Coral Springs Real Estate Lawyers See Short Sales as a Great Option For “Underwater” Florida Homeowners
Coral Springs Real Estate Attorneys at the Law Offices of Erik S. Bloom, P.A., Process and Close Short Sales Throughout Florida, Including Broward County, Miami-Dade County and the Florida Keys.
A Short Sale is the sale of real estate where the proceeds from the sale are less than the balance owed on the property’s loan(s). As a result, the seller does not realize enough money from the sale to pay off the loan(s) in full. This leaves the homeowner with two options. The first is to make up the difference by bringing their own cash to the closing table. The other alternative is for the homeowner to negotiate with his or her lender to convince the lender to accept less than the full amount owed on the loan(s).
In a successful Short Sale, the lender allows the homeowner to sell the property for less than the outstanding balance of the loan(s). Lenders agree to Short Sales when they believe that the financial loss from the sale would be less than the loss resulting from a foreclosure. Because lenders that agree to take less than the full balance are being “shorted”, the term Short Sale was created.
As Key Largo real estate lawyers which have closed thousands of real estate transactions on behalf of real estate professionals, many homeowners contact us to handle their real estate closings. Many people throughout Florida owe more on their house than it is worth. Unfortunately, many of these “underwater” homeowners lose their homes to foreclosure rather than negotiating a Short Sale. After a successful short sale, the homeowner is often able to walk-away from the house “free and clear” with no further obligation to pay the lender for the deficiency.
If you or a loved one is “underwater” and ready to come up for air, call the Coconut Creek real estate lawyers at the Law Offices of Erik S. Bloom, P.A. today for a fee consultation. We are available to meet with you and to discuss your situation. Please call us at (954) 603-0550 or you can email us at [email protected] to schedule a complimentary appointment.
