Destin Florida Short Sales



DESTIN, FL SHORT SALE SEARCH - CLICK HERE


Below is the basic definition of a Short Sale.

Short Sale - A sale of a "house in which the proceeds fall short of what the owner owes on the mortgage.   Many lenders will agree to accept the proceeds of a short sale and forgive the remaining deficiency.  In some cases, the lender may require the seller to pay a cash contribution or take on a note for a portion or all of the deficiency balance.  By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner may be able to pay off the loan for less than what he owes."  

Recent issues with Bank Owned properties make short sales an even more attractive option.  In a short sale, the owner of the property agrees to the sale and signs off on the closing.  In a REO "Bank Owned" the lender acquires the property via "Hostile Take Over" and this could lead to future risk.  Never purchase any Florida property without obtaining title insurance.  This is for your protection and worth every penny. 

When purchasing a short sale, be prepared for the following:

1.  The time line from offer to closing can take up to 3 months or longer.  It is good practice to place a time line for lender acceptance in your contract.  The Florida Short Sale Addendum includes an acceptance time line.

2.  Most lenders will require the use of an "As Is" contract with an inspection period.  I prefer the FAR/BAR As Is contract.  It is easy to understand and it offers protection and flexibility to the buyer with the inspection period language.  I prefer to start all time lines upon "Lender Acceptance".  This way you do not have to invest in inspections and appraisals until you know you have a deal.

3.  Even if one makes a full price offer on a short sale, the bank may still decline the offer and refuse the short sale.  An agent with short sale experience will know what questions to ask to help increase your chances of a successful transaction.

4.  If you plan on purchasing with a financing contingency, it is important to have a pre-approval letter from your lender to submit with your offer.  If you intend to pay cash, most lenders will require proof of funds.  Proof of funds can be provided by your bank or financial institution.  A recent investment account statement will work fine.

It is important to have a professional Realtor with short sale experience when buying and selling distressed properties.  There are many variables that can affect the success of a short sale.  Feel free to call me at 850-585-1284 and I will be happy to explain things in greater detail.

To search foreclosures and short sales in Destin, Sandestin, Santa Rosa Beach, Seagrove, WaterColor, Rosemary Beach, Alys Beach, Niceville, Fort Walton, and Freeport, please visit http://www.mainsailrealtycompany.com


DESTIN, FL SHORT SALE SEARCH - CLICK HERE



Destin Foreclosure Help:  There are many options available other than foreclosure.  I am a "certified distressed property expert" and have the experience necessary to help you avoid foreclosure.  call me at 850-585-1284 or email me at BrokerClayton@Gmail.com  for foreclosure help.  For more information on foreclosure help please click here.


Clayton Bonjean, Broker, MBA, CDPE, SHORT SALE SUPERSTAR
www.MainsailRealtyCompany.com
BrokerClayton@Gmail.com
850-585-1284



"Mainsail Realty Company/Clayton Bonjean is not associated with the government, and our service is not approved by the government or your lender." "Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit"