Perhaps you have noticed how a lot of real estate agents have been recently promoting Wellington Florida short sales as an effective way for avoiding foreclosure. While that is certainly true, you should know that not even the most experienced and competent agents can guarantee the completion of short sales.
When choosing which agent to work with for short selling your home in Wellington, FL it is very important that you find someone who is absolutely honest with you and will not seek to convince you with exaggerated claims or, worse, false or misleading information about short sales.
LIE #1: NO CASH CONTRIBUTION FROM THE HOMEOWNER
Be very wary of agents who tell you that they can short sell your home without any contribution on your part. Even if they have found a willing buyer for a more than reasonable price for your home, it’s still ultimately the lender’s call as to whether that price is sufficient or not.
Your creditor or lender is also the only one who can determine whether you should make a cash contribution or not upon the sale of your home.
LIE #2: NO LARGE CASH CONTRIBUTION FROM THE HOMEOWNER
Some agents play it a little bit safer by saying that Wellington Florida short sales typically involve only a small amount of cash contribution. While it’s not as worse a lie as the first one, it’s still an absolute lie.
Lenders don’t just have a say as to whether homeowners would be required to contribute cash or not when their homes are sold through short sales. Lenders naturally have the power as well to determine how much the homeowner would have to contribute.
Even if your agent argues by pointing how the Wellington FL market is currently doing very well and should thus lead to an increase of your property’s value, it’s still the lender’s call. If he wants you to pay more than what other lenders are asking from other homeowners, he’s well within his rights to do so. It’s just your bad luck to have an unreasonable lender.
LIE #3: NO PROMISSORY NOTES
Other agents may tell you that successful Wellington Florida short sales will mean full payment of your mortgage. While that’s true, these agents may also neglect to inform you that your lender would also require you to sign a promissory note afterwards. Promissory notes often but not always require you to pay the remaining balance over a specified period of time without interest.
LIE #4: FULL PAYMENT NOTED
Again, this is not always the case. Lenders who agree to Wellington short sales may, however, insist that it is noted in public records that a full payment had not been made.
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.