As a Short Sale Real Estate Agent in Sarasota, Florida I am consistently hearing sad stories from homeowners facing foreclosure. Often, during this difficult time, a homeowner is not aware of all of the options available to them before they make a decision as to how they should proceed with a pending foreclosure. Many homeowners will retain an attorney to file for bankruptcy without ever consulting a qualified CPA or a qualified Short Sale Real Estate Agent to discuss all of the possible options.
Facing foreclosure is not just a legal issue; it's also a financial issue that should be discussed with a qualified CPA. A Real Estate Agent who is knowledgeable about Short Sales can offer information that is helpful in understanding what a Short Sale is and also how it could impact a seller's future in comparison to a Foreclosure.
Recently, I took a listing where the homeowners had been behind on their mortgage payments for over a year. They had hired an attorney and were paying their attorney a monthly retainer to "Fight the Foreclosure". The homeowners felt they were getting a good value for their money in paying an attorney $300 a month because they were avoiding an $1800 a month mortgage payment. My question to the homeowner at this point was, "If you could buy your house back today, at today's value, at today's current interest rate, do you know what your mortgage payment would be?" We calculated the math together and discovered the payment would be around $600 a month. My next question to the seller was, "Do you want to be in that position again, where you can buy a house similar to or better than the home you are living in for a payment of $600 a month, AND own a home instead of renting for the rest of your life at substantially higher monthly payments?" The homeowners responded with, "Yes." My next question to them was, "How soon do you want to recover from this situation? 2 years from now or 7 years from now?" They responded, "The sooner the better." In their particular situation, that meant moving forward with a Short Sale, avoiding Foreclosure, and having a plan to buy another home after the Short Sale.
The Troy Funk Team with Keller Williams Realty in Sarasota, FL has been successful in closing over 100 bank-negotiated sales in the Sarasota and Manatee Market Areas in less than a year. Troy Funk is CDPE and SFR certified in Short Sales. The Troy Funk Team consists of 6 team members who work together to facilitate Short Sales. Information on Short Sales can be found on their website: www.SarasotaFLShortSale.com or: www.TroyFunk.com.
The Troy Funk Team's service area includes: Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.
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