What exactly is a short sale?
A St. Augustine Florida short sale is a real estate transaction that takes place when a lender agrees to allow the borrower to sell their home for less than what the lender is owed. In most cases, the lender forgives the borrower of any debt that may remain after the sale.
Short sales have become more and more common over the past few years because of the U.S. economy’s current situation. Increased popularity has encouraged banks to jump on the bandwagon resulting in more efficient short sale departments and quicker approvals. In most cases, a short sale is the best way to help a homeowners avoid St. Augustine Florida home foreclosure.
How to Qualify
Not everyone qualifies for a short sale. A good rule of thumb is to understand short sales are ideal for homeowners who NEED to sell their home rather than simply want to. You must first prove to your lender that you are facing financial issues caused by some type of hardship. These include but are not limited to:
A short sale in St. Augustine offers many benefits to borrowers as well as lenders. In most cases, lenders
prefer short sales to foreclosures for a number of reasons.
Short sales benefit homeowners as well. Getting your home sold alone is enough benefit,
but it doesn’t stop there.
Call today to start the short sale process on your St. Augustine property!
We are waiting to help you.