FREQUENTLY ASKED QUESTIONS
1. WHAT IS A SHORT SALE?
When you are upside down on your mortgage, struggling to make payments and worried about foreclosure, there is a way out – you can sell. This solution is called a Short Sale.
With your lender’s permission, you can sell your house for less than what you owe on your mortgage. And your lender agrees to accept this “short” or lesser pay-off.
2. WHY WOULD YOUR LENDER AGREE TO A SHORT SALE?
Because the foreclosure process actually costs them a lot more money. So in order to cut their losses, many lenders would rather agree to a short sale than to foreclose on a property.
3. WHY WOULD A SHORT SALE BE A GOOD OPTION?
- FORECLOSURE ALTERNATIVE. It offers financial relief from a burdensome mortgage instead of going through a foreclosure. The foreclosure process is both a stressful and pressure-packed experience that no one wants to go through. With a short sale, the process is more similar to a traditional sale.
- GET A FRESH START SOONER. According to this 2017 Fannie Mae Fact Sheet, the standard waiting period before becoming eligible for a new loan after a foreclosure is seven (7) years. After a short sale, the standard waiting period is only four (4) years.
- POSSIBLE INCENTIVES. There are situations when lenders offer seller incentives. These may include cash for relocation and waiver on the deficiency of the loan balance.
You are not alone. Many Florida homeowners who are having difficulty making their mortgage payments do not know that they have options to avoid foreclosure, one of which is to sell. And if you owe more than what your house is worth, you might qualify for a Short Sale.
At Parkland Realty Group, we have the expertise and experience in successfully completing short sales in Parkland, Wellington, etc.
SHORT SALE FREE CONSULTATION
Simply call us at (954) 592-4251 or use the form below.
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