When To Start A Florida Short Sale
Some sellers think they must wait for the lender to foreclose before they can list their property as a short sale, however waiting is not a good idea. You should consider a short sale before foreclosure. If you wait too long, you may jeopardize your chances of a successful short sale if the foreclosure process is well underway.
Alma Korshak of Short Sale Facilitators frequently meets with homeowners in their office in Casselberry Florida to explain how and when to start a short sale. Alma also explains how a short sale may be a solution if they are experiencing a financial hardship.
“My advice is that is if there is a seller out there in need of a short sale sometimes it’s a great idea, nowadays everything can be done through the Internet of course, however I do have a lot of sellers that do like to come to our office and meet us in person.” Alma said.
Meeting in person can bring a comfort level to a difficult situation. A short sale is a complicated real estate transaction. Short sale approval relies on accurate documentation that is managed and updated when necessary. While a face-to-face meeting is not required, Alma knows many sellers may have questions about the paperwork they must provide in order to start a short sale.
“They also like to bring their documents that we’re gonna require in order to process the short sale. So I do always like to meet who I’m going to be working with so my advice is that if they, the seller, is able to come in and meet with us definitely that’s always better but it’s not necessary.”
Is It Too Late To Start A Short Sale?
Alma tells sellers the best time to begin the short sale process is when you know you can no longer make your mortgage payment. Don’t wait until the lender starts the foreclosure process.
“I don’t think you want to wait until you get foreclosure papers. If you’re a seller and you already know that you’re behind a couple of months with your payments eventually they the lender/investor of the loan will start foreclosure process so you don’t necessarily have to wait until you receive foreclosure documents because by the time you receive them if you receive them it may be too late by then. We may not have time to process the short sale.”
The team at Short Sale Facilitators works hard to negotiate short sales for their clients and if the foreclosure process has just begun, you may have time to list your property as a short sale. Alma tells her clients that waiting too long can be risky.
“The lender always needs a good 30 days to two months to be able to postpone the foreclosure. No guarantees but we have a better chance of processing the short sale and actually postponing the foreclosure sale date if we have at least a good two months prior to the foreclosure sale date.”
Lenders may have many different departments within their organization that handle different aspects of a foreclosure. While your home is very personal to you, unfortunately for many lenders, you are just one of many people struggling to pay their mortgage. This is why it is wise to start a short sale before the foreclosure process begins. Stopping a foreclosure that is close to its foreclosure sale date can be difficult.
Alma Korshak encourages homeowners to call for help as soon as they know they are unable to pay their mortgage. They can help you figure out if you qualify for a short sale and if you do, they will be there to help you negotiate the short sale with your lender.
Short Sale Facilitators. The Power of Negotiating.