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Short Guide to Short Sales
What is a short sale? A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan.
Understanding Short Sales
As foreclosure rates hit record levels, more sellers are turning to short sales as a way to avoid foreclosure. So, how does it work? In a short sale, the seller arranges with their mortgage lender to accept a price that’s less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn’t have to go though a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.
We immediately write up an offer
What makes us Stand Out from the rest is that we have a Hedge Fund that writes up the contract to purchase your Home ASAP. This process stalls the Foreclosure while we proceed with the short sale. This avoids the Foreclosure process.
Sounds good right? Well, sellers need to know that a short sale may damage their credit, though probably not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is many payments behind and has received a default notice. Buyers may get a great property at a discount, but they also will need to go through some extra paperwork too. Not to mention, they also need to be prepared to roll up their sleeves if that new property needs fixing up.
Email us to start today at contactus@landproforma.com or for faster services fill out form below.
Summary:
In a short sale, a seller facing potential foreclosure strikes a deal with their lender to accept less than they owe on the property, in exchange for avoiding foreclosure.
Short Sale Advantages, short sales appear on your credit report as “pre-foreclosure in redemption”, not as “debt discharged due to foreclosure” Less impact on your credit score.
We have offices in Sarasota County, Charlotte County, Hillsborough County, Lee County and Miami Dade County to personally assist Home Owners.
Fill out form below and our Short Sales Professional will contact you to start today!
| Tarpon Coast Realty |
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
Follow this Link to the IRS Short Sale for more info
Let Us Help You Save Your Home Today!
Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. With the loan modification program, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget rather than being an overwhelming monthly drain on already tight finances. Read more…
Fill out form below and our Loan Modification Specialist will contact you to start process.
Why Solar?
When you choose solar energy you:
- Secure your energy independence and own your power! Lock in your electricity rates for 30 years – FPL and other utility company’s rates have been steadily increasing by about 6.2% a year, and it will increase 16% by August of this year.
- Make a sound investment. The pre-tax IRR over 25 years in most cases averages around 15-25% — far better and far safer than the stock market, bond market, money markets, and long-term CDs.
- Increase your home’s value by $20 for every $1 reduction in annual utility bills, according to the National Appraisal Institute. And, your property tax won’t increase even one cent.
- Become part of the renewable energy solution—the sun provides enough energy in one day to power the entire world for a whole year! It’s free, clean and renewable.
For more info send us an Email: contactus@landproforma.com
Foreclosure bailouts
What is the Lease Option Program?
When conventional financing cannot help, LeaseOptionProgram can offer alternatives. LeaseOptionProgram matches clients in need with investors who can help. Regardless of the amount of equity that you have in the home, our foreclosure bailout will keep you in the home at a payment that you can afford. We will provide an investor with good credit who will purchase the property and lease it back to the client for one year. During this time we help the client repair their credit so that they can purchase the home back from the investor at the end of the lease period. Read more…
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