My Blog About Ft. Lauderdale Short Sales & Ft. Lauderdale Loan Modification Help

How A Ft. Lauderdale Short Sale Helps Preserve Neighborhood Values

admin — Tue, 16 Aug 2011 21:30:43 +0000

Ft. Lauderdale FL – Yes, short sales actually help preserve home values in a neighborhood. Here is why.

Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc.

Most bank owned properties are empty for 3-6 months, if not longer. No one maintains the home during that time period. Empty homes are easy targets for vandalism and thieves.

Get my Free, Step By Step Loan Modification Guide by clicking here.

The grass and yard get overgrown. Pools deteriorate and the water turns green with algae.
In some Southern States, such as Florida, if a home is not air conditioned during the summer, then mold will grow on the walls inside.

In the Northern States, if a home is not heated during the winter, then pipes can ice up and break causing a lot of plumbing damage.

Even things as simple as sprinkler system can have problems when they aren’t used for 3-6 months. A sprinkler system contractor recently told us that if the system isn’t ran at least once a month, then it can have problems.

All these things added together cause bank owned homes to sell for much less than a short sale. That is why you should be proud that you are short selling your house.

You are doing a big part to help keep the housing market and your neighborhood. In addition, you are helping the entire economy because the housing market is such an important part of it.

Thinking about a loan modification? Our Ft. Lauderdale loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at Rita@ClearHomesTeam.com to request a Free Copy.

Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

Rita Meagher, The ClearHomes Team, KW Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on How A Ft. Lauderdale Short Sale Helps Preserve Neighborhood Values is provided as a courtesy to our viewers to help them make informed decisions.

Questions Buyers Should Ask the Agent Listing A Ft. Lauderdale Short Sale

admin — Tue, 16 Aug 2011 21:27:47 +0000

Ft. Lauderdale FL – Are you looking to buy a short sale? Before you make an offer, you need to check and see how competent the listing agent is at short sales.

The listing agent is the agent with the property for sale. They will usually be in charge of processing the short sale with the lender.

Get my Free, Step By Step Loan Modification Guide by clicking here.

If the listing agent is a genuine short sale expert and knows what they are doing, then you have a very good chance of the short sale being approved and buying the home. I’ll show you how to separate the experts from the pretenders in this post.

If the agent is not a genuine short sale expert, then you are probably wasting your time. You should go find another home to buy.

First, ask them how many short sales they have successfully sold. If they have only sold 2-3 short sales, then the odds are not in your favor. You risk wasting months of time waiting for an answer on the short sale.

Next, ask them how many loans are on the property. If there is only 1 loan, then you know two things. First, they know what they are doing. Second, this is relatively simple short sale.

If there are two loans, then the property is still worth considering. However, if there are 3 or more loans, then you might want to look at another home. Short sales with 3 or more loans are very difficult.

The first mortgage won’t give enough money to the second and third position mortgages. The second and third position mortgages won’t release their lien without more money. At the end, everyone loses (that is another story for another day.)

Lastly, ask who the lenders are. If the lenders are Bank of America, or another notoriously bad lender at short sales, then you might want to avoid the property. However, a competent short sale agent can handle a Bank of America short sale with ease.

Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Questions Buyers Should Ask the Agent Listing A Ft. Lauderdale Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Common Ft. Lauderdale Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them

admin — Tue, 16 Aug 2011 21:24:35 +0000

Ft. Lauderdale FL – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps.

We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us.

Get my Free, Step By Step Loan Modification Guide by clicking here.

After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold.

Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales.

Yes, short sales are approved by banks. Bank CEOs and the people who invest in mortgages prefer them over a foreclosure. Why?

Because the average short sale reduces the lender’s loss by 20-40% compared to a foreclosure. They want to reduce their losses as much as possible.

The banks are just having a hard time handling the huge increase of short sales caused by the housing crisis. But, don’t kid yourself. They wouldn’t be approving any short sales unless there was a big benefit to them financially.

They have analyzed the market and see short sales as a viable way to reduce their losses as much as possible.

Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Common Ft. Lauderdale Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them is provided as a courtesy to our viewers to help them make informed decisions.

Another Common Ft. Lauderdale Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale

admin — Tue, 16 Aug 2011 21:19:32 +0000

Ft. Lauderdale FL – This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it’s not true.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place.

1. The homeowner owes more on their home than it is worth.
2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future.

In these cases, the lenders know it is better to liquidate the home as quickly as possible. A faster sale will reduce their losses on interest and property taxes.

