9192 Villa Palma Lane, Palm Beach Gardens, FL
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$ Click for current price
4 BEDROOMS
3 BATHROOMS (2 full, 1 half)
2084 Square Feet
Large 4 bedroom 2.5 bath home for sale with great location desirable Palm Beach Gardens FL 33418. Gated community and lake view from the home. Great for families. Close to parks, schools, shopping areas, I-95, turnpike and minutes to the beach. Move in ready! All measurements approximate. This property is now under auction terms Homesearch.com. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a reserve auction and all offers are subject to seller approval. Please contact listing agent for details. All offers need to be placed on HomeSearch.com. All pre and post auction offers can be sent to sales@homesearch.com. No inspection period after offer has been accepted. Being sold As Is.
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Rodney ForbesManaging Broker
Forbes Realty of South Florida
561-337-4810
rodney@forbesrealtyonline.com
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9192 Villa Palma Lane 9192 Villa Palma Lane

9192 Villa Palma. Nice waterfront single family home located in Palm Beach Gardens, FL. Property is located in a gated community. Situated on a lot with lake views.  Short drive to the beach. 4 bedrooms and 2 full baths and 1 half bathroom. Views of the lake from the backyard.  The HOA includes Lawn service, pool, common areas, gated entrance, basic cable.

This property is now under auction terms. This property is subject to a 5%  buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a reserve auction and all offers are subject to seller approval.
Please contact listing agent for details. Auction site is Homesearch.com.

Click here for full listing information on Realtor.com

Lake View
Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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146 Nottingham Road 146 Nottingham Road

146 Nottingham is a 3 bedroom, 2.5 Bathroom townhome in Boynton Beach, FL 33426 near Caloosa Park. This 2 story townhome in Boynton Beach Florida is located next to Caloosa Park and baseball fields. It has a 2 car attached garage and low HOA dues that are currently $169/month. HOA dues include basic cable, common area maintenance and maintenance of the clubhouse and pool. You must own for 2 years before leasing and there is a 2 pet (up to 60lbs) restriction.

This is a spacious townhome with tile on the first floor and 3 full bedrooms plus a loft upstairs. It is close to I95, parks, schools, and the beach.

This property is now under auction terms. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a reserve auction and all offers are subject to seller approval. Please contact listing agent for details. Auction site is Homesearch.com.

146 Nottingham Road 146 Nottingham Road

Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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114 Via Veracruz 114 Via Veracruz

5 bedroom, 4 bath waterfront pool home for sale in Jupiter, Florida. This 2 story home has a screened in pool, located in a quiet suburban community near Abacoa and FAU. Short drive to the beach. 5 bedrooms and 4 full baths, including a full size cabana bath. Screened pool overlooks a community lake.

Great for entertaining. 2 car garage and additional covered parking. Upgrades include stainless steel appliances, granite countertops, hardwood cabinets, security system,in-law suite with full bath and private entrance. Many additional upgrades in this home.  Located close to downtown Abacoa, Jupiter Riverfront, beaches, FAU campus and Scripps.

This property is now under auction terms. This property is subject to a 5% buyer’s premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a reserve auction and all offers are subject to seller approval. Please contact listing agent for details. Auction site is Homesearch.com

Click here for full listing information on Realtor.com

Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach

114 Via Veracruz 114 Via Veracruz

Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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PROPERTY FOR SALE470 Pumpkin Dr

Single Family House – Palm Beach Gardens, FL 33410

470 Pumpkin Dr.

3BR/2.5BA, 2 story home. European style. View of community Lake. Extra Large corner lot located in sought after Evergrene Subdivision. Home features hardwood floors on the first floor, taller kitchen cabinets and vanities in the bathrooms, French doors that lead out to the back yard. There is a gas outlet for BBQ outside. Granite countertops in the kitchen. Chandelier in dining room does not convey!

 

Click here for full listing information on Realtor.com

Click here to view a virtual tour of the home

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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DSC_0051 (640x427)PROPERTY FOR RENT

Single Family House – Hobe Sound, FL
9060 SE Jupiter Narrows Place.
Available Oct 1st. 3BR/2BA home with 2 car garage has been completely remodeled and updated. Enjoy tropical landscaping, open entertainment area, screened pool and gorgeous view of the lake. Porcelain tile throughout, granite countertops with new stainless steel appliances. Master bedroom overlooks the pool. Included are lawn care, pest control, pool care, washer/dryer, central vacuum, security system, and hurricane shutters. 2 private lakes for fishing and non-motorized boating. Short bike ride to the beach and 5 minutes to Jonathan Dickinson State Park. Rent for this property is 2300….00 per month for one year lease/2200.00 for two year lease. Owner will also lease furnished for $3000 per month including Large TV and basic cable.

