On at least 2 different occasion this month a short sale transaction closing has been delayed because of a low appraisal.
You can imagine the frustration of everyone involved. The listing agent and the seller were successful in getting the seller’s lender to accept a reduced payoff of the seller’s mortgage. The buyer and their agent were excited to know that the short sale contingency had been met and the seller would be able to close.
All for naught however as the buyer’s appraisal of the property, required by the buyer’s lender, came in lower than the agreed upon short sale price!
Appraisers no doubt are being very careful as home values are bound to be affected by the numerous foreclosed properties hitting the market.
Related Florida real estate views:
How can I make sure I am not paying too much for a home?
Buyers suing over real estate appraisals
Orlando real estate - Selling your home tip #1.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Showing posts with label short sale negotiations. Show all posts
Showing posts with label short sale negotiations. Show all posts
Aug 21, 2008
Apr 14, 2008
The bank does not own the home.
It frustrates me to see some of the offers coming in on homes that are subject to a short sale contingency.
Today an agent, not within our office, attached their own addendum to an offer that stated the offer was subject to the bank signing the offer and the bank agreeing to pay the buyer's closing costs.
The bank does not own the home.
Related Florida real estate views:
Foreclosures for sale: Million dollar houses
Lender says no to deed in lieu
Real estate agents would be wise to pick short sales over long sales.
- Greg Staker Watson Realty Corp. 407-304-0255
Today an agent, not within our office, attached their own addendum to an offer that stated the offer was subject to the bank signing the offer and the bank agreeing to pay the buyer's closing costs.
The bank does not own the home.
Related Florida real estate views:
Foreclosures for sale: Million dollar houses
Lender says no to deed in lieu
Real estate agents would be wise to pick short sales over long sales.
- Greg Staker Watson Realty Corp. 407-304-0255
Mar 13, 2008
Short sale experts | Short sale specialist
The wave of short sale listings sweeping Central Florida is being quickly followed by an increase of real estate agents advertising themselves as short sale specialists or experts.
Short sales have not played a prominent part of the Central Florida real estate market in years past so it would seem logical that the short sale specialist and experts in today’s market have had to gain their experience and specialty over the last few months.
One would naturally think that these agents, who are short sale experts, have closed quite a few transactions, which has provided them the experience that would qualify them as an expert.
That is why this year’s sold reports from the MLS for the 5 counties of Lake, Orange, Osceola, West Volusia and Seminole are somewhat confusing. My reports indicate, that 95 homes described as being short sale or third party approval contingent homes have sold this year. This means 95 out of the 2,756 or only 3% sold were described as a short sale.
3%. Seems like a small number does it not?
While I am sure there are individual agents who have a clear understanding of the short sale process from start to end, it would seem prudent to make sure the real estate agent you ask to help you buy or sell a home in a short sale situation be an agent who is full time and part of a team large enough to offer mortgage, title and professional real estate help that has been developed from over 40 years of Florida real estate experience.
As a company we provide expert real estate services, even when it is a short sale.
Related Florida real estate views:
Real estate agents would be wise to pick short sales over long sales.
There comes a point when you have to foreclose.
Battle of the short sale: Just say no
- Greg Staker - Watson Realty Corp. - 407-304-0255
Short sales have not played a prominent part of the Central Florida real estate market in years past so it would seem logical that the short sale specialist and experts in today’s market have had to gain their experience and specialty over the last few months.
One would naturally think that these agents, who are short sale experts, have closed quite a few transactions, which has provided them the experience that would qualify them as an expert.
That is why this year’s sold reports from the MLS for the 5 counties of Lake, Orange, Osceola, West Volusia and Seminole are somewhat confusing. My reports indicate, that 95 homes described as being short sale or third party approval contingent homes have sold this year. This means 95 out of the 2,756 or only 3% sold were described as a short sale.
3%. Seems like a small number does it not?
While I am sure there are individual agents who have a clear understanding of the short sale process from start to end, it would seem prudent to make sure the real estate agent you ask to help you buy or sell a home in a short sale situation be an agent who is full time and part of a team large enough to offer mortgage, title and professional real estate help that has been developed from over 40 years of Florida real estate experience.
As a company we provide expert real estate services, even when it is a short sale.
Related Florida real estate views:
Real estate agents would be wise to pick short sales over long sales.
There comes a point when you have to foreclose.
Battle of the short sale: Just say no
- Greg Staker - Watson Realty Corp. - 407-304-0255
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