I am happy to report that I closed another short sale today and have another closing tomorrow. Many buyers and agents fear the short sale process and shy away from it. The general perception is that the deal will drag on forever and will never close. Buyers are fearful that if they make an offer on a short sale and it doesn't go through they will have wasted all this time and passed up other opportunities, especially with the nearing deadline for the $8,000 tax credit for first time home buyers.
Well, here is what you should know about the short sale process.
-Most cooperative lenders will turn a short sale approval around in less than 45 days.
-Buyers usually purchase the property 10% or more BELOW market value.
-Lien holders often allow seller paid closing costs on behalf of buyer.
-If handled properly, a full commission is usually approved, and it is a win-win for everyone.
-Sellers should beware of companies that request up front monies to handle your short sale or ask that you start making your payments to them.
-A qualified and experienced Realtor can help you determine all your options and handle the process for you on a commission for performance basis.
-There is also a free legal hot line that can our clients with legal advice in short sale/Pre-foreclosure situations.
Call me if you or someone you know need to find out more information about that options might be available to them.
Always happy to help and share the good news of the Tallahassee Market.
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