“Wellington Florida Short Sale” is a term that has been commonplace for the last 5-6years in Wellington, so what is it?
A Wellington FL short sale is when a seller owes more on their home than it will sell for in today’s real estate market, so they ask their lienholder(s) to accept less than what they owe them.
Unlike a bank owned home a short sale seller still owns the property, so a buyer will present and negotiate an offer with the seller, not the lienholder(s). After the seller and buyer reach an agreement the seller will then submit the executed contract along with their short sale package for approval by the lienholder(s). The short sale is a seller contingency, this means the contract price, terms and conditions are subject to all third-party lienholder(s) approval.
Both buyer and seller need to keep in mind that just because THEY came to terms does not mean the sellers lienholder(s) are going to accept those terms they both agreed to. All lienholder(s) are different; some will approve a short sale with or without conditions while some may not agree to a short sale at all.
The short sale approval or denial process on a Wellington FL short sale can take several weeks or months. Typically the more lienholder(s) the longer the process will take.
All parties involved in a Wellington FL short sale need to have patience and the seller needs to make sure to hire an experienced Wellington short sale agent who has excellent communication and negotiation skills. Sometimes the Wellington short sale agent can mean the difference between receiving an approval or denial letter.
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