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 Short Sales: The Average Homeowner Can Live 492 Days Rent Free
Florida – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.
That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?
In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.
If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain.
The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure departments
These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.
The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts.
The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.
This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.
Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a short sale?
Thinking about a loan modification? Our Florida loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Fort Lauderdale Loan Modification Help, Fort Lauderdale Short Sales. Fort Lauderdale Short Sale Realtor. Florida Short Sales. Florida Realtor.
This information on Florida Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.
April 13, 2011
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]
