Greetings!
I don't have to tell you that the real estate market has been in turmoil for several months now.
Many of you have asked me about the concept of shortsellling, so I'm going to give you a brief overview. And direct you to my website for a more detailed look.
I am always here to answer your questions and help you in any way that I can.
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What is Short Selling?
And Why You Might Care
A previously rare concept, a short sale, has become
commonplace with the outrageously high foreclosure rate in the
U.S. First of all, a short sale is when a lender accepts less
than they are owed.
For example, let's say you owe $100,000 on your home but
you have circumstances where you can no longer pay your mortgage, and you have
someone that wants to purchase your home for less than you paid for it.
Let's say they're willing to pay you $80,000 for your home. The reader's digest
version is that you get your lender to accept the $80,000 and relieve you of
the remaining debt. In fact, the lender pays all closing costs out of the
amount of money they accept, and you do not have to bring any money to the
table. That is a short sale.
However, it isn't that easy, and you really need a Short
Sale Specialist to work with you and your lender to ensure that the entire
procedure is done correctly, and thoroughly, or the lender can refuse the short
sale.
The good news is that, on average, when a short sale
is done properly, banks are accepting about 60 cents on the dollar for the
money owed to them.
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Hurricane Preparedness
A Florida Tradition
Every year, tornadoes, hurricanes, and other extreme windstorms injure and kill people, and damage millions of dollars worth of property in the United States. Even so, more and more people build houses in tornado- and hurricane-prone areas each year, possibly putting themselves into the path of such storms.
Having a shelter, or a safe room, built into your house can help you protect yourself and your family from injury or death caused by the dangerous forces of extreme winds. It can also relieve some of the anxiety created by the threat of an oncoming tornado or hurricane.
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Buyer's Market
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I have seen some incredible deals over the past few months. At least for buyers. Interest rates are reasonable too.
Clearwater Beach has been overbuilt, and the condo market has some terrific deals. Call me if you have any interest.
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Raymond Realty
penny@penrealty.org
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