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Jackie Colson-Miller

Jackie Colson-Miller
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Short Sales in Tampa..The Numbers are on The Rise..Tampa Real Estate Market News

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

I have been working on a number of short sales this weeksituations where the property will sell for less than the mortgage amount and the lender agrees to forgive the difference between the sale price and the loan amount. It is far more complicated than a normal real estate transaction and the seller must prove hardship the inability to continue to pay the mortgage and the lack of assets available.

There are several common factors among these sellers:

-They have good credit scores and have not yet missed a mortgage payment. They are trying very hard to preserve their credit as much as possible. That excellent credit allowed them to get the no doc and no income verification loans that are now a problem in the current market.

-They have adjustable loans that have just adjusted, or are about to adjust to a payment they can no longer afford.

-They purchased new construction during 2005. Their property taxes are no longer based on vacant land and have increased.

-There is new construction still available in those neighborhoods and the developers are selling the same product for far less than the sellers paid, so Tampa neighborhoods with new construction are more likely to have a high inventory of short sales.

In a nutshell, they are in a financial bind, and a short sale may be a better option than foreclosure. A short sale involves plenty of paperwork and diligence on the part of the seller and the agent, because the lender must agree to the short sale vs. foreclosure. Given that a typical foreclosure can cost a lender up to $60,000, many lenders are willing to allow a short sale. The process from offer to closing may take up to 90 days.

Two words to remember in a short sale situation.PATIENCE and PERSISTENCE.

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

 

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This entry was posted on Thursday, October 18th, 2007 at 10:59 am and is filed under MLS Listings in Tampa, Real Estate News, Short Sale, Tampa Real Estate, Tampa Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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