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Getting a Short Sale Offer Rejected

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So you’ve made an offer (even a full priced offer, gasp!) on a short sale property and received an okay from the lender after the BPO was assessed…but for some silly reason, the PMI company is not cooperating and decided that they will not sign off on the short sale of this property. Now you are wondering if you should give up or look for other options to persuade a deal since you were very close to sealing this it?

If you really want the house, submit the offer again BUT this time around try submitting it at a lower price. It may sound counter productive but it may wake up the PMI company and send a message that you, the short sale buyer, are not going to bend over backwards to give them the price the PMI company wants.

  • If you can, also send with the new offer a packet with a list of items that make the house look as bad as possible.
  • Take photos if you can.
  • Look up the property’s appraisers website and view recent sales in the neighborhood to see if house values have since dropped. Send those papers too.

    • Sometimes this works and you may be able to get the house for an even better deal.