There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.
It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.
To get caught up, you may want to read the 9 Option Summary here.
Option 1: reinstatement of your loan here and
Option 2: Forbearance or Re-Payment Plan here.
This particular article is what one might refer to as the "common sense option," but when financial pressures are mounting, sometimes the most obvious solutions get overlooked.
Option 3: Sell the Property!
For homeowners with equity, selling the property is certainly an option to consider. While some borrowers may owe more than their home is worth in today's market, there are many more who do have equity and just haven't thought about selling their home as an option.
Even if there isn't a lot of equity, being able to sell the property may be able to generate enough proceeds to cure the foreclosure and relieve the borrower from the financial stress of having to make the next mortgage payment.
In cases where there is a potential foreclosure on a home with equity, it is very important that the sales price be enough to cover:
- Loan payoff (inclusive of interest)
- Late payments
- Penalties
- Attorney fees
- Real Estate brokerage fees
- Pro-rated taxes
- Title charges and closing fees
- Liens (HOA, mechanics, etc)
- Pre-payment penalties
In the event that the value the home is not high enough to cover the mortgage and the associated costs listed above, then a "short sale" may be the best option to consider...and that option will be the topic of a future article in this series.
To find a qualified Real Estate agent in your marketplace, ask your friends, family and co-workers for a referral. It's smart to consider hiring a full-time professional REALTOR who has references, a proven marketing plan, knowledge of your marketplace and strong negotiating skills. Since time may not be on your side, you need an agent who will be!
Subscribe to my Blog to find out about how you can avoid foreclosure by hiring a Certified Distressed Property Expert!
LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com
Serving Seminole, Orange and Volusia Counties in Central Florida
Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS) & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE!
Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida
SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More.
Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!
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Lashawn another great blog post and one for people in the Central Florida area to follow if they are contemplating if they should short sale or are candidates and what options they have.