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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10 Common Short Sale Myths Dismissed Part 1

by Rodney Forbes on April 5, 2013

Palm Beach County Florida has a huge number of short sales. What exactly is a short sale?
Short-Sales-lifeboat

A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness.

To be eligible for a Florida short sale you first have to qualify!

To qualify for a short sale:

  • Your house must be worth less than you owe on it.
  • You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. Divorce, estate situations, etc… also qualify. There are some exceptions to hardship now, but for the most part the bank or investor will need to verify some type of hardship.

Now that you have a basic understanding of what a short sale is, there are some huge misconceptions when it comes to a short sale vs. a foreclosure. We take the most common myths surrounding both short sales and foreclosures and give a brief explanation. LET’S BUST SOME MYTHS!!

 

1.) If you let your home go to foreclosure you are done with the situation and you can walk away with a clean slate. The reality is that this couldn’t be any farther from the truth in most situations. You could end up with an IRS tax liability and still owing the bank money. Let me explain. Please keep in mind that if your property does go into foreclosure you may be liable for the difference of what is owed on the property versus what is sells for at auction, in the form of a deficiency balance! Please note this is state specific and in most states you will be liable for the shortfall, but in some states the bank may not always be able to pursue the debt. Check your state law as it varies widely from state to state.

Here is an example of how a deficiency balance works:

If you owe $200,000 on the property and it sells at auction for $150,000, you could be liable for the $50,000 difference if your state law allows it.

Not only could you be liable for the difference to the bank, but in some situations you could also be liable to the IRS! Although there are exemptions (mostly for principal residences) under the Mortgage Debt Forgiveness Act, there are times when you could be taxed on both a short sale and a foreclosure, even in a principal residence situation. Since the tax code on this is a little complicated and I am not a CPA, I advise always talking to a CPA when in this situation as you are weighing your options. Banks and the IRS can go as far as attaching your wages. Not to mention if you let your home go to foreclosure you will have that on your credit, as well.

Guess What? A short sale can alleviate your liability to the bank, in most situations. There are also exceptions to this, but in most cases banks are releasing homeowners from the deficiency balance on a short sale.

Short sale myth #2 coming soon.

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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The Qualifications for a Short Sale in Jupiter Florida

by Rodney Forbes on November 6, 2012

West Palm Beach Short Sale RealtorMany homeowners dealing with a foreclosure still are not educated on what the qualifications for a short sale. A number of these homeowners think the process is too challenging, time consuming and much more, that they are not qualified. Contrary to these however, the requirements or qualifications are easy to meet and are generally the situations that put homeowners near a foreclosure in the first place. While this is meant to be a general guide to the requirements for most financial institutions, and it is important to note that requirements have become more flexible in recent times.

Tell me what is a Short Sale Please?

Before searching after what the qualifications for a short sale, a homeowner first should understand what a short sale is. A short sale is essentially one of the options available for homeowners wanting to avoid a foreclosure. The dynamics of the whole process lies on the ‘short’ of the sale that will be enforced on the property. Simply put, you’ll be selling your home for less than the mortgage amount in this strategy to avoid a foreclosure. But in order to sell your home ‘short’ of its mortgage, you should have good reasons to; you should be qualified. And these qualifications are usually set by lenders.

What are the qualifications for a short sale from a private lender?

Your current lender has the final decision in granting you a short sale. For you to be qualified for the program if your mortgage is under a private lender, here are the circumstances that must be met. Decreased home value is one of the strongest reasons a homeowner can use to make the lender agree to a short sale is a decrease in home value. Specifically, the decreased home value should be lower than the mortgage. Due to the fact that no lender would naturally agree to a short sale if the home can be sold more than the amount of the mortgage; home values are the determinants of price that prospect buyers will be willing to pay. Therefore, a homeowner should ask a real estate professional for a quote or comparative market analysis. If the outcome of the analysis is a home value larger than the mortgage, then the short sale is not necessary.

