What is a Short Sale?
A Short Sale is when you need to sell your property but the amount owed exceeds the value of the property AND you are asking the lien holder (lender) to accept less to remove the lien. You are asking your lender to accept a "short" payoff so you can sell and they can avoid the expense of a foreclosure.
For example: You bought your house in 2005 and paid $250,000 for it. You mortgaged $230,000. You can no longer afford to keep the house because of a legitimate hardship. You MUST sale or you will be foreclosed on.
The property is now only worth $200,000 (Market Value). Fortunately, you have a qualified Buyer willing to pay Market Value. After the expenses involved with selling the property there will only be $180,000 left over to pay the lender.
So you either have to bring $50,000 to closing OR ask the lender to accept a "short" of $50,000 ($230,000-$180,000=$50,000). If the lender agrees you have just completed a Short Sale.
****Next time we will discuss "hardship".
In the meantime, if you have a property that needs to be sold as a Short Sale just CLICK HERE. I'll send a Short Sale Listing Package right over.
CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION
POINCIANA FLORIDA REAL ESTATE MARKET REPORTS
CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES
MAKE AN OFFER ON ANY OF MY FLORIDA PROPERTY LISTINGS HERE
MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE
Copyright © 2008 http://www.brokerbryant.com/ | All Rights Reserved
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
;)
;)
;)
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
I likes it :)
TLW...ROAR!