Brevard MLS Short Sale

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a Brevard MLS short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. A Brevard MLS short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. source wikipedia

 

How does a Brevard MLS Short Sale affect my Credit? Brevard MLS Short sale is far less damaging than a foreclosure or deed-in-lieu. The FICO score is likely to drop down by 75-100 points if you do a short sale as compared to 250 points if you're on a deed-in-lieu or foreclosure. Often lenders allow for short sale if they believe that they'll suffer a small financial loss compared to that of foreclosure. source mortgage fit
 

How to Brevard MLS Short Sale? Contact a knowledgeable Short Sale RE/MAX Realtor at 321-243-4103, you should get your home listed as soon as possible to show you are trying to sell. Some basic first steps are to contact your lender, explain your situation and ask for a short sale package. Note: lenders will usually not give you a short sale package if you are current on your payment, you must insist on getting a package.

 

Brevard MLS Short Sale Process: 1. Contact a realtor and get your home listed. Many banks want to know you are actively trying to sell your home. 2. Call your Lender, get a short sale paperwork package, complete and return to lender. 3. When you get a offer your realtor will handle all the details. 4. Your lender will provide a approved sale price , usually anywhere from a few weeks to few months from receiving the offer. Once approved by your lender the sale will proceed like a normal Real Estate sale. Get started