Miami Condo Short Sale Contract Tip #5

Short sales of Miami condos and homes are often a great way for a buyer to get an excellent deal on a property and a seller to get out from under an upside down mortgage with hopefully less damage to credit and his or her pocketbook.  This is the fifth of several blog entries, in no particular order, each with a tip for the buyer or seller or both, to help make sure the deal goes smoothly while giving protection to one or both parties.

Miami Condo Short Sale Tip #5:

Short sale negotiation.  To complete a short sale, the seller, or an agent working on the seller’s behalf, must interact with the seller’s lender(s) and get them all the documentation they need to approve the sale.  This also includes somebody being available to allow the appraisers into the property when the lender sends them.  It is important that the buyer ask and understand who is taking on these duties, and it is also important that the closing agent be on the authorized list with the lender to inquire after the progress of the process.  Many times this is where a breakdown in the process can occur, because the lender fails to communicate to the seller that additional or updated documentation is needed, and if the seller, or agent is busy with other tasks and fails to respond, this lack of information can stall out the file for weeks or even months until it is provided.  Having the closing agent in the loop with directions to contact the seller’s lender at least once per week to inquire as to the status will help guarantee that the process moves along as fast as reasonably possible.  Seller’s who are unwilling to disclose who is negotiating or allow the closing agent access are likely going to cause the whole process to slow down and have little or no additional oversight, and a buyer should carefully consider if it is a deal in which is is worth investing their time.

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