Short Sales & Foreclosures
SHORT SALES AND FORECLOSURES PALM BEACH
The phrase Florida short sale refers to an agreement between a lender and borrower in which the lender accepts to purchase back property from the borrower at a cost lower than what the borrower still owes on that property. This is an option to foreclosure for homeowners when they can’t meet their mortgage expenses. Also, it can be applied in a case where your property’s current value drops below the amount secured from the bank earlier.
Normally, the outcome of this is that the lender will set you free as part of the negotiated sale so that you won’t be obliged to pay for the deficiency that is the result of the discrepancy between the short sale cost and the initial mortgage cost. Nevertheless, that may not be the case in all circumstances thus; you need to acknowledge that before consenting to a short sale.
What to gain from the Palm Beach short sale.
Calling a spade a spade, a short sale is likely to harm your credit but that is not to say it will be more severe than a foreclosure. For a foreclosure, your records will be visible to the public as a result will have an impact on your credit score starting from somewhere between 175 to 300 points. If you choose to go for a short sale that would be like opting for “settled for less than the full amount” or anything comparable to that on the credit report terms. Another juicy part of it is that it won’t be in the public record, therefore, will not be at the disposal of potential employers or any entity interested in your credit record. It is worth noting that any delayed mortgage payments will be visible on your credit record. If you go for the Palm Beach short sale alternative while the rest of your credit history is impressive, your score may drop just by about 50-60 points. Wouldn’t that be a fair deal?
Besides, you will have access to other financial considerations as a homeowner. There are extra charges and expenses to both the lender and borrower which are relieved when making a short sale. Further, banks may give financial incentives to market your home using a short sale.
Qualification for Palm Beach foreclosures.
To qualify for a short sale, you need to be enterprising rather than waiting until foreclosure alerts are sent to your home to request for a short sale. Try to reach your lender and inquire about their terms for a short sale. Remember, you have to meet their conditions and timelines to have a prosperous short sale.
Despite the conditions, we shall be with you through thick and thin until you achieve your goal- getting to a home you can manage.
The Palm Beach Real Estate Title & Escrow team will handle your short sale matters. With the support of our associated law firm, you can rest assured that you’ll get the necessary guidance in getting the short sale process done. Additionally, our team will keep you posted about the status of your short sale so that we can walk the journey together.
Palm Beach foreclosures are characterized by personalized services. From the start, you will be allocated to one specialist tasked to give you the attention you deserve.