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A critical skill the OurGulfCoast Team brings to the
table is our experience in handling short sales,
foreclosures, and real estate owned (REO) or
bank-owned properties.
A short sale is when the lender is willing to accept
less for a home than what is currently owed by the
homeowner.
Across the country most real estate markets are
feeling the pinch. Home values are dropping in some
areas by as much as 40% with no bottom in site. Most
sellers who find themselves in this scary position
often think their only option is giving the property
back to the bank and going into foreclosure.
The short sale is a far better option for the
majority of sellers. However, not all sellers will
qualify for a short sale. If the seller has other
assets, or the lender doesn’t feel that the seller
has a legitimate hardship, the lender may not allow
a short sale. The banks don't want to do
foreclosures. They are in the lending business- not
the home owning business. It is expensive for the
lender to actually carry out a foreclosure.
Short sales are almost always the best option for
both the lender and the seller. There are some
negative effects on the sellers credit from doing a
short sale. Granted a foreclosure is far worse than
a short sale.
If the agent you chose does not adequately manage
the short sale process the home may not close and
the seller will be forced into foreclosure.
Short sales do take time. Although it is possible to
close a short sale in 30 to 60 days, however, it's
not unusual for a short sale to take up to 90 days
to close. Lenders are very busy, and the backlog in
foreclosures is resulting in significant delays.
Each lender also processes short sales in different
ways. We can help navigate their particular
requirements.
The process can admittedly be frustrating. You need
a team member with the education, who stays in the
fight, and doesn’t give up.
Bob and Michelle Savage maintain a current list of
the available short sale opportunities in the
Pensacola Area including Pace, Gulf Breeze,
Pensacola Beach, Cantonment, Perdido, Navarre, and
Milton.
Contact us for a discussion. 850-529-0429.
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