Life After A Florida Short Sale
A huge financial burden is lifted once your short sale closes, however it is wise to start planning now for what comes after the short sale is over. A short sale takes months to complete so it is easy for sellers to get complacent, but the time to think about your financial future is before your short sale closes.
When the lender accepts the short sale offer, you will receive an approval letter that documents the specific details of the sale. The approval letter is your lender’s notification they have agreed to the short sale. This is when the seller should start planning for life after the short sale.
Short Sale Facilitators in Casselberry, Florida handles the negotiation of your short sale so you can focus on the immediate steps you should take after the short sale closes.
Your Future After A Short Sale
When a seller lists their home as a short sale, they ultimately know the property will sell and they will be required to vacate the property when the bank accepts the buyer’s offer. It is wise to start looking for a new home early in the process. Alma Korshak of Short Sale Facilitators asks for relocation assistance for her clients. Relocation is a feature of some federal programs, but some lenders also offer their own relocation package.
The approval letter will state when the short sale must close as one of the conditions of the sale. In most cases, this is the date that the sellers must vacate the property. It is wise to keep that date in mind as you decide when to start packing and making arrangements to move into a new place.
You should try to leave your home clean when you move out. The contract in a traditional sale may state the home will be ‘broom clean’ which means trash is disposed of and the walls and floors swept clean. Short sales may be sold ‘as is’ but check the contract for any specific language about the condition of the home at closing.
If you are planning to rent an apartment after your short sale, you may be worried about how much you should tell your prospective landlord. Before you fill out the application and pay an application fee, talk to the landlord. Explain your situation and explain that you worked with the bank to sell your property rather than allow it to go into foreclosure. Show them verification of your income so they understand you can afford to pay the rent. Be honest upfront so the landlord does not think you are trying to hide something. The housing crisis also affected rental property so they may be more understanding than you think.
It is never too early to think about your future credit worthiness. You can request a credit report once every 12 months at no charge. Sometimes people find errors on their credit report, so it is important to work with the credit reporting agencies to correct those. Once you understand your credit history, you can focus on improving it by paying rent and utilities on time.
The homeowners that lost their homes to foreclosures or short sales at the start of the housing crisis are now eligible to apply for an FHA loan. According to the Wall Street Journal, a projected 1.5 million of these ‘boomerang’ buyers will become eligible to apply for an FHA loan in the first quarter of 2014 alone.
The First Step in a Short Sale
It can be difficult to make the decision to sell your home as a short sale, but it may be the best decision for your personal circumstances. If you are not sure you qualify for a short sale or have questions about how to start a short sale, the team at Short Sale Facilitators is ready to help you find the answers.
Alma Korshak works hard to help her clients get out from under a mortgage they can no longer afford. Even though a short sale is a long process and can take months to complete, you can eliminate some of the stress by working with Short Sale Facilitators. They will negotiate all the details of the short sale agreement with your lender including move out dates and relocation assistance.
If you are considering a short sale, call and schedule a time to meet with Alma in her Casselberry, Florida office. Alma believes every client is a priority and wants to help you find a way out of your underwater mortgage so you can focus on improving your finances for the future.
Short Sale Facilitators. The Power of Negotiating.