Short Sale Myths and Facts…Part 3

by Rodney Forbes on August 11, 2009

shortThe topic of short sales and foreclosures seem to dominate the headlines everywhere. There has been a lot written about short sales and whether you should or shouldn’t short sale your home if you’re in this situation. This has led to many misconceptions about short selling your home.

This series is about the myths regarding short sales. Caveat: The rules regarding short sales are different for every lender and are changing all the time as the market changes. ALWAYS consult a real estate attorney and a CPA regarding the particulars of short selling.

Short Sale Myth #3:

Banks don’t accept short sales.

Even in today’s real estate market there is a widely held belief that banks won’t even accept a short sale. Maybe two years ago when the default rate was much lower banks would deny they accepted short sales if you had called with a hardship.

Today every bank and mortgage company I know of does short sales. It’s just a sign of the times. In Palm Beach County about 30% of all real estate listings are short sales. It may take awhile to get them approved but banks would rather do a short sale than to take a property back under foreclosure.

The most important thing to remember when contemplating whether a short sale is right for you is to get good advice from a real estate attorney and CPA.

If you are considering a short sale make sure you also consult with a licensed Realtor(r) who specializes in short sales. In the Palm Beach County area, especially in Palm Beach Gardens, West Palm Beach and Jupiter, Forbes Realty of South Florida is focused on short sales and helping homeowners through the process.

Rodney Forbes, broker for Forbes Realty, has also co-authored the book “Should I Short Sale My Home?”. Click her for your FREE copy.

Watch for the next article in the Short Sale Myths series. Or, just subscribe to the blog and they will be sent automatically.

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.

 Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at www.SouthFloridaRealEstateReport.com

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