Equity Assets Real Estate Inc. - Jason Nenadov, expert advice and services to buyers and sellers (Equity Assets Real Estate, Inc. - Jason Nenadov, REALTOR®)

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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

The reponse you recieved is EXACTLY why I hired a short sale negotiator for all my short sale contracts during the short sale explosion

Best of luck with this one - if it were me and the seller was unwilling to change the price I would give the listing back.

The seller MUST realize the price no longer has anything to do with them but everything to do with what the bank will accept.

The seller will get nothing out of the deal either way and it's either lower the price to get another offer or suffer foreclosure I'm afraid

Sep 24, 2018 05:48 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

"They rarely approve the very first offer."  Not in my experience. The lenders want to reach the NPV.  I'd market the property identifying that the lender will approve an offer at $X.  

Sep 24, 2018 06:09 PM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Your question is exactly why I do not like taking on Short Sales and instead refer them out to those who want to specialize in this segment of the market.  You either need a good SS negotiator or refer it out.  Either way, you save yourself alot of frustrations. IMHO

Sep 24, 2018 09:28 PM
Peter Testa
Nationwide Homes - Danbury, CT

They base their counteroffer on the FMV from the appraisal that was done. See if you can get a copy of the appraisal to show your seller.

Remind the seller that appraisals don't last forever, 3-6 months usually, & that the property can be reappraised in the future. 

Submit a Value Dispute if you feel the property isn't worth what they are asking.

Advertise the property at the Amount they want & add in "Short Sale Approved at $XXX, close fast"

And what better plan does this seller have? If you are in a state that allows deficiency judgements they may be liable for the banks loss if it goes to foreclosure.


Sep 24, 2018 08:10 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Don't play with the big boys until you are ready. Let someone more experienced "fight" your battles. Your clients will be in better hands.

Sep 24, 2018 07:39 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Sorry to hear this Jason, life is to short to deal with these types of frustrations.

I admire those who have the patience for this, I hope that it works out well for you and your clients.

Sep 24, 2018 05:31 PM
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Nnot many shorts sales in our area, better say we don't have them. 

Short Sale is a long process. 

I agree with all answers - Short Sale Specialist - the one who will help. 

By the way, do you have one?

Sep 24, 2018 07:52 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC

Exactly what Kathleen Daniels said! It's totally up to the bank. We had much success getting the banks to reduce when we didn't have an Offer in ____ days and we provided sufficient data demonstrating market softening. 

Good luck, Jason!

Sep 24, 2018 07:41 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    Refer this out to a short sale specialist.  This Seller is not facing reality; this is only going to cost you time and frustration.

Sep 24, 2018 06:11 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

There is a limit as to what they will do. Unfortunately I have seen them let a home go into foreclosure rather than be realistic about a buyer's offer.

Have you provided comps to substantiate an offer? They probably have a recent appraisal on file but these can be challenged. They also like to strong arm the agent to get you to reduce commission and/or the closing costs/repairs a buyer is asking for. They use all kinds of techniques to increase their bottom line. 

There is much to know about how to talk with and negotiate these type of sales. Is there are short sale specialist in your office you can ask for help?

Sep 24, 2018 08:08 PM
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

I always found that the lender's negotiator would see reason if no offers come in at the higher price that the LENDER wants. Why is the seller pricing it so high that no offers come in?

Sep 24, 2018 05:55 PM
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Why seller does not want to reduce the price? 

Sep 24, 2018 08:42 PM
John Pusa
Glendale, CA

Jason Nenadov try to hire a short sale negotiator.

Sep 24, 2018 08:08 PM
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

Sorry to hear that.  Perhaps if the seller isn't reasonable you can release the listing and refer to a short sale specialist.  

Sep 24, 2018 06:10 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

I don't normally do too many short sales . In our area prices are not lower as there are a shortage of listings .  Sorry wish I could help

Sep 24, 2018 05:54 PM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing your experience.

Sep 24, 2018 05:19 PM
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I can not think of any Jason Nenadov and I understand your frustration. You may check with Sally K. & David L. Hanson who have a lot of experience in this area.

Sep 25, 2018 06:35 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

FIRST the seller should have been educated and informed how a short sale works at listing. Especially in this market you can not under price a short sale and expect the bank to accept it. They are going to want as close to full price as they can. To determine value they have at least 1 interior bpo and at least 1 drive by. They will deduct for repairs, and use a formula which deducts what it may cost to foreclose and hold the property. Every bank is different so no knowing what they will use. Sometimes getting an offer and presenting it lets you know exactly what they will take. The buyer should have also been told and ready to wait 6-8 weeks for an answer. You lost the buyerm but gained valuable knowledge. Seeing most short sales take about 3-6 months, your sellers should have been ready for it to take that time too. NOW you can re-price the property building in a cushion for offers. You can tell all buyers this is the drop dead price the bank will accept. THEN if you can not get a buyer at that price, should also be working with the bank why their price is too high. You often will need 3 estimates of repairs. LOTS of pictures and submit 1 offer that is the highest any buyer would pay. 

