Do I Qualify for a Short Sale in Royal Palm Beach?
It’s a good thing that you are asking this question as a lot of homeowners are not even aware of the fact that Royal Palm Beach short sales are not for everyone.
To know whether you qualify or not, you need to do a little research.
How much is your property worth?
Let’s say you owe $500,000 on your home loan. Your property used to be worth $800,000 but is now worth only $500,000. In this case, you are ineligible for a short sale because your property can sell for enough money to settle your debt.
Short sales would only be possible if your loan balance is more than what your property is worth. Even if your home’s value today is less than what it was originally, that’s not the lender’s concern as long as it’s enough to settle your debt.
Can you keep up with your mortgage payments?
Many homeowners assume that the only way they can qualify for a short sale is when they have already gotten behind with their payments. That’s not necessarily true, though. In some cases, creditors allow homeowners to short sell their properties even when they are still able to pay their mortgage on time.
Usually, they do so when a homeowner – and his or her agent – has proven that money problems in the future are a strong possibility. If you’ve lost your job, was confined to the hospital for a serious injury, or had become involved in any kind of emergency that’s prevented you from earning enough money – all these are possible reasons for applying for a short sale.
What does the law have to say?
The laws can change pretty often when it comes to short sales. Unfortunately, these laws are not something frequently broadcasted. As such, you may have to do more than a bit of research to find out which laws apply to your case.
Do you have an agent working with you?
This is probably the most important qualification of all. If you want to qualify for a Royal Palm Beach short sale then it’s imperative that you get a great and experienced agent to represent you. Technical issues regarding short sales can be quite confusing, but you don’t have to worry about them as long as your agent is there to smooth everything out. Indeed, you can easily cut through all the steps above and reach the “finish line” in an instant with the help of a short sale agent. Just make sure that your agent is indeed experienced with short sales and not just with real estate transactions in general.
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