Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/
The sad truth is that you can only push home buyers so hard. On a traditional sale many people wait 2-6 months for their home to sell. Most buyers agree to close within 30 days.
The biggest reason for a closing delay is because the lenders want more documentation from the buyers. They want to make sure that the buyer is qualified for the loan. It's part of the lending business.
It sometimes happens to buyers who the lenders had said were "pre-approved." So the reality is that everyone wants to close within 30 days. But, the party holding up the closing is often the buyer's lender.
Most agents and home sellers agree to wait until the buyer's financing comes together. The alternative is to put their home back on the market and wait another 2-6 months for it to sell.
You can beat the buyer over the head and punish them for not closing on time. You can say, "If you don't close by X date, then I will sue you for your deposit and I will not sell my home to you."
But, that will not force the buyer's lender to close any faster. The buyers usually get angry. They will probably hire a lawyer and fight to get their deposit back. Then, they'll go buy another home.
Most parts of the country have thousands of homes to pick from. They will have an easy time finding another home to buy.
Sure, you may sue them for their deposit. But, the extra time waiting for another buyer usually isn't worth the aggravation involved. So, why does this matter to you if you are short selling your home?
The bottom line is that new federal lending regulations have caused the lending process to take more like 45-60 days. Some lenders have been able to close within 30 days, but most still take 45-60 days.
As a result, your short sale realtor will probably have to ask for an extension on the short sale approval. Short Sale Lenders don't like to approve extensions.
They think that if they start allowing 60 days for a short sale to close, then all short sales will close in 60 days. The person at the bank isn't selling his own home. He still gets paid whether or not the home sells.
They are insulated from the reality of what it is like to actually sell a home. If the sale is delayed you will need a good, experienced short sale realtor to make the case for the lender to extend the short sale approval until the sale closes.
If not, then you will have to cancel the sale, resell the house, re-negotiate the short sale, and go thru the entire process all over again.
Now, do you see why an inexperienced agent would think that short sales are difficult?
The good news is that an experienced short sale agent is usually able to convince the lender to extend the closing until the buyer is able to close. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Rick and Robin Lemmons.
Rick and Robin is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Rick & Robin Lemmons specialize in helping Columbus Homeowners short sale and never pay the bank another penny. Columbus Loan Modification Help, Columbus Short Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
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Important Notice
Rick and Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick and Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.
This information on Another Reason You Must Hire An Experienced Columbus Short Sale Realtor is provided as a courtesy to our viewers to help them make informed decisions.
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