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Short Sales: A Viable Alternative to Foreclosure

Short Sales: A Viable Alternative to ForeclosureShort Sales

By John Voket

One of the things we hope to see less of in 2012 is short sales.

This brings me to a blog by Bion Grady, (bionsellshomes.com) who specializes in loan modification assistance and short sales in Paulding County, Ga. Grady says if the only alternative for distressed homeowners is to walk away from their property, a short sale may still be a viable alternative for a number of reasons .

Grady advises homeowners to remember these four things:

1. Debt Eraser. The upside down debt is erased in most cases. If you are selling because of a financial hardship, then the upside down debt will be automatically erased in most cases. If your loan is owned or insured by Fannie Mae, Freddie Mac, FHA, and/or VA, and you are short selling because of a financial hardship, their policies state that your debt will be erased.

2. Faster Rebound. You are eligible to buy another home much sooner compared to a foreclosure. The most common loan program, Fannie Mae, stipulates that you can buy another home under their program in two years. FHA, a popular low down payment loan program stipulates that you can qualify for an FHA loan within three years.

3. No Cost to You. According to Grady, all of the expenses are paid for by your lender. That includes the title insurance, any county taxes or fees on the sale, attorney fees, and the real estate agent. If the lender foreclosed on the house and then tried to sell it, they would have to pay all the costs.

4. Less Credit Damage. Upon completion of the short sale, Grady says your credit score will drop between 50 and 100 points. However, it will rebound fairly quickly, and you will have a lower debt to income ratio, which will boost your credit. In addition, anything and everything bad on your credit can be fixed through the dispute process.

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or solovay.m@ewm.com.

Written by Michael Solovay | Discussion: No Comments »

Let’s Make A Deal!

Portsview at The Waterways – 3610 Yacht Club Dr., Unit 912 Aventura FL  33180Portsview at The Waterways

List Price:  $265,000.00  SHORT SALE

Portsview at The Waterways Condominium is located within the 176 acre community of The Waterways, along the Intracoastal Waterway.  Residents have walking access to The Waterways Marina & The Waterways Shoppes.

Property details:

  • 2 BR 2 BA
  • 1,154 square feet of living space
  • large balcony with access from all rooms
  • new porcelain tile floors
  • new kitchen appliances
  • smooth ceiling
  • 2 assigned parking spaces in covered garage
  • extra storage included
  • lovely view to the Waterways Marina

Click on the following link to view photos and additional information on this property:

3610 Yacht Club Dr, Unit 912

Portsview Condominium amenities include:

  • 24-hr manned security gate
  • 24-hr manned lobby security guard
  • 2 heated swimming pools
  • tennis courts
  • gym

This is a short sale situation where the value of the property is less than what the owner owes to the bank.  The short sale is subject to the seller’s lender approval.  This type of transaction requires patience and is not for someone with a time constraint.

For more information or to schedule an appointment to view this property please contact me at (305) 329-4929 or solovay.m@ewm.com.

Written by Michael Solovay | Discussion: No Comments »

What Is A Short Sale?

Short Sales

short saleI work with clients from all over the United States.  In addition, many of my clients are from a foreign country. I have noticed that many people are confused about what exactly is a “Short Sale.”

A Short Sale is a situation where the net proceeds from the sale of a property are less than what is owed to the bank or mortgage company.  The Seller will receive no funds from the sale and all lien holders must agree to the transaction.  The mortgage company’s goal is to get the highest amount they can in order to reduce their loss.  The negotiation can take a good amount of time, and it is not uncommon for the process to take 60 – 90 days.  It is very important that both the Buyer and Seller be aware of this.  If a Buyer wants or needs to move quickly then they should not consider a Short Sale.   “Short sales should be called Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

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