Wondering about the consequences of a foreclosure for a homeowner? Or maybe wondering about pursuing a short sale with your lender? We have provided answers to these questions (and more) below:
Q: What is a short sale and what are the basics of the process?
A: Information below provided by wikipedia.com
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Q: Am I a candidate for a short sale?
A: Every situation is different. A typical candidate for a short sale would owe more on their home than current market value and/or have a payment that they can no longer afford due to a financial hardship. Call us at 850-479-SOLD (7653) and we'll help you determine the right course of action based on your particular circumstance.
Q: What are the alternatives to a short sale?
A: For those with equity, the answer could be as simple as a traditional sale. A mortgage modification or bankruptcy may be better options for your situation. Yet another option may be to rent the home until a time when selling is more feasible and profitable. We manage over 300 properties and have teamed with a local attorney to offer mortgage modifications.
Q: Will a short sale cost me?
A: In the standard short sale situation, commission fees and closing costs are paid by the lender.
Q: What I should I look for in a Realtor to sale my "Short sale" property?
A: Most short sales do not make it to the closing table. The primary reasons are lack of time and inexperience by the listing agent. At Team Sandy Blanton we have the experience and knowledge needed to close short sales! Couple these with a full time employee dedicated to working with the lender and selling your home, and you've got a winning combination!
Q: How do I get started with my short sale?
A: Call us at 850-479-SOLD (7653) and put our Team of real estate professionals to work for you!
 Ask us ANY question about selling your home or property. Or request our FREE in-home presentation of how we would market your property in Pensacola, Gulf Breeze and Milton! There's no obligation, and we promise to get back to you quickly... 
First Time Buyers >A Realistic Evaluation
Your real estate agent's job is to find you the perfect home, in the right location, with all the amenities you want--and at the right price. It is the home inspector's job to find any skeletons in the closet -- or in the plumbing, wiring, roof, basement and beams.
The inspector won't pass or fail a home based on what he or she finds, but will go over the house thoroughly to help you understand the condition of the property you are buying. If there are any serious problems, your inspector can give you a realistic idea of how much the repairs will cost. If there are material defects that were not reflected in the asking price, you will have the opportunity to re-open negotiations with your sellers before you commit to the purchase. A good inspector will also explain the operation of the basic emergency systems such as the main water cut off valve and the circuit breaker box, and will go over items that will need routine maintenance.
If you are buying a house, we recommend that you make a professional home inspector part of your home purchase team.
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| Q |
What site discovered in 1965 is considered the world's oldest known habitation?
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| A |
The Terra Amata site in Nice, France has the remains of 21 huts belonging to the Acheulian culture from 400,000 years ago. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERTS™ 
