Choose Experience
If you believe that you may qualify for a short sale, the difference between a successful short sale and foreclosure may be a simple as the agent you choose.

With a proven track record of successful short sale transactions,  I have the knowledge that allows me to navigate the complexities of the process.  Because a short sale involves the seller´s negotiating with the lender, these transactions are a lot more work and require patience and persistence.  (See Testimonial Below)

Call me to learn your options.

What is a Short Sale?
When the net proceeds are not enough to cover the mortgage obligations and closing costs, such as property taxes, transfer taxes and the broker´s commission.

A Rising Trend
Throughout Florida, the number of sellers facing financial difficulties is clearly on the rise in all price brackets. Many owners holding adjustable rate mortgages (ARMs) or interest-only loans are finding it tough to keep up with today´s higher monthly payments. Rising foreclosure rates throughout Florida and the rest of the country signal the seriousness of the problem.

At the same time, a decline in sales prices over the past two years has left some sellers with little or no equity in their homes-sometimes called an upside-down sales situation.

For instance, an owner who paid $300,000 for a Florida home in 2005 using a $30,000 downpayment would have little to no equity if the current market value were $270,000. So, it´s not just those having trouble making mortgage payments that are affected by today´s market. For example, you may have a couple who bought using 100 percent financing when the market was high. Because of a job transfer, they´re forced to sell and they find themselves owing more than the home is worth.

Do I qualify for a Short Sale?
Just because sellers are behind on their mortgage or are having financial difficulties doesn´t mean that the property is automatically eligible for a short sale. The first clue is the market analysis compared to the mortgage amount. But, it´s vital to get an estimate of the net proceeds and then discuss options.

Other Options to Consider
Owners facing a financial hardship typically have options prior to losing their home through foreclosure.  For owners behind on their mortgages, the first option is to find a way to catch up their payments. Borrowing from relatives or asking the lender to refinance the mortgage are among the options.

Many lenders are willing to extend the term of the mortgage, add any delinquent payments to the loan principal or adjust the interest rate. If the owners´ income has gone up, the lender might agree to a repayment plan with higher monthly payments to make up the deficiency.

If Owners are not in the position to make their payments at all, of course, investigating the short sale option may rescue them from foreclosure.