Ormond By the Sea Florida Consumer FAQ post #3
What is a short sale?
No, we are not sellong our shorts.
Basically a short sale is a home or condo that is available for sale at a price that is less than the amount owed by the current owner on their mortgage. Sometimes more than one mortgage is involved.
Why is that important to know? Once you make an offer that is accepted by the
owner/seller the signed contract must be submitted to the bank that holds the mortgage and the bank must approve the sale knowing that they will receive an amount that does not fully pay off the existing mortgage. This 3rd party approval adds an additional step and banks have been known to take several months to either approve or deny a sale.
Many banks have recently improved their handling of short sales and have expedited the process and may be able to provide a written approval or denial within 4-6 weeks. Part of the review by the bank includes information it requires to be submitted by the owner/seller and not receiving all the required information can lead to additional delays.
To search the entire Daytona Beach area multiple Listing Service (MLS) anonymously go to the Ocean View Realty Group web site at
http://webapps2.planetrealtor.com/idx/pkg_IDX.pr_IDXSearch?sStateID=FL&sRealtorID=1067885&sUserType=R&sSearchStateID=FL&sSearchSource=X . If you have any questions about buying or renting in Ormond Beach and Ormond By The Sea Florida contact Realtor® Rhonda Lehnen at Ocean View Realty Group 386-440-8245 or emailovforsale@aol.com . Rhonda can also provide you with a free market analysis if you are considering selling your Ormond By The Sea home or condo. Contact Realtor® Rhonda today!
Visit the Ocean View Realty Group Web site at http://www.ovrealty.com/Frequently_asked_questions.html to view more Ormond By the Sea Florida frequently asked real estate questions.
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