Although the word “short” in Wellington short sales technically refers to the decrease in the home’s selling price, most people nevertheless assume that it may also means a minimal waiting period – or maybe even none – for its processing. Unfortunately, the opposite’s more often true than not and here are the five most common reasons for it.
You are your own worst enemy. No doubt you’ve heard that line before, and it certainly applies to the short sale process. Short sales can be pretty distressing and especially when you find it particularly hard to admit to financial difficulties in your hardship letter. Just be reminded that the longer you delay the inevitable, more debt would be piling up on your doorway.
Banks don’t always have in-house professionals capable of appraising the fair market value of your property. Most of them contract appraisers to do this, and if they are dealing with a very busy appraisal company then that means more waiting on your part. In other cases, a BPO or broker price opinion is used instead. This, however, can also consume a lot of time.
Mortgage Insurance Company
Getting approval from the bank is hard enough as it is, but that’s just the beginning. The second hurdle in getting Wellington short sales approved will be to get a nod from your property’s mortgage insurance company instead. Paperwork that you get from the bank will have to be submitted to insurance companies. If you are lucky, you could have those papers reviewed and approved in several weeks. The average, however, would be around thirty to forty-five days.
Last but not the least, there’s the bank to consider. Banks play a very integral role in the short sale process and if they don’t give their green light to the deal then nothing would happen. Unfortunately, even if they do want the short sale to push through as quickly as possible as well, it still doesn’t end up that way.
If you’ve followed recent foreclosure reports, you may have noticed that a lot of banks are under fire for not showing up in mediation sessions with all the required paperwork. Well, it’s the same with the short sale process.
As you can see, even if you have a really good realtor working for you there are just some things in the Wellington short sales process that is entirely out of his or her hands.
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.