- What is a short sale? A short sale is a real estate sale in which the sale amount falls short of the balance owed on the property’s loan.
- How is it possible to sell the home for less than is owed? In most cases the mortgage lender realizes a borrower is not able to continue making payments on the loan. Therefore, the lender considers selling the property at a loss rather than expecting the borrower to catch up on a loan amount that probably will not ever be satisfied.
- What do I get out of a short sale? When the lender and the homeowner agree to process the short sale, it allows the owner to avoid a costly foreclosure and a badly damaged credit report .
- Does the bank want to foreclose the home? At times it may seem that the bank wants to take possession of the property via foreclosure, yet this is the last alternative that benefits the lender. After exhausting other options with better outcomes for the bank, such as a loan modification, or a deed in lieu of foreclosure, the lender may opt for a short sale.
- Who can help me avoid foreclosure proceedings against me? We recommend aggressive representation from a professional team of specialists that include attorneys, paralegals, short sale specialists and title agents with enough experience to handle all the special circumstances brought on by each short sale, loan modification, and deed in lieu of foreclosure.
- Why do I need specialists to avoid foreclosure? Aren’t all real estate agents trained to handle foreclosures, short sales, modifications, and deed in lieus? Should the process go irrevocably wrong because of the lack of knowledge and negotiation skills by an insufficiently trained and experienced agent, the borrower can still be obligated to pay the remaining balance owed after the short sale of the home. This deficiency, as it is legally called, can damage your credit and keep you from freeing yourself from this loan obligation for at least seven years. Statistics consistently show nine out of ten real estate agents do not have the skills, training, and experience needed to successfully negotiate a short sale for you. This is just one of the different issues presented during a foreclosure.
- So a short sale isn’t like a regular sale? A major part of the process in a short sale is negotiating the amount owed and settling with the lender for an amount that would free the homeowner from owing the balance remaining after the sale of the home.
- I have received a letter from the bank. What should I do? Immediately contact us at RealStock Realty for a free, no obligation consultation so we may provide you with more information specific to your case. The sooner you pick up the phone, the sooner you find out about your available options. We would like to help you find the option suited to your situation and your goals.
We have over seven years of experience handling all types of foreclosures, from short sales, modifications, to deeds in lieu of foreclosure. Our team of experts include
- Real estate attorneys
- Short sale specialists
- Title companies
Our service providers have been meticulously chosen over the years and proven to be the Orlando, Florida experts with satisfactory results for our clients. To find out how we do it, call RealStock Realty at (407) 557.2355 for an immediate response direct from the real estate broker who will personally handle your case from the 1st phone call.