Due to the recent recession, many people are currently unemployed. Most lost their jobs when their businesses and companies closed down. In addition to the financial difficulties, many people lost their homes to foreclosure in the recession. The unstable economy has brought hard times for many, especially those who lost their homes to foreclosure. However, it is important to know that foreclosure is not the only option you can take. In fact, there are other more positive solutions that do not have such a bad impact on the homeowner. One thing a homeowner can do is sell his/her property or do short sales. However, make sure you price the real estate right, as an overpriced property is not inviting especially in this unstable economy.
There are many people who are in this type of situation. They are trying to unload their own properties without losing too much. Before the recession, the housing market bubble was expanding incredible fast. Therefore, many thought it was inevitable to burst. When it burst, many homeowners where left with properties worth a good deal less than the mortgage loan. Fortunately, there are various solutions one can use. Short sales are an option that every homeowner should consider. There are various requirements that must be met before you can use the short sales solution.
The first requirement is to check the value of the property. Make sure the value is below the amount of the mortgage loan. Afterwards, the homeowner must prove that he/she is having difficulty making the payments. The homeowner must then get an approval from the lender, because the lender will be the one that will most likely lose out on this type of sale. The reason why a lender will accept this solution is that it is generally a good deal cheaper compared to foreclosure costs. Therefore, the mortgage lender or bank will most likely agree to this option. Usually, the lender will want to negotiate to split the losses. In addition, in order for the lenders to approve short sales, special documentations must be finished and presented. This process tends to be complicated. Therefore, you may want to consider hiring a South Florida real estate agent to aid you in the entire procedure. These real estate agents are experts in this field, and can help you iron out any related problems. They will also walk you through the procedure and show you which options are available to you, and which options are probably the best for you.