Recap Of Coconut Grove Short Sale Presentation
January 27th, 2011 | categories: Coconut Grove Real Estate
Yesterday we had Scott and Rob Perdigon of Perdigon Title visit our office to give a brief presentation on short sales. Perdigon Title handles all of my short sale transactions and I thought that some of this information would be helpful to anyone considering buying or selling a short sale.
Here are a few of their pointers:
- When listing a short sale you should list high and then lower the price.
- As a seller if you wouldn’t accept the offer if it wasn’t a regular sale don’t accept it for a short sale.
- The whole game changes once a foreclosure is filed.
- As a buyer drawing up a contract, closing should be 30 days from lender approval, seller should pay the title and select the title agent, give 90 days to provide short sale approval, time periods and other obligations commence from the date the buyer recieves written short sale approval.
- As a buyer, you should commence inspections before approval.
Here are a few differences between short sales and foreclosures:
- In a short sale the debt is forgiven and deficiency judgments can be avoided. In a foreclosure the lender has the ability to file a deficiency judgment against you and all other assets that you may own.
- In a short sale a foreclosure is not reported to the credit bureau whereas in a foreclosure it will be.
- A short sale reflects on your credit report for 1 to 3 years whereas a foreclosure reflects on your credit report for 3 to 5 years.
- In a short sale you can expect a FICO score to drop between 75 to 125, whereas in a foreclosure you can expect a FICO score to drop between 200 to 280.
To view a list of all short sales (approved and unapproved) in Coconut Grove click here.
If you are contemplating selling your house and think that you may owe more than what your home is worth I would be happy be to sit down with you and discuss your options. I am a Coconut Grove real estate specialist and have closed over a dozen short sale properties. I can always be reached on my cell phone at 305.342.1623 or you can send me a note here.