Saturday, September 8, 2012

Sarasota Short Sales for Buyers

I have a full explanation of how short sales work for buyers of Sarasota real estate on my website, www.davidbarrhomes.com/short_sales_buyers.

One of the finer points of short sales deserve a more in-depth analysis, namely, the presence of a short sale negotiator in the purchase process.

A short sale negotiator can be either a licensed real estate attorney or a title agent, hired by the seller to work with their lender.  The property owner most often pays an upfront fee to their negotiator to begin the process of gathering necessary documentation to present to their lender.  They advocate on behalf of the seller by getting the lender to accept the sale of the property at current market value.

Another key role of the short sale negotiator is obtaining a reduction in past due fees to a HOA or condo association is central to a successful short sale.

Short sale negotiators do provide a valuable service.  However, in almost every case, the short sale negotiator will submit some kind of addendum for a buyer to sign, which attempts to get a buyer to pay a portion of the short sale negotiator fee.  I always advise my clients not to sign any addendum authored by a short sale negotiator as part of an offer.

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