Gainesville FL- If you think your life would be most livable without worrying for mortgage dues per month, then a short sale might just be the kind of rescue you needed to get rid of a home you can no longer afford.
You might have been considering short sale for a long time but is not sure how to get started-- how the process works, the legal requirements needed, and most of all, how much it will cost you to short sell.
The answer is plain and simple-- short sale will not cost you anything. If it does, then only to a minimal amount. Nevertheless, there are no costs or fees required for a short sale in majority of cases.
Please be informed however, that short sale does not come without some sort of cash involvement. Most of the money associated with short sale includes the realtors, title costs, transfer taxes, and attorney fees. Your lender should understand one common sense: if you were not able to afford your mortgage, then you will also not be able to pay for all these costs.
As short sale became a more common alternative to foreclosure, lenders today are more willing to pay on your behalf any costs involved in the short sale process. If this phenomenon baffles you, here’s what you need to know.
If financial hardships have hit you, and you have long been delinquent or you can no longer keep up with your mortgage payments, then your lender can now proceed with their legal action—foreclosure.
But, lenders have already learned their lessons. They learned that foreclosure is very expensive along with its legal fees, taxes, insurance payments, and court costs. In addition to that, they will have to maintain a vacant foreclosed home, pay a realtor for resale, and sell it for below market value.
Their judgment points to short sale as a cheaper and better alternative. Thus, they are willing to pay all costs needed to short sale.
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