Lakeland FL Short Sale Agents Explain Why Short Sales Take Time
It is no secret to Lakeland FL short sale agents that short sales aren’t exactly short. In fact, it can take months to finish and doesn’t always end up well. Aside from the fact that the layers of negotiation contributes to this, there are a number of reasons for all these delays. Here are some insider information you ought to know:
- Document related delays
A short sale listing agent will have to be responsible in preparing and submitting the short sale package the bank needs in order to analyse and approve the short sale. These documents have been listed in one of our articles in http://LakelandFL-ShortSaleAgent.com/. There are instances when delays happen due to documentation. Here are the most common ones:
-Missing signatures in documents
-Incomplete information
-Lost documents
-Documents are not current
- Lender issue related delays
Since the lenders have a say on whether or not a short sale offer will be approved, some delays are also associated with them. They comprise another layer of negotiation which means more discussion and more chances of getting rejected. Here are some of the major delays:
-Lender requires a Broker’s Price Opinion or BPO to be accomplished to have a basis on which to compare your offer.
-The authority who must review the short sale is not available for some reason
-A review board still needs to check and study your offer for that Lakeland FL home for sale
-There are more than one lenders and they don’t agree on the offer
- Seller related delay
Although a seller would also typically want to close short sales in Lakeland FL as fast as possible to start getting back on his feet and fix his finances, some delays are also attributed on this party. Here are some of them:
-Necessary information and document has not been provided by the seller. These include the hardship letter, documents detailing his financial situation like bank statements, pay stubs, and tax returns.
-If the seller does not cooperate on negotiations because of lack of motivation. Because of the number of documents needed to be produced and the long wait, it is not impossible for a seller to lose interest in cooperating to make the short sale successful.
Needless to say, patience is something you need to have if you wish to enter and close a short sale. If you have a Lakeland FL short sale agent who can explain to you why things take time and who can do necessary follow ups to speed things up, consider yourself lucky.
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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