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Three Shifts in Current Short Sale Trends

April 12th, 2013 19:45


HOME UNDER WATER

Short sales in Lakeland Fl and in the entire nation are changing rapidly, leaving homeowners and short sales agents struggling to keep up. Here are the top three shifts in trends in the world of short sales trends: 1. Fannie Mae Valuation Issues. Trends for short sales that are very frustrating Short sales of homes with Fannie Mae loans have been challenging for the past few months since Fannie Mae’s valuation is often higher than the market value, which disqualifies many buyers to purchase a home. With all the issues regarding Fannie Mae valuation and possible fraud, Fannie Mae has created a website to help short sales agents with short sale valuation issues. 2. Service Transfers. In some cases, a short sale agent may get a call from the lender before are after the sale has been approved, telling them that the loan has been “service released.” This means that the seller’s mortgage has been transferred to a new servicer, meaning the short sale agent needs to start back at square one. There have been speculations that short sale lenders do this to avoid payment of short sale incentives. In any case, this is one reason why many people get frustrated with the short sale process. 3. New Rules Made By Short Sale Lenders. Some short sale lenders insist on certain terms and conditions when the lender is not the owner of the property such as requiring the property to be listed on an auction website, requiring the agent to market the property in a certain way, or requiring the agent to stipulate some things on the local MLS. Remember that the short sale lender will not be the owner of the property unless the property reverts to the bank after the foreclosure auction. Lakeland Fl agents often find themselves between a rock and a hard place when working with short sales. In order to get approval, agents need to find a way to work through the bureaucracy at the lending institutions. By Petra Norris Petra Norris has written 76 post in this blog. I am foremost a mother, wife, grand-mother, arts lover, and my occupation involves helping sellers sell and help buyers help buyers buy their Lakeland FL homes. Over 15 years experience in residential real estate enjoying every minute of it even if it is difficult, such as short sales - love challenges the profession brings.



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Lakeland Florida short sale services and agents are dedicated to help Lakeland homeowners in distress to do a short sale on their home and avoid foreclosure. Read More


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