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.
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Condominium Living In South Florida
Condominium Living in South Florida and what is it like? Are you considering living in a Condominium but not sure if it is the right living arrangement ? We hope to bring you with this article some inside information to make an educated decision on Condominium Living South Florida.
What is a Condominium?
Let us first define the term Condominium. If you buy a Condominium you buy a form of real property ownership. A individual owns a unit exclusively and owns the common elements jointly with other unit owners of a Condominium. In a Condominium, an individual unit owner owns the unit from the inside from wall to wall of their individual unit.
In a Condominium, you will live in close approximation to your neighbors and live by the set Rules and Regulations.
Condominiums Common Elements
The common elements in a Condominium are those portion of the Condominium which is not included in the unit and are owned by all unit owners. The common elements of a Condominium is a shared ownership with all Condominium unit owners in an undivided manner. Most commonly this is the structure of the building(s) including the roof, walls, hallways, recreation facilities and all elements as defined in the individual Condominiums declaration. To each Condominium units are common elements attached to and are transferred with the sale of a unit. A deed, therefore, is conveyed on a unit together with a proportionate ownership interest in the common elements to a purchaser of the unit.
Condominium Shapes and Sizes
Condominiums come in different forms, shapes and sizes. Many who think about Condominium Living South Florida associate a "Condo" with our Florida high-rise buildings throughout the cities. But there are other forms and shapes of Condominiums. Condominiums are created at the time of the construction or later are converted from an existing building into Condominiums. A conversion can also include existing apartments, townhomes, and even hotels/ motels units.
Condominium Documents
It is important before you purchase a Condominium unit to familiar your selves with the concepts of Condominium ownership. Each Condominium has individual Condominium declaration, Condominium documents, Condominium by-laws and the Condominiums rules and regulations. This should be handed to a prospect buyer for their review. Read these documents thoroughly before you purchase a Condominium unit, and note the cancellation period depending from who you buy a unit. In addition, Condominiums are covered by Florida law and are regulated through the Florida Statute 718, the Florida Condominium Act.
If you need help when buying or selling your Condominium in South Florida send me a note we are familiar with the procedure and do this every day. Look for our other articles in the next coming days where we will cover Condominium declaration, by-laws, rules and regulation and what you should know about them.
February 02, 2013
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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.
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