In the Sunday, August 26th Sun-Sentinel, the "Ask a Real Estate Pro" I came away with an interesting question about short sales-- do you need to be late on your payments to be eligible for a short sale. The writer explained that he has a hardship, but was not 45 days late on payment. As a result of the non-late payment, he was denied on his short sale request.
The author of the article, Gary Singer, recommended trying a short sale while still making payments. He explained some lenders are willing to work while the owner is still current on payments. Mr. Singer explained he has been told some lenders require the loan to be delinquent as a way of scaring away "strategic" short sellers.
Mr. Singer further explained sometimes the difference between a denial and an approval has more to do with the individual negotiator than the lender themselves. In addition, he points out that lenders also change their policies.
When I work with my clients when both representing homeowners and buyers, I tend to lean towards going after the short sales that are delinquent on their payments. It eliminates potential confusion and hassles for both sides of the potential transaction. However, as Mr. Singer points out, it is possible to pursue a short sale without the payment delinquency.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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