Don’t get frustrated if you can’t seem to face the mortgage issues you may have with your lender. Different answers, confusing lists of information gathering, it all becomes overwhelming and you begin to avoid the entire process altogether. Don’t let this happen to you.
The amount of short sales versus foreclosures in the Fort Lauderdale Wilton Manors Real Estate Market of 2013 have grown and are expected to rise. Although the short sales here in South Florida are getting approved quicker by the lenders, there are still some short sales that can take up to 3 times longer than a typical home sale. This extended period of time leaves a lot of room for discrepancies that can greatly affect the transaction and in some cases lead to a declined short sale request.
The Henri Frank Group at RE/MAX, has been successfully processing short sales for homeowners throughout the South Florida region since the start of the mortgage crisis in 2007. We have seen the ups and downs, ins and outs of this very complicated process. Our experience has enabled us to foresee some of the obstacles so to avoid them.
We joined forces with the Law Office of Nugent and Ground, attorney’s Patricia Nugent and Tad Ground who are Real Estate attorney’s with offices in Fort Lauderdale have a team of short sale negotiators. Together, the Fort Lauderdale Realtors of the Henri Frank Group in a joint effort get the short sale done for the homeowner who is to short sale their property.
HERE ARE (4) MAJOR OBSTACLES OF THE SHORT SALE PROCESS
Title Discrepancies are common throughout the short sale process. This is the main reason why a proper analysis of the title initially is crucial to recognizing all parties associated to the dead and mortgage. When you have a clear idea of who lien holders are, you can move forward, confidently and avoid significant delays.
Don’t misplace, throw in the garbage, correspondence from your lender. These misplaced documents or lack of understanding offers made to you by the lender can delay the process. Obligations of the homeowner exist from the lender. Be sure you have a clear understanding of the process. We will arrange a FREE consultation of the process with the attorney’s, negotiators and realtors. Once the process has begun, it’s a good idea to make contact with the lender at least one or two times every week in order to stay ahead of any preventable issues which is what we do for our short sale sellers.
Postponing the Initiation of the Sale can tag on additional months to the transaction. Many short sales don’t officially start until a contract to purchase is commenced. New policies have been enforced by lenders. In some cases, they will not give a borrower a chance to short sale until the value of the home has been calculated and the prospect is approved.
Insufficient Documents: Submitting incomplete or incorrect information is a common cause of delays during the short sale transaction. It’s extremely important that all financial documents are up to date and sent to the lender as they change.
Brokered by RE/MAX Preferred in Fort Lauderdale Wilton Manors Plantation and Hillsboro Shores, the Henri Frank Group are licensed Florida Realtors. Certified Distressed Property Experts that has trained us to properly execute a Short Sale in Florida. For more information about the Short Sale process or to contact us for a Short Sale consult go to our website at http://henrifrank.com or call us at our office, 954-604-9999.