Investment and Vacation Real Estate - Orlando, Florida & North Carolina

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What exactly is a Short Sale?

A Rising Trend
Throughout Florida, the number of sellers facing financial difficulties is clearly on the rise in all price brackets. Many owners holding adjustable rate mortgages (ARMs) or interest-only loans are finding it tough to keep up with today’s higher monthly payments. Rising foreclosure rates throughout Florida and the rest of the country signal the seriousness of the problem.

At the same time, a decline in sales prices over the past two years has left some sellers with little or no equity in their homes—sometimes called an “upside-down” sales situation.

For instance, an owner who paid $300,000 for a Florida home in 2005 using a $30,000 downpayment would have little to no equity if the current market value were $270,000. So, it’s not just those having trouble making mortgage payments that are affected by today’s market. For example, you may have a couple who bought using 100 percent financing when the market was high. Because of a job transfer, they’re forced to sell and they find themselves owing more than the home is worth.

Is It a Short Sale?
Just because sellers are behind on their mortgage or are having financial difficulties doesn’t mean that the property is automatically eligible for a short sale. Your first clue is the market analysis compared to the mortgage amount. But, it’s vital to work with  sellers to get an estimate of the net proceeds and then discuss options.

Sellers facing a financial hardship typically [have options] prior to losing their home through foreclosure, according to Roberts. “A sales associate who can help the client in these pre-foreclosure stages is providing a great service,” she says. For owners behind on their mortgages, the first option is to find a way to catch up their payments. Borrowing from relatives or asking the lender to refinance the mortgage are among the options. Complete Story

Source: Florida Association of Realtors - Richard Westlund

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