Short Sales

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John Kaes

561*309*9290

*Quantum One

Realty*

PBG

561 7999937

3307 Northlake

Suite 103

Copyright 2006

Copyright 2007

Copyright 2008

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Short Sales

Basic information on why to do or not do a short sale

A short sale is when a property is sold for less than the balance owed.

Its only normally available if the owner has no equity, has a hardship (or why did you apply for a loan and now you can't pay-what has changed). A lender would allow this because it is cheaper than going thru foreclosure with the resulting legal fees and additional time spent (6 months min. typ). If you have both a first and a second mortgage you may normally have to sign a note for the second in order to get the holder of the second to agree. A short sale damages your credit less as in most cases the deficiency (the amount you owe after the sale-the mortgage minus the sale price) from the primary lender is forgiven and the second (or home equity loan) is negotiated. If you go thru foreclosure the deficiencies would be entered into the court records and would be available for credit checks for 10 years or longer also Florida is a recourse state where even after the sale the bank can go after the owner for money not made up in the sale. In most cases with a short sale you only have the late payments in your credit report as the mortgage is listed as settled. You can get a mortgage again in 2 or so years with a short sale or in 7 years with a foreclosure. The commissions, taxes, and HOA fees are normally paid at closing from the proceeds. You can not get any money at closing. You do not pay taxes on the money that is the deficiency if it is your primary residence. Liabilities have got to exceed assets and you must not be able to make payments on you mortgage.

Mortgage law experts say the incentive to walk away from a home loan is highest in states such as Florida that have anti-deficiency statutes, which prohibit lenders from suing borrowers for additional funds after a foreclosure.

This greatly simplifies the process. Please visit our office for complete information on short sales.

This information is not legal advice.

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Some of the areas that I service:

Palm Beach Gardens we have- newer- mirasol a golf community, frenchmans reserve with luxury golf, Jupiter country club a luxury toll brothers community, harbor oaks a nice town home area steps from downtown at the gardens, old palm for competitive golfers, ibis, isles a divosta community, magnolia bay, montecito, mirabella a family favorite, ballenisles with luxury golf, frenchmans creek with its ocean cabana. And older we have crystal pointe with lots of open space, sandalwood estate's less expensive townhomes in a great location, oaks east with its meandering streets, oaks sunterrace and pga national with its 5 golf courses and hotel.

In juno on the ocean- alicante a gated community on the ocean,, 530 ocean condos and near the ocean Juno Dunes, Ocean Walk, Ocean Ridge, Sea Colony and Beachcomber, Oceans Edge, Resort on Singer Island.
In jupiter older we have- the colony a quiet residential area, admirals cove with golf and marina , jonathans landing with golf and marinas. Newer we have- new haven with its colonial architecture, evergrene with its family meals at its stunning club house, botanica, Bears Club an exclusive community where lots are large, Xanadu across from the ocean, Jupiter Key next door to xanadu, Ocean Grande luxury condos overlooking the ocean, Jupiter Ocean Trails and the Jupiter Ocean Club, Jupiter Harbour along the intracoastal, Jupiter Yacht Club also next to the intacoastal and a luxury building. New Oceanfront properties
One Singer Island, New Resorts at Singer Island, 2700 N Ocean,and the Ocean's Edge
In North Palm Beach, prosperity harbor some with waterfront, old port cove with its marina, Prosperity pines a small gated community, marbella.

I sell more than what is shown here in both condos, town homes, single family homes and commercial real estate.

For the most expensive homes look in Frenchmans Reserve, frenchmans creek or Ballenisles. For midpriced golf communities visit Jonathans landing (has a marina too). For golf with a boat try admirals cove.

These upper priced communities did not have the foreclosure problems that some of the lessor priced properties did. So in Old Palm, Frenchmans and Ballenisles don't expect to see a massive reduction in price.

We have several areas of real estate in palm beach gardens that are older homes. we have some older homes with boat docks in juno beach real estate and juno isles real estate. Coming soon is jupiter country club. For the middle class we have the isles real estate in palm beach gardens and oaks east. real estate in magnolia bay in palm beach gardens is gated.

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