Short Sales & Foreclosures

You have options, The Hardy Team can help! Do not be left out in the dark, let our expertise help you understand all of your options. We advise a lender approved short sale to be the better choice for the home seller rather than letting the home go to foreclosure. We can help you get informed and cover all of the bases.

According to the latest information, the number of foreclosures in Florida has risen almost 43% over the past year this also includes Short sales. What does a short sale mean? A short sale is when the property sale proceeds fall short of the balance owed on the property's loan. If you have a genuine hardship that prevents you from being able to stay in your home then the bank may agree to take a loss on the pay back of the mortgage. Also if you are having trouble covering your mortgage payment this may be your solution for not foreclosing on your home.

If you look at this from the homebuyer’s perspective, things are not looking that bad, not only are there many homes to choose from in the market, but more foreclosures and short sales than we have seen in years. For those of you who have not owned a primary residence in the last three years, you can still qualify for the $8,000 tax credit being offered to first-time homebuyers, but do not wait as time is running out, the deadline for the Tax Credit stipulates that the homebuyer must have signed a contract by April 30, 2010 and they must close by June 30, 2010.

Essential Information for Homebuyers:

1. Knowing what a short sale is

2. What you need to “do”

Ask a listing agent about the process

Make the offer with a REALTOR.

Wait to hear from the bank. Lender approval can take as long as 6 months

3. What you need to “know”

Your listing agent’s experience. If the agent is experienced in short sales then it may help to get the offer approved in a shorter time.

How many banks are involved. The more mortgages that there are on the property the harder it can be.

List Price and the Bank Price. These may not be the same thing. The bank does not normally set the listing price and so may not accept even a full price offer.

What the bank is looking for - the bank will want to see that a buyer is pre-approved by at least one lender or has the cash to close.

Short sales take a while. Be prepared to wait a bit longer for a short sale to close.

Home Inspections. Most short sales will be "As-Is" but you should still have a home inspection.

4. Short Sale Advantages

Price. Short sales are typically priced lower than comparable "equity sales".

Essential Information for Home Owner:

1. What is a short sale?

Who qualifies for a short sale?

Who profits from a short sale?

2. The Short Sale Process

The process of a short sale is different from a regular sale. If you are having trouble staying in your home call The Hardy Team and let us walk you through the process of selling a home via short sale.

3. The Short Sale “Guide Book or Package"

The bank will want to see a complete "Short Sale Package" when the offer is submitted. To find out what this entails call us today.

The National Association of Home Builders offers great information about the First Time Home Buyer Tax Credit is sure to get the correct answers for you tax credit questions. Click here to visit the Home Buyer Tax Credit website or you can contact The Hardy Team with any questions you may have.

Not many people are familiar with the process of buying a foreclosure or short sale home, let “The Hardy Team” help you find your dream home for a lot less than you would have just a few years ago. We have worked with many clients to help them find their next dream home with buying either a foreclosure or a short sale.

If you are thinking of looking into buying a foreclosure or short sale home in the Hernando County communities of Spring Hill, Silverthorn, Woodland Water, Pristine Place, Glen Lakes, Sterling Hill, Southern Hills, Brooksville and in and around these popular areas, please contact us to schedule an appointment and see how we can help you buy a foreclosure home or short sale property.