Have you heard the latest statistics that report that appoximately 1 in 7 homeowners in our Nation are in financial, Real Estate Distress? What is even more alarming is that 50% of all the properties being foreclosured are on properties where the former owner never tried to sell the property to prevent the Foreclosure from happening.
As a REO Broker Associate with Keller Williams Realty in Sarasota, Florida, we see this almost every day. We receive REO assignments and have to report to our clients the prior marketing price before the home was foreclosed. In most cases, the home was never listed and in many cases the property had been abandoned for a considerable period of time.
What are the Options that are available to a homeowner that ...
- Owes more money on their property than the property can sell for.
- Does not have the financial means to make up the back payments, pay down the mortgage, and can no longer continue to make the mortgage payments on their property.
- Mortgage modification and refinancing options have not worked, in their situation.
The three main Options are: Bankruptcy, Foreclosure or Short Sale ... What is the differences between the three? There is a Huge Difference, in a one simple word ... "Recovery".
- Bankruptcy - the consequences can last the longest on your credit and ability to purchase another home. If someone is considering Bankruptcy, my advise would be to first talk a Qualified CPA.
- Foreclosure - This may not only affect your credit, but could affect your employment options in the future and still could take 7 years to be able to secure new financing for a new home.
- Short Sale - Definitely a tenuous process, however upon success can enable you to purchase a new property in as little as two years.
Is a Short Sale worth the effort to someone facing foreclsoure? ... Absolutely!
Our office specializes in marketing REO Bank Owned Foreclosure Properties and Short Sales. We can assist sellers in exploring all the options available to them, if they are facing foreclosure. For more information, see our website www.SRQForeclosureRescue.com
If you are a buyer and want to see all the REO Bank Owned Foreclosures and Short Sales currently for sale in Sarasota, Florida, view our website www.SarasotaRealEstateGallery.com
Troy Funk Keller Williams Realty on the Water, 665 S. Orange Ave., Sarasota, FL 34236 941.957.3737
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