Short Sale Updates
**PLEASE READ**
We make every attempt possible to keep you informed of the status of a short sale transaction by posting updates every Friday or Saturday recapping that week's events. Currently we will only display updates for the past 60 days. Please locate the address you're interested in below.
Should you find that you still have questions, please E-MAIL your questions to us and we will promptly reply. However, keep in mind that if we don't have it noted below...we may not have an answer yet either.
AGENTS FREQUENTLY ASKED QUESTIONS:
1. How long does it take for the lender(s) to respond?
- We say to allow for 60 days. Many times we can get an answer within 45 days.
2. Why does it take so long for them to answer?
- The lenders need to evaluate why the current owner can't continue with their current debt obligation; they need to evaluate the valuation of the property through a BPO (Broker Price Opinion); then finally they evaluate any offers.
3. Are these "approved" short sales?
- Since the lenders will only respond to a "full" short sale package, which includes an offer, there aren't any "pre-approved" short sales. However, if a previous offer didn't work for the lenders' needs or if a previous prospective Buyer rescinded their offer, the lender may have responded to the old offer. Your new offer will still be subjected to their review process which can be another 30 days.
4. Do we hold offers to get the "highest & best"?
- No. Only the lender can determine what "highest & best" is for them. Sometimes they want a certain price-point; yet other times they prefer certain terms.
5. Will the lender accept Seller Paid Closing Costs?
- The only way we learn what they will or will not accept is to propose it in an offer - we encourage you to offer what you're looking for and like any other negotiation process, we'll discuss what the lender informs us of and how it affects your Buyer.
6. Do the lenders always apply the same formula to a short sale?
- No. What happens in one transaction doesn't dictate a similar outcome in another. Each transaction is unique.
7. How can I best prepare my Buyer wanting to put an offer on one of your short sales?
- You can follow the Login instructions in the MLS Broker Remarks to download the addendums and instructions for the specific property, which includes a letter to your Buyer, explaining how our short sales work and what expectations are realistic versus unrealistic.
Multi-Unit Properties
*** No properties are active at this time. ***
Single Family Properties
3155 E 104th Ave #7C
Offer Count: 0
Week Ending:
09 Mar 2010 - Just Listed! Bring us an offer.
4028 S Atchison Way
Offer Count: 2
Week Ending:
09 Mar 2010 - Offer has been received and is being processed.
12239 North Ivy
Offer Count: 0
Week Ending:
09 Mar 2010 - Pre-approval. No offers submitted to the bank.
05 Feb 2010 - No update on this file.
08 Jan 2010 - Documentation from seller was submitted to the lender. Waiting fro the lender to respond.
5500 Thrill Place
Offer Count: 0
Week Ending:
09 Mar 2010 - Pre-approval at $147,500. No offers submitted to the bank.
05 Feb 2010 - Counter offer has been received and is being reviewed by the buyer.
16303 10th St
Offer Count: 3
Week Ending:
09 Mar 2010 - Property currently withdrawn
12 Feb 2010 - Waiting on additional paperwork from the seller.
05 Feb 2010 - Waiting on additional paperwork from the seller.
4949 Irving Street
Offer Count: 1
Week Ending:
09 Mar 2010 - No update at this time.
12 Feb 2010 - Waiting for a response from lender.
05 Feb 2010 - File assigned to a negotiator. Allow 2 weeks for response. BPO ordered.
08 Jan 2010 - Lender is requesting further information from seller.
3004 Swan Point Court
Offer Count: 0
Week Ending:
09 Mar 2010 - Pre-approval at $122,500. No offers submitted to the bank.
12 Feb 2010 - Lender has countered and we are waiting for a response.
05 Feb 2010 - Lender has countered
4150 Osage Street
Offer Count: 2
Week Ending:
09 Mar 2010 - Pre-approval. Waiting for additional paperwork from seller.
12 Feb 2010 - 1st lender is still working with file.
05 Feb 2010 - 1st lender is still working with file.
08 Jan 2010 - 1st lender is still working with file.
633 East Walden Court
Offer Count: 2
Week Ending:
09 Mar 2010 - Property currently withdrawn
18 Dec 2009 – Listing is currently on hold until further notice. Current offers have been submitted to the lender.
1329 Dogwood Lane
Offer Count: 3
Week Ending:
09 Mar 2010 - No update. Waiting for additional paperwork from seller.
12 Feb 2010 - Lender is working with new offer.
05 Feb 2010 - Lender is working with offer.
UNDER CONTRACT
3046 West Prentice Ave
Offer Count: 1 Lender Acceptance!
Week Ending:
08 Jan 2010 - Received approval from lender for 130k with 1% seller concessions for FHA buyer.
04 Dec 2009- Waiting for additional items from seller.
27 Nov 2009- Internal appraisal done, additional items requested from seller received to be submitted to the bank on Monday
13 Nov 2009- Lender has been unresponsive. No update.
126 E 10th St
Offer Count: 2
Week Ending:
05 Feb 2010 - Offer to be submitted to the lender.
12700 Espera Way
Offer Count: 3
Week Ending:
05 Feb 2010 - Additional paperwork submitted. Waiting for response.
08 Jan 2010 - Waiting for the lender to respond to latest counter offer.
18 Dec 2009- Still waiting for buyers to determine if counter will work.
04 Dec 2009- Lender has countered offer.
27 Nov 2009- Lender requested modifications to the HUD. Changes made and resumbitted.
13 Nov 2009- Still in review with the lender.
15875 East 97th Avenue
Offer Count: 1
Week Ending:
05 Feb 2010 - No update at this time
08 Jan 2010 - Waiting for offer.
11 Dec 2009 – Offer from buyer has been withdrawn.
07 August 2009 - Waiting to hear from lender regarding information provided by seller.
31 July 2009 - The lender has given us information about what they're willing to accept and we're working with the Seller to understand if the terms will work for them.
19992 E Columbia
Offer Count: 2
Week Ending:
09 Mar 2010 - Offer has been submitted to the lender.
4898 Duluth Ct
Offer Count: 1
Week Ending:
12 Feb 2010 - Offer has been countered.
05 Feb 2010 - Received multiple offers. Seller is deciding on best offer.
05 Feb 2010 - Offer has been submitted to the lender.
