Short sales are becoming more and more popular as the real estate market in Fort Lauderdale continues in a slump. A Short Sale is a great opportunity for the Florida homeowner who can no longer afford their home to make a deal with their lender to sell for less than what is still owed on the loan. This is an opportunity for the homeowner to sell their home for less than market value and get rid of the monthly payment without having the negative impact on credit that a foreclosure has. While the Short Sale is often referred to as a pre-foreclosure it does not affect an individual the way a foreclosure does.
Short sales don’t just benefit the Ft Lauderdale seller; they are also advantageous for buyers as well. Home buyers can purchase a home for just 60-80% of the market value, allowing them to get in a home for just a fraction of what they would typically pay for the home in a flourishing real estate market. This is a good thing for the market overall because the home never goes into foreclosure and never sits empty. Instead it simply changes hands and everyone is happy.
The process of a short sale or pre-foreclosure is one that takes a bit of work, but if all procedures are followed closely and everyone agrees, then it can typically be finalized in just six to eight weeks.
As “Short Sales†become more and more a part of Ft Lauderdale real estate as well as real estate across the nation, they are a great option for both the troubled sellers as well as real estate buyers looking for bargains.
Contact me if you are considering selling your home short sale or if you are interested in buying a short sale or homes in foreclosure.