Top 5 Most Common Problems on Short Sales in Lakeland
Short sales in Lakeland can be the best option for most homeowners who are facing foreclosure. In a short sale, the lender and the seller agrees that the proceeds of selling the home would be less than the amount borrowed. This is preferred as it is often more beneficial to all parties involved, especially when compared with foreclosure.
But a short sale also has its own sets of problems. These are the most common obstacles of a short sale:
- There may be difficulty in compiling necessary documents
Paperwork for short sales is not for the impatient. Sometimes, difficulty lies at the beginning of the process when all reports, receipts, documents, and signatures need to be completed. If a seller is not committed to selling and does not cooperate, a short sale agent may have a hard time.
- There may be too many strong competitions
Competitions would be a hurdle on the part of a buyer. If you are a short sale buyer and you want your offer to standout, researching is vital in order to come up with an offer that would be favoured by the bank. Sometimes, because the home is a real gem and the price is low, you would have more than one buyer bidding to get the home.
- There may be delays in approval
Lenders take a long time checking all documents and reviewing an offer for a short sale. That is why all necessary documents must be included in the package to be delivered by Lakeland FL short sale agents to the bank. If the Approval may be delayed when the mortgage is not handled by the original lender or when there is another lender involved.
- There may be a lot of lowball offers
This is basically something that wastes time of everyone involved in short sales. Lowball offers which were not thought through can result to two very negative things. On one hand, the lender may be easily tempted to give a way higher counter offer. On the other hand, a supposedly potential buyer may just be tempted to walk away.
- The negotiation may be long and complicated
Since a short sale is not like any other Lakeland FL homes for sale where only the seller has the final say on accepting an offer, negotiations can often results to a lot of problems. This is especially true when there are more than one lenders involved. The home may be easily foreclosed when counter offers are thrown back at each other by the lender and the potential buyer, and when the latter often just walks away.
But don’t get disheartened just yet. When you have an expert Lakeland FL short sale agent who has closed a great deal of short sales in the past, you are sure to get through most of these problems. To give you more ideas and to properly set your expectations on short sales, you may check out http://LakelandFL-ShortSaleAgent.com/.
Call me, Petra Norris, at (863) 619-6918 or send me an email at petra@petranorris.com if you’re looking for a Lakeland Florida real estate agent with superior local knowledge, experience, professionalism, integrity, and personal service to help you sell or buy short sales in Lakeland FL.
Petra Norris, REALTOR®…
Going The Extra Mile For You!
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