What is a Loxahatchee short sale? This is a question that is on most homeowners’ minds. You may have heard this word on the news or the term short sale being used on the internet but you may not be quite sure of what it really is or means.
A Loxahatchee short sale happens when you owe more on your house than what a buyer is willing to pay for it in today’s real estate market and you still have to sell your house.
If you have cash in the bank that you can bring to your closing then you are still selling short of what you owe your bank on the property but you don’t have to ask them permission to do your short sale since you are paying them off.
Now let’s say you owe $500,000 on your house to your bank.
But your house is only worth $250,000 now in this market.
You have to sell your house because you can no longer make your payments. So you list your Loxahatchee property for sale with an agent, ( hopefully us).
Now a buyer comes along and makes a decent offer of $250,000.
But you own $500,000! So the math does not work. You have to give clear title to your buyer and your buyer is not going to want to pay more for your house just because you owe more to your bank than what it is worth.
This is called a short sale.
So we then take that offer to your lender and ask your lender to please take the $250,000 for the pay off of the loan and to please forgive the other $250,000 that you owe to them.