Short Sale
Buying a Short Sale home from a short sale seller means a lot of paperwork and documentation requested by sellers lender. Different lender - different requirements.
In a Fort Lauderdale short sale home, Seller must disclose to a prospective buyer that they anticipate a short sale situation. Every short sale seller must inform the Real Estate Professional of any and all liens on their property and any changes which may occur in the future.
With almost every Fort Lauderdale short sale, home owner will need to provide to the lender(s) follow documentation:
- Hardship letter explaining why they can no longer make payments
- Authorization letter for Realtor or professional negotiator to speak with lender
- Financial analysis form
- Financial updates and forms
- Tax returns, pay stubs, bank statements
- Other items may be required by your lender
Please note that a short sale process and a contract for purchase submitted for a short sale approval will not automatically stop a foreclosure sale. Many lenders will proceed with the Foreclosure procedure, and time is of the essence in a short sale procedure. A foreclosure sale may be postponed by the lender upon acceptance of a short sale agreement, but a postponement is not automatic. A foreclosure may be reinstated after a postponement without further notice to the seller.
Seller Notes
Seller is hereby notified that Broker is not qualified to provide financial, legal or tax advice regarding a short sale transaction. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement.
Not all Sellers will qualify for a short sale approval!
If you stop paying your mortgage, you could lose your home and damage your credit.
Short Sale Buyer
Even though the seller may have accepted your offer for a Fort Lauderdale Short Sale, the contract is not valid until the lender accepts the offer and gives you a written Short Sale Agreement Notice. You may have been waiting for weeks for an
answer and another offer with better terms may be submitted to the seller and lender.
As a buyer you may continue to look at other properties here, in case your offer will not be accepted by a lender and you may cancel this contract for any reason before it is accepted by the lender, including when you find a property you like better.
READ MORE HERE
Florida Homes To Buy or Not To Buy
So you are thinking about buying a Florida Homes to buy or not to buy. Actually, you want to buy a Home in Florida, you are looking on my web blog and try to find as much home buying information as possible.
You have decided and want to Buy a Home in Florida, you drive around to see all the nice homes and wonder if you are ready to buy. Of course, you have educated yourself, you see and hear it every day in Radio, TV, Magazine and Commercials, and you know interest are at the lowest point in history and now is the time to buy.
How do you know if you are ready to buy a Home in Florida?
Begin asking yourself those questions:
1. Do I have steady Income, such as employment, retirement… ?
2. Have I been in employment for the past 2 to 3 years preferably in the same job or the same employer?
3. Can I show a good record of paying my bills in time?
4. Do I have long-term bills such as Loan payments on a Car etc. ?
5. Do I have saved some money for a down payment or are there down payment assistance programs available in your area in the State of Florida to assist me?
6. Can I afford a Mortgage Payment right now? (take a look what you are paying on rent)
If you answer those questions with yes probably you are ready to buy Your Home in Florida.
Want to know how to begin the Buying Process?
Find out about "Cancel your Contract Anytime Guarantee* and we look forward to giving you what you want a good deal.
Want to start your home search?
April 02, 2011
*Condition apply
What Our Clients Say
Build with 🧡 by Florida Connects
Florida Connects considers the South Florida real estate market as a potential "safe haven" for investors due to its historical market resilience and continued demand. However, it is important for all potential real estate buyer, seller and investors to understand that "safe haven" does not imply a guarantee of investment protection or immunity from losses. Real estate markets can be influenced by a variety of factors including economic shifts, changes in tax laws, and natural events which can affect property values and market dynamics. We advise all potential prospects, customer, clients to conduct thorough due diligence and consider obtaining professional advice tailored to your individual financial circumstances before making any real estate buying, selling or investment decision.
Accessibility
Florida Connects is committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, or notice any accessibility problems, please contact Florida Connects to specify the nature of the accessibility issue and any assistive technology you use. Florida Connects will strive to provide the content you need …Continue reading
Florida Connects Incorporated
PO Box 480154
Fort Lauderdale, FL 33348
Phone: 954.543.1794
Email: [email protected]
