Essential Facts to Know about Short Sales

Short sales remain today a subject of confusion for many stressed homeowners. If you own a mortgaged property and are afraid of foreclosure, then you definitely need to take the time to learn more about this all-important topic. Who knows? It could be the answer you have been looking for all these months –the one that can keep your credit score from plummeting and enjoy a fresh new start in your life.

 

What Happens When Your Property Is Listed as a Wellington Florida Short Sale Home?

 

Many homeowners erroneously believe that the word “short” is a reference to time. Rather, it’s actually in reference to the payment you will be making to settle your debt. More specifically, your payment will be short of the actual amount you owe but because this is a short sale your creditor will nevertheless consider the reduced amount as full payment of your debt.

 

Example:

 

You owe $355,000 on your home.

 

Your home is currently worth or can sell at an average price of $520,000.
There will be a negative balance of $165,000 if you sell your home at the price indicated above and use it to pay your creditor.

 

If, however, your creditor has agreed to a short sale then —-

  1. The remaining balance of $165,000 can be forgiven completely, which means you are freed from the obligation to pay it.
  2. The remaining balance of $165,000 will be subject to the terms and conditions of a new unsecured promissory note.

 

Other alternatives are possible but the important thing to remember here is that short sales give you the key to effectively avoiding foreclosure and thus save your credit score in the process.

 

Who Can Help You with Short Sales?

 

Technically speaking, any real estate agent or Realtor may be able to help you short sell your home in Wellington FL. There is just no guarantee that they will be effective in their work, much less succeed in short selling your property.
If you want to increase the chances of having your home subjected to a short sale, then you need to make sure that you are working with –

 

  1. A real estate agent specializing in short sales
  2. A real estate agent specializing in homes in Wellington FL

 

The two conditions above are the most important qualifications to look for in an agent to represent your home in a short sale. If your agent has these characteristics, then you have more reason to hope that your Wellington FL house will be approved for a short sale.

Katerina Gasset

About Katerina Gasset

Katerina Gasset has written 128 post in this blog.

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.

About the Author Katerina Gasset

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.

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