In addition, an owner occupied home usually sells for much more than a vacant home. Sure, the lenders don’t like short sales.

They hate losing money. (Don’t kid yourself.) But, they know that when a loss is inevitable, then it is best to do what they can to reduce the loss as much as possible.

That is why they will approve short sales when the homeowner hasn’t missed a payment yet. In fact, they will probably even negotiate loan modifications with homeowners who haven’t missed a payment either.

Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Another Common Ft. Lauderdale Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

A Common Ft. Lauderdale Short Sale Myth: Banks Can't Write Off Too Much Loss At Once

admin — Tue, 16 Aug 2011 21:16:35 +0000

Ft. Lauderdale FL – We at the Stop Foreclosure Institute receive emails all the time that go something like this “The Bank’s Short Sale Problems are not that simple.

A bank can’t afford to write off too much loss at once. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once either. And the circle goes on. Thank you, Amy

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here is why this flawed assumption is incorrect. Most of the large, national banks do not own the mortgages they handle.

As an example, Bank of America does not own 80% of the mortgages they service. The biggest holders are the GSEs: Fannie Mae, Freddie Mac, and Ginnie Mae.

These entities are accustomed to losses. The other entity that’s set up well and accustomed to losses is FHA.

Most of the remaining loans are owned by Wall Street Firms, Pension Funds, and other professional investors. Most of the loans owned by them have already been written down in value dramatically.

In a few, isolated instances, the “We don’t want to write off losses to fast because it will hurt this quarter’s earnings” thing applies. First, off any bank CEO that plays this game should be fired.

It’s illegal because of accounting rules. Not writing off losses that you know about could be considered insider trading by many.

Besides, when you push the loss on non-performing loans to the future, the losses are bigger in most cases. Any prudent person would agree that making losses bigger by pushing them to the future is bad business.

The bigger problem is that the lenders don’t have enough staff to process the files. They need short sale negotiators to submit files to the owners of the loans.

As an example, on a recent FHA short sale, the negotiator told us it would take her 2-3 weeks to review the offer and then submit it to FHA.

However, she did tell me that FHA only has a 72 hour turnaround from when she submits the file to them. That is pathetic.

Here is why the lender doesn’t have any incentive to hire on more staff. On that file, the lender isn’t losing the money, FHA is losing it. Therefore why should the lender spend money to hire on more staff? There is no incentive to do so.

Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on A Common Ft. Lauderdale Short Sale Myth: Banks Can’t Write Off Too Much Loss At Once is provided as a courtesy to our viewers to help them make informed decisions.

Ft. Lauderdale Short Sale Q & A: Can This Seller Short Sale?

admin — Tue, 16 Aug 2011 21:12:35 +0000

Ft. Lauderdale FL – Lenders reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them.

Get my Free, Step By Step Loan Modification Guide by clicking here.

When you request your free loan modification guide, you will have the option of also receiving a property valuation. This is called a BPO (short for Broker’s Price Opinion), and it is a real estate agent’s opinion of the value of a property.

Lenders use BPOs to determine a property’s value for short sale processing. Find out what you can pay the lender as a monthly payment. Then, find out the mortgage amount that equals that payment.

For example, $1,200 a month will pay off a $211,346 mortgage over 30 years. $2,000 will pay off a $352,243 mortgage. $3,500 will pay off a $616,426 mortgage. $600 will pay off a $105,673 mortgage.

The lender should approve your loan mod if the payment you propose will pay off a mortgage amount that is more than the property value.

It is in their best interest because it will reduce their losses. In fact, lenders usually only net around 80-85% of a property’s value after foreclosure.

This is why lenders were only willing to lend up to 85% of a property’s value historically. So use this to your advantage. Keep reminding the loan modification negotiator of these facts.

And hold the negotiator accountable if they reject your loan mod and lose even more money as a result. Thinking about a loan modification?

Our Ft. Lauderdale loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at Rita@ClearHomesTeam.com to request a Free Copy. Or, Click here to request a copy..

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Ft. Lauderdale Short Sale Q & A: Can This Seller Short Sale?
is provided as a courtesy to our viewers to help them make informed decisions.

Ft. Lauderdale Short Sales: My home is in foreclosure. How soon will the bank kick me out?

admin — Tue, 16 Aug 2011 21:07:57 +0000

Ft. Lauderdale FL – The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ft. Lauderdale loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy..

