Home > Blogs > Bryant Tutas > Broker Bryant's Real Estate Ramblings

Central Florida Short Sales FAQ #1

By Bryant Tutas

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

November 30, 2008 07:45 AM

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

Re-Blog

Comments(13)

Comment

Show All Comments

Sort:

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

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

I likes it :)

TLW...ROAR!

Nov 30, 2008 07:45 AM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

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

Nov 30, 2008 08:30 AM

Fran Gaspari

Patriot Land Transfer, Inc. - Limerick, PA

"The Title Man" - Title Insurance - PA & NJ

Bryant,

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

Nov 30, 2008 08:37 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

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

Nov 30, 2008 09:27 AM

Lizette Fitzpatrick

Lizette Realty - Richmond KY - Lexington, KY

Lizette Realty, Lexington KY MLS - Kentucky Homes

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.

Nov 30, 2008 09:41 AM

Lisa Hill

Florida Property Experts - Daytona Beach, FL

Daytona Beach Real Estate

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.

Nov 30, 2008 10:21 AM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

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.

Nov 30, 2008 10:45 AM

Ken Cook

Content, coding, marketing, host. - Marietta, GA

Content Marketer/Creator

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.

Nov 30, 2008 01:42 PM

William Collins

ERA Queen City Realty - Scotch Plains, NJ

Property and Asset Management

BB,

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

Nov 30, 2008 02:51 PM

Tami Vroma

West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI

Realtor, Grand Rapids MI Real Estate

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!

Nov 30, 2008 11:50 PM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

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

They are improving.

Dec 01, 2008 02:33 AM

Marzena Melby

Coldwell Banker Burnet Realty - Richfield, MN

Realtor, Twin Cities Minnesota Real Estate

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

Dec 01, 2008 04:04 AM

Matt Yogerst

RE/MAX Realty 100 - Menomonee Falls, WI

Metro Milwaukee Real Estate

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 01, 2008 05:29 AM

Anonymous

texas holdem

v5kq77i-unspmg5-tw6q7a22-0 insurance quotes

Dec 02, 2008 01:36 PM

#14

Central Florida Short Sales FAQ #1

Comments(13)

Bryant Tutas

Real Estate Resources

Recent Posts