We just got approval on another short sale. No matter how many times you do this, it's always exciting getting that approval letter spitting out of your fax.
We had a cash buyer lined up for a while, and because the price of the house was so attractive, the buyer stuck with us. We created a sweet spread for a profit of $31k.
The cool thing about this deal was that because it took awhile to get approved, we submitted a lower offer than the original one they were reviewing. We forced another BPO because the investor's guidelines required a new valuation of the house after 60 days of non-decision and no movement on our offer.
So the delay in getting us an answer actually helped us create a greater spread.
It's very frustrating when your short sale offer takes forever to get approved. Buyers get fed up and rescind their offer. But the upside is...after so many days you can request another BPO to be done.
If you're in a declining market, you WANT to make sure the bank does another valuation. And when this happens, make sure you submit a new offer...much lower than your previous one.
We've done this on a good percentage of our short sales with great success. Try it...you've got nothing to lose.
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Dean Edelson
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