Short Sales in South Florida require a lot of patience, time and energy but when all parties collaborate it can be beneficial to all involved. Below is an outline of some basic but imperative steps to follow that have demonstrated to be beneficial for me in overcoming some of the many obstacles short sales present.
South Florida Short Sales – The Sellers side:
- Be patient, diligent, organized and persistent
- Whatever you do, do NOT avoid your lender. Be frank with them about your situation
- Keep open lines of communication with your listing agent and real estate attorney as they will play key roles in moving the process along
- Gather the following:
- Last 2 years Tax returns
- Copies of most recent Bank Statements for all your accounts (3 months to be safe), proof of income and assets
- Write a Hardship Letter, a letter explaining the reason behind your current financial situation with supporting documents such as medical bills, death certificate, divorce decree, etc.
- Give your lender authorization to speak with your Realtor and Aventura real estate attorney
- Execute a sales contract on your South Florida property (Most important part of a short sale)
- Have your attorney prepare an Estimate of Closing Costs in the form of a HUD 1
- You are now ready to send a complete package to your lender with all of the above mentioned. (There is no such thing as a pre-approved “short sale”, if there is no sales contract there is nothing to discuss)
Short Sales in South Florida – The Buyers side:
- Be patient, diligent, organized, persistent and ready to close.
- Keep open lines of communication with your Realtor and attorney as they will play key roles in moving the process along.
- Present a clean typed out offer with no financing contingency and with all the required addendum’s. Make the best and strongest offer you can make. Remember there are multi-levels of approvals and conditions are usually required.
- Have your attorney review the contract and estimated HUD prepared by the Sellers attorney.
- Have a licensed Home inspector inspect the subject property.
- Have your Realtor provide a letter outlining your strengths as a Buyer and furnish data concerning current market conditions.
Short Selling A Home In South Florida – Make Sure It’s Complete
It is very important to send a complete package because missing information will delay the processing of your request. Keep in mind that lenders are overwhelmed and they look at thousand of files and will only grasp the packages that look well put together and are likely to close. You have to make a strong case by having your Realtor submit a comparative market analysis including market conditions. Remember Lenders are not in the business to own real estate.
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