Southwest Florida Title Insurance & Real Estate Blog -

Keeping Short Sale Buyers Educated & In the Game!

Posted by Jillian Dohack On February 6

5 Tips to Keep Short Sale Buyers Educated & In the Game

Another amazing year has come and gone for us here at Winged Foot Title, and our work in Short Sales is still keeping us busier than ever.

Our goals for 2013 are similar to 2012, but they are even more focused on education.

A large problem faced in the Short Sale world is keeping buyers in the transaction. There is nothing more frustrating when you have been working for 3 months or more and receiving the Short Sale approval letter only to find out that the buyer has backed out and decided not to purchase the property.

It is a hard conversation with the seller who is now one step closer in the foreclosure process. We have 5 Key Tips that can help keep the buyer on board when purchasing a Short Sale.

  1. List Price of the Property
    The offer needs to be close to market value or the lender will reject it or counter it. This adds extra time which can cause frustrations for the buyer.
  2. Setting Realistic Expectations
    We strive to set proper expectations to all parties in a transaction.  By educating the buyer with realistic expectations they will have a better understanding of the process. Depending on the lender they need to allow 120 days for short sale approvals although we strive to make it happen sooner!
  3. Accepting cash or very strong financing offers
    The lenders are demanding updated proof of funds or Pre Approval letters every 30-45 days to verify the buyer has the intention of purchasing the property as well as the ability to afford it.
  4. Expect a deposit at time of contract
    This will show how serious they are about the property.
  5. Constant Communication
    An initial introduction call should be made to all parties of the transaction to set the tone for the process and answer any questions or concerns immediately.  Once the process has begun, we send out weekly updates to keep everyone informed.

If we have a good offer, realistic expectations, and an educated buyer, we will work hard to get the Short Sale approved!

Need to Short Sell your Home? Simply fill out this short-sale orchestration request form or call us at 985-4142!

-Jillian

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.