A Fort Lauderdale short sale is when the lender accepts to purchase back property from a borrower, for a value lesser than what you still owe on the property in question. This approach is what acts as an option to foreclosure for homeowners in a circumstance where they can no longer manage to sustain their mortgage. Also, it can be employed if your property is considered “underwater”, implying that its value is currently below the amount you acquired from a lender (the bank).

In most instances, the bank (or any lender), as part of the settled sale, will set you free from meeting the financial gap, which is the difference between the original debt amount and the short sale price. Nevertheless, that is not obvious. Therefore, you need to take into account before consenting to a short sale.

Advantages of a Fort Lauderdale short sale

At first, a short sale might appear destructive to your credit. Yet, critically looking at it will reveal to you that it does less harm compared to a foreclosure. For a foreclosure, it means your credit score can be impacted by about 175-300 points and will be visible in public records. Contrarily, a short sale will appear as what can be referred to as “settled for less than the full amount” or related language on a credit score. The goodness is that it will not be visible in the public record and therefore, will not be realized by employers or a potential business partner who might be interested in your credit history. Moreover, any delayed mortgage repayments will also be displayed on your credit record. Remember, if you engage in a short sale while the rest of your credit record impressive, your score can drop by a mere 50 or 60 points.

There exist some financial motives for homeowners too. There are further costs and additional charges to both the lender and borrower which are alleviated when conducting a short sale. Again, banks may give financial inducements to sell your home with the short sale approach.

Requirements for qualification

The key thing is, you need to be proactive as opposed to waiting until foreclosure notifications are sent to your home as a reminder before you begin calling for a short sale. Try to reach your lender and enquire about theirs terms for a short sale. Keep in your mind that you will be subjected to their terms of which you have to meet to qualify. Furthermore, you should meet their deadlines to have a prosperous short sale.

Fort Lauderdale short sale will lend you the hand you need to successfully conduct a short sale and ultimately make you a proud homeowner. Fort Lauderdale team can support you all along the short sale process. We are lucky to work with our law firm that will offer you the vital leadership you require in analyzing and progressing with a short sale.  Fort Lauderdale foreclosures and short sales processes will be made easy by our multi-lingual team with a consistent update on your particular transaction stage.

To give you a state-of-the-art experience, you will be attached to one of the Fort Lauderdale staff. According to our experience, this mode of operation will guarantee you attention to your finer details thus the satisfaction you deserve.