Houston TX – We have seen many instances where a short sale that should have been approved was denied. If your short sale realtor doesn’t know what they are doing, then you might get stuck with a promissory note that you don’t deserve.

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

Here is a good example of this happening. A real estate agent had a short sale with one of the largest lenders in America. The short sale negotiator said that they would not approve the short sale unless the seller came to closing with 50k cash. The sellers said no way.

Fortunately, the agent knew that Fannie Mae owned their loan. The good news for the seller is that Fannie Mae does not ask for promissory notes or pursue deficiencies.(There are a couple exceptions, but they didn’t apply here.) If those are Fannie Mae’s Guidelines, then why would the short sale negotiator require the seller to bring 50K to closing?

Turns out the negotiator was not following Fannie Mae’s Short Sale Guidelines. The agent contacted Fannie Mae directly. Within 72 hours a supervisor called from the short sale department. This time they were singing a different tune.

The sale was approved and the promissory note waived. The seller got to walk away owing zero. Why do things like these happen? Because, in our opinion, there is little oversight over the short sale process. Nothing happens when a short sale gets rejected and sells for less as a bank owned property. No, don’t kid yourself, this happens a lot.

These short sale negotiators develop an adversarial mindset. They probably even get paid bonuses based on how much money they squeeze out of short sale sellers. This causes their ego to get in the way of what is best for the owner of the loan. If you are thinking about short selling your home, make sure your agent knows how to research who the owner of your loan is. That info will allow them to negotiate from a position of power. And it will help you avoid a deficiency or promissory note.

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 soldbymichelle@gmail.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 832-274-5007

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

Thinking about a loan modification? Our Houston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. soldbymichelle@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

This information on Houston Short Sale Help: Another short salealmost killed by lender incompetence is provided as a courtesy to our viewers to help them make informed decisions.