Short Sale In Bonita Springs
Given the state of todays economy, losing your home in Florida can happen in almost any way and will most likely happen very suddenly
. Giving up homeownership will not just embarrass you but could even ruin your credit. If you are one of these people, do not despair as alternatives exist that will enable you to avoid foreclosure and bankruptcy, the main one as of late being a short sale in Bonita Springs or a short sale in Lehigh Acres.When the market value of your property is less than the outstanding loan against it, then a short sale in Bonita Springs can occur. This means that the bank will be willing to take an amount from the total owed for payoff. However, in order for the short sale to function, all the parties involved have to agree to the terms.
For those real estate investors out there who are involved in a short sale in Lehigh Acres with a homeowner that you are trying to help, one of the foremost tips that you should keep in mind is to keep the situation in perspective. Remember that you are dealing with someone who just lost their home, so treating the situation with sensitivity is a must and always try to provide the best options possible for the homeowner.
Here are a few other tips that will enable you to improve your short sale selling and buying skills:
1.Work out the total loan value, which will enable you to determine how much is owed.
2. Include the possibility of legal representation that you can call on when needed.
3. Get a real estate agent to do a comparative market analysis to properly assess the value of the property.
4. Work out the advertising costs and broker fees that you could incur, not to mention closing costs and a lawyers fee, in order to calculate the associated costs involving the property.
5. Let multiple lenders know that a short sale is taking place.
The tips for buying short sales are very similar to buying regular houses:
1. You must first get in touch with an accountant to work out tax ramifications and a real estate lawyer for advice on how to proceed.
2. Secondly, you will need to be in close contact with someone capable of making decisions such as a lender.
3. In order to get better cooperation it would be wise to draw up a letter of authorization that will allow the lender to talk to specific parties on your behalf.
4. Draft a preliminary net sheet to show the estimated closing statement upon purchase of the house, including sales price, net gain and loss, the balance of unpaid loans, commissions for real estate, and any outstanding payments or late fees.
5. It is also advisable that you include bank statements, proof of income statements and a hardship letter.
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