How To Do a Short Sale in Tampa Florida
Online encyclopedia website, Wikipedia defines a short sale as, "[. . .] a sale of real estate where the proceeds are not sufficient enough to cover the balance owed on the home." It sounds relatively simple, but the truth is, you need an experienced real estate agent to help you navigate through the complicated short sale process. And unfortunately, whether you do a short sale or the bank forecloses, you will ultimately have to leave your home. Period.
The reality is, if you are living in your home and you have either stopped making the payments on it, or if you know that will happen in the future because of your circumstances, you really only have a few choices. One, you can bury your head in the sand and hope the problem goes away. (Oddly enough, MANY have chosen this route.) Two, you can wait for the bank for foreclose on your property. The problem with this option is that once the bank takes your home, they sell it at wholesale prices and charge you for the difference between what you owed and its selling price.
The third and best option is that you can short sell your home. The process works like this; An experienced agent will list the property for you in the Multiple Listing Service. The home should be aggressively priced to entice quick activity. Once an offer is received, the agent will discuss the offer with you and then present it to the bank for approval. If the bank does not approve the price, the home becomes active in the MLS system again.
If the bank approves the short sale at that price, then any deficiency needs to be negotiated with the bank on your behalf. Keep in mind, the agent must be VERY knowledgeable about with whom they need to speak AND/OR they should utilize an attorney or loss mitigation company to negotiate the deficiency on your behalf. The goal is to have the bank waive the deficiency and allow you to walk away from the home without any further obligation to them. It does not always happen that way, but that should be the goal of that part of the negotiation.
If you are reading this article, the odds are, you are experiencing some challenges with your own real estate situation. Let someone help you that cares about your outcome. If you contact us, we can show you how to do a short sale in Tampa Florida, and we are confident that our team of agents and business assoiates can help.