Sunday, September 28, 2008

Short Sales: What's The Hardship?

What are the hardships behind so many Short Sales? We've heard a few reasons on the news lately about why so many people can no longer afford their mortgage payments. We've heard mainly "Not qualified to buy the home in the first place" " Rate re-set to higher payment" "Scammed into getting mortgage". Well, in my area on the Emerald Coast of Florida, that's not what I am finding from my Short Sale sellers. I did a quick study of 61 active or recently sold Short Sales from Destin and Santa Rosa Beach to Navarre, Crestview and Fort Walton Beach FL. Here are the summarized hardships:

Loss of Income: 51

Job Transfer: 4

Medical: 3

Divorce: 2

Fraud: 1

Most of my sellers lost their jobs. Or they lost significant income due to the economy. I have sellers who were in construction, building residential homes, laying tile. They have little work. I have salespeople, from real estate to cars, who can no longer make it. Some of the sellers had a combination of income loss and medical bills. Several of them have been forced to move out of the area to find work. A few are military, with no choice but to relocate when the Air Force orders them. Should some of these sellers not have been able to quality for a mortgage? Were they over-leveraged? Perhaps, especially with so many investment properties in my area. But, overall, loss of income is the crux of the problem.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Short sales, traditional sales. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales: What's The Hardship?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
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