Every once in a while it’s important to clear the air on what has been circulating and set things straight again. Let’s talk straight Short Sale Talk….ignoring talk that is shot from the hip.
It’s very clear that we are going through tough economical times, particular here in South Florida throughout Broward, Dade and Palm Beach counties. Individuals and families are hurting financially; jobs aren’t plentiful, layoffs continue and there are handfuls of reasons why homeowners are stressing over how to pay their mortgages. So what do you do? Should you:
- stop paying your mortgage. That’s what my neighbor said I must do as they don’t consider you for a Short Sale if you’re current.
- just walk away and abandon the home. My brother heard that everybody’s doing that as it’s much easier to deal with.
- forget about a Short Sale as they will always go after you for the deficiency. You know I just heard that at the office today.
- forget about a Short Sale because it’s not my primary residence. My aunt just tried to sell her investment property and her Lender told her that they don’t do Short Sales on investment properties
No, No, No and no again. There they are, shooting from the hip …. myths and rumors …. you must know that each individuals circumstances differ. Don’t trust hearsay. When you need advice on your pain in your chest do you ask your neighbor what he or she thinks you should do or do you seek the advice of a qualified Cardiologist? Gosh, I hope you go to the Cardiologist.
First off, speak with your Lender about your situation letting them know what’s going on…don’t stick your head in the sand.
Second, seek the direction of a Real Estate Agent who knows Short Sales, can determine if you qualify, can tell you the steps of a Short Sale and what you can expect. Make sure that they have a successful track record in listing and closing Short Sales. Anybody can list a Short Sale but can they close a Short Sale; this is key. A Short Sale is a whole different ball game and you want somebody on your side who’s rooting for you and has the skills and integrity to get your sale to close.
Got a Short Sale question and need some straight talk? Go ahead ask away.
Mortgage Assistance Relief Services Disclosure
Keller Williams Partners Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
