How Do I short Sell my Destin Condo?
If you want to short sell your Destin condo you can almost certainly do so and having successfully completed more almost 200 short sales I’m sure we can help you with yours. Before you start the process though you should ask yourself a quick question: Should I Short Sell My Destin Condo? The answer to this question can be found by asking a few more simple questions:
Did you buy your Destin Condo to use it or was it more of an investment? If you use it simply ask yourself – Can I rent a similar condo for less than what it costs me to own this one? If yes - move toward selling. If no – hold on to it and use it as much as possible to make great memories at the beach.
Let’s say you bought it as an investment. Ask yourself- If I sell my Destin Condo could I put my money to better use somewhere else? What if you sell and no longer have to make mortgage payments, pay association dues, taxes, insurance, upkeep, assessments and so on – could you put this money to better use somewhere else? Stock market? Saving Account? CD’s? College Fund, Your mattress? If the answer is yes then you should move toward selling. If no – hang on until the market comes back.
Note: you should talk to your financial advisor or CPA about how to maximize your investment dollars before you move in either direction.
Is carrying your Destin Condo draining you financially? This is an easy one, if you are “sinking the ship” to keep this condo afloat you should have a serious talk with your financial planner or CPA about doing a short sale and saving your long term financial picture.
How Do I Short Sell My Destin Condo?
So let’s say that it does make financial sense to short sell your Destin Condo – Here is what you should do.
First: Determine the “Market Value” for the property. This is not how much you paid for it. It’s not how much you owe on it. It’s what the condo is worth right now if you were to sell it. (As a smart investor You will probably do this even if you are not planning to do a Destin Condo Short Sale because you will want to know what the actual value of your investment is at all times.) We can help you out with the valuation – simply click on the FREE PROPERTY VALUATION and we will do a complete analysis of your properties value.
Second: Determine if it makes financial sense to Short Sell your Destin Condo. Once you know what the condo is actually worth sit down with your financial planner or CPA and discuss your options. Remember when you short sell there will be some financial tradeoffs such as:
- Tax implications. The government looks at debt forgiveness as a gain for you and will tax you accordingly. A good accountant should know how to mitigate most if not all of this tax burden.
- Seller Contribution: Banks often ask for the seller to contribute some amount to the sale. I’ve seen as low as zero and as high as $160,000 but typically the seller contribution is in the $5,000 to $10,000 range. The question here is – Does trading a relatively small seller contribution for a much larger mortgage and carrying cost burden make financial sense for you? If it does, move forward with the sale. If not, keep the property.
- Credit Rating: It is logical to expect your credit rating to take some kind of a hit if you do a short sale. Again, the question here is – Does taking a short term credit hit make better financial sense than the burden of the mortgage and cost of carrying the property? If it does, move forward with the sale. If not, keep the property.
Third: Put your property on the market as a Destin Condo Short Sale. Once you decide it makes sense to move forward with the short sale you will need:
A short sale specialist who has experience marketing and negotiating Destin Condo Short Sales. Because time is of the essence, the faster you get your condo successfully sold the less it will hurt your credit score and less stress you will have to endure. The goal is to get the condo under contract quickly BUT at a price that will have a chance of being accepted by the bank. Too low of an offer will cause the bank to counter and if the buyer will not come up to a “Fair Market Price” and walks you will have simply taken your condo off the market for nothing and possibly missed a buyer who was willing to buy at “Fair Market Price”. It’s very important to accept a “workable” offer.
A realtor that has experience negotiating with the bank(s). We have done almost 200 successful short sales and the take away from this experience is that getting the property under contract is the easy – the real work is dealing with the bank(s) paperwork, protocol and unique requirements. This part of the short sale process can be time consuming and tedious so it’s important to have a realtor with people and systems in place to deal with the bank(s).
How Do I Short Sell My Destin Condo?
The short version is- Once you decide that it makes financial sense for you to do a Short Sale you need to hire realtor with a ton of short sale experience. It’s that hard and that easy. We have helped people just like you including: Doctors, Lawyers, Realtors, Bankers and people who found themselves on the wrong side of a bad investment looking for the best way out.
TO EXPLORE IF A DESTIN CONDO SHORT SALE IS RIGHT FOR YOU SIMPLY CALL US AT 850-217-7618
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