see need substantial work in order to bring them up to safety and building codes. The bank may or may not want to take this on if they take the home back through foreclosure. There is a lot that goes into the pre-listing portion of the short sales and we are here to help you navigate.
Call us today if you are considering a short sale and need someone to talk with. 509-850-1900
