Short Sales Hurdles in Today’s Market:

 According to the latest Realtors Confidence Index (RCI), one out of 10 recent home sales was through a short sale, but Realtors are concerned about the hurdles buyers face in short sales.  The primary reasons that some short sales fail include an incomplete short sale package, an offer that is too low, and inaccurate appraisals. According to Lynn Madison of the National Association of Realtors (NAR), buyers who are good candidates for short sales 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,” said Madison. “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.”  Charles McMillan, President of NAR, says “As short sales become more commonplace, both buyers and sellers need the help of seasoned, experienced professionals to help them navigate the complexities of a short sale transaction.”  Hey, that’s why we’re here!  Call Florida Auctioneers & Realty, LLC today (941) 927-8108.