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Some More Things You Need To Know About Short Sales

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Some More Things You Need To Know About Short Sales

Tips about Lakeland FL short  sales

Tips about Lakeland FL short sales

1. Only a few short sale transactions close. Short sales are complicated transactions and only half of the listed short sale homes actually sell as Lakeland Fl short sales. Once a short sale fails, it ends up as a renegotiated short sale with another buyer or foreclosure.

2. A Short sale negotiator will not guarantee the success. Many companies may claim to be short sale negotiation experts but are often national companies who are not familiar with the Lakeland Fl real estate market. Beware of crooks disguised as short sale negotiators. There are a lot of mortgage assistance fraud around since there is no accreditation process for this industry, which makes it hard to tell who is real and who is a fraud. Even an expert Lakeland Fl short sale agent could not guarantee a successful short sale.

3. Inexperienced, unprofessional, and incompetent listing agents could kill the deal. Since there is a large percentage of short sales and a high turnover rate in real estate, chances are high that you might get a listing agent who is just going through his or her first or second short sale. Buyers cannot choose the listing agent, but they can definitely contact the listing agent’s broker if things don’t appear to be going well.

4. Lenders are not obligated to complete the transaction based on short sale documents. A lender’s decision is final and they will not change it. But there are some cases that even if the deal is sealed, the lender could instantly bail on you if a better offer comes in, especially if the deal can help them recover more of their loan.

So make sure you are familiar with the entire short sale process before you begin. It would be best to consult an experienced, highly professional Lakeland Fl short sale agent to help you with the process and avoid these common problems.


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