Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Can a preapproved sale price help your short sale?

You never thought you'd be in this position, but now you need to sell your home for less than it's worth or face foreclosure. Your attorney told you about short sales, which are a good way to avoid foreclosure. Unfortunately, there are some downsides to short sales.

Short sales often take a long period of time to complete due to their complexities. It's normal to receive an offer on a short sale only to have to wait months for the lender or bank to decide if it will accept the offer or turn it down. Since that's the case, you need to know the best ways to speed up the sale.

Sometimes, you can help speed up the process by seeking a preapproved price from the bank. That price is one that the bank would accept if a potential buyer made the offer. Typically, the bank would like to see an offer that is at or above the market value in the area. A bank that has agreed to a short sale may agree to a sale price it would accept and let your real-estate attorney help you with the sale. It's in the bank's interest to make a sale, since not doing so could result in a foreclosure that would instead go to auction. An auction tends to bring in less money.

If you have a pre-approved bank price, it makes the short-sale process easier. When a person makes an offer, it's simple to state whether or not it will be approved. If the buyer wishes to negotiate, it could drag out the process, but offers close to what the bank has said it would approve may still be accepted by the lender and thus end your search for a buyer.

Source: Findwell, "How to Negotiate the Price of a Short Sale," Kevin Lisota, accessed July 06, 2017

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions