Top short sale agent for Broward County cities of
Weston,Pembroke Pines,Davie,Plantation,
South West Ranches,Coral Springs and Boca

short sale realtor
Kelller Williams Weston
954-531-8100
Rich Riveros
Information Center
owners
realtors
bank loss mitigation department
Want to buy a short sale?
see more short sales

South Florida, Broward, Dade, West Palm Beach, Fort Myers, Sarasota, naples, bonita springs, homes, rent, sales, short sales,florida global
INFORMACION EN ESPAÑOL CLICK HERE

 

< Back

Information for SELLERS

For a FREE consultation
call (954)-531-8100

CAUTION:

Foreclosures are the most damaging to your credit as it can stay on your record for seven years. Anytime you apply for a new loan or have your credit run, the foreclosure will show up and is usually a required disclosure you must make on most credit and job applications. A short sale is listed as SETTLED DEBT, and is much less harmful to your credit.

CAN YOU QUALIFY FOR A SHORT SALE?

Depends on the lender and how you handle the matter from the very beginning. You'd think banks want to avoid foreclosing on a property at all costs and prefer getting as much of their loan paid back as possible. You bet they do! - A foreclosure, unfortunately for the bank, does not guarantee they will get their money back in full. In fact, more often than not, the bank takes a real beating foreclosing on a loan.

Therefore, their loss mitigation policy may allow for a possible 'short pay' arrangement rather than a foreclosure if they see that it will benefit them at all. However, you must contact them immediately once the property is upside down and you really cannot make the payments because of a real financial hardship.

IF PROPERTY IS ALREADY IN FORECLOSURE THE BANK MAY STILL APPROVE A SHORT SALE, HOWEVER, TIME IS CRITICAL AND YOU MUST MOVE FAST..

WHEN TO CONTACT BANK TO REQUEST A SHORT SALE?

Assuming you are a likely candidate for a short sale negotiation with the lender you need to contact them the minute you realize you can no longer continue making the payments on the loan and you will be in default. HOWEVER, it is essential that you know what to do as if it is done incorrectly the lender may disqualify you, even at the last minute, and you end up in foreclosure after all.

They have a strict criteria as for whom they allow the 'short sale' which is based on the review of your hardship situation and other mitigating factors regarding the property such as its value and the market conditions.

BANKS DO NOT ALLOW SELLERS TO DO SHORT SALE THEMSELVES or by relatives even if licensed.

WHO PAYS FOR THE COMMISSION and CLOSING COSTS?

It is included in the contract presented to the bank and paid out of the proceeds to the lender at the closing which in the majority of the cases leaves no money left over for the homeowner.

HOW LONG WILL IT TAKE TO DO A SHORT SALE?

It depends on certain variables such as how many loans are against the property and how late are you with your payments. It also depends on how complete was the package sent to lender and if their pipe line is moving fast or not. It does take a few weeks as you need approval not only from the bank's loss mitigation department but in some cases also the approval from the insurer of the loan.

WILL YOU HAVE A TAX CONCEQUENCE ?

The short sale or forgiveness of debt by the lender may have a tax liability to you, especially if the property is not your primary residence. You need to consult an accountant regarding this matter.

CAN ANY REAL ESTATE AGENT HELP ME WITH A SHORT SALE?

The last thing a lender wants is to have to deal with incomplete packages, absurd offers, unqualified buyers, misrepresentation of the owners true hardship and unprofessional Realtors to top it off. The great majority of real estate agents in Florida are delegating the short sale to 3ed parties whom may have hundreds of short sales to do and care less if yours fail.

YOUR AGENT NEEDS TO KNOW VALUTION FORMULAS THAT BANKS USE TO ARRIVE AT THE NUMBER THAT MAKES SENSE FOR THEM TO SHORT SALE. THEY NEED TO KNOW HOW TO SPEAK TO THE LENDERS IN ORDER TO BYPASS ALL THE NONSENSE THESE BANKS CAN PUT A SHORT SALE THROUGH. THEY HAVE TO KNOW HOW TO RESOLVE A POTENTIAL PROBLEM THAT CAN CAUSE THE SHORT SALE TO BE REJECTED. THE AGENT NEEDS ALSO A CLEAR VISION OF HOW TO HANDLE THE SALE AND MARKETING OF THE PROPERTY TO OBTAIN AN OFFER THAT WILL MEET LENDER'S DEMANDS.
Call a professional with over 25 yrs in the real estate business.
FREE consultation - (954)-531-8100

Kelller Williams Weston Call RICH

obtain more info on short sales
Weston - Broward

 
South Florida, Broward, Dade, West Palm Beach, Fort Myers, Sarasota, naples, bonita springs, homes, rent, sales, short sales,florida global
Copyright 2014-2017 © WestonShortSales.com - All rights reserved