Short Sales In Florida- This is an open letter to Note Holders of Real Estate in Florida. The comments that are added below are from others who have something to say to you note holders as well. Agents- please leave your comments below for the note holders.

 I have no idea if anyone with any clout in your companies is going to read this post but we hope that at least one of you will and that you really begin to take into consideration what we in the trenches are reporting to you.

We do a lot of short sales and work with a lot of lenders and note holders. 90% of the lenders we are dealing with are reasonable and try to understand the market somewhat.

Get off your high horses and come on down here, behind each one of those pieces of paper you bought called notes is a live person with a family and if they are seeking a short sale they have a hardship that is real and can be touched. We implore you to not only take responibility but to also act responsibly.

Yesterday, a servicer told us about your acceptance of a short sale for one of our homeowners with conditions.

Your conditions are so out of reach that I am not sure what planet you are living on.

Our sellers have a hardship. They can no longer pay their payment and are trying to avoid foreclosure. You are agreeing to a short sale with a full deficiency and requiring the sellers to bring money to closing? What sense does that make?

If you foreclose on this property you will get your defienciency judment. Perhaps you don't know collection laws in the state of Florida. You can not attach your deficiency to their primary residence but that does not matter because they no longer will have a primary residence.

All you are gaining from a deficiency is the ability to ruin their credit and keep them from getting any credit cards or buying a house. Well, that is a poor card to play when the homeowner is already broke.

You want them to bring $3,500 to closing to to add to the $3000 that the first noteholder is giving you? You are lucky to even get the $3000. If the first noteholder forecloses on the property than you are left with nothing but the deficiency. You can see their bank statements right in front of you. Where do you see this $3,500 coming from? It is just not there!

Why should the homeowner go through all this long drawn out process to do a short sale when they are coming out of it no better off than if you foreclose?

This short sale situation is about cooperation. You are not bringing anything to the table. Everyone else is working on this with reason. You are the one holding up the sale. You are the one that is being unreasonable.

You really need to go back and rethink your criteria in accepting short sales. If you are buying seconds all over the place then you should study each state's laws before you buy notes in a state like Florida.

Your tactics only force homeowners into bankruptcy. With a bankruptcy they won't have to bring the $3,500 to closing which they don't have, your deficiency will get wiped clean in the bankruptcy and then we can go direct to the first note holder and do the short sale with the first note holder and you will get nada, zero, zippety squat!

Hmmm,  that solution to your problem is looking pretty good right about now!

If you would like to call us to learn about the truth of the situation here in Palm Beach County Florida please do. We would happily take you on a tour of ground zero in a severely declining market so you can see what you will be inheriting by not cooperating on a level playing field in the short sales. You can reach Nestor Gasset or Katerina Gasset at 561-753-0135.