One of the most frequently asked questions I get from sellers considering a short sale is what is going to happen to the the negative equity or deficiency on the loan as a result of doing a short sale.
The answer depends on a number of factors including your loan type, your lender, the seller's finances and what the property was being used for.
An qualified Realtor who has the proper training and experience professionally handling short sales can help a seller negotiate a full release of liability and deficiency waiver by the seller's lender.
It is important to know that when dealing with a lender with regards to a short sale, the agent and sellers are dealing with a Loss Mitigation department. Their primary job is to minimize the loss on the loan and by nature they are there to help their company, not the seller.
Having a Realtor that fully understand how to approach the process often makes the difference between an acceptable short sale approval and one that leave the seller on the hook for the balance on the loan or not getting the short sale approved at all.
Make sure to ask your Realtor to detail their experience in personally negotiating & CLOSING short sale transactions to make sure that your home sale is not their introduction to short sales.
Team Carlos, Realtors is a top producing real estate team in Tallahassee, FL specializing in short sale transactions. Our team has successfully closed more short sale transactions than any other agent or team in our market area. We have been and continue to be recommended for our short sale services by many highly regarded real estate attorneys.
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