Foreclosure Risk?

South Florida news sources are abuzz with stories of the number of homes at-risk of foreclosure. According to these sources our area has a foreclosure rate among the highest in the nation.

If you find yourself in this situation it is important for you to remember you’re not alone. First of all it is best that you acknowledge the problem and not ignore notices you receive from your lender. It is highly recommended you consult an attorney to advise you of the options available and definitely recommended before you agree to any changes in your loan or ownership of your property. Be especially wary of investors who offer to purchase your property and rent it back to you; you might still be liable for the payment of the loan but no longer own the property.

One of the options may be a sale of the property before the lender takes ownership under the mortgage (i.e. forecloses). Since we’re in a challenging real estate market, lenders recognize that the property might sell for less than the loan balance, payments–in-arrears and closing expenses; what is called a short sale. Once again, it is important to have an attorney assisting you with a transaction like this and to make sure the lender is in agreement with all the terms of the short sale.

In short sale situations, lenders recognize the value of professional marketing of properties by real estate agents and will often stipulate that the property be listed and actively promoted as part of the short sale agreement. In addition to sound marketing techniques, there are several additional activities the Realtor must perform for a successful transaction.

I’ve been studying the strategies behind successful short-sale scenarios and would be happy to meet with you to explore the real estate aspects of this kind of transaction.