What is a Short Sell?
Definition: A short sale occurs when a property is sold and the lender(s) agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Examples: If the unpaid balance of a loan is say, $300,000 and a property's fair current market value means a sale price of $260,000, under a Short Sale the lender may accept $260,000 as payment in full, and will pay the closing costs, real estate fees, etc which is also included in the $260,000.
Who SHOULD Consider a Short Sale: Anyone who owes more on their combined mortgages and equity lines than their home can sell for reasonably, including costs associated with selling a home (repairs, real estate fee, closing costs, HOA liens) and who has the ability to show hardship and need to sell. Hardship and Need to Sell can be a multitude of reasons including: Death, loss of job, relocation, unemployment, cancellation of sale of a previous home, health concerns, divorce, financial challenges, predatory lending practices, etc. This hardship must be able to be documented and explained in detail, with concise facts and support.
Our advice to you is this regarding a short sale..... Hire a real estate agent that specializes in short sales (not just an agent who has done 2 or 3). We at, Orlando Realty and Property Management, do not accept "Short Sale" listings, but can refer you to a team that does specialize in this area and who have assisted many of our clients in successfully selling their properties. Fill out the information below now and within 24 hours you will have many if not all of your questions answered and can be on the way to removing this stress from your life.