Short Sales in Palm Beach County and in Saint Lucie County Florida are rising at a steady pace. You can not look for a house for sale without noticing that there are short sale listings everywhere. No community is really immune to this. I first thought that the waterfront was immune but then we discovered an 18 million dollar home in Highland Beach that is on the market as a short sale.
Most homeowners do not know that a short sale is an option. If you have been served with foreclosure papers, a complaint that must be answered within 20 days of you being served; please call us right away so that we can put you in touch with our attorney who you can talk to about your defense. Time is of the essence. You need foreclosure defense at this point and you need to know what your options are.
Each short sale listing we have received from our blog has been because the homeowner that has defaulted on their mortgage payments was told by their attorney or their financial adviser to find a Real Estate agent who knows how to do short sales and list their home as a short sale. So the homeowner Googles; Short sale real estate agents in Anytown Florida and then call us to help them.
But there are many people out there that qualify to do a short sale but have no idea what a short sale even is much less what to do to accomplish a short sale on their property.
Hence, we started our series on Short Sales in order to educate both the homeowners and the agents about all that you need to know about a short sale.
A short sale is when you owe more money to your lender than you can sell your house for. The lender agrees to accept less than what you owe them so you can avoid foreclosure.
This is the 11th article in this series on short sales. If you would like more information about short sales please click on these links provided below to read the entire series. The highlighted blue text are links to each separate article. An outline of each article is provided.
What do you as the homeowner have to pay in order to do a short sale and what will not come out of your pocket?
First of all, there is no cost to you to list your home as a short sale. If you need foreclosure defense that is a different and separate from the short sale then there is a fee that you will be charged by an attorney or a foreclosure defense company but it is very small compared to losing your home to foreclosure.
When you list your home for sale as a short sale you are signing a listing agreement with us saying that there is a X percent commission to be paid to us at closing. That commission is not coming out of your pocket. You are not having to bring that money to closing. So relax about that. The commission will be deducted from the proceeds that your lender is getting from the buyer.
Your lender will pay for most all the closing costs. Each lender had different rules and policies regarding certain fees. If you are behind in your taxes, usually the lender will be paying those at closing from the proceeds of the sale.
One thing is for sure. Your lender will not allow you to have one penny from this sale. Any moneys that you get must be given to your lender. That makes sense. So if you are approached by people telling you that they are going to give you money on selling your house as a short sale, that is called mortgage fraud and we suggest that you do not accept any deals like that.
Your short sale lender is going to require that you pay all of your utilities. Do not get behind in your water bill as that is a bill that in most towns here in Palm Beach County and Saint Lucie County will place a lien against your property for.
You can not sell a property with clear title to a buyer with outstanding liens on the property. So don't get so far behind in your utilities and HOA fees that you can not catch up before closing. Pay your water bill.
Also, some lenders will pay the HOA fees and some will only pay a portion of them and some won't pay any of them. Try your best to keep your HOA fees current. They also are a lien item. We can usually negotiate that bill down, depending on when you bought your house. A new law was passed that now HOA's can come after you even after a foreclosure for money you own them but that law was just passed so it may or may not apply to your circumstances. Ignoring your HOA fee bill is not going to make it less or make it go away. The late fees and collection fees really add up fast.
Call us today to get your house listed as a short sale as soon as possible. It takes time to market and prepare short sales so every day counts.
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short sales: Short Sales In Palm Beach County Part 5- Short Sale Myths and Truths About Offers - Short Sales in Palm Beach County Florida- This short sale series is to help sellers, buyers and their agents understand the complexity of using the Short Sale process as an alternative to Foreclosures. ... |
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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.
Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Short Sales and Foreclosures In Palm Beach County Florida Part 11* What The Homeowner Needs To Pay.*
Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.
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Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.
P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.
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