I was speaking with a gentleman yesterday at the Starbucks in Rockledge which is just down the street from my Century 21 Baytree Realty office.
I try to stop by just to see what is going on and meet folks to talk real estate. Can’t sell it if you don’t have someone you can tell how great the prices are in Rockledge, Viera and Suntree!
Anyway this middle age guy was telling me how his lender had just raised his interest rate again. He was now going to be paying something like 9% on a house that was worth about half what he paid for it. I felt sorry for him and his family.
Unfortunately, this is not something I rarely hear. It is common. I am not going to name lenders or mortgage brokers here. Just rest assured I do not ever recommend such leeches!
And some lenders are not very accommodating. I discussed the merits of a short sale with this gentleman. I will be following up with him in a few days.
Short sales happen when the selling price is less than the mortgage owed. This
is has been a frequent occurrence in Brevard County Florida.
For information on real estate in Brevard County, Florida, please give me a call at 321-693-3850 or email me at firstname.lastname@example.org.
Or, if you see me at Starbucks (or Dunkin Donuts) just tap me on the shoulder! I will be the guy wearing the Century 21 Baytree Realty name tag!