Platinum Author
Recent surveys predict that Miami will be the worst hit market for falling real estate values in the country during 2010. Much of Florida will experience significant declines throughout the year with Fort Lauderdale and Orlando also predicted to show big declines. It is further predicted that our real estate inventory will continue to grow as banks release built up inventories of foreclosures in the coming months.
One method that Realtors are utilizing to work through this crisis is what is known as the Short Sale process to acquire real estate at current market values. It occurs when the proceeds of a real estate transaction fall short of the loan amount due on the subject property. When this occurs the lender must decide if he/she will agree to discount a loan balance of the seller. There are many factors that determine whether a short sale will be successful or not and it can take weeks or months to find out whether or not a deal is accepted. The mortgagor must also meet certain requirements to qualify to short sale their property.
As a seller or buyer, it is critical that you deal with someone who is knowledgeable about the short sales, as many pitfalls can easily ruin a deal.
During this process, the owner markets the property for sale with an experienced Specialist in an attempt to sell the property at the best price thus bringing in as much money as possible to the lender.
When the property is sold to a new buyer, the seller relinquishes the property just like any other sales transaction. Many lenders today would prefer to accept a Short Sale versus going through with foreclosing on the property.
Troy Fowler is a Lic. Real Estate Auctioneer (AU3595) & Lic. Real Estate Broker. Short Sale specialist, REO specialist, BPO provider. CDPE, AARE (Top 1% auctioneer nationwide). Featured in the Miami Herald, Kipplinger, Msncbc Internet, Miami Today's, Daily Business review.
I focus on REO, Short Sales, Auctions and enjoy working with highly motivated buyers and sellers. My background includes working with leading financial institutions and investment banks as a Senior Sales Consultant providing customized training and consulting solutions.
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