Short Sales
A short sale is the sale of real estate in which the sale proceeds are less than the balance owed on the property’s loan. In other words, the seller does not realize enough proceeds 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 shortfall by bringing their own cash to the closing table, which rarely happens. The other alternative is for the homeowner to negotiate with his or her lender to get the lender to accept less than the full amount owed on the loan(s).
In a successful short sale, the lender agrees to allow the homeowner to sell the property for less than the outstanding balance of the loan(s). Lenders typically agree to a short sale when they believe that the financial loss they incur as a result 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.
It is in your best interest to hire an attorney to negotiate your short sale. Short Sales carry significant legal consequences to the homeowner. The process is complex and requires homeowners to provide financial and legal documents to the lender. Having an experienced attorney who is familiar with each phase of the process can help to expedite the process, maximize the chances for an approval and protect your rights.
Many people throughout Florida owe more on their house than it is worth. Sadly, many “underwater” homeowners lose their homes to foreclosure rather than negotiating a Short Sale.
Law Offices Of Erik S. Bloom, P.A. provides a comprehensive Short Sale resolution plan including:
– Contract Preparation
– Financial Document Collection
– Title Examination
– Lender Negotiation
– Lien Searches
– Approval Review
– Realtor Referrals
– Statewide Closing Services
Please contact the Coral Springs title company & Key Largo real estate lawyers at Law Offices Of Erik S. Bloom, P.A. today at 954-464-3210 in Broward, the Florida Keys and Miami-Dade County. You may also email us to schedule an appointment.
