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A Seventh Common Hollister Short Sale Myth: Banks Want the Homes to Be Priced Reasonably

Hollister CA – I'm writing a series in response to a number of big misconceptions I saw on a personal finance website online.

We are on our final myth regarding what I saw in an article about short sales on a popular personal finance website. The writer claimed that in order for your home to qualify for a short sale, it must be priced "reasonably."

Click here to discover how other sellers successfully executed a short sale and avoided foreclosure.

It's obvious the writer knows very little about short sales. I can tell you from personal experience that the banks don't care whether or not the price is "reasonable."

Banks order a version of an appraisal before approving a short sale. If your home is selling for the appraised value, the bank will approve the short sale. If it's selling for substantially less, the bank won't approve it.

No bank has ever asked me if the price was "reasonable." They just want to make sure it's selling for fairly close to the appraised value.

I think the point the article write is trying to make is that the home can't be priced substantially under the fair market value. Some short sales do sell for less than the fair market value. In fact, some real estate investors have set up entire businesses dedicated to buying short sales under the market value and then reselling them for profit. I neither condone nor condemn such practices.

I condemn the banks that allow it to happen, however. The banks are the ones with incompetent systems that allow that to happen.

I don't recommend you short sell your home to a real estate investor because the short sale is much more likely to fail. The real estate investor is not trying to help you; he only wants to buy your home for as low of a price as possible in order to ensure a big profit.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at israel@ighomes.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 (831) 636-8858.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification?Our Hollister loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail to israel@ighomes.com to request a Free Copy.

Or, click here to request a copy.

Thanks for reading this.~Israel Gonzalez.

Israel is a Real Estate Agent at Beale Properties.

Phone: (831) 636-8858. israel@ighomes.com.

View My homes for sale at www.bestREOhomes.com.

Israel Gonzalez specializes in loan modification assistance and short sales in Hollister California. Hollister Loan Modification Help, Hollister Short Sales. Hollister Short Sale Realtor Hollister CA Short Sales. Hollister Realtor.

Important Notice

Israel Gonzalez, Beale Properties, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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 Gonzalez's personal views and do not reflect the views of Beale Properties.

This information on "A Seventh Common Hollister Short Sale Myth: Banks Want the Homes to Be Priced Reasonably" is provided as a courtesy to our readers to help them make informed decisions.

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