Bradenton Foreclosure Help - Stop Foreclosure In Sarasota - Palmetto Short Sale Agent - FREE information on Foreclosure Defense, Mortgage Modification, Tax Consequences, Deed-in-lieu-of-foreclosure, Short Sales, Deficiency Judgments, Bankruptcy Referrals & more. John Michailidis, SaraMana Properties – Phone: (941) 822-5221
A Short Sale How To - Sarasota, Bradenton, Venice, Area Short Sale Realtor® Help
A real estate Short Sale most commonly occurs when a homeowner facing Foreclosure sells their property before the Foreclosure, but for less than the mortgage payoff balance -- such is the case when property values have fallen as compared to when the property was originally purchased.
In simplest terms, a Short Sale is just like any other real estate sale:
- The property is listed for sale.
- A buyer is found and a contract is negotiated.
- The transaction closes and a title transfer is recorded.
The one additional step in a Short Sale occurs between steps 2 and 3 above -- once a buyer contract is received and accepted by the seller (the seller always has the option of rejecting any buyer offer they choose to) it is sent to the sellers lender for approval. Only after the lender grants approval for the Short Sale will a closing be scheduled.
Understand that a bank is under no obligation to approve a Short Sale and even if they do, they may impose terms and conditions on the sale that were not a part of the original contract between the buyer and seller. Of course, if the bank does impose terms and conditions that were not a part of the original contract, both the seller and buyer may either agree, reject, or make a counteroffer to the lender's terms.
As you can see, as soon as the Short Sale lender comes into the picture things can get quite complicated. This added level of negotiation can inject a great deal of both time and stress into the transaction and for this reason, the vast majority of Short Sales that are attempted without the assistance of a professional Short Sale specialist fail and the property is Foreclosed.
Your "take-away" is that on the surface, A Short Sale is much like any other real estate transaction, but dig a little deeper and you find that they can become quite complicated and difficult to manage by anyone other than an experienced practitioner with an extensive background in Short Sales.
To learn more, simply click on the link below . . .
The SaraMana preForeclosure & Short Sale Assistance Team helps Short Sale Buyers, and Property Owners in Sarasota, Lakewood Ranch, Bradenton, Venice and throughout Manatee & Sarasota Counties Florida to STOP Foreclosure, potentially Avoid Deficiency Judgments, Successfully Short Sale their homes, and move on with their lives.
For more information, Call 941-822-5221, or use this ONLINE FORM.
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