The process involved in a short sale can be very demanding and here are some helpful tips for Florida short sale sellers to prepare you along the way.
Short sales can be very helpful; however, it can lead to critical consequences when not properly done. Let us walk you through the process, give you all the information you need, and provide you with all the necessary tools with our Florida short sale services.
Call Katerina Gasset at (561) 502-1577 today to get your Florida short sale question answered.
Compared to the task list of a Wellington Florida short sale specialist when working with a homebuyer, his or her duties are usually double or even triple in number if the agent is working with a home seller instead.
To give you a fair idea of how helpful a short sale agent can be, here are just a few examples of the services they can and will perform on your behalf.
Short sale packages – If allowed to do so, your agent will speak with your creditor on your behalf and find out what documents the creditor requires from short sale applicants. Your agent will also make sure that you gather all such documents and be able to submit them on time.
Financial situation – A good Wellington Florida short sale specialist will also take the time to evaluate your financial situation. He or she may also have several recommendations that are meant to make you a more viable short sale candidate in a financial sense. Certainly, your agent will also double check that you have all the necessary financial statements – including pay stubs, tax returns, and bank statements – to serve as further proof that your financial situation is what you said it is.
HUD-1 Settlement Statement – Anyone who thinks of buying or selling a house usually needs to submit this statement. It can look quite intimidating and complex at first glance, but you don’t need to worry about it as long as you have a competent short sale specialist on your side.
BPOs and CMAs – BPO stands for broker price opinion and CMA stands for competitive market analysis. Although these two documents are distinct from each other, they are similar in the sense that they provide information on how “sellable” your property is. Your agent usually has to submit his or her own CMA to a bank and coordinate with the latter when it comes to obtaining a BPO. If you have a great Wellington Florida short sale specialist representing you, then you can be sure that your creditor will receive a valid, authentic and accurate CMA and BPO that at the same time speak of positive thing about your home.
Negotiations – This is extremely important if you have two or even three existing mortgages out. Your agent would have to negotiate with all your creditors as you need everyone’s approval before a short sale can be completed.
Closing – And finally, a good short sale agent in Wellington FL will do his or her utmost to do everything else that has to be done so that you and the other can finally close the deal.
Wellington Florida short sale specialists can help individuals like you qualify to purchase a short sale home. Short sale houses are very much different from regular homes for sale when it comes to its approval process. More often than not, a greater amount of cooperation and collaboration is required between homebuyers and homeowners in order for a short sale to push through. Certainly, there is a higher chance for you to buy your dream house at the right price if you have a Wellington Florida short
sale specialist representing you.
Here are just a few examples of what a short sale Realtor can do for homebuyers.
Review purchase contracts
If you have been provided with a purchase contract by the homeowner or listing agent, you can ask your own agent to review it on your behalf. Of course, your agent’s expertise only extends to real estate concerns. If you have concerns regarding the legal nature of the contract, your short sale Realtor in Wellington FL will likely be able to recommend a lawyer who can evaluate the contract for you.
Submit and process purchase contract
If necessary, your agent can take the appropriate steps for the transaction to push through even when you are not physically present to seal the deal. Purchase contracts may, for instance, be signed electronically and emailed or faxed to the other party. Your short sale specialist will make sure that you’ve done everything needed for the contract to be valid and legal.
Obtain preapproval for loan
Wellington Florida short sale specialists more often than not have the contacts to help you apply for loan preapproval. Once your loan has been preapproved, your agent will also make sure that you will have a preapproval letter to submit to the homeowner and his or her agent. Your Realtor will ascertain as well that the validity period will be long enough to cover the time needed for you to close the sale.
Take immediate care of addendum
An addendum to a short sale contract is basically an additional clause that one of the parties has deemed necessary to include. If your creditor has an extra condition for you to comply with, a good Wellington Florida short sale specialist will be sure to notify you immediately of such changes. If you approve of the changes, your agent will also make sure to secure your signature for the added clauses and have the modified contract submitted, signed, and sealed before your creditor changes his mind
about the whole thing.
To know whether a Wellington Florida short sale Realtor is right for you or not, you need to consider the agent’s suitability based on your preferences and the type of house you live in.
Some personalities simply complement each other while others plainly clash. Naturally, you need to find a Wellington Florida short sale Realtor whose personality would match and complement yours. If you are, for instance, the bossy type then you would probably need someone who won’t be annoyed when your requests still sound like commands. If you are the shy type, then you would probably work better with an outgoing and assertive agent more than capable of speaking on your behalf.
Some homes are simply easier to sell than others. If your Lakeland FL home is larger and more expensive or older and more decrepit than most, then you would probably have a harder time applying for a short sale. And even if you did manage to win your creditor’s approval, you would still have a hard time finding someone willing to buy your property.
For all these reasons you would need to work with a highly experienced Wellington Florida short sale Realtor. An experienced agent will also get more things done in a shorter period of time. That’s something you would no doubt appreciate if you have an urgent need to sell your home or move out.
Specializing in short sales is akin to having significant relevant work experience in the sense that it helps get the job done more quickly. No matter what kind of home you have in Wellington FL, it definitely would not hurt to have a short sale specialist working with you.
