This past Friday, Florida Realtors demanded to Congress that lenders and banking institutions must get serious about negotiating and accepting short sales in an expeditious manner in order to help stabilize the Florida and nationwide housing market.
The government tried to implement a federal program that called for lenders to respond to offers on short sale real estate properties in no greater than 10 days. Unfortunately, lenders have not been able to keep their end of the bargain, as many South Florida and Parkland real estate short sales remain unsold and sitting on the market. Many Realtors, buyers, and sellers are patiently awaiting answers from bank short sale representatives.
We get many requests to see short sale listings as well as questions regarding the process. It is important to understand the difference between an approved and unapproved short sale real estate listing. An unapproved short sale listing means that the bank has not responded back with a price and terms that the bank or lending institution will take for the home. There could be missing paperwork not provided by the distressed homeowner, multiple lenders involved, or many other reasons holding up the sales. Be careful! Unapproved short sales could take 4-8 months to close. If you are relocating to Parkland or South Florida and need to move into a new home in just a few months, beware! You may not have enough time to close and move into your dream home.
An approved short sale is where the bank has performed its broker professional opinion (BPO) and/or appraisal and has agreed in principle to a price and terms that the bank will take for the successful sale of the short sale listing. If you are interested in purchasing a Parkland or South Florida short sale, it is important to ask your local Realtor to tell you if the short sale listing is approved or unapproved.
Know the neighborhood. Know the numbers. Know your hometown agents. The Parkland Parrot Real Estate Team. If you are interested in buying in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.
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