SHORT SALES IN FLORIDA

Short sales in Florida occur when a homeowner who can no longer afford to pay for their mortgage may avoid foreclosure and get out of the debt with minimal financial damage by he selling the property for less than the mortgage amount. Since the lender must accept less than what they are owed in order for a short sale to be approved, it is the lender’s decision whether or not to accept the short sale offer proposed by the homeowner. But, there are certain things a homeowner can do to improve his chances of having the lender accept the short sale offer. For example, Lenders want the homeowners to produce a listing agreement with a Florida licensed realtor. Lenders also want to see proof that the property has been placed on the multiple listings. Additionaly, it is recommended that the short sale offer be consistent with the property’s market value. Short sales are common in Florida, and approaching your lender regarding having your property sold in this manner is a great idea if you want to get out of the debt. In Florida, mortgage lenders are accustomed to short sales and will be able to work with you and explain their policy regarding such property sales. Consulting a Florida attorney who is experience in dealing with Short Sales is the best approach when faced with this situation.

Ray Garcia, Esq.
Board Certified in Real Estate Law
by the Florida Bar
www.raygarcialaw.com