An expert short sale specialist would know immediately what to do if you have, say, two mortgages taken out of your home or if your creditor initially disapproved of your loan application. Agents specializing in short sales are also likely to know where and how to quickly find answers whenever they’re confronted by any unusual situation. Overall, that means having less time and money wasted.
Agents tend to have varying communication philosophies. While one agent may not mind speaking daily with their clients, another Wellington Florida short sale Realtor may prefer to contact a client if there is verified interest in his or her property.
Ultimately, you need to find the perfect agent who satisfies you in all the aforementioned aspects. When you do, then that’s exactly the Wellington Florida short sale Realtor you should work with.
Contrary to popular opinion, Wellington Florida short sale Realtors can work with both buyers and sellers. Granted, short sale agents usually work with homeowners wishing to short sell their properties. Nevertheless, there’s still no reason why homebuyers can’t ask for help from this kind of agent if they want to.
What Can Wellington Florida Short Sale Realtors Do for Homeowners?
Let’s start with the easy question and one most readers probably have an idea about its answer. If you have a home you wish to short sell, a Realtor that specializes in this type of real estate transaction can help you with the following.
What Can Wellington Florida Short Sale Realtors Do for Homebuyers?
As mentioned earlier on, it’s uncommon but not impossible for homebuyers to seek the assistance of a short sale specialist. They usually do so for the following reasons.
Whether you have a home to sell or buy, if it is a short sale you are after then you will ultimately have an easier time achieving your objective with a Wellington Florida Realtor at your side.
One look at that title and you’re probably thinking it would be unlikely for Florida short sale specialists could still be of help after the short sale of your home has been completed. But actually, if you chose the right short sale agent to represent your home then he or she could still be of service to you even after the ownership of your former home has been transferred to its new owner.
Unsecured Promissory Note
At the very least, your realtor should be able to ensure that you are only signing an unsecured promissory note with regard to your remaining debt.
Let’s say that your home, which you still owe $700,000 on, is now only worth $440,000. As such, when your creditor approves of short selling your home you would still end up with a $260,000 loan balance. If your creditor insists that you still pay this back on some indefinite or definite date, your agent should ascertain that your agreement to pay the debt would only be guaranteed with an unsecured promissory note.
This way, if you lack the necessary amount in the future to pay your remaining debt, your creditor would not be able to confiscate any of your properties right away as alternative payment.
Some Florida short sale specialists don’t stop once they’ve gotten their clients an unsecured promissory note. They also make sure that their clients have all the advantages needed to get them back in the right financial footing and thus be able to pay their existing balance. As such, many agents work hard to convince creditors to accept payment by installment instead of asking for a lump sum.
Discounted or Reduced Payment
In some cases, Florida short sale specialists convince agents to settle for a smaller amount as payment of the remaining debt. In a way, it’s like going through a short sale all over again but this time you are short selling your loan and not your home.
This, of course, is the best thing that Florida short sale specialists can do with their clients. Going back to our previous example, you would be left with a debt of $260,000 after short selling your property. If your agent is able to convince your creditor to waive the rest of your debt then you would no longer have to pay the remaining $260,000. The short sale of your property alone is already considered complete and full payment of your mortgage.
Whichever scenario you end up with, you can be sure that hiring the best Florida short sale specialists would mean your credit record will remain safe and protected from any unwanted mention of foreclosure.
Many homeowners don’t take much time to consider which Florida short sale Realtor to work with – to their everlasting regret. If you think that you can always switch to another agent every time you find yourself dissatisfied with the old one without suffering any disadvantages – think again! The more time you waste working with unsuitable Realtors would mean fewer chances for avoiding the foreclosure block.
A dependable Florida short sale Realtor knows all about the rights which homeowners and lenders are entitled to.
This does not mean you have to sign up with a Realtor with a law degree, though. Sometimes, that can only serve to muddy the waters as your Realtor could find himself having a conflict of interest being a lawyer as well. Rather, you just have to make sure your Realtor does his or her best to stay updated about all laws relevant to homeowners and their creditors.
A dependable Florida short sale Realtor won’t give up at the first sign of trouble.
“When the going gets tough, the tough gets tougher.” That’s certainly an apt motto for short sale agents. Short sales are anything but short, and you can easily find yourself abandoned by your agent if he or she does not have the necessary patience to see things till the very end.
Short sales are like a waiting game, and those who have more patience always win the game. A patient and diligent Realtor would regularly call your lender, make appointments, and send follow-up letters until your short sale application is processed and – hopefully – approved.
A dependable Florida short sale Realtor will stand up for your rights.
Many real estate agents don’t bother standing up for their client’s rights if they feel that doing so is more trouble than it’s worth. Naturally, a dependable short sale Realtor feels differently about such things. Dependable agents take their jobs seriously, and they also strongly value the trust their clients place in them. If they feel that a lender is abusing his rights against a client homeowner, a dependable short sale Realtor would do everything legally possible to put things to right.
A dependable Florida short sale Realtor knows when to say “I don’t know”.
Last but most importantly of all, dependable real estate agents are not know-it-alls. They know that pretending knowledge won’t help their clients’ case, but they’re also aware that ignorance is not an acceptable excuse for failing their clients. If, for instance, there are certain issues that your lender has brought up which are rather technical and legal in nature, a good agent would refer you to a trustworthy lawyer instead of giving baseless advice.