The ONLY Solution to the Mystery of Short Sales

National Pre-Approved Short Sales, a Colorado company, provides A Marketing Program for the real estate professional that represents the ONLY EFFECTIVE way to Sell short sale properties in a predictable manner.

Brokers are wasting their time unless they have 

A Lender pre-approved sales price

on every short sales listing!

As a residential real estate agent, how many times have you worked on a short sale for months, but it failed because the buyer wouldn’t wait for months until an offer was received that was acceptable by the Lender?  The problem is buyers won’t gamble for 3-to-5 months, with their money and loan approval tied-up in escrow, hoping the lender will approve the sale at a fair price. In deed, it is not realistic to keep a buyer’s interest through months of indecision by the lender.

The other problem is a property can’t be listed effectively without a firm sales price, but often impending foreclosure kills the sale. In the end, you loose dozens hours attempting to sell an unsalable property.

Because no offer for an unpredictable short sale is ever received by your buyer, all you have is grief from a frustrated seller calling you every day wanting results. In most cases, if you’re lucky, all of this produces unrealistic offers and countless hours spent trying to get the lender to agree to a short sale price that is simply not workable for them.

Is it any wonder real estate agents loose interest in short sales because only a very few are ever successful?

The great news is, with the program offered through National Pre-Approved Short Sales, you could have a fully-negotiated sale price from the current lender BEFORE YOU OFFER IT TO A BUYER!

How Does It Work?

You present to the seller a marketing program that will generate an offer to purchase the proposed short sale property within 3 working days.

You advise National Pre-Approved Short Sales the value of the property and what sale price you believe necessary to sell the property quickly. National Pre-Approved Short Sales then appoints an investor who will sign the purchase agreement and offer to purchase the property for all cash, plus provide a bank proof that funds are available. In the offer to purchase, the buyer adds after his name, “or assignee”. This disclosure is perfectly acceptable to the lender. At that point, a purchase escrow is opened.

It may take a month to two or even a few more weeks with some lenders, but the lender typically will respond with an acceptance of the offer, or at least an acceptable price, likely  well under market value.

At that point, you have a firm price at which the property can be sold and can advertise the property at a “firm price on a short sale” or “a pre-approved short sale price”. This is when you introduce your buyers to the short sale property, not 2 or 3 months before you’re actually able to deliver the property at a  price acceptable to the lender.

When a Buyer agrees to purchase the property, he must also agree to pay National pre-approved short sale LLC a fee of $1,500 to purchase the investor’s interest in the purchase contract on sales under $75,000 and a fee of $2,500 on sales over $75,000. This is a small fee for the buyer to pay to vantage a pre-approved short sale contract!

The same open escrow is amended to add the new buyer’s name (assignee) and remove the first buyer (assignor). If the assignee buyer has a pre-approved loan, all the new lender will typically require is an appraisal to close the loan!

There should be no loan seasoning issues because the assignee buyer is buying the home directly from your client, the current owner. This is not a sale and resale, or double escrow—in this case there is only one escrow.

We all know that a lender will sell a home on a short sale for far less that if it were an REO, because the lender does not have the added expense of foreclosure costs, legal fees, REO management expense, insurance, property maintenance, taxes, higher sales commissions, closing costs and the potential risk of declining property values during the holding period.  

Did you see the report?

PER Deutsche Bank, Aug 1 2009, 24% of all homes are now underwater…

HERE'S THE BIG NUMBER

They estimate that over the next two years, 48% of all homeowners will owe more money then the value of their home!

We believe Short sales on negative-equity homes combined with the National Pre-Approved Short Sales program will be the wave of the future, and that short sales may become 60% or 70% of all home sales during the next two years.

Please Note:

Most but not all lenders will postpone a sale date when they have a cash offer. This may give the seller many months of time to save money as a result of non-payment of mortgage payments pending approval of the short-sale.

Once some agents start advertising  “pre-approve short sale with a firm price”, it may be next to impossible to sell a short sale property without the National Pre-Approved Short Sales program.

The program also provides the seller with a transactional real attorney whose fee is only paid by the seller’s lender at time of closing.  

While National Pre-Approved Short Sales cannot offer a guarantee that the lender will approve a reasonable offer—common sense dictates that acceptance by lenders of any reasonable offer is in the best interest of all concerned.

For complete details on their program and contact information to discuss your client’s potential short sale situation, you are invited to visit their website: www.npashortsales.com, or feel free to call them toll-free, 877.707.7155.

We wish you best of luck in your short sales activities and in your working with National Pre-Approved Short Sales.