News for UK buyers of Orlando property
Not all buyers are suited for a short sale. This was one of the messages
delivered at “Short Sales from the Buyer’s Perspective” during the 2009
Realtors® Conference & Expo.
According to the latest Realtors Confidence Index, one out of 10 recent
buyers purchased a home through a short sale. The survey also showed that
Realtors are concerned about the hurdles buyers face in short sales.
The primary reasons that short sales fail include: an incomplete short sale
package, an offer that is too low and inaccurate appraisals. Good short-sale
buyer candidates are very patient – it can take some lenders four
months or longer to approve a short sale – have their financing in
order, and don’t have any contingencies in their purchase offer.
Short sale buyers need to have the time to be able to wait for the
lender’s approval; some lenders get several hundred contacts every
day. Buyers must also be willing to make an offer that has a reasonable
chance of closing and take guidance from their agent. If the offered price
is too low, there is a good chance the lender won’t approve the contract.
Posted: 19 November 2009
Source: Florida Association of Realtors
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