Fort Lauderdale Short Sales | Short Selling my Ft Lauderdale Home
Can I short sell my home ? Where do I start with a Ft. Lauderdale Area Short Sale ?
If the market value of your home ( the expected selling price ) is less than what you owe on your current mortgage, you may qualify for a, lender approved solution known as a Short Sale.
A Short Sale can be accomplished by having a team of professionals negotiate with your bank to accept a sale of your property to a third party buyer for less than what you currently owe on your mortgage balance.
At Fort Lauderdale Real Estate Group, Eric Miller and Associates we have been trained to help you decide if this course of action is right for you.
The short sale of real estate has many advantages to proceeding to foreclosure, and for many it is a viable option.
The short sale transaction can be less damaging to your credit future than either a foreclosure or bankruptcy. Lenders are becoming more motivated to accept short sale offers for a number of reasons.
If your short sale is presented properly the process can result in a win-win situation for all parties involved:
- Reason #1: You win by getting out of a financial predicament, with a damaged but salvaged credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. Allowing your home to be taken by your lender may adversely affect your credit for up to 7 years.
- Reason #2: Your lender wins by avoiding timely and expensive foreclosure proceedings. This often leads to the bank becoming a property owner, a business they never planned to be in. The management of a foreclosed property can cost the bank additional money.
- Reason #3: The buyer of your property wins by getting a solid property at a good market value. But they need to be patient the process can take time.
At Eric Miller and Associates we are here to help you find out if the short sale process is right for you. Email of call Eric today to see if we can help.