Avoid Foreclosure in Brevard, Ask about Short Sales

How Do I Avoid Foreclosure?
Are you behind on your mortgage payments or facing foreclosure?  Did you recently lose your job, enduring a divorce, have piles of medical bills ... Don't Foreclose, Ask About Short Sales!  Short Sales are one of the most effective methods for a homeowner to avoid foreclosure and the credit issues that come along with it.  Did you know that a foreclosure stays on your credit for 10 YEARS?   Don't let foreclosure ruin your life or your credit ... Ask About Short Sales. 

What Does a Short Sale Entail?
In short, the bank agrees to the Short Sale, the homeowner hires a Real Estate Agent to find a Buyer(s), the home is sold for less than what it's worth and the bank will eat the loss.  Sound Easy?  Well, like all real estate transactions Short Sales have basic requirements and paperwork.  The homeowner will need to provide the Lender with a Listing Agreement (from a Realtor) and a Sales Contract (from a Buyer). They are also required to provide documentation explaining the reason why they cannot continue to pay their mortgage (typically referred to as a Hardship Letter) and supporting documents such as bank statements, tax returns, photos and/or information on the home and a CMA (Comparative Market Analysis) to support the offer.  The remainder of the process works like any other real estate transaction, except the Bank will typically absorb the cost of the Realtor's commission.  The homeowner may also be entitled to pay the IRS taxes on the bank's amount lost on the sale.  

How Long Of A Process Is This?
Depending on whether or not the Lender accepts the first offer and/or how busy they may be, the Short Sale process may take approximately 2-3 months or longer.  If the Lender does not accept an offer, the Homeowner/Seller and Buyer will typically go through a negotiation period until both parties are satisfied. Nonetheless, in the end the Homeowner/Seller, Buyer and Lender will walk away benefiting from the Short Sale.  The Homeowner/Seller will avoid foreclosure and crippling their credit, the Buyer will purchase a home at a great price and the Lender will not have to endure the time and expenses of a foreclosure nor will they have to take the home back (especially in a declining market).