Melbourne, Palm Bay, Malabar, Cocoa, Indialantic, Satellite Beach, Florida Short Sale Realtors
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Brevard County Short Sale Experts
What is a Short Sale? A short sale is when a lender allows the owner to sell a home for less than what is owed. Get started
In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all
done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a
proposed sale. A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are
associated with a foreclosure. source wikipedia
Cost to Seller: There are no cost to you as the seller to short sale your home with our services. The bank pays all commission and fees and is glad to do so since short sales are far less expensive for a lender than foreclosure lawsuits.
How does a Short Sale affect my Credit? Short sale is far less damaging than a foreclosure or deed-in-lieu. The FICO score is likely to drop down by 75-150 points for about 10-16 months if you do a short sale as compared to 250+ points for 7 years if you're do a deed-in-lieu or foreclosure.
source mortgage fit
How to Short Sale?
Steps: 1. Contact a realtor and get your home listed. Many lenders require your home be listed by a licenses realtor in our county. 2. Your Realtor will provide the short sale paperwork, complete and return ASAP. 3.
When your Realtor gets a offer he will handle all the details. 4. Your lender will provide a approved sale price, usually anywhere from 1-3 months from receiving the offer. Once approved by your lender the sale will proceed like a normal Real Estate sale. Get started
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