Coconut Creek Real Estate: Four Moves To Make When Facing Foreclosure Part II

Welcome back for the last two moves to make when facing foreclosure on your Coconut Creek real estate! At this point, you have tried talking to the bank and you have attempted to sell your home, both to no avail. Now you are probably under the pressure of a deadline to sell your Coconut Creek real estate or have it be foreclosed upon. Let’s take a look at your remaining options.

3. Attempt to sell the home as a short sale

A short sale occurs when the bank agrees to accept a sale offer that is less than the remaining amount on your loan. Coconut Creek short sales are a tricky business because you first have to find a buyer, preferably an investor, for the home along with a real estate agent experienced in dealing with short sales. Then, you have to conduct negotiations with the bank to come to an agreement on the home’s final price. Many issues can arise during a short sale-the bank may not be willing to accept the offer that your buyer is making or the investor may not be willing to make a reasonable offer on your property. That is why having a qualified real estate professional on your side is so very important. Get more information on short sales here.

4. Deed the house back to the lender (deed in lieu of foreclosure)

If all of your other efforts have been unsuccessful, you still have one option that can help you to save your credit. You can try to get your lender to agree to a deed in lieu of foreclosure (DIL). With a DIL, you turn over the keys to your house and in exchange, the bank writes off the loan. One of the reasons banks are willing to do a DIL so that they receive the property in good condition so be sure to have your home in tip top shape if your bank agrees. Another reason is that the bank can avoid the expense of a foreclosure. Be advised that the bank will be less willing to do a DIL if they have invested a lot of money in foreclosure fees and proceedings. Being proactive and communicating with your lender from the very beginning will help you to get a DIL if necessary.

To Begin Your Search for the Perfect Home or to Sell Your Home in
the Township of Coconut Creek, Begin Your Journey by Calling
Silva Stoyanova at (954) 673-4402.