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How can I get out from under the debts on my home?Consider short selling your home!
Not sure what a short sale is?
If the market value of your home is less than what you owe on your current mortgage/s, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a sale of your property to a third-party buyer for less than what you currently owe on your mortgage balance. Short sales can be a way for homeowners to avoid foreclosure and get out from under their loan with the lender.
The short sale of your home is not a questionable practice in today's softening real estate market...it may be a necessity. The short sale transaction is fully legal and a much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers for a number of good reasons because it can result in a "win-win-win" situation for all parties involved:
Win #1: You win by getting out of a financial predicament through a preforeclosure sale of your home and reducing the negative affect on your credit score. Also, your property is saved from foreclosure and having the lender potentially pursuing you for a deficiency judgement of the loan and foreclsoure costs. Allowing you home to proceed into foreclosure could adversely affect your credit for up to 7 years.
Win #2: The lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the bank.
Win #3: The buyer of your property wins by getting a solid property at a fair market value.
How do I proceed with a short sale?
First, figure out the true market value of your house. A qualified real estate professional, like those at Rock Springs Realty will be able to give you a realistic idea of what your home would likely sell for based on a market analysis. Beware of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
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When it's time to sell your home, Rock Springs Realty will help. Use our experience and knowledge of the local real estate market in Central Florida to sell your home quickly. Contact us today. |
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At Rock Springs Realty, our qualified Agents will be able to walk you through the entire short sale process from listing-to-close. We work with local real estate attorneys and title companies to assist with the processing and short sale negotiations on your behalf. Regardless, there is never any up-front fee & absolutely "NO" direct cost to you as the Seller to process the short sale transaction. Any fees or commissions earned will be paid from the proceeds of the sale at the time of closing. If we are not able to get your short sale approved, you own us nothing for our efforts, period!!!
Finally, call your lender and let them know of your situation. They may even have a special team to assist you that handles short sales. Ask about their specific programs and criteria to qualify for a short sale. If you are then comfortable, request a short sale package be sent to you by post. Some lenders will be more able to work with you than others.
In considering a short sale, there are many factors to take into consideration so feel free to give us a call for a private, personal consultation to see if you would qualify for a short sale and to further understand the process necessary to complete a short sale transaction.
Complete the form below and one of our trained Realtors will contact you within 24 hours or for more immediate information, call toll-free (877) 333-2811, or send an email to joe@rockspringsrealty.net
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