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There are many home owners in Florida who are upside down on their home or can no longer make their house payment either because of job loss, divorce or financial struggles, whose only option was letting the home go back to the bank; otherwise known as foreclosure. If you are considering foreclosure, you may want to look into another option known as a Short Sale. Florida short sales are becoming more & more common among today's home sellers and can be the answer to your financial struggles allowing you to get out of your home and save your credit.
What is a Short Sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. 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. With the housing market as slow as it is today, short sales in Florida are becoming a very common option for those home owners that need help getting their home sold fast.
What are the benefits to a short sale?
The benefits to a short sale v. foreclosure are distinct. Considering letting your central Florida home go into foreclosure can be detrimental to your future credit and can cause you to not be able to buy another home for up to 5 years or more not to mention this flaw will be on your credit report for years to come. A short sale can be a much quicker process, less expensive and doesn't look as bad on your credit report as a foreclosure. It shows that you, as the home owner, did everything you could to avoid defaulting on your loan and in fact can be a big plus in the eyes of a future lender.
How does a short sale work?
Convincing your lender to sell your property at a loss can be very difficult. In addition you will also have to convince your realtor to take a smaller commission and the amount of the loan that the lender forgives in a short sale can become your responsibility. Using an experienced Realtor who has success with short sales in Florida is the smartest decision you can make when going this route.
If you are considering a short sale in Kissimmee Florida, then you need an expert like Jennifer and Everett Scott “TeamScottFl” short sale team. Jennifer and Everett are Certified Distressed Property Expert and can help you with your central Florida Short Sale. Contact us for a confidential consultation to find out if you will be able to short sale your Florida home.
We do short sales in Kissimmee, Celabration, Davenport, Windermere and Saint Cloud, Fl.
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