When It Comes to Palm Beach Short Sale, a Strategy Works

The fact you are considering a Palm Beach short sale could mean two things: you are trying to avoid a foreclosure or you simply want to get rid of your home whose value has plummeted considerably. Whatever your reason is, you need to have a strategy. Of course, you need to make sure the strategy you choose is not only easy but also effective as well.

There are plenty of strategies out there that will allow you to find a buyer and submit a proposal but not all of them are effective AND easy. So, make sure you choose the right one. Consider the following:

1. Secure the Palm Beach Buyer – it is not enough you find a buyer who will make a reasonable offer. You have to make sure the buyer will stay for the long haul. One way to accomplish this is to ask for a earnest money deposit. Of course, this will not secure the buyer 100 percent but at least it will show the buyer is serious enough.

2. Secure the Proposal – the approval of the lender does not only rely on how reasonable the buyer offer is. It also depends on how well you prepared the proposal. You cannot expect the lender to answer your proposal if some of the paperwork is missing or outdated. Usually, the short sale proposal contains the financial proof of your inability to pay your mortgage, the buyer offer, hardship letter, appraisal or BPO report and related homeownership documents. It would be a good idea to submit a comparative market analysis for Palm Beach as well.

3. Secure the Transaction – after securing the buyer and the proposal, you need to secure the actual transaction by making an effort to keep all lines of communication open to everyone involved — the lender, buyer and your Palm Beach short sale Realtor. The waiting period can stretch for several months and the important thing is you are updated as to the status of the proposal.

Palm Beach short sale is not an easy process and can be trying at times. Having a great team to take care of everything is one of the most important things you can have.

3 Simple Steps to a Successful Fort Lauderdale Florida Short Sale Purchase

Homeownership remains to be the greatest American dream. But for many, budget is a serious consideration and most opt to let go of this dream. However, there is a way to work around your financial constraints without having to sacrifice your preferences. You can always choose to consider purchasing a Fort Lauderdale short sale home.

Fort Lauderdale properties being sold via short sale are certainly a lot cheaper since the seller would like to sell due to mortgage payment problems. All it takes is for the lender to agree to the short sale and the home can be yours. This is obviously easier said than done, since you need to make sure you come up a winner in the end.

As a Fort Lauderdale short sale buyer, follow these three simple steps:

Pre-offer Inspection – make sure you check the condition of the home in order to know what you are getting into. You need to remember the homeowner might have trouble with the maintenance of the home so you need to know if you will be spending extra money on repair.

Making a Reasonable Offer – after the inspection, you also need to check out the other homes for sale in the area to see how much they are selling for. This is what is referred to as making a comparative market analysis. It is effective in helping you come up with a reasonable offer, which is crucial if you want the lender to approve the short sale proposal.

Waiting for Lender Approval – you have to be ready to wait for some time since most lenders take a long time in coming up with a reply to the proposal. The reply could be a yes, no or counter offer. Be prepared for whatever the outcome is. This will certainly speed up the transaction and before you know it, you are the proud owner of your very own Fort Lauderdale home.

If you would like to have someone assist you throughout the entire short sale process, be sure to hire the services of a professional short sale Realtor in Fort Lauderdale.

Wellington Florida Short Sale: When Foreclosure Is Not an Option


Distressed homeowners in Wellington Florida who are at the end of their ropes and losing hope should probably think about selling their home via a Florida short sale. It is the single, most effective foreclosure alternative among other options.  It allows you to sell your home, get rid of your mortgage debt and have very minimal credit score damage.

Of course, when you ask around, you will be told of how complicated and lengthy a Wellington Florida short sale could be. You have to realize the reason for the complication and long wait is because of certain failures, the most common of which are enumerated below:

Failure to Submit a Reasonable Offer – you have to put yourself in the lender’s shoes since they are the one who will be suffering from significant loss if they agree to accept low ball offers. It would be a good idea to submit, along with the offer, a broker price opinion (BPO and seller’s lender will order it) so the lender can see how much your home is presently worth in the market. A comparative market analysis of recently sold Wellington homes will also help justify the buyer offer as well as the home inspection report. You have to remember you need to make the lender see how reasonable the buyer’s offer is considering all the above factors.

Failure to Provide Proof of Financial Hardship – another thing which could doom a short sale into failure is by not submitting all documents that show the lender you are no longer capable of meeting your mortgage obligations. Of course, not only do you need to submit all financial statements but you have to make sure they reflect the latest figures. Otherwise, the lender will have to request for the updates and this will cause delay in the short sale processing.

Failure to Meet Lender Demands – it is a fact lenders are not obligated to agree to all your requests and you’ll have to respond to their inquiries. They could range from asking for seller contribution or not waiving the deficiency judgment and asking you to pay the difference between the sales proceed and the mortgage debt. In any case, you and your Wellington short sale Realtor need to negotiate in order for you and the lender to reach a win-win agreement.

For a Wellington short sale expert please contact a local Realtor.

