Consumer Resources

Tucson Short Sales – Part 5 – End Game Short Sales

This is the fifth and final installment in my Tucson Short Sales series.  I would suggest reading part one (Tucson Short Sales – Part 1 – What are Short Sales?) part two (Tucson Short Sales – Part 2 – I’m Ready to Short Sale My Home.. What Are The Repercussions?)  part three (Tucson Short Sales – Part 3 – How to Short Sale My Home) and part four (Tucson Short Sales – Part 4 – The Offer is in to the Bank) before reading this article.

Once your purchase package has been submitted to the bank it will typically pass through several levels before reaching someone who has the actual authority to make a decision on the offer.

Larger lenders have different negotiators at each level who each have a specific task. A bottom level negotiator will typically review a package for completeness and ensure that everything is signed as required. A mid-level negotiator will typically order an appraisal or BPO on the property to find current market value and then attach that to the file and pass it on. And a high level negotiator will take all of the information provided along with the valuation of the home and render a decision.

The same process applies for smaller banks but usually one negotiator handles all of the tasks listed above.

“How much will the bank accept?” is the question I am usually asked by potential clients.

You will usually hear that there is a magic formula that lenders use to decide whether or not a short sale offer is sufficient. And truthfully, there probably are. But there isn’t an industry standard that can be cited in this article that you can use to accurately gauge your chances of obtaining a short sale acceptance.

It is different for every lender and for every situation. I’ve had deals with the same lender (Bank of America) where they were willing to accept different percentage of payoffs for properties just months apart. By the time you read this article the standards will have probably changed again and they will continue to evolve for the next few years as we work our way out of this mess.

If you would like to search the Tucson MLS for Short Sale, Bank-Owned, or Foreclosure homes, search for Tucson Homes for Sale or contact me for a comprehensive list.

If you would like assistance in avoiding foreclosure feel free to contact me for a no-cost consultation.

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Possibly Related Posts:

1. Tucson Short Sales – Part 4 – The Offer Is In To The Bank...
2. Tucson Short Sales – Part 1 – What are Short Sales?...
3. Tucson Short Sales – Part 3 – How to Short Sale My Home...
4. Tucson Short Sales – Part 2 – I Am Ready to Short Sale My Home.. What Are The Repercussions?...
5. Tucson MLS needs new designations...

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