Short Sales in Florida

Franziska Smith

Friday, June 4th, 2010 at 10:30am. 74 Views, 0 Comments.

Short Sales in Florida

 Short Sales in Florida are starting to move. When Short sales first started coming on the market in Florida it was new to most of us, Realtors, Buyers, Sellers and Lenders. That is not to say that short sales did not exist before a few years ago, they were just a very small part of the market and it was not even on the radar for most of us.

 In the beginning everyone resisted. Buyers were nervous about making an offer on a home and entering a process that was not proven and they did not understand. Seller's were nervous and Lenders just did not believe. If they did not approve taking a loss on the loan, then they believed the seller would just choose to pay the debt. Well, in so many cases, as we know now, the seller's chose to…

Read Full Post »

Short Sales F.A.Q.

Franziska Smith

Thursday, July 30th, 2009 at 1:28pm. 134 Views, 0 Comments.

What is a short sale?

A short sale describes a situation where the lender agrees to take less money than they are owed on a property at time of sale. There may be more than one lender with a lien on the property.

Who is the seller in a short sale?

The individual owner is still in title, they have not been foreclosed on. In some cases foreclosure is imminent. In other cases the seller may not be behind. In all cases the seller owes more to the bank than they are trying to sell it for.

How come some short sales are so much less than other homes on the market?

If a seller is in a "short sale" listing, there is no equity in the home and they are not going to make any money. Many short sales listings continue to lower their price in order to attract an offer. There…

Read Full Post »