If you are having difficulty making your mortgage payments, you are not alone. Statistics will show that nationwide, foreclosures had decreased in the first quarter of 2009. However, don’t be fooled, with Federal government throwing money at the banks in the billions, banks have held off foreclosing hoping for a more amicable solution using government funds to bail out many worthy homeowners. This will prevent more inventory from flooding the market and help stabilize prices.
That is all good, but doesn’t change the fact that record numbers of people are still behind on their payments and are waiting for either an offer from the bank to modify their loan or foreclosure notice. Others have decided they want out, but have a desire to leave their credit somewhat in tact. That is when a short sale is most beneficial. A short sale comes into play when the owner owes more than the property is worth and the bank agrees to a short payoff, less than what is owed to them.
As easy as this may sound, it is quite a painful process to the seller and the buyer. The banks are overwhelmed with the volume of requests to do short sales, the process can be very lengthy. In addition to having a good reason why you need to do a short sale, there is a lot of forms that need to be filled out as well as documentation of income that must be provided.
The least stressful and most proficient way to complete this process is to hire a Realtor that is a Certified Distressed Property Expert and preferably still works with an attorney to assist with the transaction. This should cost you nothing up front and if they do their job, they will collect their fees from the lender.
At Exit Realty Premier in Lake Worth, this is precisely how we work. We specialize in short sales in Lake Worth, Boynton Beach, Wellington, Royal Palm Beach, and Delray Beach. We do provide this service anywhere in Palm Beach County as well as Broward County. There are no fees charged by us to the seller at anytime and even hire a licensed Florida Real Estate Attorney to negotiate and guide you through the process.
If you would like any information on how this works, please contact me, I am the broker and will be happy to discuss the details and answer any questions you may have. Call me on my direct line.
Victor DeFrisco, 561-951-3759