Do I and does my property qualify for a Short Sale in Miami-Dade Florida?

By
Real Estate Agent with First Coast Sotheby’s International Realty

Miami short saleWe are saddened often to find homeowners who are in financial distress (including fellow real estate professionals), who believe that foreclosure is a predestined end result.  Either they stick their head in the sand and think the problem is just going to go away somehow, or they do want a better solution to foreclosure but don't think there is one or that they qualify for one.  The sad result is seeing many avoidable foreclosures.

If someone has a property they can no longer afford and the balance owed to the lender is more than the market value (or close to it) they may qualify for a Short Sale.  This is when the lender will allow the sale of the house to go through for less than full pay-off of the loan.  To qualify for a short sale, the property homeowner must prove some sort of financial hardship which shows that he/she can no longer make the payments and does not have the funds to make up the difference between sale price and loan balance at the closing table.  Most of our clients do not have a problem proving this hardship (via tax returns, bank balances, pay-stubs, household budgets and hardship letters).  It does take some time to pull together the needed documents for the short sale package, but the effort is well worth the result (the seller can get on with their lives).

The confusion arises not from the fianancial hardhship issue but from all the other things people have been told or read that they believe will disqualify them from a short sale:Miami Foreclosure and Short Sale

1. I don't live in the home
2. My loan is less than one year old
3. I have a second loan
4. I have other liens on the property (ie judgments, IRS, etc.)
5. I have a home equity line (HELOC)
6. I refinanced and cashed out
7. I don't have the funds to pay for the closing costs and Realtor commissions
8. I have open permits
9. The lender has already been award a Summary Judgment for the balance
10. I am self employed and don't have the needed paperwork such as pay-stubs and tax returns complete

My business partner, Shelly, and I have CLOSED Short Sales with every one of these "problems".  Yes, each one had issues, and yes, each one was a pain in the butt, but with perseverance, attention to detail and good follow up, most of these situations can be worked through.

Miami Foreclosure and Short SaleIf you or someone you know needs to sell their home in Miami and thinks that they for some reason will not qualify for a short sale, have them call us.  We have seen and resolved many issues, likely just like theirs. 

Isn't it time to get on with life and be able to sleep at night again?

Give us a call today, we'd love to hear from you right now!  It's not too late!

Janie 786-252-4970(c)

 

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Topic:
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Selling Soulfully
Short Sales and Forclosures ONLY
Miami, FL Real Estate
Short Sale REALTORS®
Miami-Dade Florida Foreclosure and Short Sale Info
Tags:
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Rainmaker
284,761
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

Amazing how disinformation is out there and how hard it is for us to convince sellers of that.

Jan 16, 2009 04:33 AM #1
Rainmaker
217,380
No Longer Active
Real Estate - Fallon, MT

Nice explanation Janie...  I see a lot of Florida postings today, must be the chill in the air!

Jan 16, 2009 05:20 AM #2
Rainmaker
150,060
Janie Coffey
First Coast Sotheby’s International Realty - Ponte Vedra, FL
Uniting Extraordinary Homes w/ Extraordinary Lives

Hi Gene, yes, certianinly true.  What is more surprising the amount of real estate professionals that don't know either and let their clients foreclose (or themselves) from lack of knowledge

Dan, chill? YOU should talk about chill!  You'll see how nice Miami is soon!

Jan 16, 2009 05:34 AM #3
Ambassador
2,681,781
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Janie- And we have also closed on short sales where there was no financial hardship. We just negotiated the deficiency down to a lower balance. It can be done.

Jan 16, 2009 04:03 PM #4
Rainmaker
484,257
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Janie - since you are the expert... (and I'm most certainly not), here's a question I often get... When you list a short sale, how do you price it? Aggressively? (and if you do, do you risk the bank getting fussy?). Fairly? (and risk not getting any bites cause a SS is such a pain for everyone?) Your thoughts would be greatly appreciated!

Jan 16, 2009 11:16 PM #5
Rainmaker
150,060
Janie Coffey
First Coast Sotheby’s International Realty - Ponte Vedra, FL
Uniting Extraordinary Homes w/ Extraordinary Lives

Katerina, wow! thank you so much, know I know that every instance can possibly be tackled!  (We just hadn't had anyone without one yet ;-(  Thanks for stopping by!

 

Jennifer, we price it at TODAYs market value and then reduce 2% every few weeks.  That way the bank can't say we didn't try to get full market value by seeing the history of the listing.  This has worked so far very well.  At some point it hits the "sweet spot" and the calls and offers start to come in.

Jan 16, 2009 11:30 PM #6
Rainmaker
484,257
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Thanks Janie - that's a perfect strategy!!! I'll pass it on...

Jan 16, 2009 11:34 PM #7
Rainer
21,743
Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

Hello Janie, I belong to a group "Carpe Diem Partners, LLC". Carpe Diem offers a FREE negotiation service for your clients that are willing to entertain a "short sale". We market to Realtors in ALL 50 STATES and we are in the initial stages of compiling our database of Realtors for RECIPROCAL BUSINESS.

I AM LOOKING FOR AGENTS IN YOUR AREA TO REFER LISTINGS TO and I am also looking for Realtors to provide me with their short sale leads, so we can negotiate on behalf of the their clients FOR FREE. Once again this is a FREE SERVICE, there will never any upfront fees of any kind.

Carpe Diem is a buy and sell company, not buy and hold company. Carpe Diem is able to make CASH OFFERS to the bank, so we expedite the process rather effectively, this allows us to streamline the process as much as possible.

 Carpe Diem has completed over 500 successful short sale transactions, and currently holds over $37M in escrow.

The process typically takes 60-120 days from front to back. All Realtors are still entitled to their 2.5% commissions on all of their listings.

Carpe Diem has the ability to MONOPOLIZE THE INDUSTRY with a proven system that avoids the title seasoning, so Carpe Diem can resell to an end buyer without any conflict from the lender's under writers.

 This method is performed by their own title company and is 100% legitimate. The method has been introduced to Fannie Mae & Freddie Mac and is actively in motion, the strategic model has been proofed by attorneys and escrow agents in the state of Colorado and it can be implemented in ALL 50 STATES.

If you are interested, I would love to talk to you about getting started. I simply provide you with an informational lead sheet, (email me for one, josh@josh-david.com) and  send it back w/a CMA and we will have an approval w/in 24-48 hrs.

As of next week, you will be able to track the short sale progression in its entirety online.

Peace, Love, and Happiness to a PROSPEROUS "09"

JD

Jan 17, 2009 03:26 AM #8
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Rainmaker
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Janie Coffey

Uniting Extraordinary Homes w/ Extraordinary Lives
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