Tips for Lakeland Short Sale Sellers on how to stop Buyers from this contract cancel epidemic.
More than ever before Lakeland Short Sales likely will be a part of the Lakeland Real Estate market for years to come. One of the major obstacles for a short sale to reach a successful closing, the seller’s lender must approve the short sale. Before it would get to that point the negotiation is only between the seller and the buyer and their real estate agents. I have and have read that Short Sale Buyers walking on more than one occasion, the major reasons for this the buyers are not committed, uninformed of the short sale process or simply are in fact false buyers.
The Effective Date dictates the timeline of the contract for sale and purchase. An Effective Date occurs when the last one of the buyers and sellers has signed or initialed the offer or the final counteroffer. In a traditional sale, at the time of the effective date or within days of the effective date, the buyer is required to make a reasonable good faith deposit, follow up with a timely inspection and meeting financing contingency as stated in the contract. This can also be achieved when there is a Lakeland Short Sale.
There are measures to keep Buyers from walking away during a Lakeland Short Sale:
- Buyer must be committed to a longer waiting period – at least six months
- Buyer must have pre approval letter from a reputable lender
- Buyer must make good faith deposit upon acceptance of contract
- Buyer must make timely inspection after effective date
Sellers should not accept any offers because they are desperate. The offer must be at fair market value which is determined by an experienced real estate agent who is knowledgeable of the short sale process. Banks don’t want to foreclose, it costs them more than a short sale but they are not willing to approve a Short Sale contract with an unrealistic purchase price.