We are actively engaged in Pensacola foreclosures and short sales.
Are you going through a foreclosure?
Do you want to sell your Pensacola home before it gets foreclosed upon?
Do you want to keep your home?
Our team is here to assist you in solving your foreclosure problem. We've
helped many buy short sales and foreclosures, we've helped many sell their properties,
we've invested in short sales and foreclosures ourselves, and we have actually been
through a foreclosure ourselves and completely understand the process, the frustrations,
the emotions, as well as the good that can come to you from it. Get the best team
working for you!
Not exactly sure what a short sale or foreclosure is? Click here for some definitions.
It's always better to try to sell your real estate prior to the foreclosure.
Even if you don't want the property, your credit will be less damaged; you may
not care much about it now, but you will at some point in the future. All
wounds heal. If you owe more than what you can get on a sale, then this will
most likely involve a short sale. Shortsales, require a little work on your
part, but it really isn't all that bad, and we can help you navigate through
the paperwork and sales process. In the end, you won't have a foreclosure on
your credit record, and you won't have a deficiency judgment against you.
If you would like to save your property from foreclosure because you think
that your financial situation is temporary then you need to contact me ASAP.
If you have explored a loan modification unsuccessfully with the lender or
they appear not to what to work with you, we still have ways that we can keep you in your home.
We may also have avenues to pursue that may allow you to keep your real
estate at a lower amount than what you owe! This takes some work, and one
really has to know what they're doing. Contact me if you want to save
your property.
There are many foreclosure and short sale houses for sale in Pensacola. And
your right, any Pensacola Realtor can list your house. But you need someone
that can really take your real estate through closing in a timely fashion,
there isn't much time for delay.
Contact me to discuss your situation.
Below are some definitions that may be useful for you:
Short Sale:
When one sells a piece of real estate for a price that is less than what is
owed on it to a lender or lenders, this is called a short sale.
The current real estate market has created a situation where many, many people
owe more on their home or investment real estate that what that property is currently
worth. I won't get into the reasons why this happened, but it has created a great
opportunity for people to make lots of money
Of course, the seller can't just up and sell the property "short" without
getting permission from each of the lenders who have a lien on the property. Getting
the lender's approval and following their procedures is what makes completing a
short sale difficult and time consuming. As a buyer of a short sale, you
need to allow more time to close on the property. But it will be worth it!
Foreclosure:
A legal procedure a lender or mortgagee takes to obtain the deed to a piece
of property after which the borrower has failed to adhere to the terms of
his or her promissory note (loan). In the state of Florida, a foreclosure
must go through the judicial system and can take many months (unlike a
Trustee state). I've seen them take as little as 3 or 4 months, but this
is very uncommon. I'm currently working on several that have taken over 2
years from the time the first payment was missed and the foreclosures still
aren't complete. There can be several situations in which delays can even be much longer.
The goal of the foreclosure is to sell the subject property via auction at
the courthouse steps. The proceeds of the sale go to the lender to recoup
their investment. In Florida, the high bidder at the auction must come up
with the money by the end of the day. As you can imagine, that makes for a
relatively small pool of buyers and hence low prices; therefore, it is very
common for the lender, or bank, to be the highest bidder because they are
unwilling to simply "give the property away". As a result, they now own the property
Real Estate Owned Properties (REO's):
REO's are properties that a bank (or lender) owns as a result of a foreclosure.
When you hear people talk about buying foreclosures, this is typically what
they are referring to. Banks aren't in the business to own and operate real
estate. In fact, they are penalized by our government and can become limited
on the amount of money they lend if they have too much bad debt. Since banks
don't want this real estate, they are typically inclined to entertain short
sales before the foreclosure is complete. Once they own the real estate,
they are highly motivated to sell these properties and you can usually save a lot of money.
Loan Modifications:
Loan modifications are when the lender will alter the terms of the promissory
note (loan) in favor of the borrower to help them keep the real estate and
avoid foreclosure. This is happening more and more due to the volume of
delinquent loans and REO inventory. The banks would rather make less on the
existing loan that go through the expense of foreclosure and subsequent
selling of the property at a discount. Loan modifications can include a
reduction in interest rate, delaying payments, forgiving payments, reducing
the loan principal, or any combination. This is a negotiated agreement
between the borrower and the lender. Loan modifications should be in your
arsenal of tools as a real estate investor. We can help you with that strategy, although
we do not specifically do loan modifications as a service.
Deficiency judgment:
After the foreclosed property is sold at auction or by the bank at a later
time and the amount that the lender received is less than what you owed them,
including late charges and attorney fees, they can sue you again for a deficiency
judgment to cover the difference. Typically, providing "deed in lieu of
foreclosure", or a short sale will have provisions to disallow a deficiency judgment.
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