Let’s Talk about Florida’s Short Sales
A short sale can be a great option for a seller who’s in hot water with the bank to sell the property and get the deficiency on the note pardon and a tremendous opportunity for a buyer to be able to purchase the home for a great value. Often times short sales are offered at a discount to comparable homes that are not short sale transactions.
LOOKING TO BUY A FLORIDA SHORT SALE?
View today’s Florida short sales to find the perfect short sale opportunity. We emphasize new listings because inventory is moving quickly.
What is a Short Sale?
A short sale is when a bank agrees to allow a homeowner to sell their home for less than the total amount the homeowner owes the bank on any loans where the home has been used as security and accept that reduced amount as a payoff on the mortgage loan or loans. It commonly occurs when a home no longer has a market value equal to the outstanding loan or loans and the owners are at risk of defaulting on the mortgage loan or loans. Often it is the best solution for homeowners and lenders when a property’s value is “underwater” because it prevents the need for foreclosure upon default of the mortgage loan. The homeowner wants to avoid foreclosure because the short sale is not as damaging to his or her credit history and the bank wants to avoid the legal fees associated with foreclosing on property.
WANT TO LIST YOUR HOME AS A SHORT SALE?
Not all buyers purchase short sales. Why? The drawback to a short sale for a purchaser is that the bank must approve the contract between the homeowner and the buyer, and unfortunately that can take time, you can expect a typical short sale to take 60-90 days from contract to close (a conventional sale usually closes in about 30 days) and there is no guarantee the bank will approve the terms of the contract, in which case it will not close at all and the buyer is back to square one.
HomesUnlimited.Solutions specializes in the Florida real estate market. Contact us online or call us at 407-378-5600 today for a free comprehensive consultation.