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Ft. Lauderdale Short Sales: My home is in foreclosure. How soon will the bank kick me out? is provided as a courtesy to our viewers to help them make informed decisions.

Ft. Lauderdale Short Sales: There Is A Surprise Lien On The Short Sale

admin — Tue, 16 Aug 2011 21:05:02 +0000

Ft. Lauderdale FL – The Stop Foreclosure Institute recently received a question from James. Here is his question.

“Do you have any suggestions on a surprise lien from a Water Softener company? We were able to get Bank of America to approve the short sale without paying the lien. It could take another 60 days for Bank of America to agree to pay the lien.

The buyers don’t want to wait that long. Is there anything we can do? James.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to James’s Question.

Yes, you can get rid of it. But, it will take time.

Option #1: Many states have laws that allow a homeowner to remove liens if the property is their homestead.

For example, Florida has a law that enables the seller to file to release the lien thru homestead. I don’t remember the exact legal name.

The seller files something and the lien automatically goes away in 45 days. The only reason it wouldn’t go away is if the lien holder contests it.

An agent I know in Florida has used it against one of the best debt collection lawyers in the state. Ask your title company for help.

Option #2: Get BOA to agree to give them some money for it. Or, find a way to get it paid on the HUD. As you can see, both of these take time.

Option #3: Pay it out of pocket.

Option #4: You luck out and the lien doesn’t attach. Check with your title company to see if this is the case. Oftentimes, they don’t even legally attach. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ft. Lauderdale loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy..

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Ft. Lauderdale Short Sales: There Is A Surprise Lien On The Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Ft. Lauderdale Short Sales: How Does the Realtor Get Paid On A Ft. Lauderdale Short Sale

admin — Tue, 16 Aug 2011 21:02:22 +0000

Ft. Lauderdale FL – A potential home seller asked The Stop Foreclosure Institute how we get paid on a short sale transaction. So I decided to answer that question in today’s blog post.

Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Man sellers mistakenly think that since there is no equity in the property, then there is no way for the agent to be paid. In this situation the seller’s lender pays the commission.

They are willing to pay a commission on a short sale because if the property is foreclosed upon, not only will the property sell for less money, but they will also have to pay a commission on the sale of the foreclosed property.

Here is an example. You owed $500,000 on your home. The home is now worth $400,000. After real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees, your lender will net $370,000.

Most people would be horrified at losing $130,000. However, lenders know there is risk in their business. They grant loans knowing that a certain percentage of them go bad.

After they have realized that a loan has gone bad, all they want to do is reduce their losses as much as possible. So they will sit down and calculate the losses on their different options.

We all know the short sale will net them $370,000.

How much will a foreclosure net them? Let’s run the numbers. If the house is worth $400,000, then it will probably sell for 10% less after a 12 month foreclosure process.

So they have a sales price of $360,000. Now, they have to add in real estate commissions, attorney fees, sales taxes, and all the other costs. They could end up netting around $310,000 after the foreclosure.

Accepting the $370,000 on the short sale and paying the realtor is a good alternative. Therefore they are glad to accept it and pay us to sell the property.

Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ft. Lauderdale loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy..

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on Ft. Lauderdale Short Sales: How Does the Realtor Get Paid On A Ft. Lauderdale Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

A Common Myth About Ft. Lauderdale Short Sales: Banks don't like short sales and prefer foreclosure

admin — Tue, 16 Aug 2011 20:59:55 +0000

Ft. Lauderdale FL – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don’t really like short sales and never pursued the option.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.

Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.

FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don’t think they pay them anything extra to process a foreclosure.

The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.

The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Rita@ClearHomesTeam.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 954-938-7478

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Ft. Lauderdale loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy..

Thanks for reading this, Rita Meagher.

Rita is a real estate broker at The ClearHomes Team, KW Realty.

Phone: 954-938-7478. Rita@ClearHomesTeam.com.

Rita Meagher specializes in loan modification assistance and short sales in Ft. Lauderdale. Ft. Lauderdale Loan Modification Help, Ft. Lauderdale Short Sales. Ft. Lauderdale Short Sale Realtor.

Important Notice

The views expressed here are Rita’s personal views and do not reflect the views of The ClearHomes Team, KW Realty.

This information on A Common Myth About Ft. Lauderdale Short Sales: Banks don’t like short sales and prefer foreclosure is provided as a courtesy to our viewers to help them make informed decisions.