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Monday, December 27, 2010

Something I Never Heard a Home Buyer Say at Closing - Foreclosures and Short Sales

I enjoy real estate closings.  They can be tense.  They can be nerve wracking - on buyers and sellers.  When the closing is finished and the new home buyer is handed the keys I have heard a lot of words and expressions.  One thing I have never heard a new home buyer say...

"Well now that we have closed, lets move in so we can have it foreclosed in a few years."

Buyers do not go into home ownership with a plan to go through a foreclosure.   Buyers don't go into home ownership with the idea that if things don't work out they can just walk away.

But sometimes life's circumstances cause them to be placed in a hardship.   Not just a hardship but one that impairs their ability to maintain and retain their home.

Doing what is necessary to prevent a foreclosure brings many underwater sellers to a "short sale" situation.

 A short sale is where the most likely sales price of the property will be less than the mortgage owed. In these situations the lender(s) must approve any accepted offer.  Further, the seller can't receive any proceeds from the sale.

Doing what is necessary when selling as a short sale should be a priority.  Sometimes the lender will ask for a seller contribution.  Sometimes the lender may request the seller sign a personal note for a percentage of the difference.  These are all considerations when attempting a short short.

If you are in Brevard County, Florida and facing a hardship which prevents you from continuing your home ownership, talk with your lender about a loan modification.

If that is not an option, call me at 321-693-3850 to discuss a short sale.  If you prefer, email me.

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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