How to do a Short Sale in Sarasota Florida
If you are wondering how to do a short sale in Sarasota Florida, do not worry, the process is not that bad if you have the right people in place. First, you need to contact a Realtor that is familiar with your local market, and is experienced with short sales. Many realtors in this market are not experienced with the actual negotiation process, and have teamed up with an attorney, negotiation company, or title company to assist.
Next, you should call your bank, and let them know that you would like to do a short sale. They will present a number of options for you, including a possible modification of your mortgage. The specific circumstances relating to your property and your other financial matters will determine what options are best for you. Note, if you do a modification the banks will not reduce your principal balance, and will typically only reduce your interest rate or extend your payment terms. Neither of these options are good long-term solutions.
Once you have decided that the short sale is your best option, your Realtor will market the property and find a buyer. Once a qualified buyer is found, a package is sent to the bank with the offer, as well as certain bank-requested documents. Typically, the banks will want to see your last 2 pay stubs, last 2 bank statements, and last 2 years tax returns. Your experienced Realtor, or the designated negotiator should handle this entire process for you.
When you work with our team on a short sale in Sarasota Florida, the entire process is seamless. After we have our initial consultation and gather the appropriate documents, the experience will be smooth because we and our affiliated companies handle everything for you. Our team has facilitated more than 1000 short sales over the past few years. In the case of a short sale, experience matters. If you have further questions on how to do a short sale in Sarasota Florida, please contact me at 813-321-1778.