Did you know that less than half of all listed short sales actually end up successfully closing?
As most Florida short sellers are highly motivated to sell, it is unlikely so many of these sellers simply change their mind, yet over half of all short sales fail to sell at all and simply expire, or fail to get approved and to closing.
TOP 4 REASONS MOST SHORT SALES NEVER CLOSE:
OVERPRICED HOME: Price and condition are the two reasons homes do not sell, and both can be addressed with a price reduction. Remember that what you owe on the mortgage is irrelevant in a short sale situation.
SHORT SALE DIDN'T GET APPROVED: This is common also, and can almost always be overcome! Short sales generally get declined for a few reasons:
- Buyers offer is too low.
- Missing documentation.
- Excessive cash/promissory note demands from the lender.
- The walk away buyer.
- Multiple lien holders that refuse to settle on common terms.
There are many ways to bungle a short sale, but almost all are ultimately preventable or remediable with the right help.
TERMS OF SHORT SALE APPROVAL WERE NOT ACCEPTABLE: Sometimes short selling lenders make unreasonable demands. This also happens, but more often than not is also resolvable, if you know how to ask.
SELLERS AGENT AND/OR ATTORNEY DIDN'T TRULY UNDERSTAND THE SHORT SALE PROCESS: This is generally the #1 reason short sales fail. When those in charge of getting the short sale approved don't have enough knowledge or experience with the short sale process – things rarely end well for the seller. Short sales are complex specialty transactions and require expert assistance!
So things didn’t go as planned and your short sale expired…so now what? Well the good news is…most of the time you can simply try again. Sometimes it takes a try or two (or three!) but with the right help, almost any Florida short sale can be successful!
We specialize in short sales! We've helped hundreds of folks move on from their over-mortgaged homes, and we can help you!
I cannot honestly find the right words to express the amazing job that Minna, Jaime, and the entire group did for me.
Making the decision to go through a short sale process is daunting, to say the least, but Minna and her team somehow found a way to take all of the stress out of it. From taking time during our initial conversation to explain all of the possibilities to seamlessly navigating through all the hoops with the lender, every step of the process was masterfully covered.
From our initial conversation to closing was about a five month process in total, something I consider a minor miracle considering I didn't think I would ever be able to find a buyer for the property!
Overall, I could not be happier with my experience. To anyone looking for real estate expertise, whether it be standard or short sale, I would say that there is Minna Reid and then there is everybody else!
Last Updated on June 12, 2023 by Minna Reid