Overcoming Short Sale Obstacles in Florida

As a homeowner in Florida, the decision to sell your home via a short sale transaction could be one of the most difficult decisions you will ever make, especially if you think about the likelihood of running into certain short sale obstacles. However, you have to accept the fact a Florida short sale is your best foreclosure alternative and with the assistance of an experienced Florida short sale Realtor, you could actually overcome these obstacles.


Here are the most common obstacles Florida homeowners encounter:


Incomplete Documents/Requirements

If you are not familiar with a short sale, you should know it is a real estate sales transaction which requires the approval of the lender. This is because the lender has to agree to accept the proceeds of the sale, the amount of which is less than the mortgage owned on the property. Such approval can be obtained if you manage to submit all the necessary documents to prove to the lender you deserve their thumbs-up or approval. The items include income tax returns, pay slips, statement of assets and liabilities, utility billings and credit card statements and of course, the hardship letter, which details the circumstances why you could no longer pay your mortgage.


Lack of Buyer Interest

Even with all the required documents ready, you will still need to submit a legitimate offer. Finding a buyer for your home in Florida is also challenging, especially since the wait time could be months to hear back about a counter offer or acceptance from the seller’s lender. The trick is to generate as much buyer interest as you and your Florida Realtor can. Conduct open houses and make an effort to spruce up the place. Improve curb appeal by applying fresh coat of paint and mowing the lawn. Also, you have to make sure you are asking a reasonable price for your home. Sometimes fixing the home up is not an option, since finances do not make this possible. If this is the case there is nothing one can do other than clean it up.


Long Wait for Approval

After preparing all documents and securing a buyer, the hardest part would be the waiting. Your Florida short sale Realtor should keep communication with both the lender and buyer open in order to make sure the short sale will push through. Make an effort to update all your documents in case the lender would want the latest data/information.  Last of all, good luck!

More Tips for Closing a Palm Beach Short Sale

With a 27 percent increase in activity for the month of October, homes sales in Palm Beach County are certainly improving. The report from the Palm Beach Board of Realtors revealed 918 single family units purchased during the month at $184,900 median price. The figure might be 16 percent lower than a year ago but it is 3 percent higher compared to September.


Now, with such good news, Palm Beach short sale Realtors will have something to look forward to. Of course, not all your hard work will pay off especially if you commit mistakes, which could have been avoided in the first place. To avoid these mistakes, check out the tips below:

  • Update Information. If the short sale process drags longer than you anticipated, it would be a good idea to ask the seller to provide updated documents which you will have to submit to the lender in order to keep the information they have updated. It would certainly take longer if the lender had to ask you or the seller to update the info. As always, being prepared pays off in the end.

  • Remind Seller to Maintain Property. Some sellers think just because their home is on the market, they no longer are responsible for maintaining it and keeping it habitable. Remind the seller they still need to mow the lawn and make the property look presentable especially if they are looking to sell via short sale. No one would like to buy an unattractive property and the seller would not want to receive a low ball offer.

  • Get Authority to Reduce Price. Since you will basically be negotiating with the buyer, you need to be clear about whether or not you can reduce the list price. If the seller gives you the go-ahead, you need to put this agreement in writing. Make sure the seller knows how low you will go and explain to them as well why such low figure is reasonable.


For Realtors in Palm Beach short sales are the norm. Patience, education, dedication, hard work and passion are needed above anything else.

Top 3 Tips Every South Florida Short Sale Realtor Should Follow

Every short sale Realtor who has been in this business for some time knows how difficult it is to get a lender to approve a short sale. In fact, it was reported that in South Florida, it takes 561 days for a short sale to be closed. Considering such a figure, fair warning for anyone considering a short sale.


So, in order to increase the chances of getting the lender’s nod, it will definitely take meticulous preparation of the short sale proposal. You might be surprised at some of the mistakes some sellers and their agents make. To avoid making the same mistakes, consider these tips:

  1. Get ALL Information. It is crucial the seller submits all pertinent financial documents to establish hardship. Make sure you prepare a monthly report of expenses, bank statements spanning at least three months and income tax returns for the past two years. You need to paint a very clear picture for the lender and leave no doubt in their mind the seller and everyone else will benefit from the short sale. As for the hardship letter, it is important you read it to make sure it makes sense and helps your case.

  1. Ensure Buyer Commitment. With the long wait, it is not uncommon for a South Florida buyer to suddenly walk away from the deal. In order to make the buyer commit for the long haul, you should require an earnest money deposit. The deposit should be given to the seller’s title company after the offer has been accepted and not when the lender okays the short sale.

  1. Present a REALISTIC offer. You have to keep in mind it is not only about submitting all required documents and keeping the South Florida buyer interested and committed. You cannot expect a short sale proposal to get approved if the offer is unrealistic. Crunch the numbers and do the research. You need to be fair and reasonable when dealing with the lender if you are looking to hearing them say, “yes”.