As the nation continues to struggle with the sluggish economy, a large number of homeowners are getting more and more concerned about losing their homes to foreclosure. But instead of simply walking out on their mortgage debt they would rather explore available options which will help them prevent foreclosure in Fort Lauderdale. Of course, they would prefer a solution that is legal and effective. A short sale is actually one of the options which create a win-win situation to all parties involved. In today’s market, such a transaction is increasingly becoming popular because of the following reasons: 1. Owner/Seller Wins – With a short sale, the homeowner is able to prevent foreclosure in Fort Lauderdale at the same time salvage their credit scores. If you must know, a foreclosure can affect your credit adversely for as long as seven years. During which time, you will have problems obtaining loans or enjoying low interest rates. 2. Lender Wins – Foreclosure proceedings can be costly and if you are able to prove to the lender your short sale proposal is a lot cheaper in the long run, it may approve chances the sale will go through. Keep in mind there are certain requirements you need to comply with in order to be considered eligible for this transaction. 3. Buyer Wins – Since the buyer will be buying the property at more or less the property’s current market value, it can be considered a good buy. To make sure your short sale proposal is accepted, you have to look at your situation from the lender’s point of view or perspective. Some factors which will work in your favor: - You have an upside down mortgage - Your financial difficulties stemmed from uncontrollable circumstances - You have documents to support your claim of hardship - You have a buyer standing by and willing to wait for lender approval If all these things sound familiar to you, then you are a qualified candidate for a short sale. To help you cover all bases, hire short sale experts to provide you with good advice.
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At the forefront of our market right now are short sales. As a Realtor in Florida I have been working with those who need to sell their homes as a short sale.
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