A destitute condition of the homeowner is another great reason for a lender to approve a short sale is a destitute circumstance or hardship that restrains the homeowner to meet monthly payments. This condition should be explained in a letter called the Letter of Hardship. A few of the acceptable hardship conditions include death of the homeowner or family member, illness of the homeowner or family member, bankruptcy, divorce, unemployment and decrease of income. Being miserable with neighbors or having made a bad purchase decision with the said property does not constitute a hardship.

No other assets to pay off the mortgage- It will be mandatory for the homeowner to submit proof that he or she has no other assets that can be used to pay for the payments in default and future payments. A statement of assets and liabilities supported by pay slips, income tax returns, non-cash investments and bank statements are typically enough supplement to the claim of no asset availability. To qualify for a short sale, total liabilities should be more than the net assets. Therefore, you should have a negative figure on the bottom of your statement of assets and liabilities. If not, a lender might point out other options in order for you to pay your mortgage.

What are the qualifications for a short sale under HAFA?

West Palm Beach Short Sale RealtorA short sale may likewise be backed by a government program called Home Affordable Foreclosure Alternatives or HAFA. It is under the bigger program called Making Home Affordable Program initiated by President Obama. As opposed to short sale alternative from a private lender, HAFA offers several benefits such as lenders receiving 6% on the loan balance or a maximum of $ 6,000 and sellers or homeowners receiving a relocation assistance of up to $ 3,000 which will be put on escrow until the sale is closed.

So what are the qualifications for a short sale under this program? They are:

● Homeowner need to be in a hardship situation

●The unpaid mortgage amount should be no more than $ 729,750 for a single unit; other limits are set for other types of homes

●Mortgage was taken before January 1, 2009

●The homeowner must be in default or is about to be in default of several monthly payments

● Property should be a personal residence; currently occupied by the homeowner

West Palm Beach Short Sale RealtorSeparated from these requirements, a homeowner or seller must also be denied by the Home Affordable Modification Program or HAMP which covers loan modifications. Therefore, a homeowner should have first applied for a loan modification under the HAMP. Requirements for HAMP are the same with HAFA but with the addition of: mortgage payments should not exceed 31% of homeowner’s monthly income.

In addition, when applying for a short sale through HAFA, a homeowner has to check if his or her mortgage lender participates in the program. Otherwise, a short sale under the private lender is the only alternative available. When dealing with a foreclosure, a short sale is one of the best options that a homeowner should consider. It might be a lengthy process but it can be possible with the right assistance from a real estate professional and knowledge of the whole process. Nevertheless, seeking this option starts with being knowledgeable of the qualifications for a short sale. Contacting a Short Sale Realtor will better help you understand the qualifications of a short sale and how a Specialist can make the short sale process an easy transition.

 

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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West Palm Beach Short Sale RealtorDo you want to avoid foreclosure on your home? You should consider short selling your property. A short sale refers to the procedure of a lender accepting a discount or a lowered price on a mortgage of a home.

For example, if you are embracing the chance of a foreclosure on your home, a lender will search for potential buyers that wanting to buy your property at a discounted rate. The rate that is discounted already has been considered as the full payment of your loan.

Short Sale Debt Forgiveness

If you are determining short selling your property, then you might face the problem of a possible foreclosure. You may also be concerned if your debt will be forgiven in a short sale. These are valid questions that you should ask yourself before you choose to short sell your home. There are certain situations where you may be absolved of your debt in short selling your property. What you should do is learn as much as you are able to about this subject in order for you to make the best choice.

Here are some of the most crucial questions that you should ask about short sale debt forgiveness:

When is a debt forgiven in a short sale?

If you are concerned about paying for higher fees and taxes while you short sale your home, you should understand that there are some exceptions that can be made to forgive any debts that you may have. Through these exemptions, you could abstain from having to pay a large amount to IRS even following short selling your property in most cases.

One situation where your debt may be resolved in the event of a short sale is when you are considered as insolvent before the debt is being discharged. The excluded amount from your income is usually the amount that covers the extent of your insolvency. Regardless, any amount that is more than the extent of your insolvency would be reported and tax will already be included.

West Palm Beach Short Sale RealtorAnother case where your debt may also be wiped away is if you have gone bankrupt. This sort of exemption from income unlimited, as you can exclude any amount of debt discharged if you filed for bankruptcy. While the court will offer you a discharge on any of your debts, you will be managed by the bankruptcy court.

What is the Mortgage Forgiveness Debt Relief Act?

