Q What is a short sale?

A short sale in real estate occurs when the outstanding mortgage and cost of selling the property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with their lender.

Q- How do I qualify for a short sale?

Most lenders vary in their requirements. Your first step should always be to contact your lender. However, most lenders require the following:
You have a qualifying hardship. Examples that qualify are divorce, loss of a job, income reduction, loss of a partner, medical bills, excessive travel time to a job, bankruptcy.
You have no other major assets. Lenders who see homeowners with large bank accounts or assets are less likely to cooperate on a short sale. Retirement funds are not typically considered as an asset unless sizeable. * If you are in a hardship, do not let this be a deterrent. We have successfully negotiated a short sales with others who have had large bank accounts and other assets before.                                              Each case is unique. Contact us today to see what we can do for you.* 

Q How do I begin a short sale?

Contact our office. We have everything you need to start a short sale. We have been negotiating short sales for over 20 years and are the most experienced in the Central Florida area.

Q What if I don t have any money to pay the Realtor commissions?

In a Short Sale transaction you, as the seller, DO NOT have to pay any Realtor commissions or the closing costs. The bank covers these costs. Please note there is a possible exception - the banks may not pay for any unpaid HOA fees. We can negotiate these as well.

Q- What if I live in an HOA Community, do I have to keep paying my HOA fees?

YES, we strongly recommend that you do. HOA fees are an owner’s personal obligation. If they are not paid, it can result in credit damage, lawsuits, or other collection efforts. This can inhibit the closing of a short sale unless one of the parties (seller or buyer) can pay off the debt at close. Sometimes HOA companies can foreclose faster than a bank can. In order to make sure that this doesn’t happen, we recommend that your HOA fees stay current.

Q- Do you charge an upfront fee for taking my short sale?

No. We do NOT charge you a fee for any of our services. Some real estate agents or companies may charge an upfront processing or retainer fee from the seller before beginning a short sale but we do not. We will never charge you a FEE!

Q- When should I start the short sale process?

The sooner the better. Once you can no longer pay the monthly mortgage amount or see that you soon will not be able to, you should contact us immediately. The more quickly you act, the better the odds for a successful short sale.

Q - I am behind on my payments. How long until the bank forecloses?

It depends on a few things. Florida is a judicial state, meaning any foreclosure case must go through the court system.  This can take anywhere from 3-12 months, but that does not mean you have that amount of time. We have seen cases go through in as little as 60 days from the court filing. Keep in mind that every month that goes by where the mortgage is not being paid is another deduction on your credit score.

Q Can the lenders come after me for the amount forgiven?

This is a very complex question which is dependent on many factors.  However our company has a 98% success rate of getting the amount forgiven and keeping the bank from coming after you for the debt. We negotiate very hard for you and will not close on the short sale if it is not in your best interest.

Q Can the lender ask me to sign a note or pay cash to settle the debt?

Yes. They can ask, but asking does not compel the owner to agree.  We negotiate hard for you to make sure that you don’t have to pay anything at all. But please remember that all Short Sales are not the same. Contact us today to discuss your unique case so that we can better determine what to expect.