Short Sale Department
561-337-1510 x3
Far too often, in this market, there comes a time when the balance on your mortgage far exceeds the value of your property. Combine that with a financial hardship, and it may be time to consider a short sale.
A short sale is where the bank agrees to accept less then the full amount owed. The remaining balance may be forgiven by the lender or they may seek to collect the deficiency. Other outstanding liens on the property may also be paid through this short sale, including association assessments, second mortgages and back taxes.
Generally the lender will require you to submit some documentation to show that you can no longer afford the property. We work with the lenders to present this information in the best light and to expeditiously get the lender's approval. There are even programs, such as HAFA, will the lender will actually pay you to move out of the property.
It is often in the lender's best interest to agree to a short sale. Foreclosure can be a lengthy process, involving legal and interest costs for the lender. Additionally, a property may not always be left in an ideal condition, if the owner is forced out of the home.
Contact our office to see if a short sale might be right for your situation. We can help you through the process and even get you in touch with agents that specialize in this area.
HOW MUCH DOES IT COST?
Our standard short sale negotiation fee is $2000.00. However, we do not collect any fees up front. We only collect our fee if there is a succesful short sale. Further in over 85% of the short sales we have closed in since July 2011, the lender has agreed cover our fee.
Short Sales may have tax implications, so please consult your tax adviser.