Are you upside down on your home and owe more than it's currently worth, but need to sell and want to avoid foreclosure? If so a short sale might be the best option for you.
What is a Short Sale? A short sale is when a seller owes more than their home will sell for in today's real estate market, so they ask their lienholder(s) to accept less than what they owe. These types of sales became commonplace in Wellington, Florida back in 2007 and 2008. However, these types of sales have been around for decades.
Initially, when short sales were hitting the market daily I only assisted home buyers. However, over time I came to realize that numerous Wellington short sale sellers were not receiving the top-notch service they deserved. So, in 2011 I teamed up with one of Florida's top short sale agents, Bryant. Together we have been assisting short sale sellers by not only listing their property but successfully obtaining approvals too. Read more on why I became a Wellington Short Sale Listing Agent
Popular Short Sale Questions Answered!
Is there a benefit to doing a Short Sale? YES, there are many benefits to doing a short sale; Sellers will be able to avoid foreclosure, which in turn will lessen the effect on their credit, and often they'll be relieved of any debt associated with their home. Some lenders are even giving cash incentives for successfully completing a short sale.
Do I have to be late on my mortgage payments to do a short sale? It depends, there are some lenders that will approve a short sale with no missed payments while others will not. Every lender has their own guidelines for approval.
Can I short sell my home if I have two loans? Yes, it is not uncommon for a seller to have more than one loan or lienholder on their home. Having more than one lienholder simply means you will need to get short sale approval from more than one lender or lienholder, which can take a little longer in the approval/denial process.
Can I hire any real estate agent to list my home as a short sale? While any licensed real estate agent can take a listing, not every agent will be able to obtain short sale approval. To date, Bryant and I have received approval for ALL of our short sales throughout Palm Beach County Florida. Hiring an experienced agent can make the difference between receiving approval or denial.
Another option some sellers explore is hiring an attorney or title company to process their short sale. This has been a course that some of my clients have chosen to do in the past, however, they still hired me to list their home and handle all of the marketing, buyer negotiations, inspections, appraisals, and closing details.
Do I have to pay the real estate commission to short sell my home? We have no upfront fees and while the listing agreement is technically between you and my brokerage that would make you responsible for paying the commission at closing. However, just like a standard sale, the closing expenses will be deducted from the sales price; the buyer brings money to purchase the property, closing expenses are paid out of that and the lender gets what is left. You pay nothing unless required by your lender, which you would be advised of and agree to ahead of time.
Will a short sale negatively impact my credit score? A short sale itself is not reported to the credit bureaus. However, missed and late mortgage payments are, which will negatively impact your credit score. It also depends on the transaction is reported when it's all said and done. Was it reported as settled, paid, or charged offer? Have you been paying all of your other bills; electric, water, and credit card payments? There are so many variables that a precise answer cannot be given.
Short sales are NOT easy!!! However, Bryant and I have the dedication, communication, organization, marketing, and experience to get your short sale approved and SOLD! We will guide you through the entire process from start to finish and you will never be left wondering what's going on with the sale of your home.
To find out if a short sale may be the best option for you contact us today for a free and private consultation. Your information will never be shared and the call is completely confidential.
Unsure if you are upside down on your Wellington home? Find out today by calling 561-333-0446 or e-mailing [email protected], you can also fill out our Online Seller Questionnaire below.
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Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.