Short sale reasoning

If you are thinking of short selling your home here are a couple of items to think about.

Short selling is where you are trying to sell your home for less than you owe your lender/lenders or record and you are asking them to release you from the loan/loans instead of coming up with the difference when you sell your home.

First your Realtor is usually not your lawyer or accountant.

I strongly recommend you check with both before proceeding with a short sale. Everyone has different legal and financial circumstances and those experts can advise you of the ramifications legally and financially of short selling your home.

Realtors are there to help sell the home and get it through the short sale process. In our case for instance we have a full time short sale negotiator on the team. Her job is to get approval for short sale offers as quickly and efficiently has possible.

When you do agree to do a short sale the agents job is to get an offer by putting the house on the market at a value that is consistant with what homes are selling for in the area.

Too low and your lender is likely to reject the short sale offer when they do their own appraisal. Too high and no one will make an offer on the home.

After the terms are negotiated between buyer and seller then the offer goes to the sellers lender. The negotiations then start between the seller and the lender through the negotiator. The lender may seek promissory notes, hard money and a number of other items. The negotiators job is to get an agreement between the seller and their lender/lenders.

The reason short sales may take a long time is the lender may only be servicing the loan and has to find the investor who actually owns it. Then the negotiations go between seller, negotiator, lender, investor and back again.

Sounds like it might not work right? Well in fact it does work. It just takes time and patience on all sides.

All the best
Greg Owens PA
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksfla.com