Since 2008 the REALTOR organization has pushed short sales. Before that underwater property owners brought cash to closing to save their credit. REALTORS obtained a Stay on the Federal MARS Disclosure Law to exempt real estate agents from telling the seller their credit will be hurt by doing a short sale, they could get future judgments, the seller can cancel the short sale at anytime and the seller does not have to agree to the terms of a short sale when approved by the lender. Therefore, many seller's have been mislead down the path to foreclosure rather than loan modification. Legally in Florida the real estate agent can only do a short sale. It is illegal for them to help a seller with a loan modification.
Agents doing short sales need to reevaluate their market, they will find more short sales backfiring as property values continue to increase or the time it takes to complete a short sale.
Read The 20 Things That Listing Agents Don't Tell You About Short Sales and Short Sale Fraud at http://www.FloridaBuyerBroker.com along with:
The #1 Mistake Real Estate Buyers Make
Beverly Howe, CIPS, ABR, GRI, TRC
Florida Buyer Broker
Local Direct: 239-601-2013
Toll Free US and Canada: 1-800-283-7393
Any home will sell faster if empty....because it is much easier to show. Homes that are nicely staged also sell faster. So take advantage of both factors. Since you are living there, keep it nicely staged all hours of the day and allow for showings from 9am to 7pm - 7 days a week with 1 or 2 hour lead time....you should have a contract in hand fast....and then there is no need to pay for a rental until it actually sells. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty
Typically, buyers who are not ready to buy will spend the weekends going thru open houses to get an idea of the market and what they like and can afford.
Ti seems a bit odd to me that an agent would be suggesting you to move out of your home. A short sale can and ususally does take at least 9 or 10 months. If vacant homes sold better than occupied homes listing agents would tell every seller whose home they list to go ahead and move out before they get a buyer, which makes no sense to me.
If the bank refuses your short sale and depending upon when they start the foreclosure process, ususally after you miss 3 payments the foreclose process starts simultaneously with the short sale. If the house goes into foreclosure in Florida the process can take 2 years. You could actually be living in your home for 9 months to 2 years.
Beware that there has just been new legislation recently passed the changes include giving Fannie and Freddie mortgage servicers the authority to approve short sales even if the borrower is not yet delinquent on mortgage payments.
You will find more information regarding your rights as a seller in a short sale transcation on my home page under About MARS Disclosure.
Best of Luck to you,
Beverly Howe, ABR, GRI, TRC, CIPS
Now as to live elsewhere. If it is your property that is being short saled, then it is always best to go out and about when the property is being shown. Owners tend to be too available with informaton that might be useful to the buyers agent.
Best advice for any seller is to allow the listing agent to answer any questions about the property. This way there is little chance for mis-commuication that can lead to mis-understandings.
C. Pat Denvir, Realtor
Online search for Palm Coast Homes at :
Real Estate Broker
1) find a rental to live in.
2) list for sale, and find someone to put up an electronic lockbox.
3) if the short sale should be uncomplicated - only one mortgage, no homeowners association, etc. I would just let the place go vacant during the short sale process, because it will hopefully be quick.
Give me a call if you would like to discuss this further, I work with a negotiator who has closed 100s of these deals. The sooner you list the property for sale, the sooner you can start rebuilding your credit and taking back your life.