Short Sales Explained
MLS does not allow searches that show closed listings. I was trying to have a search on the "mls searches" tab that would include all the past Aviano solds but no such luck. Under the Aviano tab there is "spreadsheets" where I have a list of all the solds in Aviano by year. I will gladly email anyone a sold mls listing going back to the first sale in 2004 - just let me know what you need.
A representative from Mackey Law Firm spoke to the monthly Realtor meeting in the Aviano clubhouse and had some interesting insight into short sales and foreclosures. The strend in short sales is that lenders are wanting more from all the parties of a short sale transaction. Buyers, sellers and their
respective Realtors are all being asked to contribute in order for the deal to get done. So if you would offer $200K home the advice was to offer $180 and let the selling agent know there is room for more when the lender comes back for additional.
If all other debt is current and the only thing you are behind on is the mortgage, lenders are asking for a promisory note from the sellers for the difference otherwise they are not agreeing to the deal. If you used a second mortgage to buy another property you will have a deficiency judgement against you after the short sale. A deficiency judgement is where the lenders go after the seller after the short sale for what the lender lost in the short sale. Reading the documents is key and lots of litigation is going on by sellers who thought their troubles were over after the short sale only to learn the lenders are going after them for what the lenders lost. 60% of short sales close - 40% do not.
A short sale is better than foreclosure for the seller. The home will sell for more and the sellers will be able to purchase another home sooner. The largest benefit is that the sellers can negotiate the deficiency judgement whereas in a foreclosure the bank will likely go after the owners anyway, they are better to get the deficiency issue resolved permanantly during a short sale. More on this later. I am not a lawyer - although I play one at home - so if you need legal, and I might add Tax advice - dont use this blog! I hope that covers my you know what. More on this topic of short sales and deficiency judgements later.
The Solaria at 3950 E. Daley Ln, lot 30 is available for lease starting in December for $2000 a month. Great location if you have kids going to Wildfire.
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A new lease listing for a Viera model in the Villages. Asking rent is $1995
a month.
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