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Can you SHORT SALE Your Home?

YES YOU CAN! The process is all about negotiation so you need to have a strong, successful negotiator on your side. You do not have to miss several payments in order to start this process.

The fact is THE BANK DOES NOT WANT TO OWN YOUR HOME! Your lender knows they will get a higher sales price by selling your home as a short sale than as a foreclosure. The sale will cost them less money as well.

Short Sales have been popular since the market meltdown of 2007 and short sale transactions are a major part of the Cape Coral real estate market. These days lenders are equipped to handle short sales and even have an online system to handle the transactions effectively. You may have been notified by your lender to begin the short sale process. Your lender may have even offered you money to sell your home.

YOUR LENDER CAN FORGIVE DEBT!
 
The negotiation process begins with a sales contract. Listing your home with me will bring a ready willing and able buyer to contract quickly. This offer is subject to 3rd party approval. The 3rd party is your lender. I manage the negotiation process on your behalf with your lender. The process is all about negotiation so you need to have a strong, successful negotiator on your side.

Financial documents the bank will require from you are:

Your recent pay stubs
Your current Bank Statements
Two years of tax returns
Hardship letter to your lender

Will you be taxed on the forgiven Debt? The Mortgage Forgiveness Debt Relief Act offers relief to homeowners. Primary homeowners no longer have to pay taxes on that forgiven debt. However, investment properties are not covered by this law.

The lender will typically pay all closing fees, all or a portion of the delinquent HOA fees, back taxes and Realtor commissions.

Does this all seem too good to be true? Well I’m not going to insult your intelligence. There may be strings attached to getting your mortgage debt forgiven. Of course my aim is to get you off free and clear. In most cases, I accomplish this. If you have assets or income and or the property in question is an investment your lender may want a cash contribution or have you sign a promissory note at closing. Often your lender will relinquish their right to pursue deficiency judgment in exchange for a contribution or note. It is in your best interest to avoid a deficiency judgment as they can be claimed up to 20 years in Florida. The notes or contributions are not large sums. The interest rate is very low. This is ALL NEGOTIABLE! What your short sale approval letter states depends on your hardship and financial standing. Having a knowledgeable and persevering negotiator on your side will be key to your outcome.

REMEMBER! THE BANK DOES NOT WANT TO OWN YOUR HOME