What is a short sale? This is anytime a lender is willing to accept lower than the payoff amount of the loan. Now you may ask, "why would they do this?" There are several reasons, but mainly any time they can prevent a foreclosure and receive some money for the property, they are making a better business decision.
Without getting to deep in detail, the process is extremely complicated and takes time, but it can be most rewarding to a seller who has kept good credit only to now face foreclosure and extremely beneficial to a buyer who has the opportunity to purchase a wonderful deal on a great property. As a real estate agent and CERTIFIED DISTRESSED PROPERTY EXPERT, Kevin Tolbert of Keller Williams Realty of Port St Lucie, FL has successfully completed many short sales for clients who were so appreciative of the outcome. In most cases, their properties were even listed with Realtor who feared or failed to grasp the short sale process and didn't even recommend the short sale to the seller. Because the short sale is a way to sell your home at FAIR MARKET VALUE rather than at the mortgage amount you owe, it allows the seller to lower the price to achieve a sale, rather than sit on the market indefinitely, while still incurring costs to own the home like HOA, insurance, taxes, or other recurring costs.
When you are thinking about a Short Sale Specialist to sell your home in the Port St Lucie, Torino, Tradition FL, Verano, PGA Village, Country Club Estates, Lake Charles, Magnolia Lakes, or Cascades, you need only make one call to have all your questions answered by the one Short Sale Specialist who CLOSES Short Sales more often and faster than any other agent on the Treasure Coast.
Typically for a short sale to be approved by your lender, sellers must have a level of hardship and are behind on their mortgage. There are generally 4 types of hardships that result in a short sale approval: Extreme financial hardship caused by change in employment, family status (divorce), death of one of the parties, or increase in mortgage expenses (variable mortgage or escrow).
There are 2 typical types of short sales: HAFA and traditional. In HAFA, you normally have a government backed loan (Fannie Mae or Freddie Mac). In traditional, you don't qualify for HAFA. You can click on this link HAFA to read all about the qualifications.
Since Jan 1st, HAFA has brought new hope to many desperate sellers and has brought a new selection of buyers to the market for short sales since the traditional short sale of the past could take from 4 months to never and there was no guarantee you would ever be approved to sell or purchase. HAFA short sales are applied for completely in advance, and once an OFFICIAL APPROVAL is obtained in writing, the seller is given a specific price to sell the home, and specific criteria to present to their Realtor, and when all criteria are met, and a contract is presented for the full price approved by the lender, we can close in as little as 30 days now and if the contract follows the exact criteria of the approval, a closing is imminent instead of the old way of never knowing if it would be approved. And in some cases, sellers get money back at closing to move out with, and get your entire debt forgiven in writing. This way your credit in a typical short sale will start recovering in under 2 years, instead of 7 to 10 years with a foreclosure, allowing you to restart your home ownership opportunities.
The following is the best way to start the process:
Goto HAFA and follow the ARE YOU ELIGIBLE to verify.
Even if not, contact a CERTIFIED DISTRESSED PROPERTY EXPERT to help navigate you through the complicated process and help you decide if short sale is the path for you.
Next, before you call Kevin Tolbert at 772-834-0099 in Port Saint Lucie, FL or email me at: firstname.lastname@example.org, gather the following documentation and be proactive to getting the process started.
3 months of recent bank statements of all accounts.
2 years of complete tax returns.
W2's from the past 2 years
3 recent paycheck stubs.
Copy of most recent mortgage statement on all loans.
Copy of most recent HOA statement
Information on any liens/judgments against your home.
Financial Worksheet (call me for this)
The difference in Kevin Tolbert of Keller Williams Realty of Port St Lucie, FL and other real estate agents is they do a short sale once in a while because they have to, and I do them everyday because I love to help folks with their distressed situations and because I love to help the buyer who could not afford a home this expensive years ago, now obtain their DREAM HOME at a WORLD CLASS BARGAIN PRICE!
Check out my website for the HUNDREDS of listings in our area at www.SearchforSouthFloridaHome.com for all the latest data, links to relocation data, ability to prequalify to purchase, and so much more.
Don't wait another day and struggle with indecision. Let me help you out of your home and allow you the fresh start towards a new beginning.
Call today for your FREE COMPARITIVE MARKET ANALYSIS to establish your homes value and then let's decide together what the best plan of action is right for you.
If you would like to know your HOME VALUE, CLICK HERE for a FREE HOME VALUE ANALYSIS.