Myth Busting – Foreclosures and Short Sales
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When a
homeowner faces default on their mortgage, there may be two options:
foreclosure or short sale. Foreclosure
can be devastating, both emotionally and financially. A short sale, or one in which the lender
accepts a selling price less than the amount owed, is a better option for both
the lender and the homeowner.
Regrettably,
nearly seven out of ten homeowners proceed through foreclosure without ever
listing their home for sale. This is due
largely to perceived myths about the process, and we need to put a few of these
misconceptions to rest.
First,
homeowners assume the bank would rather foreclose than accept a short
sale. Not true - foreclosure is
often more costly for the lender, and short sales often sell for more than
foreclosed listings. The banks are
trying anything possible, within reason, to avoid the foreclosure process.
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Next,
homeowners believe there is a stigma attached to short sale listings, and that
buyers have no interest in such properties.
Not true - to the contrary, many smart buyers are specifically
seeking out such offerings for the value they present compared to traditional
listings.
Finally,
homeowners often assume that there's not enough time to close a short sale
before foreclosure is final. Not
true - foreclosure is a lengthy process and there is time to negotiate
a better result, but you need to start today.
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If you need information to
help you solve a real estate puzzle, call us at (772) 323-6996, or visit us on
the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. We’ll be happy to share our knowledge with
you at no cost or obligation, and if we aren’t sure of our answer we’ll direct
you to the best Martin or Saint Lucie County resource. Our office is located at
2 N. Sewalls Point Rd.
in Stuart, Florida (Sewall’s Point); please ask for
Gabe Sanders or Susan Maxwell.