Loxahatchee Short Sales- Can I Do A Short Sale On My Loxahatchee Property?
Your family, friends and associates are well-meaning. They share their concerns and advice with you. Sometimes their advice is based on hear say and sometimes it is based on past events that have taken place in their own lives. In 2007 the short sale market really started to happen here in Loxhatchee Florida but most agents and most sellers and most people did not even know what a short sale was. The banks did not even know how to handle them and were ill equipped to take on the enormous case load of thousands upon thousands of short sale files that hit their loss mitigation departments across the country from Florida, California, Arizona and Nevada.
So many of the stories you hear about how a short sale was done in 2007 is way different that how they are handled today in 2011 and into 2012. It used to be as I have written in many of our earlier articles on short sales that you had to have a hardship to do a short sale. That is not alway the case any more. In fact, some lenders are not even asking to see your financial statements any more. Some lenders are paying your moving expenses up to $20,000 at your short sale closing.
We have been getting sellers who have old WAMU loan and old Wachovia loans up to $20,000 at the closing. This is sometimes a dream come true and a huge surprise to sellers who are so upside down. Just imagine what twenty grand can help you- you can even put a down payment down on another property through an FHA loan if you relocated because of your employment and you were not late on your mortgage payments or you were only late because your bank told you they would not process your Loxahatchee Short Sale unless you were late.
Times have changed. We are not attorneys and we are not giving you legal advice. We have great attorneys that work with us, that we confer with, that our sellers can hire if they choose to and that we help in short sale situations. We offer Loxahatchee homeowners a free, no obligation short sale evaluation that is totally confidential.
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
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.