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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Florida Property Taxes and more
Today I want to talk to you about Florida Property Taxes and more in this video so come and check it out!
Did you know that Florida is a No Income Tax State? Sounds and it is great reason especial when you don't know why you should move to Florida. If you are still on the fence a no income tax is a great reason to change your mind. But let's talk about Florida Property Taxes and more and if you have to pay taxes when you own a property in Florida.
Your Florida Property Taxes and more are assessed by the county where your property is located. These property Taxes getting newly assessed every year and constantly changing. Property Taxes are assessed and paid for on the properties market value the county property appraisal assesses new every year.
Check out and make sure that you apply for certain credits if you are eligible on Florida Property Taxes and more credits such as Homestead, Veteran, Disabled, widow or widower,
Yearly you receive first an estimated Tax Bill that is sent out around August. Your final Tax Bill will arrive in your mailbox by November 01 of every year.
Very important for a buyer that you don't rely on any taxes you see on other websites. Your Taxes will be newly determined on your purchase price. You can check out Broward County Property Appraisal website at www.bcpa.net
Go to the Home Buyers Tax Estimator where you can find out your approximate tax for the property you want to purchase. Put in the purchase price and if you qualify for additional Tax credits. It's a pretty neat website.
September 11, 2018
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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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