Selling Reno And Sparks Real Estate Blog: Florida

Today a real estate agent questioned whether or not one of my short sale listings would be approved faster IF the buyer was paying cash.  Unfortunately cash buyers will have to wait in line just like buyers who are obtaining financing.  Short sale lienholders are focusing on their bottom line, not the buyers financing terms and the length of time a short sale takes to be approved (or denied) ultimately depends on the short sale seller, short sale listing agent and lienholders.  

• Is the short sale seller cooperating?  
• Is the short sale agent on top of things?  
• Are the lienholders responsive and processing the file?

Now once the short sale is approved a cash buyer definitely has the advantage over a buyer who's obtaining financing because they should be able to remove outstanding contingencies quickly and close, but I have yet to see a short sale lienholder approve a short sale faster because the buyer is paying cash and could close "quickly."

Unfortunately cash buyers and buyers obtaining financing are in the same boat when it comes to the length of time it takes for a short sale to be approved.

Originally posted at http://wellingtonhometeam.com/will-a-short-sale-be-approved-faster-with-a-cash-buyer/

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

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There are many misconceptions about Wellington FL short sales and one of them is PRICE.

Just like a traditional sale a real estate agent will prepare a CMA (Comparable Market Analysis) for the short sale seller.  Based on the facts presented in the CMA a price range will be established and a short sale agent may even recommend an actual list price, but ultimately the short sale seller picks the asking price, which may be negotiable.

While the short sale seller picks the asking price their lienholder(s) will ultimately decide the final price, which might not be the same price the seller and buyer agreed upon.

Occasionally a short sale price will be "approved," but it will still need to be re-approved for the specific buyer and the approved price and/or terms may change.

If you are a short sale buyer or seller contact us today for all your Wellington FL short sale needs.

Originally posted at http://wellingtonhometeam.com/who-picks-the-short-sale-asking-price/

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

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Every Wellington short sale will have several hurdles that need to be jumped in order to reach the finish line and one of the biggest hurdles I have encountered over the past year in Wellington Florida are HOA liens (Homeowners Association).

Last year I had a short sale buyer purchasing a Wellington FL short sale that had three lienholders; first mortgage, second mortgage and the HOA. It took several months for the short sale seller to come to terms with the first and second lender, but it took almost just as long to come to terms with the HOA.

While the short sale listing agent did an excellent job at negotiating with the HOA, which included the board, an attorney & property manager it still delayed the entire process.

While not all Wellington short sale sellers can afford to pay their HOA dues I highly recommend staying current if they can.

If you are thinking about selling or buying a Wellington FL short sale contact us today to guide you through the entire process from start to finish.

Originally posted athttp://wellingtonhometeam.com/wellington-short-sale-sellers-avoid-a-hurdle-and-pay-your-hoa/

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

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While a Wellington short sale seller needs approval from their lienholder(s) in order to sell their home they still have a say in the process.  Not only can a short sale seller turn down a buyers offer, they can also turn down their lienholders short sale approval terms.

Last week I was notified by a short sale listing agent that he finally received written short sale approval from BOTH lienholders.  However after reviewing the written approvals the short sale seller did not agree to the short sale approval terms set forth.

While some buyers are under the impression that short sales are guaranteed, they are not.  The short sale lienholder(s) may not approve a short sale and then there is always the possibility of the short sale being approved, but the short sale seller not agreeing to the short sale approval terms.

If you are interested in buying a short sale or selling your home as a short sale contact us today for all your Wellington short sale real estate needs.

Originally posted at http://wellingtonhometeam.com/does-a-wellington-short-sale-seller-have-a-say/

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

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Wellington FL Short Sales:  Communication is Key!

Communication is key when it comes to Wellington FL short sales, regardless if you are a Wellington short sale listing agent or Wellington short sale buyer's agent. 

As a REALTOR in Wellington Florida I have had conversations with both Short Sale Sellers and Buyers who have worked with other real estate agents and their biggest complaint was lack of communication from their agent.  

When a homeowner decides to short sale their Wellington home it can be one of the most stressful times in their life with all of the unknowns, so it is extremely important that their short sale listing agent communicates with them on a regular basis even if it's a quick e-mail or text stating "no change this week."  At least the seller knows their listing agent hasn't forgotten about them.

The same holds true for home buyers who are trying to purchase a Wellington short sale.  First and foremost it is important that home buyers are educated on the short sale process and are prepared to stick around until the sellers receive a short sale approval or denial letter, which could take weeks or several months.  

Most Wellington home buyers could probably go the first week or two with no update or communication from their Wellington short sale agent, but as soon as that 30, 60, 90, 120 days pass I can almost guarantee they will start to get impatient.  So it is important to keep these buyers updated even if it's an e-mail or text stating "no change this week."  I personally update ALL of my clients every single week.

Communication is key for ALL real estate transactions, but especially during a Wellington short sale transaction.  There are several Wellington Short Sale Agents to choose from, make sure you hire an experienced agent to guide you through the process.

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

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       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

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