Short selling your Florida home to avoid foreclosure
Published On: February 15, 2012 Posted by: TownsRealty
Even after so many years of a failing real estate market, there are so many homeowners in Florida that are facing adjustable rate mortgages and having increasing payments that are making mortgage payments next to impossible to pay. Add to that a loss of the job, illness in the family, having to relocate due to a job and the situation becomes very stressful.
If you are a homeowner that is facing this stressful situation and you missed one or more mortgage payments, you need to be aware of what you can do about it.
If you tried loan modification and your mortgage company denied you, your best option to avoid foreclosure is to short sale your home.
A short sale is the sale of a home in which the sale proceeds fall short of the balance owed on the property’s loan. When a homeowner cannot pay his mortgage payments anymore the seller’s lender decides that selling the property at a controlled loss environment is better than a foreclosure on the property. Both parties, seller and seller’s lender, consent to the short sale process because it allows them to avoid foreclosure, which involves hefty fees for the lender and poorer credit report outcomes for the homeowners.
If you are contemplating the short sale option, contact Towns Realty which has an extensive short sale experience having closed more than 300 short sales. We, at Towns Realty, know how to get a short sale processed and completed. There is much more to a short sale then putting it on the market, getting an offer and sending it to the lender. First, a short sale has to be priced according to the current real estate market and not at a low ball price.
Second, for a successful short sale, your Realtor has to constantly communicate with your lender and be experienced with the short sale process!
Contact Towns Realty today for short sale assistance. We service Kissimmee, Poinciana, Orlando, Davenport, Winter Park and Windermere. Our extensive short sale experience will benefit you and help you avoid foreclosure.