Eleanor E. Dillon was a strong pioneer, being the first real estate Broker in Melbourne Beach. At that time almost 50 years ago, Eleanor had the guts, foresight, and persistence to sell vacant property in Melbourne Beach for pennies on today’s dollar. This was a unique time; before Melbourne Beach had fine roads, utilities, and before mosquito control. Mrs. Dillon would show properties by boat, as the roads were not yet improved.
Since then, we at Eleanor Dillon Real Estate, have been carrying her message, vision, and foresight in continuing to sell vacant land and residential properties in Melbourne Beach. Our office is located in Melbourne Beach and we have all the technological support necessary to help you find the home of your dreams or a vacant lot to construct your dream house.
Short Sales
Short Sale is a term used when a property is sold for less than thee amount owed to the Bank. In order to complete a short sale transaction, the Bank must approve the lesser amount that it will receive.
Before or after a foreclosure action is started by the Bank, you may list your property for sale with a licensed real estate Broker or try to sell on your own. Since there are many documents and short sale transactions are complicated, having an experienced Broker and Attorney is almost necessary.
Once someone makes an offer to buy your property for less than you owe, the contract is prepared and signed by Seller and Buyer. Then your Broker or Attorney will submit the contract and complete documentation for short sale approval.
Many times the Bank will not accept the offer made and parties may have to negotiate the price. Usually, the Bank will respond to an offer within 60 days. A new law effective April 15th, mandates that Banks cooperate more to facilitate short sales. If the short sale contract is approved, the title company for the Seller will process the closing with the Buyer and Buyer's Bank.
Mortgage Modification
This is a process that you can accomplish at any stage of your ownership. It is initiated by making an application to your Bank or any governmental program in effect, to change the terms of your loan. At this time, Banks are reducing interest rates and extending the term of the loans to make the monthly payments less.
Foreclosure
This is a legal process to satisfy the obligation you have with the Bank according to your Note and Mortgage. Usually after about 3 months or more of non-payment, Banks will refer your matter to their attorneys to file a lawsuit. The lawsuit papers will be personally served on you by the Sheriff or other authorized process server. You must deal with this immediately. If you do not file the appropriate documents in your defense, the Bank’s attorneys will get an order from the Court to sell your house. The house will be sold in about 2-3 months and you will be evicted if you do not leave.
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Patricia L. Stay
Broker
David Wm. Azar
Broker
Sylvia Cooney
Agent
Adam Azar
Agent
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