Can I Sell My Home as a Royal Palm Beach Short Sale?

Can I sell my home as a Royal Palm Beach short sale?

A Royal Palm Beach short sale is not in the cards for every homeowner. You may have heard countless stories about short sales being able to save homeowners’ financial reputations from ruin. While such stories may be true, it cannot unfortunately apply to everyone.

There are various factors that have to be considered before you can successfully apply for a Royal Palm Beach short sale.

Mortgage

In most cases – but not always, mind you – homeowners have an easier time getting lender’s approval for short selling their home when they are already behind on their mortgage payments. Being late with their payments basically underscores the fact that they are no longer able to afford maintaining their home. Furthermore, short selling it may save the lender more money – and time – in the long run instead of having the property subject to court proceedings for foreclosure.

Current Market Value

The current market value of your home basically refers to the average price it would sell in today’s market. In most cases, the present market value of your home is far below than what you have borrowed against it. Even if you were to sell the house successfully, the proceeds still won’t be enough to cover your debt.

With short sales, you – or better yet, your agent – need to prove that the current market value of your home is less than what you owe. You also need to emphasize that it’s of no fault of yours that the market value of your property is currently what it is.

Finances

If you are not yet behind your payments, you may nevertheless be struggling very hard to keep up with it. You can use this as another reason for applying for a short sale. It would help if you can prove as well that your financial situation is dire and that it’s only a matter of time before you do fall behind with your payments.

What Happens When Your Application for a Royal Palm Beach Short Sale Is Approved?

Aside from resulting with much rejoicing and champagne corks flying in the air, the following also takes place once your lender gives the OK for short selling your home.

• Your lender and agent come to an agreement about the amount for your home’s short sale price.
• Your agent looks for a buyer.
• Your agent helps you close the deal.
• Proceeds go to the lender and your loan may be listed as partially or completely paid. Either way, the word “foreclosure” won’t appear in your credit report.

Call Nestor Gasset or Katerina Gasset at 561-753-0135 today and get your Royal Palm Beach short sale questions answered!

What is a Royal Palm Beach Short Sale?

What is a Royal Palm Beach Short Sale?

To cut a long story short, a Royal Palm Beach short sale may be the best solution for struggling homeowners facing possible foreclosure. Although Florida has more forgiving laws on short sales compared to those in California, it does not mean you can hide your head under the sand forever. There comes a time when you have to face reality and tackle your problem straight on if you don’t want to have your entire credit ruined alongside losing your home.

How Does a Royal Palm Beach Short Sale Work?

Homeowners sell their properties – with their lender’s approval – at a price below the amount of their loan balance. Sale proceeds are used as payment for their loan. The rest is either forgiven or may be settled with a new promissory note. Meanwhile, homeowners are able to avoid having foreclosure included in their records.

When Should You Consider a Royal Palm Beach Short Sale?

A Royal Palm Beach short sale is in the cards if the following holds true in your situation:

• You are having difficulties keeping up with mortgage payments and may already be behind
• You owe more money on your house than what it’s currently worth
• You would like to avoid having a foreclosure included in your credit report
• You would not mind selling your home as long as it means reducing – if not eliminating – your debt and saving your credit reputation

If all of these apply in your case, then it’s definitely time to consider short selling your home.

What Should You Do to Get a Royal Palm Beach Short Sale?

Homeowners who have full possession or ownership of their homes don’t need to consult anyone when they want to sell their properties. But if your property is encumbered or mortgaged, then you need to consult your creditor or lender first before making any move regarding the sale of your home.

For short sales, it is typically best to hire a real estate agent to negotiate with your lender on your behalf. Short sales are rather more complex than simple or straightforward sales of real estate properties. If you insist on working on your own, there is very little chance that your lender will give you the green light for short selling your property.

Ultimately, hiring a Royal Palm Beach short sale agent will help you save time, money, and effort.

• You don’t have to lift a finger to find the appropriate buyer for your home. Your agent will do all the marketing. You just have to do what you can to make your home appear sale-able and at its most attractive.
• You don’t need to research about the documents needed for your short sale package. Your agent will give you a list and, if necessary, help you obtain or create the said documents.

Your Royal Palm Beach short sale agent will be with you every step of the way and may act as your buffer against rude creditors and unscrupulous buyers.

Call Nestor Gasset or Katerina Gasset at 561-502-1577 today to get all your Royal Palm Beach short sales questions answered.

A Royal Palm Beach Short Sale May Be Your Best Option

A Royal Palm Beach short sale may be your best option.

In some of our previous articles, you have learned why foreclosure is your worst possible option – even if it means being able to live in your own home without “rent”. In today’s article, however, you are going to learn why short sales – on the other hand – are likely to be the best solution all around to your dilemma.

No Loose Ends

First and foremost, short sales for Royal Palm Beach homes have a way of tying all loose ends and keeping everything in their proper place.

Let’s say your home is worth $300,000 today but you also have a $400,000 mortgage taken out on it. If your home is subjected to foreclosure, you won’t have to pay the remaining balance of $100,000 (400,000 – 300,000) of your debt, but you will have to pay taxes for it. As far as the law’s concerned, the amount of forgiven debt is taxable income. So in the end, you will still owe money – this time to the government instead of a private creditor. It’s up to you to figure out how to pay it and immediately at that.

Things work a lot differently with short sales, though. Everything is first and foremost discussed within your short sale package. If the creditor approves your short sale package, then it goes without saying that he also approves the suggested selling or short sale price of your home. The proceeds would be used to pay all resulting taxes and fees because of the sale and what remains of it would be given to your creditor as payment of your debt.

So if you short sell your Royal Palm Beach home once again for $300,000 and you owe $400,000, you will be left with $100,000. In most cases, however, this amount can be settled with an unsecured promissory note and you are not usually expected to pay it immediately.

Employment Prospects

Foreclosure records never look pretty on credit reports, and they can cause employers to turn you down even if you are perfect for the job. As far as most people are concerned, foreclosures are a sign of irresponsibility – regardless of the circumstances – and no employer would want to hire someone irresponsible.

Short sales, however, are not seen in the same light. In many ways, they’re simply considered a strategic counter move to foreclosure and as such most employers would have no problem hiring you even if your home in Royal Palm Beach has been subjected to a short sale.

Need help with your Royal Palm Beach short sale? Call Nestor Gasset and Katerina Gasset at 561-753-0135 today!