If you’ve been paying attention to real estate news over the past couple of years, then chances are you have seen the words “short sale” over and over again. For those of you who don’t know, the term “short sale” refers to what happens when a homeowner falls behind on mortgage payments and the lender agrees to accept less than what is owed. From there, the homeowner sells their property and gives whatever it sells for to the lender, and all other debt is forgiven. This is seen as a more attractive option to foreclosure. So when we encounter people who are underwater in their Coral Springs home, we make it a priority to see if they qualify for a short sale.
As your Coral Springs real estate agents, we have a lot of experience in dealing with people who are in danger of losing their home. Should you choose to go through the Coral Springs short sale process, you could avoid some of the stresses and pain that accompany foreclosure. It’s important to consult with the right Coral Springs real estate professional in order to determine whether or not you qualify for this process. Here are a few of the things that need to be in place in order to proceed with a short sale transaction.
• Your Coral Springs home’s market value has dropped. When you hear of “underwater” homeowners, it refers to the scenario that takes place when the home itself is worth less than the unpaid amount on the mortgage. In this case, you would qualify for a short sale because your home is no longer worth the amount that you need to pay for it.
• The mortgage on your Coral Springs home has to be near or at default status. You need to be behind at least three mortgage payments before it is considered to be “default” status. If you’re far behind on payments or know that you will be in the future, you may want to seek the help of a Coral Springs real estate agent now. They can counsel you on whether or not a short sale is the right course of action.
• The Coral Springs homeowner has fallen on hard times. In order for a lender to consider accepting a short sale, you need to have proof that you have fallen on hard times and can not pay your mortgage each month. “Hardship” is a term that includes scenarios such as unemployment, divorce, medical emergency or illness, bankruptcy and death. It does NOT include bad purchase decisions, pregnancy, unhappiness or the desire to buy another home. Really evaluate your financial situation and whether or not is possible for you to stay in your home before deciding to go through a short sale.
• The Coral Springs homeowner shouldn’t have any assets. If your lender feels that you have the financial assets to pay whatever amount is owed on your mortgage, then you will not be granted a short sale. You need to have copies of your tax returns and financial statements in order to prove that you don’t have the means to pay the difference of what you owe.
Going through a Coral Springs short sale is not a decision that should be taken lightly, as these transactions will ruin your credit and make it more difficult to get a mortgage loan for a few years. However, if you decide that you qualify to go through this process, then it will save you the pain of the foreclosure. As your Coral Springs real estate agents, we are sympathetic to the fact that for many homeowners, times are difficult, and we would love to guide you in any way that we can.
If you have any questions about whether or not you would qualify for a Coral Springs short sale, don’t hesitate to contact us! We’re here to guide you through all of your real estate needs. We hope to hear from you soon!
Joy Carter and Jeff Booker
Great Florida Homes Team
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