Boca Raton real estate steps to short sale.

Homeowners with Boca Raton real estate properties who are having trouble making their monthly mortgages may want to consider a short sale. This type of sale may help a homeowner from foreclosing on their Boca Raton luxury homes. Many mortgage lenders will consider this type of sale because they don’t want to lose on the Boca Raton real estate investment. Before approaching mortgage lenders, there are seven things homeowners should do to help them decide whether short selling Boca Raton luxury homes are the right thing to do.

The Boca Raton Real Estate Market

The Boca Raton real estate market has rebounded over recent years and is continuing to steady itself. Cities in South Florida, like Boca Raton real estate, may still be causing homeowners trouble in meeting their monthly mortgage obligations. When Boca Raton luxury homes and properties located elsewhere in Florida are registering property values that are less than the mortgage owed on the home, their owners may find themselves in real trouble when trying to sell their Boca Raton real estate property. This is when a short sale may be the right option for you. There are a few steps to consider before approaching your mortgage lender with the possibility of placing your home on the Boca Raton real estate listing as a short sale.

When Considering a Short Sale

If you are thinking about possibly a short sale on a home, like Boca Raton luxury homes or a similar property, you need to walk through the following seven steps to see if this is truly the right way to go.

  1. Obtain comparable sale prices from your Berkshire Hathaway HomeServices Florida Realty sales professional or broker to verify the current market value of Boca Raton homes for sale, including an estimate of expected closing costs.
  2. Determine the amount of all loans against the Boca Raton real estate property. Subtract the total amount you owe from the estimated proceeds of the sale. On a short sale, this will be a negative amount.
  3. Contact your lender. Keep in mind, that you are asking the lender to accept less than the total amount you owe. So, be firm but cooperative.
  4. Submit the necessary documentation, including a Letter of Authorization, giving the lender permission to talk with interested parties about your loan.
  5. Provide your lender with a hardship letter. Describe how you got into a financial bind, and provide proof of your assets and income.
  6. Submit recent bank statements. Be sure to include an explanation of any unusual deposits or withdrawals, along with your broker’s competitive market analysis.
  7. Be prepared for delays. Many lenders lack the staff the current volume of requests in a timely manner.

While there is no guarantee that your lender will approve a short sale on Boca Raton luxury homes, just keep in mind that it is worth the effort to try.

Consult with Berkshire Hathaway HomeServices Florida Realty

A short sale can be the best option for struggling homeowners, but it can seem overwhelming and complicated. Talk to your local Berkshire Hathaway HomeServices Florida Realty sales professional. Our experienced realtors will be able to assist you in understanding the ins-and-outs of the short sale process in the Florida real estate market, including Boca Raton luxury homes. With more than 40 offices located throughout the Sunshine State, you can find a local Berkshire Hathaway HomeServices Florida Realty professional to help you.

Visit our website for an entire list of office locations and contact information, or click on one of the links below to find out more about the local office near you!

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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