3 Strategies For a Successful Lakeland Fl Short Sale
The success of a Lakeland Fl short sale largely depends on all the parties working together, and not just the seller or the Lakeland Fl agent.
Here are 3 strategies that the seller, buyer, and short sale agent could use to reach a successful short sale in Lakeland Fl:
1. Sellers: Work with your Lender.
Every lender will have their own set of guidelines in reviewing short sales and this could take several weeks to months. Lenders require sellers to prove that they cannot continue to make their mortgage payments through a hardship letter. The lender will carefully review the homeowner’s reasons and confirm if their financial hardship is valid enough for them to do a short sale.
The lender will also verify if the house is indeed underwater and that the selling price is as close to the fair market value as possible by reviewing a comparative market analysis or appraisal.
Ideally reviews should be completed within 45 days. The worst case scenario is the lender will not respond and the home goes into foreclosure several weeks later.
Under the Homes Affordable Foreclosure Alternatives (HAFA)
program, lenders and sellers are given incentives when they use a streamlined short sale process. Lenders in the HAFA program are required to provide sellers with the sale terms and review hardships and CMAs upfront. Lenders agree to work under certain time frames and deadline to streamline the short sales process.
If you are a Lakeland Fl short sale seller, contact your lender and ask them whether they participate in the HAFA program, which is a voluntary program. Ask them about their time frame for response to offers. Work with your lender and provide them everything they ask from you for them to review.
2. Buyers: Be Patient.
If you are a buyer, understand that the trade-off for a great bargain on a Lakeland Fl short sale is the long wait in the contract review process. If you are in a hurry to buy a home and move in, a short sale is not for you. But if you really have your eyes set on a short sale home, be patient since it may take months to close.
3. Short Sale Agents: Prepare Your Clients.
As a Lakeland Fl short sale agent, the most important thing you can do is to prepare your client for the length of time the short sale process will take. Make sure you know the lender’s process and its history in Lakeland Fl short sales. By doing this, you avoid frustrated clients walking away from you. You might even get recommendations as a short sale expert.
Lakeland Fl short sales can be tough, but with the right preparation and cooperation between the seller, agent, and the buyer, the short sale can successfully close in a shorter period of time.
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