The Mortgage Forgiveness Debt Relief Act of 2007 is a provision that allows you to exclude income from the discharge of your debt on your principal residence. You can qualify for this relief if your debt is lowered through a restructuring of your mortgage or if your mortgage debt is forgiven because of the possibility of foreclosure. It is vital that you understand this option that you have if you are considering going for a short sale.

The Mortgage Forgiveness Debt Relief Act of 2007 applies to debts that are forgiven in 2007 up to 2012. This exclusion may reach up to $ 2 million worth of debt forgiven, or $ 1 million if married filing is done separately.

Although, this provision does not apply if the debt discharged is because of any services given to the lender. This provision also doesn’t apply to any reason that is not related to the decline in the property’s value or the owner’s financial status.

If my debt is forgiven in a short sale, is it taxed?

There are some situations that a short sale is non-taxable, but there are also certain situations where the IRS won’t consider it as taxable. When you consider short selling your property, you can take advantage of this IRS tax law that is will expire in the year 2012. While this does not have any bearing on most financial institutions, this may mean a significant amount of savings on your part.

However, while you may depend on the Mortgage Forgiveness Debt Relief Act, you should also bear in mind the IRS may consider the forgiveness of your debt as income. Since they look at your debt forgiveness as income, this means that it is taxable. Apart from this, there are also some lenders who may accept a short sale that will pursue you for the difference between the amount that you owe and the amount that you paid. The best thing that you can do in this situation is to consult with a lawyer in order to determine whether your debt is considered non-taxable or not.

West Palm Beach Short Sale RealtorNotwithstanding, it is always encouraged that you contact a Short Sale Specialist Realtor to handle your short sale for you. Although some Realtors claim to know all there is about short sales; one short sale hardly classifies as experienced. You need agents who are thoroughly experienced and have developed the perfect knowledge and skill to take on a short sale. Our Short Sale Specialists are those types of agents. After all, it’s what they specialize in! Contact us and let us make sure your short sale goes smooth and steady!

Why Lenders Accept a Short Sale on a Property

You might be wondering why in the world a lender wants to accept a short sale on a home. Many reasons as to why they do this are so. One of the major reasons behind this is that financial institutions such as banks prefer to maintain their records straight and pure. Most banks likewise, do not want excess inventory on their books. So in the event that they are offered a chance to sell properties that will not end in major losses, they welcome a short sale transaction.

Another point as to why lenders are accommodating to accept a discounted rate on a mortgage is that a short sale proposes them a higher income as opposed to property being auctioned off. There are numerous fees affiliated with a property that goes to an auction. So rather than lose more money on an auctioned property, they are willing to accept a lower price beforehand.

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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West Palm Beach Short Sale RealtorTo both buyers and sellers, the steps to a short sale may appear unclear and convoluted. Buyers may be frustrated with the long short sale approval process, while sellers may find that their lack of knowledge surrounding real estate short sales stressful and concerning as they ponder the financial and legal consequences of the process.

While the short sale process may be tricky and full of potential complications, for a realtor experienced and familiar with the short sale process it will be fairly routine. An experienced short sale specialist can guide you through a successful short sale and lend advice, guidance and support along the way.

Real Estate Short Sale Process – Step By Step

Below are some of the steps you will go through with your short sale specialist in order to ensure a successful short sale and a fresh start for you and your family. While the specifics and documentation required may vary a bit from lender-to-lender or state-to-state, the general short sale process will be the same.

1. Find a Qualified Real Estate Short Sale Specialist

In the current market, there are many listing agents who – while they may be excellent realtors – simply do not have the experience to successfully execute a short sale. There are a lot of bumps and hairpin turns on the road to a successful short sale, and a lot of things can go wrong in the process. You’ll want an experienced short sale realtor who can help you navigate this tricky road.

Be sure that when you’re looking for a short sale Realtor, you inquire about their previous track record and experience with short sales. You’ll want an experienced short sale realtor that has successfully helped many homeowners through the short sale process, and who can achieve the same results for you.

2. Prepare a Short Sale Hardship Letter

In order to get your lender to release their lien on your home and permit a short sale, you’ll need to write a hardship letter explaining why you require a short sale. The more sympathetic and difficult your situation, the better your hardship letter will sound. Banks are also much more favorable towards homeowners who are in a financial bind due to external or personal circumstances such as unemployment, medical emergencies or illness, divorce, death, bankruptcy. Your short sale specialist may assist you with the specific content of your short sale hardship letter.

