As a homeowner, why would I choose to attempt a short sale?
Let’s face it. Bad things happen to good people.
There are many reasons why Florida homeowners find themselves in a position of default…change in mortgage payments, loss of job, health issues, etc. When you get behind on your mortgage payments, the lender will start the foreclosure process, no exceptions. If the foreclosure takes place, you have ruined your credit for a period of up to 10 years. You can expect your credit score to go down about 300 points, making it impossible to make any future purchases using credit. A foreclosure is usually a required disclosure you must make on any credit or job application.
The lender may also file a deficiency judgment against you. A deficiency judgment can arise if the lender sells your home at auction for less than the mortgage debt. The lender then holds you responsible for the unpaid portion of the loan. The lender may take legal action to pursue payment, such as garnishing your wages.
What is the short sale process?
The loss mitigation representative will explain the process and prepare your hardship package. They know upfront exactly what the lender will require when submitting your offer, and will be prepared fully to negotiate on your behalf.
Your home is listed by an experienced Florida short sale real estate agent, who prices the home according to the loss mitigation recommendations. Remember, the goal is to bring in a quick offer and to prevent you from going into foreclosure.
Once an offer is received, an entire package is presented to the lender, and the negotiations begin. What does it cost me to do a short sale?
In the event that the short sale is accepted, the lender will pay the real estate commission and all fees relating to the closing. There are no other fees to you.
Who should handle our short sale?
The most important thing to consider when deciding to work out a short sale with your lender is to use a qualified professional to handle the process and negotiations. If the processor is not experienced in the short sale process, the deal can be over before it begins.
A professional Florida real estate professional will need to list your home on the market as the first step. Be sure they are aware you are attempting a Florida short sale, and that they have experience working with Florida short sales or experience working with a loss mitigator. The best scenario is to let the real estate agent handle the marketing of your home.