Lake, Seminole and Orange County Real Estate News

Should I Consider A Short Sale?

Homeowners frequently ask:  Should I do a short sale or just let the bank foreclose on my home?  Good question.  However, there is not one right answer for everyone.  Typically, you should try to short sell first before letting your home go into foreclosure.

Not sure what a short sale is? A short sale happens when the amount of the outstanding loans are greater than the value of the home. This can be due to many reasons, but often is a result of a rapidly declining housing market.

For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can negotiate with the lender to write off the remainder of the loan.

Many lenders will accept the short sale as payment in full and forgive the remaining loan balance.  There is a good possibility that your lender will agree to settle the matter and cancel the difference and not pursue a deficiency against you. 

Should you not be satisfied with the results of your short sale negotiations, you may cancel the short sale at any time and then look at your other options.

I offer FREE Short Sale Listing Service.  You will not be asked to pay any money regardless if your short sale transaction closes or not! You may cancel at any time with no risk or obligation!

Stay in touch with my blog for more coming information about short sales.  And remember that I put "HART" into every transaction, so call me with all your real estate needs at 352-360-9763 OR:

cheri@DaveLoweRealty.com