Top 4 Tips for a Successful Lakeland Fl Short Sale

Top 4 Tips for a Successful Lakeland Fl Short Sale

Top 4 tips for a successful Lakeland Fl short sale

Doing a short sale in Lakeland Fl can be an overwhelming and stressful process, especially if it is your first time or if you are doing it alone. Here are some tips to help you complete a successful short sale:

1. Hire an experienced Lakeland Fl short sale agent.

You wouldn’t want to put your life in the hands of a first-time surgeon, right?  The same is true in working with a real estate agent that will help you with your short sale. A short sale is very complicated and time-consuming.   You need  a Lakeland Fl agent with experience in short sales and in your area to stay on top of the game. Beware of agents who claim to be short sales experts. Some of them may only have closed a handful of short sales. Just because they have a certification in short sales does not mean they are an expert. Interview several agents and ask them how many short sales they have closed in the past 2 years. You may also ask them for referrals.

2. Understand the potential consequences of a short sale.

You have to think long term. What happens next after the short sale? Laws for each state may be different so it is important to be aware of your state’s laws regarding short sales. Make sure to confirm whether your lender will agree to waive the deficiency. Make sure you have it in writing from your lender. One way to avoid a deficiency judgment is by doing the

short sale through the HAFA (Home Affordable Foreclosure Alternatives) Program. Lenders who approve short sales through the HAFA program are required to release the borrower from any future deficiency judgment. Take note, however, that lenders are not required to approve HAFA short sales.   Lenders may choose to approve your short salebased on their own rules and guidelines set by the loan investor. It is up to the lender to decide whether they will pursue a deficiency judgment against the borrower.

3. Ask your agent to help you negotiate your way out of a deficiency.

Most lenders won’t agree to waive their right to pursue the seller for the deficiency, or at least, not for free. You can ask your Lakeland FL short sale agent to negotiate  and have the lender waive their right to a deficiency judgment. Some lenders may ask the borrower to sign a promissory note for a small portion of the balance, or they may ask for a lump sum. What’s important is you get the help of an agent who is good in negotiating with lenders.

4. Keep your HOA payments up to date.

Don’t stop paying your HOA dues just because you are about to do a short sale. Unpaid HOA dues can kill the deal, even if the buyer is willing to pay the delinquent HOA dues at closing. One reason you should keep paying your HOA dues is for the maintenance of your home so it will still be attractive to sell and not look like a foreclosure. The grass needs to be cut, power needs to be on, etc., so make sure to keep paying your HOA dues even during a short sale.

Follow these tips and work with an experienced Lakeland Fl short sale agent so you can avoid the problems and stress of being unprepared for a short sale.