Short Sales Made Simple

Divider Image

As Seen in the Naples Daily News and Bonita Daily News

You hear about them constantly, but what exactly is a “short sale”? Simply put, it is selling a property for less money than what is owed to the bank.  For example: you owe $300,000 on your property. In today’s market? It’s worth a measly $200,000.

But don’t start fearing a short sale just yet.

I talk to homeowners every day who are struggling to survive and their number one stress is their mortgage.  But I tell them the worst thing you can do is hang on till you have nothing left.  Maybe your life has changed and now you’re having a hard time making your mortgage payment along with other expenses.  The question you must ask yourself is simple: “Can I figure out a way to keep this house or do I need to give it up?”  If the answer is “no,” your next step is finding a buyer and bringing his or her offer to the bank.

This the same process as any property transfer, with the additional step of proving to your bank that they should accept a sales price for less than what is owed to them.  This is accomplished by providing pay stubs, tax returns, mortgage statements, income statements, etc. Remember when you bought your house, how you had to prove to the bank why you COULD afford the payments? Well, now you are going back to the bank and proving to them why you CAN’T afford the payments.

Regardless of what you may hear, this is a very smart option for homeowners in today’s economic environment.  Find a competent realtor, attorney, and tax advisors to discuss all options.  The only stupid decision in this market is to not educate yourself.  Another key to surviving and thriving in tough times (whether in real estate or other arenas) is to become a very good problem solver. Don’t sit around and wait–be proactive and your success will follow.

 

Recent post

Divider Image

WARNING! Hurricane Ian will impact Florida real estate

https://www.youtube.com/watch?v=Uci3yW2U31w If you're watching this video just after release, you know hurricane Ian is getting ready to bear down on... read more

Hurricane Ian – How will the massive hurricane affect Florida real estate?

https://www.youtube.com/watch?v=-d7Tk3hO310 Hurricane Ian has Florida in its crosshairs. In this video, we'll talk about the impact of Hurricane Ian on... read more

7 hidden gems found in Bonita Springs, Florida

https://www.youtube.com/watch?v=pCcAidgtGC0 Bonita Springs, Florida is home to some of the best beaches in Florida as well as a mecca for... read more

3900 Fernwood Lane, Labelle, FL

3900 Fernwood Lane, Labelle, FL Click Here to Get Directions $59000 1.08 acres lot Property Video | Photos | Maps... read more

7896 2nd Ter, Labelle, FL

7896 2nd Ter, Labelle, FL Click Here to Get Directions $55000 1.25 acres lot Property Video | Photos | Maps... read more

10 little known facts you should know BEFORE moving to Fort Myers Florida

https://www.youtube.com/watch?v=6pTkYw8CWFU Hi! Thanks for watching our video about moving to Fort Myers, Florida. After moving to Ft Myers over 16... read more

2302 Lakeville Drive, North Fort Myers, FL

2302 Lakeville Drive, North Fort Myers, FL Click Here to Get Directions $270000 3bed - 2bath - 0.25 acres... read more

“Gulf Pointe Properties is a truly professional real estate management company.”