Nothing Short About a Short Sale

Prior to a home going into foreclosure. Usually the lender on that property will allow the seller to do a "Short Sale"
A short sale sale when a homeowner's mortgage balance is greater than the current market value in today's marketplace. The lender is usually willing to take less than the balance owed.

There are currently approx 200 single-family homes listed as Short Sales in Alachua County, ranging in price from $40,000 up to $600,000.00+
What does that mean to a buyer. That if they have the time they will get a phenomenal deal in most cases. I have personally closed more than 10 Short Sales last year and have approval on 3 more to close within the next 2-6 weeks. I am here to attest, that if you do not have the right person handling the transaction, it can and probably will be a Realtor's nightmare.
I highly recommend Nicole Rappaport with Gibraltar Title. She has personally closed over 175+ short sales in 2009. Her experience and expertise in this specific type of transaction is truly second to none. * SEE FOOT NOTE FOR CONTACT INFORMATION
Another way to make the process run smoother is to
Find a Realtor that has experience with Short Sales and the process.
Make sure that you have an experienced and knowledgeable closing agent handle the file, line of communication and submission of documents to the seller's lender. There are some Realtors that are trying to process and negotiate Short Sales. We are experts in the sale of Real Estate, not closing agents. There is a lot more than submitting documents to the lender that goes into the Final Approval of a Short Sale.
I try and submit a CMA (Comparative Market Analysis) with my written offers. This will in some ways speed up the process. Especially when the BPO (Broker's Price Opinion) comes in. If the lender receives a very low BPO they tend to order another, which can take up to 3 and all the while the buyer and seller are just waiting. If that BPO and CMA are within the same range, chances are the 2nd BPO will not be ordered and the process moves on.

And finally, make sure that the buyer is pre-approved and or has the verifiable funds ready and available to close. Submit this with the offer. 
If you follow these few tips, you will go from dreading to looking forward to Short Sales!

*Nicole can be reached at  352-377-1855 or Nicole@emmergroup.com  or you can contact her by clicking on the either link http://www.emmergroup.com/gibraltar/ or link from my website http://www.tracystormsrealtor.com/Focus__Friends/page_2320219.html