Lakeland FL Short Sale - Is Cash Really King?
Thank you for your email and question. While cash is king, the offer is still being negotiated with buyer and seller. Once both parties (buyer and seller) agree to the terms and condition of the offer, the offer becomes a contract for sale and purchase and submitted with all the seller's pertinent documents.
Although a contract with no financing contingency may get the seller's lender attention and speed up the process after the lender has approved the short sale, the lender's primary goal is to limit their losses. The lender is only interested in their net, regardless of financing or paying with cash, therefore cash makes no difference to the short sale lender.
Also, please keep in mind that each short sale is different depending on who is the lender and the condition of the property. One of my cash buyers who bought a short sale recently signed the contract in December 09 and closed in May 2010.
- Make an offer that is fair and supported by comparable recent sales.
- If the lender has a history of taking more than six months to close, be prepared to wait or don't make an offer.
- Arrange for a homeowner's inspection within a few days after the contract has been accepted, so you don't waste time waiting for the approval - it may even give your Lakeland FL Short Sale buyer's agent additional negotiation power.
- Remember, no short sale is a guarantee, even when paying in cash - it all depends on the seller's financial situation.
Copyright © 2011 By Petra Norris *Lakeland FL Short Sales - Is Cash Really King*