3 Attitudes which will Guarantee Success for Palm Beach Short Sale

The growing popularity of Palm Beach short sales these days have certainly created an illusion that it is an easy transaction. Of course, if you ask anyone familiar with it, they will tell you it can be complicated as well as lengthy. But the fact is, it is still better than a foreclosure. So, if you are willing to try this option to avoid your home from being repossessed, consider the following tips:

Learn How to Motivate

At the end of the day, it is the lender who decides whether or not your Palm Beach short sale will be approved. This simply means you have to convince them it is impossible for you to continue with your mortgage payments and get out of your delinquency status because of your current financial situation. Provide all the documents  to support your claim. In addition, you need to comply with all the lender requirements and even be proactive such as commissioning a BPO to establish fair market value of the property.

Learn to be Extra Patient

You have to understand and accept from the very start, even if you submit fair offers from qualified buyers, a Palm Beach short sale can take several months before it sees daylight. You have to put yourself in the lender’s shoes and see how much time is really needed to assess the validity of the short sale proposal. Of course, it can be really frustrating on the part of the Palm Beach home seller especially since there is the fear the buyer will walk away from the sale because it is taking too long. The trick is to keep constant and open communication, not only with the lender but also the buyer.

Learn to Be Realistic

Knowing what to expect and making sure your expectations are reasonable is important in the success of a Palm Beach short sale. Expect the lender to be suspicious of your proposal. So, you have to make sure such suspicions are extinguished by providing evidence as well as a fair buyer offer. Avoid making concessions with the buyer which will adversely affect the selling price. Remember, if the offer is legitimate and acceptable and your proposal is, without question genuine; then you will not have any problems getting the go-ahead and close your Palm Beach short sale.

Patience is the Key to Successful Palm Beach Short Sale

Stories about Palm Beach homes being sold as short sale have certainly increased in the past couple of years as lenders become more and more accommodating of this type of sales transaction. But despite its commonality, the entire process remains to be lengthy and riddled with complications. In other words, each step in the process would test your patience.

Obviously, you need to be prepared to wait a while for each of the steps in the short sale process to be completed. Knowing where you are will probably help you hold on, compared to not knowing what is happening.

For starters, the timeline you and the buyer have agreed upon should be contingent on the time when the lender approval has been received. This should be inserted into the Palm Beach Florida sales agreement as a clause. To protect both buyer and seller, there should also be a clear understanding involving the length of time the buyer is legally-bound to wait.

Some sellers hire the services of a Palm Beach short sale Realtor or negotiator since it is expected the process will involve a lot of communication and negotiation between the seller and lender. You also have to remember that in a Palm Beach short sale, all proceeds will go directly to the lender and it is up to the lender if they will pursue a deficiency judgment. In any case, most sellers choose to accept the highest offer in order to reduce the amount of mortgage debt they need to address if the lender decides not to waive their right to the judgment.

As for the negotiations between the lender and seller/short sale Realtor, a comparative market analysis will help justify the offer submitted along with the short sale proposal. It will certainly help in convincing the lender to accept the offer. You can expect the lender to do the same thing in making a counter-offer.

Typically, a Palm Beach short sale buyer has to wait for as long as five months before the lender approves the proposal. If you are patient and have entered the transaction with open eyes, such wait will surely be worth it.