Loxahatchee Short Sales

Loxahatchee Short Sales provide some great buys in the western communities of Palm Beach County.  Loxahatchee Short Sale agents

Loxahatchee Groves is an equestrian community and also is adorned with many garden nurseries where you can buy tropical palm trees, fruit trees and landscaping plants.

There was a stigma over Loxahatchee for a while over a cancer cluster scare. This hurt the property values. Those buyers who were keen to the fact that these kinds of rumors tend to go away after a while were able to take advantage of some great prices being offered in Loxahatchee.

But like the rest of South Florida property values took a hit in Loxahatchee when the real estate market when bust.

This has created a lot of homes that are underwater on their mortgages. If you are planning to live in your home for a long while then now is not the best time to sell in most situations. But if you get relocated for work, get sick, lose your job or many other reasons- you may need to think about doing  a Loxatchee short sale and choose an agent who knows how to do short sales and understands the Loxahatchee market.

Loxahatchee Short Sale Agents- Short Sale VS Foreclosure

Loxahatchee Short Sale Agents- Short Sale VS Foreclosure

Loxahatchee Short Sale Agents- Short Sale VS Foreclosure  

You may have heard from your friends or neighbors that you should just put the keys to your house on the counter and walk away from your Loxahatchee home.  Loxahatchee short sale agents

That is not always the best option. We are not attorneys but we do know a lot about the short sale process. We have been helping short sale sellers since 1995. This is not the first downturn in the housing market we have worked through.

What is the difference between a short sale and a foreclosure?

A Foreclosure is when the bank takes your house away from you through a judicial court procedure here in Loxahatchee Florida.

The most common reason that the bank files a foreclosure summons and complaint against you is when you stop making your mortage payments. If you stop making your mortgage payments you could lose your home to foreclosure. 

A short sale is a way to avoid foreclosure. A Loxahatchee short sale is when you negotiate an agreement with your bank for them to accept less than you owe to them when you have a buyer for your home.

At the completion of a Loxahatchee short sale you will be asked to vacate your property. If your home is your Loxahatchee Florida primary residence you may qualify for a HAFA short sale.

In a HAFA short sale you will be getting up to $3000 to move out of your home to help you with your relocation expenses. If you have an old WAMU or old WACHOVIA loan you may be able to even get up to $20,000 from the proceeds of your home when you sell it to a buyer even though you are under water on your mortgage. 

Things to Look Out For in a Loxahatchee Short Sale

Things to Look Out For in a Loxahatchee Short Sale.

There are things to look out for in a Wellington short sale. Sellers should be aware of the consequences and issues they face before they proceed with a Loxahatchee short sale:

1. Credit impact

Loxahatchee short sales have less impact on the seller’s credit history than a foreclosure, but it still has an impact on one’s credit standing.

Loxahatchee short sales are generally reported as “paid less than full balance” in the seller’s credit report.

 

2. Deficiency judgement

A deficiency is the shorted difference in the Loxahatchee short sale’s price and the seller’s mortgage debt. Some lenders do not run after this deficiency and release the seller from all liability.

However, some lenders will still pursue a deficiency judgement and collect the unpaid amount from the seller after the Loxahatchee short sale.

Before you do a Loxahatchee short sale, make sure to check with the lender whether they will pursue a deficiency judgment.

 

3. Taxable income

If the lender does not pursue a deficiency judgment and releases the seller from any liability, then the seller is free from mortgage debt. But some state laws classify forgiven debt as a taxable income in the IRS form 1099-C.

Consult your tax advisor to find out your personal tax liabilities before you continue with a Loxahatchee short sale.

 

4. Long waiting period

The short sales process involves so many parties and with the increasing number of short sales in Loxahatchee, lenders are having backlog with paperwork so it wouldn’t be a surprise if there will be many delays and a long waiting period in the Loxahatchee short sales process.

These are some of the major things to look out for in a Loxahatchee short sale which an experienced Loxahatchee short sale agent will be able to help you with.

Contact Nestor Gasset and Katerina Gasset at 561-753-0135 today to help you navigate through the Loxahatchee short sale process.

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