According to Realty Trac, "1
in every 326 housing units received a foreclosure filing in May 2012" in Lee
County.
What is the difference between foreclosure
and short sale? Legally, on a foreclosure, the lender takes your
property as collateral for non-payment or for failing to stay within the
contract you signed with them. Currently some FHA lenders will allow you to buy
again within 3 years, with good re-established credit . Conventional lenders
make you wait about 7 yrs. (See your lender for details because the rules change
frequently!).
With a short sale, you owe more than the
property is worth. you don't need to be in a default position, but you have a
compelling reason to sell. So let's say you owe $200,000 and your home is worth
$150,000. You list with me. I bring you a buyer for $150,000. Your bank has
to agree to release their 200k lien for only 150k (a short payoff). Most
lenders wil consider lending after 2 years on a short sale. (See your lender for
details).
Call me for a review of
your situation. I'll come out and give you a fair market analysis of your
home. You'll fill out a financial package that your lender will require, and we
will upload it to them for review. We'll list your home and start the short
sale process. I'll answer as many Real Estate questions as I can. Legal and
tax related questions are better answered by your Attorney or CPA.
A foreclosure is far
worse for your credit. You can be sued for the deficiency. Your attorney will
tell you It is not the best route. Call me an we'll talk about whether short
selling your home is right for you.
Claudia DeBruyn, Realtor
cell/text 781-799-7570
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