If you are a Tampa homeowner who is struggling to or unable to pay your mortgage, an option you may wish to consider is a short sale. A short sale is when a homeowner asks their lender to accept a payoff less than the amount currently owed on the balance of the mortgage. It is very important when considering a short sale to (1) make sure that you qualify for such a sale and (2) hire a real estate professional who has a proven track record in successfully getting these types of transactions closed in a reasonable amount of time.
So who qualifies for a short sale? Why would a bank take less than what you owe on your mortgage in the first place? Good question. The homeowner must have a legitimate hardship to qualify for a short sale, and usually the bank considers a short sale when the homeowner is behind on mortgage payments (although there are sometimes exceptions to this – you should speak to a real estate attorney for more).
What qualifies as a legitimate hardship? Loss of a job, divorce, illness are some types of hardships that can affect one’s ability to continue to pay the mortgage which a bank may consider but there are many others.
As a distressed Tampa homeowner, you may be thinking about just giving your home back to the bank, or allowing it to foreclose. This may not be in your best interest due to deficiency issues. When you do a short sale, you can often buy another home sooner, you have a better chance of preserving your credit rating, and your lender will not report a foreclosure on your record.
Contact us today to learn more about short sales and our 100% track record in getting our short sale listings to the closing table – with no cost to you as the homeowner whatsoever.