Richard Zangre

About Us:

"What you are about to read, is not manufactured enthusiasm; it is timeless effort, consistency and solid work ethics. Short sales are nothing like auctions or foreclosures, bidding and competing - they are about knowledge, persistence, dedication to our customers and having the willingness to never walk away from ones most valuable asset - YOUR HOME"

Frequently Asked Questions

Frequently Asked Questions

Why will my mortgage lender allow a "short sale"?

It is not guaranteed that your lender will allow a short sale. However, your mortgage lender

stands a much better chance of minimizing the loss on your property if they accept your

cooperation and allow a short sale. This allows them to sell the property much sooner than a

foreclosure. It is a known fact that it is also easier to sell a property that is occupied than one

that is vacant. A vacant foreclosure will burden the lender with carrying costs for the

property such as insurance, taxes, repairs, and general upkeep. Your lender has various

compliance items and associated costs with delinquent loans. Finally, a popular general

strategy for dealing with foreclosure is to claim bankruptcy. This is not the best idea for you

or the lender. Your credit will be impaired and the lender will incur additional costs. A

successful short sale negotiation benefits you as the distressed homeowner and the lender.

How do I determine if I am a good candidate for proposing a short sale?

In today's market if you are underwater relative to your home equity vs. what you owe your

mortgage lender(s) and it's costing you your sleep, then you are generally a good candidate

for a short sale. In conjunction with this many people may have a family or financial

hardship or upcoming loan payment adjustments that will cause major affordability issues.

All of these issues and many more, either separately or combined, make you a good

candidate.

How long is the process to complete a short sale?

Typically it takes between one and three months to complete the process of successfully

negotiating and finalizing a short sale with your lender(s). The comprehensive solution and

overall strategy provided by Exit Realty requires the sale of your home. Real estate markets

are localized and the time required to sell your property depends upon the marketability of

your home. You lender's current staffing level and willingness to cooperate will also affect the

expected time frame to completion of a successful negotiation.

Why shouldn't I just let my home go to foreclosure?

This is a personal choice, however, the consequence of a foreclosure will adversely affect your

credit for years. A mortgage is the most important form of debt, and it gauges very high on

the credit scoring scale. It is going to cost you a lot of time, money, and aggravation. On the

other hand, a short sale is listed on your credit report as "settled debt". You are taking

responsibility for your debt regardless of the circumstance. Your credit will be less damaged

with a short sale versus a foreclosure. It is always better to take the positive, proactive path

and attempt to maximize your options with a Short Sale.

Does the homeowner have any liability with a short sale?

Yes. You are always subject to a lender that seeks to obtain a deficiency judgment against

you for any unpaid or forgiven debt. Anyone who has signed the mortgage note has assumed

a level of personal liability that provides the lender recourse to collect on this debt. Any debt

that is forgiven, dependent upon the circumstances, may be viewed by the IRS as income.

Recent legislation has been passed by Congress that will relax this tax burden for the

majority of circumstances. However, Exit Realty will provide you with the strategy to

mitigate the deficiency judgment directly with your lender(s) and the guidance to help you

throughout the entire process

COLDWELL BANKER

3465 OCEAN DRIVE

VERO BEACH FL 32963

CALL FOR A PRIVATE NO COST CONSULTATION 772-528-8418

NOW IS THE TIME TO BUY!

This is a fabulous market for First time home buyers, Investors, or people looking to begin an investment portfolio of property. Prices are low, lenders are willing to lend to qualified buyers and sellers need to sell! The short sale market is particularly good for a owner occupied buyer. These homes are generally well maintained, in good shape, and below market price. We specialize in these types of sales/listings and have seen a dramatic increase in these types of sales in the last 2 years. Go grab that well priced piece of real estate. The time is now for buyers!