Buying a Lakeland FL Short Sale? Consider Hiring a Short Sale Buyer’s Agent
While it is essential to hire an experienced Lakeland FL Short Sale agent when listing homes, it is equally necessary hiring a buyer’s agent in Lakeland, Florida who specializes representing buyers who are interested in buying a short sale.
The question that comes up quite often is why can’t any other agent help me with my buying process? Our Lakeland Fl real estate market is not inundated with short sales, in fact we have an abundance of Lakeland Fl Homes for sale that are being marketed as traditional sales. Buyer’s agents don’t want to deal with the long drawn out process dealing with a short sale, the agent’s time involved and months later getting a commission, when there are plenty of others to show a buyer. Forgetting that a potential bargain deal buyers can achieve, as I have experienced. This brings great joy to my profession that I saved my buyer thousands of dollars by me helping them as their Lakeland Fl Short Sale buyer’s agent.
The first step I do when a buyer is calling or emailing me about short sale is counsel because not all buyers are ideal candidates for a Lakeland Fl short sale.
- Buyers need to sell their home first
- Buyers need to close quickly within 30-90 days
- Buyers with lots of contingencies - such as seller to pay closing costs, repairs, etc.
Working as a buyer’s agent helping clients with the purchase of a Lakeland Fl short sale requires me to be proficient and knowledgable about short sales. More importantly, educating my buyers about the short sale process and knowing their expectation upfront is key to a smooth, successful and a less stressful transaction.
The next step would be making sure after providing a list of homes for sale that are within my buyer’s criteria, such as location, price range, size and amenities research the property and interviewing the listing agent.
There are five simple but essential questions to ask the listing agent before preparing an offer for you, the buyer:
Has the required short sale package been completed - is it ready for submission? On one of many occasions I interviewed an agent and the agent was saying that the seller was slow to respond, slow to submit all the required documents. A Sales & Purchase Contract will not be reviewed by the lender/servicer unless all documents are received. At that time it may be wise to move on to the next house. When there are more than one loan, every lender requires the completion of a short sale package.
How many notes and liens are on the property? If there is a home equity line of credit (HELOC) that could complicate matters because the lender has to approve the short sale as well. Most lenders will only allow a certain amount to the second note holder. Negotiation skills on part of the listing agent or attorney is essential getting past any difficulties between the two servicers. When there is a lien on the property such as a Homeowner’s Association, the homeowners association management likely want to be paid too.
Who are the lenders and/or loan servicers? Depending on lenders such as Bank of America and SunTrust, a short sale transaction could take up to 12 months.
Are you negotiating the short sale for the seller? My next question would be how many have you successfully negotiated and completed. Dealing with agents that have not completed a short sale or who are not surrounded by a competent experienced team of negotiators and processors surely sends a red flag to me and my buyers.
How do you handle multiple offers? Short sales have been known now for many years and still the most common mistakes listing agents do is sending multiple offers just to get the transaction started, ignoring the fact that they are wasting your time as the buyer and mine as your Lakeland FL short sale buyer’s agent.
Interested in getting a great deal on a Lakeland Fl short sale, hire a buyer’s agent, who does not shy away from the process a short sale transaction takes. Call me at (863) 619-6918 or email me at petra@petranorris.com. Servicing the communities in Lakeland, Auburndale, Bartow, Winter Haven, Kathleen, Polk City, Highland City, Winter Haven, and Lake Alfred.
Copyright © 2010 By Petra Norris * Buying a Lakeland FL Short Sale? Consider Hiring a Short Sale Buyer’s Agent*
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
Housing economists and experts use the absorption rate in real estate to predict the housing market, while sellers may heard the phrase through the media but really don’t know what absorption rate represents. Since April 2009, appraisers are required to use absorption rate for all government loans.
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