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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

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