Deciding where you want to live in Florida can be a tough choice no matter where you want to live. With all the sun, the beaches, and the nightlife, it can be hard to decide whether you want to explore condos for sale in florida or Fort Lauderdale real estate or a fancy highrise in Miami Dade County. Wherever you decide to do house hunting, you may want to explore short sales in Florida.
The term short sale, in real estate terms, refers to a lender giving the homeowner approval to sell the property for less than the amount owed on their mortgage, where the lender typically forgives the difference or reduces the deficiency by an amount agreed upon prior to the sale. This practice is becoming more and more common in the foreclosure epidemic happening today because it is a faster and cheaper way for the lender to gain possession of the home before the property has time to decrease in value.
Most Fort Lauderdale real estate owners choose this option because the property is worth less than they owe to their lender. The result is often less damaging to the credit status of the seller and reduces the cost for the buyer. The biggest flaw of short sales in Florida, if there is one, would be that the negotiations are three parties trying to come to one number. Explore your options by contacting a realtor Fort Lauderdale or a Wilton manors realtor today.
Short sales in florida have been on the rise over the past few years. According to a 2010 report, South Florida short sales rose from 11,300 in 2009 to 16,800 in 2010, a 49 percent increase. Short sales in Florida used to take up to 4 months but, since larger lenders are becoming more accepting of the practice, it can now take a little under a month to get the process finished. Researching short sales in Florida through Fort Lauderdale real estate news or searching for short sales in Florida is a good start to learning more about what kind of options exist.