Charles Rutenberg Realty
1545 South Belcher Road
Clearwater, FL 33764
866-200-6194 x 901
Bottom line, if you’ve found your dream home and you’re getting it at a bargain price, don’t let impatience or arrogance get in the way. Short sales may be around for a while, but you don’t want your dream home to get away.
Despite the efforts of financial institutions to standardize the short sale process, idiosyncrasies abound; a seasoned short sale agent will know how to work each lender’s system to your advantage and will act as your true liaison. When you’re working against a ticking clock you need knowledge and a spokesperson at your side.
While keeping the disreputable at bay, you need also beware of buyers. While they are obviously the critical component in a successful short sale, they must offer qualifications beyond the financial. Short sales take time and patience and you’ll need assurance that your buyer is in for the ride. So besides the obvious confirmations of lender pre-approval or proof of funds if they are cash buyers, please consider:
Each of these options may have potential issues and may carry eligibility restrictions. Your first steps are to take full stock of your situation and then contact both an experienced distressed property Realtor and your lender. The thing not to do is wait…if you are a homeowner in trouble; time is not going to cure what ails you.
In the foreclosure sales market a lot has happened quickly. In the process, the meaning of “pre-foreclosure” and all the other associated terms have gotten a little skewed. We’ve put some definitions together that will help to clarify these very distinct foreclosure phases.
When time is of the essence and there is not a great deal a borrower can control, our advice is to control the things you can. So, follow the instructions of your short sale specialist to the letter, compile all the requested detail, and make sure everything is accurate and valid. It can be done; you just have to do it right.
The process needs to be initiated in the pre-foreclosure phase which begins with the first mortgage payment default. The foreclosure timeline in your state starts the clock against how long you have to list the home, find the buyer, and get the sale approved by the lender.
The foreclosing lender would like to see that every effort has been made to become current on the mortgage or sell the property on the open market. They want to see that it is listed with a dis-interested 3rd party Real Estate Agent at market value to ensure you are trying to get the highest [...]
