Miami Short Sale Pre-Foreclosure Solutions
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller's loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Combined with the weak real estate market the following are common situations facing distressed sellers:
Unexpected health issues resulting in difficulty making mortgage payments;
Lending rate increases on adjustable rate loans;
Divorce;
Over-extended borrower with multiple mortgages;
Job loss or transfer;
Short sales are more complicated and time consuming than an average real estate sale, making it important to retain an experienced Realtor with experience in the short sale process or a Realtor whom may be a Short Sale Specialist..
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in the business of managing and owning property and short sales are less expensive than completing the foreclosure process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees.
Buyers Benefit from Short Sales
Buyers often save money purchasing a property in a short sale. Sergio Rebollo, a Short Sale Specialist in the Miami area will work to obtain the best possible lender payoff, resulting in a fair price and low costs for the buyer and satisfaction for the lender and seller. Be prepared to wait though, the Short Sale process can take several months to finalize.
Sergio Rebollo Jr.
Miami Short Sale Specialist
Exit Prime Realty
www.SergioRebollo.com
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