Lender Approved Short Sale - WITH NO OFFER!

Lenders are getting their stuff together! A couple weeks ago we got an unexpected call from somebody at Wells Fargo Financial saying "we want to send an appraiser out to this listing of yours value it and to "pre-approve" the short sale of the property.". We were taken by suprise by the call, as this is a property that has no offer on it, and has never recieved an offer in the past. Now, we've done alot of these, but I've never had a call exactly like this! We have done them many times and recieved approval letters with "blanks" under the buyers name, and/or long time periods for closing, but nothing this "random"!

Long story short, we just recieved an approval letter on this short sale file, a couple weeks after their initial call, without having an offer or anything on it as of yet! We'll throw it out there tommorrow as a 100% lender approved short sale, and will probably get a buyer and get it done pretty quickly!!

Has this happened to you guys yet? Short sale approval letter without ANY offer?


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Comment by Lisa Allen, CDPE, SFR, CSSG on February 25, 2010 at 8:38pm
Wells Fargo seems to be the best at this...they did all of my BPO's without having offers on the table. I just asked them to do it and they did! The home was on the market, under contract and closed in 30 days@
Comment by Jason A. Wilson on February 20, 2010 at 11:00am
We have had this before as well. We rec'd an approval letter, when there was no offer on the table. We were able to get it closed!!
Comment by Joseph C. Alfe on February 4, 2010 at 12:26pm
GMAC is really moving fast lately!
Comment by Dave diCecco on February 4, 2010 at 10:30am
i took a short sale listing and had my client get all the paperwork into the bank. I had the home on the makret for four days and the bank called me and told me they were orderign the BPO. Had the BPO done and the bank tellign me to lower my price to X and they woudl pay up to x amount in closing costs without an offer even being presented.... Made for a quick sale..Was able to write in comments approved short sale. Received offer and closed in 30 days with no hiccups along the way.

Do nto know the bank you are dealing with. Mine was with GMAC.
Comment by Joseph C. Alfe on February 2, 2010 at 11:42pm
take a look at the HAFA guidelines. This will soon be common.


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