Miami real estate news and information

SHORT SALES IN A NUTSHELL … OR IN A LEMON PEEL

MANY HOMEOWNERS ARE ALREADY, OR WILL SOON BE, IN DEFAULT ON THEIR MORTGAGES.    MANY HOME PRICES ARE NOW BELOW THE AMOUNT  OWED ON THE MORTGAGE.  AS PROPERTY VALUES HAVE DROPPED PEOPLE ARE LOOKING TO REFINANCE OR SELL , AND REACHING OUT TO LENDERS FOR HELP.

HOMEOWNERS, UNABLE TO CONTINUING MAKING PAYMENTS THEY CAN NO LONGER AFFORD, ARE EXPLORING  ‘FORECLOSURE’  OR  ‘SHORT SALE’  AS AN OUT.   MANY ARE WALKING AWAY  AS AN EXIT STRATEGY. 

EVERY LENDER HAS THEIR OWN SET OF REQUIREMENTS FOR ACQUIESSING TO A SHORT SALE.  A  BORROWER WHO APPEARS SUFFICIENTLY SOLVENT TO CONTINUE PAYING OFF THE LOAN (BASED ON ASSETS AND INCOME)  IS UNLIKELY TO BE AWARDED A SHORT SALE. 

LENDERS HOWEVER ARE  WORKING WITH  BORROWERS  WHO NEED TO REFINANCE OR SELL.   RATHER THAN TAKING OVER THE PROPERTY IN FORECLOSURE, INCREASING NUMBERS OF LENDERS ARE WILLING TO EXPLORE THE POSSIBILITY OF A  SHORT SALE.   IN A SHORT SALE, THE LENDER  AGREES TO ACCEPT LESS THAN WHAT IS OWED.  BY THE LENDER ACCEPTING LESS THAN WHAT’S ACTUALLY DUE  ON THAT MORTGAGE (AND/OR  LINE OF CREDIT )…  THEY ENABLE THE PROPERTY TO BE SOLD.

IF YOU ARE CONTEMPLATING A SHORT SALE  OR WANTING TO BUY A PROPERTY LISTED IN SHORT SALE,  AND ARE LOOKING FOR A TOP LOCAL REALTOR TO WORK WITH YOU, PLEASE GIVE US A CALL  305 793-1365 OR DROP US A NOTE HERE .   THE RESTIVO TEAM – EWM REALTORS, INTERNATIONAL.

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