Sep 25, 2018 05:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I avoid short sales like the plague... that being said it's very hard to generalize about how "banks" handle them. It really depends on the lender and the investors. The very few times I've listed a short sale, I insisted on a full-time legal negotiator to handle these issues.

Sep 25, 2018 04:56 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

What do you mean they don't accept the 1st offer? This reminds me of question from 5 years go. Get the price approved from the lender & just sell it. Get in touch with the short sale dept. This sounds ricidulous.

Sep 25, 2018 04:29 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy


I think Jennifer Mackay has a wonderful answer for you.  Wishing you all the best.  A

Sep 24, 2018 09:16 PM
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

Dave Halpern handles short sales, so he may be able to advice you better.

Sep 24, 2018 08:12 PM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Just keep pushing. It's very rare that a lender will not accept a short sale. However the numbers do have to make sense. If what they are wanting is higher than market value then dispute it. There are many ways to do this based on who the investor of the loan is.

I've personally handles 100s of short sale negotiations and have rarely not got one closed.


The seler will almost always be forgiven the deficiency so really there is no reason for them to care at all what it sells for.

Short sales are all about setting the right expectations and teaching the lender how to accept the deal. You have to know more about the process than the lender's negotiator you are dealing with.

I LOVE short sales and would be happy to walk you through it. No charge of course. Just for funsies :)

Sep 25, 2018 03:18 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 You can feel free to call either one of us...we have closed over 300 short sales...not for the weak....and only for the patient:  414 525 0563

Sep 25, 2018 06:47 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Jennifer Mackay has you covered!

Sep 25, 2018 05:47 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Stuff happens when there is another party involved.

Sep 25, 2018 04:47 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Today's distressed property market requires flexible lien holders and flexible Sellers. Where there's no movement expect much wasted effort and time. There comes a time when you have to give it up and earn a living once again. Now is a good time!

Sep 25, 2018 03:41 PM
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Right now with prices going upward there is no reason for a bank to accept a short sale. 

Sep 25, 2018 10:10 AM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

neither I nor my team members participated in short sales.... it's often like beating a dead horse!!!

Sep 25, 2018 09:24 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I like what Jennifer Mackay had to say!

Sep 25, 2018 07:22 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Ditto, Jennifer Mackay 

Sep 25, 2018 07:19 AM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

I guess they have the right to counter offer....to miminize their loss, if any.

Long time ago, I used to have a huge short sale business, and look what happened...

Sep 25, 2018 06:53 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I am reminded: I have always counseled to all who can hear to get in or out of a Real Estate trasaction effectively and efficently when presented. 

Sep 25, 2018 06:29 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Sorry, I don't have any.

Sep 25, 2018 06:28 AM
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The letter from the representative of the 1st mortgage should not be a surprise. NEGOTIATE!

However, the current owner seems to be inadequately informed regarding the nature of a short sale.  Once the owner chooses the 'shortie' option, their only involvement after that comes should the lender choose to pursue a deficiency amount from the owner. THEN, the owner can nix the deal.

If the lender has 'declared' a number at which they will sell, (and BPO or appraisal completed) you now have something tangible, (although not factual) to work with. That's half the battle.

If the lender has not declared a number based on their evaluation process, (not looking at Zillow)  keep the existing offer in play. You may need some coaching regarding this.  Do not allow the clock to reset.

The current owner should be further informed that 'shorties' are the wild, wild west of real estate. Even with the best of intentions the outcome is not guaranteed. Banks will do whatever the H*** they want to  in defiance of ALL LOGIC.


Sep 25, 2018 05:21 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Sep 25, 2018 03:01 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

We get first offers approved all the time. 

Counter offers are typical for some lenders. 

What I don't understand is the seller not reducing the price. 

It makes no different to him since he is short selling except for tax purposes, which the loss can offset the gain in the debt - but talk to a good tax accountant about that part. But still, the amount he lowers it to, has little effect on the loss he has to report. He most likely get the deficiency forgiven. 

We always back up our seller documents with CMAs, and any appraisal on file. We send in to the lender a complete package with everything to back up the buyer's offer, etc. 

And then we escalate our files. Depending on the lender, the escalation process is very well work the time.  We close 98% of all of our short sales and we had done hundreds. 

Sep 26, 2018 09:30 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Send the comps to the bank when you resubmit the next offer.

The seller has nothing to lose by lowering the price, he/she is not making any money and they are on a deadline for foreclosure. I'd remind them of the pending bigger loss if you foreclose, it's detrimental to their credit for 7+ years vs. 1-3 years on a short sale.

BTW: Short Sale negotiators are a waste of time and money, agents that hire them are passing off their responsibilities. YOU are the negotiator or you shouldn't have the listing.

Sep 26, 2018 06:51 AM
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Based on your fact scenario, your seller has few options and none of them good.  Consider a DIL

Sep 26, 2018 06:29 AM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I did only a hand ful of these...hated everyone

Sep 28, 2018 08:41 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

We luckily have not seen short sales for years, and I never participated in these.  Good luck.

Sep 28, 2018 08:27 AM