3. Prepare a Short Sale Package

West Palm Beach Short Sale RealtorThere are three basic requirements that must be met for a bank or mortgage lender to grant a short sale: the seller must demonstrate hardship, the seller must prove that the fair market value of the home is less than that of the mortgage, and the seller must demonstrate that they are unable to meet their debt obligations. In order to prove the latter, the homeowner will need to prepare a short sale package for submission to their lender.

Each lender may have different submission requirements, but they are generally looking for proof that the homeowner is unable to honor their debt. It is important to seek the assistance of an experienced short sale realtor in preparing your short sale package, but the basic contents of your short sale package will likely consist of the following:

• Your hardship letter for short sale

• Letter of authorization – this document allows your lender to disclose information to and work with your short sale specialist, lawyers, or other 3rd parties involved in assisting you with your short sale. Your letter of authorization will include your loan reference number, your full name, the date, your agent/lawyer’s name as well as contact information.

• Completed financial statement

• 2 years of your annual tax return

• 2 years of your W-2s

• Your recent payroll stubs

• Recent bank statements

• List of recent comparable sales or comparative market analysis – In order to prove that your home will not sell for a sufficient amount to cover your mortgage, you will need to substantiate this fact with a comparative market analysis. Your real estate agent will prepare this for you.

4. Put Your Home on the Market

West Palm Beach Short Sale RealtorYou’ll sign a listing agreement with your short sale realtor, though it will be subject to short sale approval from your lender. Your realtor will then put your home on the market and solicit buyer offers as they would with a regular listing.

5. Accept an Offer

You’ll accept an offer that is close to or at fair market value. The lender will not approve a short sale if the offer is significantly below market value.

6. Submit Buyer’s Preapproval Letter, Earnest Money Deposit, and Seller’s Short Sale Package to Lender for Short Sale Approval

Once you have accept the offer, your short sale realtor will submit the buyer’s preapproval letter, their earnest money check, as well as the short sale package you and your realtor have prepared to the lender. At this stage, most lenders have an internal process for managing short sale approvals, and a loss mitigator will be assigned to your file. It may take anywhere from a few weeks to many months for your short sale to be approved or rejected.

This is another part of the process where it’s important to have a short sale specialist working for you. An experienced short sale realtor who has experience in short sale negotiations is significantly more likely to get your short sale approved and obtain forgiveness for the deficiency. An experienced short sale negotiator is also more likely to obtain short sale approval faster by consistently following up with your lender and pushing the process forward.

7. Receive Short Sale Approval

If your short sale is approved, the bank will issue a short sale approval letter. By this point, you may have been waiting a few weeks, or perhaps even half a year for short sale approval. The length of the short sale approval process will depend primarily on the lender, though in some cases your short sale negotiator may delay or speed up the process.

8. Deal closes & Lender Releases Lien

West Palm Beach Short Sale RealtorThe buyer will deliver the funds, the seller will deliver the deed, and the lender will release their lien on the property. Depending on the short sale agreement negotiated by your short sale negotiator/short sale realtor, you may now be free of your debt obligation. Alternatively, it is possible that you didn’t qualify for debt forgiveness and you will still be personally liable for the deficiency between the proceeds of sale and your initial debt.

While it is not always possible to obtain forgiveness of the deficiency in every short sale, this is yet another reason you’ll want to work with a short sale specialist rather than just any listing agent. A realtor with experience in short sale negotiations ensures that you have the best chance possible of obtaining full forgiveness of your debt. Experienced short sale realtors have plenty of experience working with loss mitigations in negotiating forgiveness of short sale deficiencies and can do the same for you. With the right expertise and handling, your short sale might just be your ticket to a fresh start, so be sure it’s in the right hands.

**Rodney Forbes is a Realtor® and registered broker with Forbes Realty of South Florida, based in West Palm Beach Florida. Rodney and his team work in Palm Beach, Broward, Martin and St. Lucie Counties. As a recognized expert on short sales, Rodney has been featured on radio and national web conferences for agents. Rodney has also authored the book “Should I Short Sale My Home?”

Forbes Realty of South Florida also specializes in REO asset disposition. Rodney works with several banks and asset managers in the Palm Beach County area. Rodney is the main author for the popular real estate blog South Florida Real Estate Report. You can find a wealth of information regarding bank foreclosures, short sales, real estate news and local real estate trends.

For more information, please call Rodney at 561-337-4810 or email Rodney@ForbesRealtyOnline.com

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