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Central Florida Short Sales FAQ #1

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

Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 11/30/2008 03:45 PM

Comments (13)

Short Sales in the Home Selling Channel

central florida short sales, faq, short sale

Originally posted at: Selling Poinciana One Property at a Time.: Central Florida Short Sales FAQ #1

This post has been included in Florida Information Osceola County, FL Information Kissimmee, FL Information
Post is included in group: Short Sale Support Group
Post is included in group: Short Sales Specialists
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sale REALTORS®
Post is included in group: Sharing Information of Short Sales

13 Comments on Central Florida Short Sales FAQ #1

NOV

2008

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

I likes it :)

TLW...ROAR!

Thanks for the simplified description BB! We don't have alot of short sales here; however, are starting to see an increase in them. The ones that I've dealt with, from a buyer's perspective, have been a nightmare but, wound up working for us after a VERY long period of time!

Hey, TLW, take a gander at this post--we're waiting on YOU!! http://activerain.com/blogsview/806534/Jump-In-With-Both-Feet-or-Play-in-the-Puddles

Debe in Charlotte

Bryant,

Nice concise definition!!! Are you writing for wikipedia now??? LOL, Thanks, Fran

BB - a useful, concise description that is easy to understand. There are some folks who still don't really understand them, they just"know" they are good deals.

Jeff

Love the new pic...but I really liked the old one too. Short sales are not my favorite thing. Hope I'm working on my last one.

I'm sure there are multitudes of people who need all the information they can get about short sales. I've learned a lot from blogs here.

So many sellers are afraid to ask what they have to do to ask for loan forgiveness or a short sale this is the start of a difficult decision and they will need your guidance.

Excellent quick introduction in easily understandable language! Guaranteed if I get a short sale lead in your area you're on the top of the list. This is really perfect Bryant.

BB,

Thanks for the post. Preparing my own short sale post with an opportunity for those in need to reach out!

DEC

2008

HI Bryant I just sent you an email but wanted to let you know I apprecitate the short post. I don't like it when they get so long!

Short and sweet. I'll surely be glad when the Short Sale transactions are.

They are improving.

Getting them done quickly is NOT easy or quick, at least in MN.

I LOVE Short Sales... here is why.... You are helping people that desperately need it, it helps them avoid major blemishes on their credit history, and most agents are not qualified, nor have the patience to follow them through.

What do you use for your short sale listing package?

DEC

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