If you are facing the decision of short selling your Tampa Bay home, there are some common misconceptions about short sales that may have you considering a foreclosure.  Be sure to talk with a Certified Distressed Property Specialist before making such an important decision to ensure that you know all your options before ruining your credit with a foreclosure. 

Myth: You must be at least two payments behind in your mortgage to qualify for a short sale.

Truth: You need only prove a hardship to qualify for a short sale.  This could include a job transfer, military move, loss of a job, death your spouse, etc.

Myth: A short sale is just as bad for your credit as a foreclosure or DIL.

Truth: If you are not behind on payments and your agent negotiates with the bank to show the mortgage as paid in full and stated as such in an Approval Letter, your credit may not be hit too hard.

Myth: The bank reviews and accepts the best offer.

Truth: NO – It is the job of your Certified Distressed Property Specialist to get the best offer for you, the seller, not the bank.  The bank has a bottom number, called the net, which is the lowest they will accept.  After getting notice from you, as the borrower, that a short sale is requested, they will get a Broker Price Opinion, or BPO, which is similar to an appraisal to determine what the Fair Market Value is and use that number to help them figure their net.

Myth: If you are successful at coming to terms with the lender, it’s safe to take the lenders word for it that the Approval Letter is what was negotiated.

Truth: Always read all documents from the lender, especially the Approval Letter to ensure it is exactly what you agreed to.  DO NOT take the lenders word for it.  Your agent can help you ensure that it states what all parties verbally agreed.


If you are weighing the options of a short sale, contact, me, John Soliman to help guide you successfully through the short sale process.  I am a Certified Distressed Property Specialist and my consultation is completely free with no obligation.  I want to help you make the best decision that is right for your current situation and your future.  Call me at 813-442-3246.