Important informations about Orlando Florida Short Sales and Celebration Florida Short Sales.1. Most lenders/or primary lien holder will approve offer at 80% of mortgage Balance( short sales) . Why it will not close? or why it will take longer to close? because during the process, the property might have more liens against it like property tax lien, HOA lien or second mortgages.
2. Tax liens: Another potential problem is that the seller may have delinquent property taxes or IRS tax liens that may not show up on the title company report. Remember, these liens are superior than any other liens.It must be paid first prior to clearing title. The IRS literally takes months to release a tax lien. If the seller has an IRS tax lien, the probability is high that transaction will not close. Consequently, it's extremely important that you check for tax liens prior to listing a property and spending your hard-earned money on marketing.
3. When the lender comes back at you with their appraiser's list of comparable sales, the burden is on you to show whether those sales are accurate. It's also important to show the lender whether the market is increasing or decreasing. Is the truemarket value really decreasing?
Full Disclosure must be signed by the seller if there are other liens of his/her property. Buyer's agent ,please get a lawyer to get full disclosure in behalf of your buyer. You don't want your buyer to close on a short sale property that still has an existing liens left after closing. Both licensees can easily lose their licenses in dealing with this type of transactions. Seller's agent,please get full disclosure from your client. Add all liens ,commision ,PMI coverage and mortgage balances( 1st loan and second) , then multiply by 80%. That should be your listing price..
Short sales are only for those agents who have excellent negotiation skills and who can skillfully illustrate the costs for the lender of waiting to sell. Mastering these few simple steps can help to avoid a great deal of grief. Furthermore, it will prevent you from wasting your hard-earned marketing dollars on a listing that cannot close.
For Buyers, please make sure that a lawyer must be consulted in this type of transaction.
