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A Short Sale

is when a property owner is allowed to sell a property for less than what is owed. The mortgage lien holder/s will often allow the sale of a property that is worth less than what is owed if the property owner can show a sufficient reason for not being able to continue to pay their mortgage payment. The mortgage holders generally prefer this option for homeowners that qualify because they can cut their losses compared to the alternative of the full foreclosure / eviction process.

To qualify for a short sale

generally you must have a property with an owner who is delinquent on the mortgage payments and is able to show a hardship that has made it difficult or impossible to make the payments. In addition the net amount to the seller after the sale, including all fees associated with the sale, must be greater than what the seller owes on the mortgage note.

If you are thinking about selling your home short sale or buying a short sale you can contact us. We are local Orlando area experts and have helped many sellers and buyers with the short sale process.

The short sale process

for the seller is similar to the original mortgage qualifying process, so be prepared with your financial documents. For the buyer there is often a wait of 30-90 days or more before you find out if your offer has been accepted. The wait is not without reward, if your offer is accepted buyers can often purchase short sales for below even foreclosed properties market value. Our Realtors are experienced at helping buyers and sellers with short sales.

Time is of the essence

after the approval letter is issued. Sellers must be prepared to vacate the home generally within 30 days of receiving approval. Buyers of a short sale may inspect the property and the mortgage contingencies must be removed. Title work must be completed and all funds must be transferred prior to closing and transferring ownership. Contact us we can help you through the short sale process.