While the Miami real estate market has gotten stronger and prices are starting to rebound, many people are still under water with their mortgages and the ever-burning question remains: should I short sell or let the bank take the property in foreclosure?
I am here to tell you that there are indisputable reasons to try to get the bank to work with you on a short sell and NOT to get foreclosed on. Many people believe that if the bank isn’t going to waive their deficiency, they should stay as long as possible and let the bank take it. Historically, banks moved very slowly and while there were some very severe repercussions, staying seemed like a good idea. On June 6, 2013 Rick Scott signed into law House Bill 87 reducing the statute of limitations for filing from 5 years to 1 year. The courts are now committed to moving this process along faster and will see about 5,000 foreclosure cases monthly, so there will be less consideration for upside-down borrowers. The judgment against you can last 10 years, but did you know it can be renewed for another 10? That’s a long time to be bogged down with this!
A short sale also puts you in the driver seat and allows you to work with the bank. There are so many fine details to the short sale. If you are in a position of having to decide between a shore sale or foreclosure you should talk to your accountant and an attorney that specializes in short sales. If you have a home you need to sell in short sale, please don’t hesitate to call me. I am happy to share my knowledge and experiences in this area!
My focused dedication as a realtor in my home town of Miami for over 20 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #3 Realtor company-wide at EWM in 2012 with over $55 Million in sales, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!