Get your offer accepted - use an “Approved” LSR provider

October 23, 2008

Phoenix real estate is selling. Let me repeat Scottsdale real estate is selling. O.k. , now let me qualify. Short sales in Phoenix, foreclosures and foreclosed homes (bank owned real estate (REO)) are selling.

However, there are list of challenges and potential pitfalls that buyers (and sellers) face. I have been writing an on-going series called Short sale nightmares where I have shared stories about the challenges buyers face. use an “Approved” LSR provider

Several days ago, I wrote a story describing how a buyer’s offer was rejected for a significantly lower price cash offer.  I thought it important that buyers know banks want deals that will close to reduce their inventory. The are less concerned with the amount of the offer as long as its reasonable. As a result, most banks are looking at cash-offers versus conventional financing.

I have started to hear stories that there is a new title and terminology to add to the real estate and mortgage vernacular that should greatly help you get your offer with financing accepted on Phoenix AZ real estate and lender owned homes.

Phoenix AZ mortgage brokers and Scottsdale loan officers are attempting to become “required LSR provider” for major international banking institution.  Similar to “preferred lenders”, “required LSR providers”  or “approved” LSR providers are asked to provide buyer financial qualification before a lender will consider buyer offers.

This is a much needed result of mortgage lenders providing LSRs of buyers who are truly not ready to buy. In fact, most LSR’s are not worth the paper on which they are written.

Banks who are managing REO homes would require a complete application and an automated underwriting approval including “outstanding items” needed to validate the approval. My clients have 48 hours to provide all supporting documentation. That way when they are negotiating we can call the listing agent and/or bank to let them know we are ready to submit as soon as we have title, appraisal and the executed contract.

If you are considering buying a Phoenix AZ short sale property or Scottsdale lender owned home, ask the listing agent to contact the bank and inquire whether there is an approved LSR provider that you can use. It will give you a much higher likelihood that your offer will be considered and accepted.

Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with short sales and bank owned transactions.

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Copyright © James Wexler *Get your offer accepted - use an “Approved” LSR provider*

If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short  Sales

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Written by James Wexler · Filed Under Articles, Builders, Short-sales / Foreclosures 

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