Things to Consider When Exploring a Short Sale for Your Boca Raton Home
If you’ve started to feel like your mortgage payment and other loans are a looming dark cloud on the horizon, you might also feel like you’re running out of options that might help you bounce back on your feet and gain control of your finances. Our Boca Raton real estate professionals are extremely experienced with the short sale process, and are looking forward to helping you determine if a short sale could be the ultimate solution to your financial hardships. It’s important to understand the short sale process from start to finish, and you’ll benefit from having expert guidance clear up any misconceptions you might have had about how short sales can benefit home owners.
Many people avoid short sales because they think the whole process is too lengthy to suit the timeliness of their financial trouble, and assume that the process can take more than a year. Fortunately, with the recession, many tweaks to the system have helped to make the whole process more streamlined, and available for more people. Sometimes this process can go as quickly as a few short weeks. Know that each case is different, though, and depends on a variety of factors, such as the amount of money still owed, the terms of the loan, credit scores, and the speed at which banks and lenders can approve the short sale due to caseload.
Short sale sellers don’t necessarily have to be in default in order to qualify for their short sale. Even if you pay your mortgage on time each month, and due to certain outstanding financial hardships such as medical emergencies, death, divorce, employment transfers, and disability, your home has become too expensive, you may still qualify for a short sale. What’s beneficial for those who have kept up on their monthly bills is that they are more likely to be approved to purchase another home much sooner than those who have defaulted. Many legal technicalities and specifications for those eligible to go the short sale route will be changing November 1 and in 2013. If your home loan is owned by Fannie Mae and Freddie Mac, then you may be eligible for a short sale even if you have not defaulted, if you can cite one of these hardships. These new qualifications for short sales are attempts to help keep the real estate industry on its feet by avoiding foreclosure when possible.
Those considering a short sale should know that not all real estate agents are created equal. Some have considerably more experience in dealing with short sales than others, from both the buying and selling ends of the transaction. Make sure that your real estate agent is the best advocate for you and your needs by discussing his or her experience in the industry, the risks involved, and whether a short sale is really the right decision for you. When you’re considering a short sale, your first step should always be to speak with legal, financial, and real estate experts who have had a lot of experience in this process, especially in the last few years.
Palm Beach Premier Real Estate specializes in Boca Raton short sales as well as short sales throughout Palm Beach County, Delray Beach and surrounding areas, and it would be our pleasure to assist you with navigating though the short sale process. Please contact us if we can be off assistance!
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