Columbus OH – “I can’t process this short sale without the TPS form filled out with the seller’s full name”, the short sale negotiator told him.
“But, based on my calculations, this short sale will help your company avoid a $17,000 loss”, the agent replied.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
The agent continued, “So, you’re telling me that unless I can get you the TPS form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss?”
“Yes, you are right”, the short sale negotiator replied.
The agent responded, “But $17,000 is a lot of money. Don’t you agree?”
“I don’t care about the money. The TPS form is company procedure”, said the short sale negotiator.
The story above illustrates just how crazy short sale lender bureaucracy is today. The guy who told me that story couldn’t remember the form name.
He said it was about as dumb as the infamous “TPS Reports” from the movie Office Space. Many banks turn down short sales over a technicality, only to lose more money thru a foreclosure.
As an example, the house in question sold for $117,000 about 12 months ago. Today, comparable homes are selling for $90,000 (not a typo).
In that 12 months, the home’s value dropped by $27,000. The bank’s foreclosure process was on track to foreclose on the house in 6 months. It would have taken another 3-6 months to sell the foreclosed house.
That means the value would have dropped by a minimum of three quarters of $27,000. That means the lender would have lost $20,000 because they turned down the short sale offer.
Here is what was wrong with the TPS form. One form had “John Arthur” entered for the seller’s name. The short sale negotiator was going to reject the short sale unless his name was changed to “John W. Arthur II.”
Everyone else was ok with the existing paperwork. The title company, the buyer’s mortgage company, and everyone else involved.
The bottom line: A large, nationally know lender was willing to risk losing $17,000 because they needed a document to be perfect. Nobody ever asked the stockholders for their opinion.
Hmm. Stockholders actually want to make a profit?!! Who would have thought of that?!!
That’s what short sale bureaucracy does. It hurts the stockholders that own these banks. It hurts the housing market. And it hurts the economy.
It is also why you need an experienced, competent short sale agent. You need someone who knows how to work with the bureaucracy and get things done. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Robin Lemmons.
Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
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Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Robin’s personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on Columbus Short Sales: Don’t Risk Having Your Short Sale Rejected Because Of Bureaucracy is provided as a courtesy to our viewers to help them make informed decisions.
Robin is a Real Estate agent at Coldwell Banker King Thompson (License No. 315541), covering the greater Columbus Ohio area.
Helping Columbus Ohio home owners avoid foreclosure with a short sale.
Robin Lemmons specializes in short sales in Columbus Ohio .I am your Columbus Ohio Short Sale Specialist Realtor
and Columbus Ohio loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.