Short sale needs bank approval

Search for homes

Buyers and sellers entering into a contract for a home that is subject to a short sale need to be aware that the transaction will require the seller's lender approval. The lender will have the right to approve:

• Purchase price
• Terms of the contract
• HUD statement

In the short sale process the bank or lender must agree to take a payoff from the seller that is less than is owed. This process can take time. Both parties will need to exercise patience and the lender processes the request.

If you are facing a short sale situation it is best to use the services of a full time real estate professional to assist you with the selling of your home. Give me a call at or email me to discuss your specific situation.

Related Florida real estate views:

Appraisal problems add to the frustration

Real estate agents would be wise to pick short sales over long sales.

Negotiating a short sale with the lender

- Greg Staker - 407-304-0255

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