The Bradenton, Florida homeowner can expect the short sale to be very time consuming. The short sale process requires patience from everyone involved: seller, buyer, Realtor, and lender.
Most lenders won’t even look at the short sale package until you have an offer. Then they want the whole package sent at one time. Approval may take two weeks to two months. Some short sales may take as long as 3-4 months from beginning to end.
The Lender has the final say. Remember, the lender is the one who approves the short sale 100% of the time. Therefore, your proposal must make sense to the lender. The job of your REALTOR® is to convince them that the buyer’s offer is better than taking the property through foreclosure. If there is more than one lender, your REALTOR® will have to negotiate with each of them separately.
You are probably understanding more and more why you need a short sale expert on your side.
(Copyright © 2007 By Dan Forbes, All Rights Reserved.)
