South Florida Short Sales Lawyer
Due to a variety of factors, the demand for housing has dropped off considerably in recent years, causing a decline in property values across Florida. If you owe more money than your house is worth, a short sale my benefit both you and the bank. At the Weston law offices of Jonathan Kline, P.A., we represent people selling their homes in South Florida. We will take you through the entire process, helping you decide if a short sale is right for you and taking you through the final closing.
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If economic factors beyond your control have left you owing more money on your home than its actual value, you may feel as if you have run out of options. You want to sell your house in order to escape the obligation of your debt, homeowners’ association taxes, and insurance, but the value of your house alone will not give you the economic relief you deserve.
In a short sale, you ask the bank to take less than what is owed on the current principal balance of your home. If the bank were to foreclose your property and take it bank into their portfolio in its entirety, they have to pay a lot in administration. Then, they have to deal with the fair market value loss as well. If the cost of administration in a foreclosure is $58,000, the bank would lose $58,000, plus the depreciation of the home in a declining real estate market. By purchasing your home in a short sale, the only loss the bank will take on is the loss in the fair market value of the home. In this sense, you are doing the bank a favor by selling short, as opposed to waiting to foreclose on your mortgage.
In a short sale, you are asking to take less based upon fair market conditions. Banks understand that all areas of real estate and housing have been affected in terms of principal primary, second home, investment property, and commercial property. Whether you own a condo, single family house, or a town-home, the value of your property is affected by the market. When offering a short sale, you can be specific or general in your offer based upon fair-market value of the property, market conditions, and general trends.
A short sale can be a great way to avoid foreclosure and get the financial relief you deserve. At the law office of Jonathan Kline, P.A., we will work with you throughout the short sale process to make sure your rights are protected. We are open during regular business hours, and we are available any time for appointments. Contact us today for a free initial phone consultation.
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