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

Most people would assume that you would automatically pick the offer with the highest price. However, this isn't always a good idea.

The offer with the highest price may have the shakiest financing. Most short sale lender issue a deadline when they approve a short sale. They state that their approval is only good for 30 days.

After 30 days, then they short sale has to be re-negotiated from scratch. That only causes the process to drag out another 2-6 months. So, you want to make sure the buyer's offer is strong and that their financing is approved.

In this case, a little lower price might be worth considering versus a higher price with an unqualified buyer. Another thing to consider is repairs. Some short sales need repairs before they can be financed.

Most loan programs are for homes in good condition. If your home needs repairs, then most of the buyers won't get approved for a loan until those repairs are completed. But, not every buyer has lots of cash on hand to make repairs.

Ask your agent for advice on which offer to accept. The offer with the highest price and best qualifications is the one you should pick. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

Many homeowners look at this as the best way to get their loan balance reduced.

"I owe 400k, my house is worth 200k, and the bank won't reduce the amount I owe on a loan modification. I'll just sell the home to my friend, rent it from him, and then but it back in 2-3 years after I fix my credit", they think to themselves.

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

The Bankers are afraid that if this is allowed, then everyone will want to short sale their house and then rent it from the new owner. To discourage this, some banks are now forcing everyone involved to sign affidavits before they will approve the short sale.

The affidavit says something similar to the following: "There is no agreement, oral or written, between the seller and buyer which allows the sellers to remain in the property as tenants or to regain ownership of the property at any time after the property sells."

The bottom line is that the banks don't like short sale leasebacks. If they find out after closing, then you could face criminal prosecution. How exactly?

Well, have you read your entire 18 page mortgage from front to back? Have you read the entire short sale approval letter and all the other short sale documentation? A clause could be anywhere in the paperwork and cause you lots of issues down the road.

So, are short sale leasebacks illegal? I don't know for sure. I definitely would not do it if I had to sign an affidavit like the one above. If there is nothing like that, then talk to a competent attorney first.

But, even a good lawyer can't guarantee you won't face future legal and/or criminal problems. They can only give you their opinion. Many attorneys have different opinions on a legal subject.

The only person's opinion that matters is a judge who makes the decision on the case. If you are considering a short sale leaseback, then I would simply recommend short selling and renting another home until you can buy again.

It's just simpler and you will sleep better at night. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

"A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a few years down the road.

This sounds too good to be true. Am I going to get in trouble with my lender if I do this? Roberta."

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

Here was our answer to Roberta's question. I am not a lawyer and can't provide you with legal advice. I don't know if you will get into trouble.

But, I don't think it is a good idea. The banks don't like it and they all have different rules regulating it. Every bank issues different short sale approval letters.

Most of them state that the owner cannot stay in the home after the sale. What kind of trouble can you get into afterwards when they find out? I don't know. Some experts consider it mortgage fraud.

There can be legal and maybe even criminal accusations thrown against you. In my opinion, it's just not worth the risk. The other problem is that the company wanting to buy the house is going to want to make money.

They will want to charge a rent that is higher than their mortgage payment. If you can't afford to pay, then they will ask you to move.

If you can't buy the home quickly enough, then they may decide to sell it to someone else down the road. So, there are a lot of unknowns.

If you can't afford the mortgage payments anymore, and you owe far more than the home is worth then a short sale may be a good option. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial during the entire process.

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

The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to selling a property after foreclosure.

Besides, the further out the foreclosure date is, then the more beneficial the short sale. That is because the bank gets to sell the house today, rather than 12-18 months down the road.

The savings can be quite substantial when you sit down and add them all up. Doing a short sale and selling the property now makes more financial sense for the bank than a foreclosure.

An extension to the closing date of a short sale is a major request for the bank. Not every bank will accept such a request.

Here are some steps you may take to increase your chances that the short sale bank will accept to give you the extension:

* Present a guaranteed closing date. You need to be ready first, and then ask for the extension. This means that the buyer's lender has approved the loan and will be ready to fund once the short sale approval is extended.

* Sign an addendum extending the closing. The short sale lender may want assurance that all parties to the short sale transaction are still interested and ready to close. Sending an addendum to the bank that is signed by all sellers and buyers proves that everyone has agreed to the extension.

* Submit an updated preapproval letter and / or proof of funds from the buyer. You need to show the bank that the buyer is still qualified and ready to close by submitting an updated preapproval letter. Do not assume that the letter you submitted at first will serve the same purpose.

* Be professional and treat the negotiator with respect. Explain the reasons behind the delay and assure the negotiator of the date by which you will close. Do not demand the extension.

* Be prepared to pay for the privilege. An extension by the short sale bank is a privilege, not a right. Some banks might charge the buyer for every day they run past the original closing date.

That fee could be $100 a day or more. The buyer needs to be prepared to pay if they can't close on time. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

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

For the non-short sale transaction the buyer's lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not?

With a short sale the short sale bank usually says the short sale approval is only good for 30 days. If the sale doesn't close before that, then the short sale approval is null and void.

If the buyer's lender can't meet that date, the buyer could end up losing out on the opportunity to buy the home. Even worse, the seller loses their opportunity to sell their home and avoid foreclosure.

Sometimes, banks prefer to foreclose if the auction date is at hand. However, some banks under certain circumstances will extend the closing date. A short sale may be extended provided:

* It is not a Fannie Mae short sale in default.

