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Pre approved short sale

Posted by Mary Jamison on March 24, 2013 at 1:56am in Short Sale Discussions

I listed a pre-approved short sale in NC  had 4 shoings that day and a full price offer, (asking for $3000) in closing cost.  This is a BOA loan, not a gov product.  Just wondering if anyone has had success with the pre approved process.  They told us what to list the home for and what they would accept as net.

 

So far process has been easy, uploading files to Equator, so just would like any input on the time frame and how they will respond to this pre apprved sale?

 

Thanks all!

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Replies

  • Christina Waymreen April 1, 2013 at 7:19am

    I have usually a better short sale when I get a pre-approved listing price but lately their pricing is above market value.

  • Smitty March 26, 2013 at 11:04am

    I don't say "approved short sale" either.  I usually term it something along the lines of "listing price approved by lender" but never "short sale approved" I find that's very misleading.

    • Wendy Rulnick > Smitty March 26, 2013 at 11:38am

      Smitty, If they do give me a price, I say "suggested" price, because they've given me WRONG prices before. 

      • Smitty > Wendy Rulnick April 1, 2013 at 2:33am

        That's a great idea.  I literally had a sale die over $7000 on 3/3 and we got another offer in right away, resubmitted to BOA and we knew the price they wanted.  We submitted the second offer and figured it was a slam dunk...come to find out they counter the second offer $10,000 HIGHER??????????

        We're like, "um,  less than 30 days ago you would take no less than $135,000 and now you want $145,000?"Thankfully we didn't  put approved by lender anywhere, but the listing agent thinks we're idiots now.

  • Mary Jamison March 24, 2013 at 4:51am
    Thanks Wendy!! BOA makes it sound so simple. If only it were!! Great advice. Will let you know how it proceeds!

    I have one at Ocwen. It's been a long drawn out process!!
  • Wendy Rulnick March 24, 2013 at 2:44am

    Mary - I stay away from using the term "pre-approved" in any listing. Why?  Factors can change: the investor's program, the seller's qualifications, the contract or buyer may not qualify for a reason other than price.  I've had Bank of America so-called "pre-approved"  prices get rejected because someone at either their company or a third party vendor made a mistake.  I've had seller's relocation fees, included in a "pre-approval letter, be revoked because a program "changed". I've had them miss junior liens. If you get a pre-approved price, that would only last so long, if it's good, anyway.  Can it be successful? Yes, but treat it like any other short sale and guide it through the entire process. 

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