The Real Estate Market in Panama City Beach Florida, as well as much of the United States has come down significantly. Many people have found themselves owing more than they can currently sell their property for. There is help available. A short sale could be a possible solution and help you out of a bad situation. I can help you.

Christopher Arnold, Short Sale Expert

Have questions? Call me today to get simple straight forward answers and see if a short sale is right for you.

Cell: 850-625-5113

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Here are some frequently asked questions about this subject

What is a short sale?

A short sale is when a property is sold for less than the owner currently owes. The bank then accepts less than the full payoff and the property transfers to the new buyer.

If I have not missed any payments yet, can a short sale help me?

Yes. You can do a short sale without missing any payments and without hurting your credit.

If I have missed payments can a short sale help me avoid foreclosure?

Yes. If you find an expert to help you work with the bank you can avoid foreclosure.

If I am in foreclosure is it to late to do a short sale?

No. Many times you can complete a short sale before the property is sold at auction.

What happens to the difference between what I owe and what the property is sold for in a short sale?

It depends.

Scenario 1:

Some times the bank writes this amount off and you do not have to pay. If this happens they usually report this to the IRS ass a loss which means you will need to report this as income. The IRS will then usually work with you to set up a payment program that is reasonable.

Scenario 2:

Some times the bank takes the remaining amount and gives you a signature loan for that amount with a payment schedule you can work with. This allows you to eliminate your high monthly mortgage payment and replace it with a payment that is usually very manageable. One advantage to this is that it does not show negatively on your credit report.

Many people in the current real estate market have found themselves in a bad situation. The question that many property owners who are upside down in their property have is, WHAT OPTIONS ARE AVAILABLE TO ME?. If you are having difficulty making your payments or are heading down that road, a short sale may be a solution for you. Before you head down this path you may want to first read other options below and determine if there is a better solution.

1. Continue with what you are doing: Panama City Beach is continuing to build out and grow. The area is making significant improvements every year. It is very likely the market will eventually come back. A safe rule of thumb is that if you can make it thru the next three years, and you do not owe more than 20% above what like properties are currently selling for, you may want to stick it out. This is a general rule. Many factors should be evaluated when considering this. You should determine how much it is costing you to carry the property each year. If you need help figuring this out I have a great investment mortgage calculator that should help you determine your annual carrying cost for the property. You should then talk to an expert and evaluate for yourself if holding on to the property makes logical sense. If you know you are heading for trouble it is not hard to figure out. If this is the case and you do nothing, you will most likely lose your property to foreclosure. Your credit will be significantly affected.
2. Refinance: If you have good credit, have reasonable equity in your property, and for some reason have a high interest rate you may be able to refinance. If you use the right lenders you may be able to get your payment to a place that is manageable.
3. Loan Modification: Try talking to your bank. Do not take no for an answer and ask to speak to a manager. Some banks are harder to deal with than others, but more and more are making significant efforts to work with you. Some banks have options that allow property owners to catch up and sometimes they will even lower your interest rate. To get this you usually need to explain why you are in this current situation and what steps you have taken that will allow you to fix the problem.
4. Bankruptcy: This option can restructure or even eliminate debt. Guidelines have become more difficult and qualifying can be difficult. You may want to talk to a bankruptcy expert and make sure you fully understand the process and consequences. This will affect your credit and can take up to 10 years after the bankruptcy is discharged to come off your credit.
5. Sell your home: If you owe less than what like properties are currently selling for you may want to simply sell your property. Better to sell something now than have it affect your larger financial situation. If you owe more than what like properties are selling for and you do not take the time to go thru a short sale process, it may be in your best interest to come to the closing table with the cash needed to close.
6. Short Sale: Have an expert work with you to help navigate the difficult waters of negotiating with your bank to sell the property for less than you owe. Let me get you thru this tough situation. I have done this before. I am a Short Sale Expert. I do this every day. I have done this with multiple banks. Each bank handles short sales differently. If you are not an expert it is easy to be run in circles.

Have more questions about Panama City Beach short sales?

If you have questions and would like to talk to someone who will be straight forward and honest with you, call me. I have many references that you can call and explain how they were in the same situation as you. They will tell you how the called me and we got thru the process together. If you need some help or just have some questions feel free to contact me.

Christopher Arnold
850-625-5113 cell