* The bank wants to postpone the auction.

It is always advisable to close on time and not need an extension. Some lenders do not understand that the short sale closing date is not always flexible, and that they should do their best to meet that time frame.

You might have to let them understand this just to try and prevent foreclosure from coming your way. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT. iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

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

Here is how the program is approached:

1. Write a hardship letter.

2. Send the hardship letter to the bank and ask the bank to do a Cooperative Short Sale.

3. Follow up with Bank of America weekly to make sure your Cooperative Short Sale is being processed.

The bank might request other documents. But, in most cases it will not. The program is streamlined. This means the bank will run a credit report.

If your FICO score is very low and your credit report is terrible, then Bank of America probably will not ask for supporting documents. It will simply approve your Cooperative Short Sale.

The process can take anywhere from 30 days to 3 month. By working with Bank of America on a Cooperative Short Sales, you can sell your home without the negative aspects of a foreclosure.

It truly is a situation where everyone's best interest: yours, the buyers, and the banks, can be mutually considered. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT . iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

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

Deed in Lieu. In the event that your home does not sell, then the program stipulates that the next step is a deed-in-lieu of foreclosure.

This affects your credit just like a foreclosure does. We not see why you couldn't refuse the deed-in-lieu at that stage and attempt another short sale. Or, at least live "rent free" until the bank forecloses.

Second Lender / Mortgage Insurance Refusal to Participate.

If you have two loans on a short sale, then you will always need the approval of the second lender to participate. If the second lender does not agree to the first mortgage's offer, then they might refuse to approve the short sale.

Moreover, if the loan has mortgage insurance, the Mortgage Insurance company will need to approve the sale as well. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT . iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

But, you need to remember that Banks are not in the business of making life easier for its customers, much less anyone trying a short sale.

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

Banks are in business to turn a profit. The main reason Bank of America has initiated the Cooperative Short Sale is to increase the bank's bottom line profit.

They increase their profit whenever they cut losses on loans that are in default. The bank faced several problems:

1. They have a bad reputation for taking too long to process short sales and loan modifications.

2. Due to the length of time to buy a short sale, buyers are making lowball offers.

3. Many agents are in experienced on short sales and unsure of what to do. As a result, many agents were in the dark on where to price a short sale property.

Before listing the property, Bank of America will provide the terms such as the list price and deficiency judgments. In doing so, the bank is able to provide a shorter decision time once an offer is received.

In fact, Bank of America claims that once an offer is received, they will provide a decision in 10 days!

This simply means that Buyers will be less frustrated with the purchase process and more willing to wait for it to be completed.

With a traditional short sale many Buyers get frustrated and walk before a response is received on the short sale. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT . iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

The bank has rolled this out because a short sale reduces their losses compared to a foreclosure. A short sale is quicker than a foreclosure and it doesn't tarnish the bank's reputation as much as a foreclosure.

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

Banks don't want to have bank owned properties on their balance sheet. The fact is: it makes financial, legal and good PR sense for banks to close out non-performing loans this way.

Here are the benefits to the homeowner of a Successful Cooperative Short Sale with Bank of America:

* Bank of America will pay the Seller $2,500 for moving expenses.

* Bank of America will not pursue the deficiency amount - the bank waives its right to go after the seller for the deficiency.

* Bank of America will not foreclose on your home.

* Bank of America assigns a listing price - then re-assesses the price every 2 weeks, until a buyer is found.

Another good thing with the cooperative short sale is that the homeowner doesn't have the stigma of a foreclosure on his or her record.

Eligibility requirements include asset reviews, no second liens, and require participating investors. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT . iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.

The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure.

This program, named the Bank of America Cooperative Short Sale Program, minimizes the challenges of traditional short sales - such as having to wait up to 60 days for a representative to even be assigned to your sale.

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

A cooperative short sale starts with a phone call from the homeowner to the bank. The homeowner explains to the bank that he or she has suffered a hardship, and will no longer be able to make the mortgage payments.

The Banker and the homeowner will probably discuss a loan modification. In fact, this may be a pre-requisite to entering into a cooperative short sale.

Once the bank has determined that a loan modification is not a viable option, and after documents have been presented to the bank that show the home owner's hardship, then the bank is not left with any good options than the cooperative short sale.

The next step in the process is for the Bank to order an appraisal. The property is then listed with a Realtor at the appraised value of the house, and the Bank agrees to sell the property at the appraised price.

Buyers can get an answer on their offers within only a day or two, not the 3-6 months a traditional short sale takes. This is because the short sale is pre-approved.

The Bank also understands that the appraisal may have come in high, and if the property doesn't sell in 21 days, the price gets lowered every 21 days until an offer comes in.

We think this is a great new program that will make short sales much easier for everyone involved. 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 iandymorris@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 888-4-STOP-IT

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

Thinking about a loan modification? Our USA 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, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: 888-4-STOP-IT . iandymorris@gmail.com.

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

Andy Morris specializes in loan modification assistance and short sales in USA. USA Modification Help, USA Short Sales, USA Short Sale Realtor, USA Short Sales. USA Realtor, USA Stop Foreclosure, USA Foreclosure Prevention, Prevent Foreclosure USA,USA Foreclosure Defense, USA behind in Payments.