The state of Florida has summarized the laws regarding Florida’s Landlord/Tenant Laws in Florida. Many of our clients have questions about many of the things this important information addresses. Take a look to familiarize yourself with details that could be very helpful! There is a link at the bottom of the article to Florida’s website with much more information.
A personal financial statement must be included in the short sale package presented to the lender. This document will establish whether or not the homeowner can afford to keep the home. The document includes the homeowner’s income and expenses. This document will also show if the mortgage loan exceeds 31% of the homeowner’s gross income, […]
One of the main criteria for qualifying for a short sale is for the mortgage loan to be in default. The bank exhibits a greater sense of urgency on a loan that is more than 60-days in arrears and less urgency on a loan less in arrears or not in arrears at all. As a […]
Once a short sale agreement has been made via a purchase contract between the homeowner and the potential buyer, the lender will review the offer to ensure it meets certain criteria. Once the lender has reviewed the offer and has accepted the terms, a broker’s price opinion (BPO) or appraisal is ordered to determine the […]
There are four criteria a homeowner must meet in order to qualify for a short sale: 1. The homeowner must be experiencing a hardship – The Hardship Letter 2. The homeowner must owe more than the home is worth – How Will the Bank Determine my Property’s Value? 3. The homeowner must be past due […]
This question may seem daunting but the answer is pretty straight forward – if you are behind on your mortgage payments (in default) or default is imminent, it is time to get started. The process for marketing a short sale home for sale is not unlike any other property. However, there are many steps that […]