Coconut Creek Real Estate, Remax ParkCreek

When examining Coconut Creek real estate, short sale frustrations could easily be the reason so many homes head to foreclosure. The lengthy time frame to complete a short sale, combined with hanging in the balance waiting for the mercy of the lender is wearing to say the least. A short sale can be a great way to avoid foreclosure and save a credit rating but it often takes thick skin and a whole lot of patience.

One of the most frustrating things about a short sale is the fact that if the home were already foreclosed upon it could be sold immediately, possibly for less than it would sell for a short sale price, so why wont the bank simply agree to a short sale? Either way the bank is losing money, why go through the foreclosure process if the home could be sold as a short sale? Be prepared. Have proof of what your home is worth in todays Coconut Creek real estate market and demonstrate that accepting the short sale is in the lenders best interest.

A short sale has a much better chance of occurring when an experienced Coconut Creek REALTOR® is involved. When connections exist the short sale process tends to run more smoothly. The key to a successful short sale is preparation and determination.

Click here for access to short sale help, and find answers to the most common short sale questions.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.

Examining Coconut Creek real estate, and real estate across the nation, reveals that foreclosures are still occuring. Recent headlines tout the message loud and clear, plenty more foreclosures are on the horizon. For many homeowners the message is a scary one, one that they never expected to face on the day that they moved into their homes. Do not let fear sideline you. Foreclosures do not happen overnight, they take time and plenty of it. In New York homes in the foreclosure process have mortgage loans that have been delinquent for an average of 600 days, Florida an average of over 500 days, California over 450 days. In other words, in many states it takes well over a year of delinquency before foreclosure occurs.

The lengthy process of foreclosure allows a home owner a lot of time to avoid foreclosure. The two best avenues to take are loan modification or selling short. Either choice will help avoid Coconut Creek foreclosure and do less damage to a home owners credit report.

It takes perseverance to go through the loan modification process. The news has focused on the failure of Obamas Making Home Affordable program, which failed to help as many people as the program intended to, partially related to the red tape involved and partially due to the inability of lenders to cooperate. What a successful loan modification does, however, is lower the monthly payments to an amount that the mortgagee can live with. When successful a loan modification is a beautiful thing.

A Coconut Creek short sale is a viable alternative to foreclosure. While a lengthy process, on average about four months, a short sale typically takes far less time than a foreclosure. A short sale is completely at the mercy of a lenders approval, but with the assistance of an experienced Realtor negotiating can typically be achieved.

The more foreclosures, the longer the process as the entire system gets backlogged. If you are facing foreclosure, use this time to your advantage and try to modify your loan to acquire affordable monthly payments or list your home for sale. If you can avoid foreclosure you will be glad you did.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.

When it comes to distressed Coconut Creek real estate it is important for home owners to know that foreclosure is avoidable. Foreclosures have been in the media so much over the past few years that the term is commonplace, but the reality is that foreclosure is not something that most people want to face, or need to face. It is important for home owners to know their options and understand that foreclosure is the last stop on the distressed real estate road.

• Short sales are an option for those whose property is in the pre-foreclosure state. Basically a short sale is when a home owner sells his property for less than is owed on the loan. The lender has to approve the short sale for it to happen.
• Reinstatement is when a home owner is able to catch up on past-due loan payments and a home loan is back in good standing.
• Loan modification is when a mortgage is changed, typically by lowering the monthly payments and perhaps extending its length. Loan modification leads to the reinstatement of a loan.
• A forbearance agreement is when a lender agrees to suspend payments for a given period of time.

When dealing with distressed Coconut Creek property it is important for people to know what the options are. A Coconut Creek Realtor who is savvy in short sales can help tremendously as the process can be difficult and easier with experience. Look for Realtors who are either a CDPE (Certified Distressed Property Expert) or an SFR (Short Sales & Foreclosure Resource). Foreclosure is an avoidable predicament if a home owner takes the necessary steps.

Click here for more information on preventing foreclosure.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.

The recession has had a few benefits for those looking for the next best deal, one of which is the short sale in Coconut Creek Florida.  Short sales are when home owners owe more than their homes are worth and sell them for less than is owed.  For the seller a short sale is a way to avoid foreclosure.  For a buyer a short sale can be a great investment opportunity.  The downside of a short sale is that the procedure can be lengthy and frustrating at times. A short sale is dependent on the lenders approval and the lenders involvement typically slows the entire process down.

Here are a few basics that can help you through this interesting real estate procedure:

• Know what the home is worth.  A Realtor can do a comparative market analysis (CMA) and let you know what the home is worth.  While you will probably pay less than the homes value, submitting an offer that is too low will most likely be rejected by the bank.
• Find a real estate professional that has experience with short sales.  A certified distressed property expert (CDPE) for example, is a real estate professional that has undergone specific training related to the sale of distressed properties.
• Be prepared.  Just like buying regular Coconut Creek real estate, have your money ready.  If you will be getting a loan, do your mortgage homework before you enter the short sale process.

Above all, patience is a necessity when completing a short sale in Coconut Creek Florida.  The process can be a long one and waiting it out, while tiring, is unavoidable if you want the purchase to succeed.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.

Click here to read an article about short sales from NPR.

Have you seen the latest housing data that was just released? I guess it's official, we're all in the liquidation business!

Nearly 50% of all homes sales are distressed real estate transactions. No that wasn't a misprint whatsoever. According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, distressed properties, which are those defined as being in some stage of foreclosure or as an REO, have accounted for 48.1 percent of sales.  Click here:

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402.  Silva has access to the Coconut Creek MLS and all available listings in the area.