pre-foreclousres (2)

Pre-Approved Shortsales Breaking Out?

Well, I've bloged about this several months ago. Pre-Approved Short Sales!! I closed my first one 2wks ago and from list to close total time was 40 days. Yes 40 days, I recieved a list price 96 hours after submitting my BPO, which was priced 10K below my BPO value. I got multiple offers within he first7 days on the market and the property sold for 5K more than list price (Closer to my BPO value). My local board rules require us market any short sale as such, which in the past and sometimes hinders offers beacuse all of us know that there is nothing short about a traditional shortsale.This did not increase the time on the Market, as we advertised it as a HomeTeleos Pre-Approved Short Sale. This program has officially launched and you may see it in a City or County near you. Its true when you see HomeTeloes Pre-Approved short sale, then really are short sales. www.hometeleos.com I'd love the hear from anyone else if they are doing anything similar or have heard of any similar programs launching. I think it will be a matter of time before others follow if they have not already done so.
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Okay, gang here's what's comming down the Pike!! When this program hits the streets short sales will truly be SHORT SALES.Anyway, myself and 4 of my agents were blessed with being selected and trained during the 5-Star Conference via Webinare, to be on the 4 front of this new program that will be comming to a city near you soon. When you see the words Home Telo's approved Short Sale , these properties will close in 30 days or less. Thats right lender approved short sales!! What a concept. Not all homes will qualify for the program and there will be a screening process. To some this up in a NUT shell this is how the program will work.A BPO is completed on the property within 72 hours of completing our BPO the lender will have had a 3 rd party apprasial or BPO conducted and sets a price at current market value they are willing to except for the home. The property will then be placed on the maket local MLS and www.bidselect.com where it can be bid on. Highest bidder assuming lenders price is met, will go into contract to close within 30 days.During the marketing time the home-owner has to maintain the home, remains in the home and is resposible for keeping it up for showing. The investors/lenders etc have finally figured it out!!!. It's cheaper for them in the long run to keep people in homes, maintaining them rather than them being vacant, and getting everything of value (A/C Units, Copper, Appliacnes, Light Fixtures etc) stolen.This should bring about some stability to the market and great opportunities for first time buyers that are overwhelmed when they step foot in some of the REO homes out there. They will have to be left for the investors to pick up at rock bottom prices,because they will be the only ones buying them when these short sales hit the market. This should be a WIN WIN for everyone.So Buyers Agents, When you see HOME TELO's you better act fast, because once this gets out , there will be 10-15 offers on each property, just like the turnkey REO's. That's my tip for the month...1 of 500 out of 135,000. If you were invited to the Round Up during the 5-Star Conference then you know what this means. For those of you that don't and would like to know shoot me an email if you can't figure it out..(Staci it was nice to see you at the Round Up!)
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