Florida Licensed Realtor Phone: 386-846-3919 Email Arthur
A short sale is sometimes considered a pre-foreclosure property. A short sale happens when a homeowner owes the bank or lending instution money for a loan and either they are behind on their monthly mortgage payments or are going to be. A short sale sells for less than what the mortgage amount is and the bank accepts it. Generally there is a balance that is either written off by the bank as a loss or the home owner may have to repay either by being issued a 1099 on the difference or be given a small loan in order to repay the difference between the mortgage amount and selling amount. Its best to consult with an accountant and an attorney.
Foreclosures can be an eye sore and affect the value of the neighborhood. Many times foreclosures are abandon homes. With vacant homes there is no one there to maintain the property or make sure the home is secure. This could prove to be a problem for the entire neighborhood with over grown lawns, pools not properly maintained and often times these vacant homes either appear weather worn and in some cases delapitated.
If you want to stay in your home that could be a short sale but the reality is you do not want to lose your home to foreclosure. Contact the bank or lender to see if you qualify for a loan modification. A loan modification can be difficult to obtain. While the price and terms will change with a loan modification you can be sure that it is very important that you do not break your agreement with the bank or lender. Breaking a loan modification by not paying the agreed amount on time will start the foreclosure process once again.
Make sure and fill out the paper work required by the bank and follow the instructions to a tee. When obtaining a loan modification make sure and understand what has changed and read the fine print. A loan modification may help to Save Your Home!
In order to assist you in selling your homes as a short sale you'll need to follow some very specific rules and guidelines by your mortgage company, bank or lender.
Because The Greater Daytona Beach area was impacted by the mortgage meltdown and slow economy, more and more home sellers are selling their homes in short sale. In some instances these homes end up in foreclosure because the agent that was hired was not experienced or did not know what exactly needed to be done in order to satisfy the bank in order to get the short sale home into closing. Don't let this happen to you, call us and let's see if we can help! Your privacy is important to us, all calls and inquiries on selling a short sale in Daytona Beach is confidential.
Disclaimer: Arthur and Susan of Exit Realty of Daytona is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.