Written by our office's transaction coordinator and short sale processor, Jacklyn:
What are some of the benefits of a short sale, as opposed ot letting your home go into foreclosure?
Short sales are definitely a preferred way of going about getting out from under your home, as opposed to foreclosure. Iknow some people think that foreclosure means you just wash your hands of the property and the mortgage and it's done; but unfortunately that's not the case at all. If you're home gets foreclosed on, your lender still has the right to continue pursuing you in an attempt to get you to pay them the full amount that was owed on the mortgage.
Florida ranked as #7 among states with the highest foreclosure rates for 2011. That means there is a lot ofinventory available. Foreclosure homes tend to be bare bones and often times have been sitting vacant for a while, sometimes for years! These are not the kinds of homes that are ideal for families to move into right away. That is another reason that short sales are preferred by both buyers and the lender. Usually, short sales have been occupied recently or are still occupied, thus resulting in the house being taken care of to some degree. Although this is not always the case, it's far more common.
With so many of Florida's residents upside down on their mortgages, many people are at a loss for what to do. The first thing you need to do is educate yourself about your options. Take a few minutes to read on our website and others about what a short sale entails, or speak with family and friends who have done a short sale recently. The most important thing you can do is seek out a qualified real estate agent with a successful history in getting short sales approved. You can't go wrong with giving our office a call; we're always happy to give you all the facts that we know, which can help you make your decisions.
Knowledge really is power when it comes to these kinds of situations, because the more you know, the better you'll be able to make facts-based decisions that benefit you and your family.
- Jacklyn, Kara Homes & Associates