Who Is In Control During A Los Angeles Short Sale?
Los Angeles, CA – Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.
The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the homeowner can do that. This is because until the lender forecloses on the home it still belongs to the homeowner.
As the owner of the condo, you are allowed to:
- pick the buyer’s offer that you think the lender will be most likely to accept.
- turn down offers that you don’t like for whatever reason.
- turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract.
- ask for an earnest money deposit to make sure the buyer is serious about the house.
You are always in control. After you have an offer in hand, your lender will decide if the offer price will be approved and accepted as a short pay off for your property.
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April 7th, 2011 at 4:34 am
Americans are finally starting to wake up, as it comes to to foreclosure fraud. The 60 minute airing was a blow to the pretender lenders. The struggle still continues for families nationwide… but more and more Americans are educating themselves and learning how to stop foreclosure each day – with less and less people backing down to pretender lenders. Keepobjecting to foreclosure fraud everyone – Americanscan win this battle of foreclosure fraud!