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SHORT SALES
What is a short sale?
A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference.
Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in.
Losing your home can be very emotional and most people don’t want to face up to the reality until foreclosure sets in.
Losing a home can be very emotional and most people don’t want to face up to the reality until foreclosure sets in.
Dealing with the banks is often lengthy and frustrating (sometimes they don't even respond to us).
We do many short sales in our office and have found that Banks prefer offers that are in cash with quick closings and your offer may be just one of many. This means you may not know for weeks or months if you have purchased the house.
Please contact our office if you are interested in obtaining details on short sales.
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Content provided by Realty World Top Producers Realty, Inc A Florida Licensed real estate firm. 1185 8th Street South Naples, FL 34102
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