Patience Is Required When Buying A Lakeland Short Sale

Foremost, you must understand that the seller still owns the home, still has the title to the property, and still has the authority of what offers will be accepted. Remember,the bank does NOT own the property until it is sold on the courthouse steps.

The owner can accept an offer from you, the buyer, but since the offer is lower than what the seller owes on his note/loan it requires third party lender approval to the offer.  Generally, the lender requires the property be sold as-is.

There are hundreds of Lakeland homes for sale where owners are trying to get a Short Sale approved by the lender. After searching the internet and gone through these listings perhaps did a drive by of the home you like.  You ready to go out and buy your Lakeland Short Sale – not so fast!

A short sale process requires your patience, therefore when you are looking for Lakeland real estate and you must be moved in by a certain time it’s best to look at homes that are not requiring third party approval.

There are only 2 steps you should follow before buying a Lakeland Short Sale.

1. Hire a Realtor® – an experienced buyer’s agent that represents your interest and has the knowledge to handle a Lakeland Short Sale.
2. Make sure you have been pre-qualified by a local mortgage broker who knows the Short Sale process and follow up with the mortgage approval process your lender requires, unless you are a cash buyer.

Steps to follow when making an offer on a short sale

• Your agent should advise you of the current market condition, price, and condition of the property in preparing you with an offer that the seller accepts and the bank most likely approves
• Your Buyer’s Agent should submit your offer on a FAR/BAR AS IS Offer to Sale or Purchase with the FAR/BAR Short Sale Addendum.
• A nicely hand-written letter explaining why you want to buy this home may help to get third party lender’s approval – depending on your situation.
• Your earnest money deposit should be in place, either in your Realtor’s® Trust Account or submitted to the Title Company when the offer is accepted by the seller.
• Your agent should be in communications with deadlines for inspection, loan approval deadlines and update you as soon as it becomes available from the seller’s listing agent and/or lender.
• Patience – Generally, it will take the lender weeks before the short sale is approved, even if the listing agent states “Short Sale Approved”. Looking at a closing date of at least four month from the time you submit an offer is a good estimate for a closing date.
• The contract you and the seller sign is a binding contract.  Make sure you are in agreement with the timeline, make sure your lender can perform within the timeline as underwriting guidelines has become stricter.

Contact Petra Norris at (863) 619-6918 or email me at brokerpetra[at]gmail.com if you are looking for a Lakeland Short Sale. To view all Lakeland real estate listed for sale just click the Lakeland Florida Homes Search button below.