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I am a Florida licensed Real Estate Agent specializing in short sales in the Tampa Bay area .
A short sale property is not a typical property for sale due to the current market value of the property being less than the amount owed on the mortgage (upside down) .
This situation is now more prevalent in this falling real estate market.
There are ways to overcome this and a short sale in my opinion can be the best way if done by professionals.
The process:
1/Establish if you want to do a short sale
2/List the property for sale
3/Realtor gets an contract subject to lender approval using the special forms for this type of transaction.
4/Prepare the seller package with seller's
financials ,hardship letter and contract to submit to lender .
5/Package is submitted without much of a delay depending on how fast the seller provides the required documents and information.
6/ Wait for a representative from the lender's loss mitigation department to be assigned to the deal who will then contact the negotiator for the seller to get any other required documents or arrange to do an appraisal.
7/ Listing agent arranges to meet with appraiser and ensures gets access to the property and sees everything required for his appraisal..
8/Once the appraisal is submitted the lender may have some more questions which get answered immediately.
9/Lender then approves a price that then buyer agrees to or counters with another offer.This is where the negotiations are in in progress with lender trying to work within their prescribed guidelines given for loss mitigation.
10/ An agreement is arrived at and an approval is sent by lender with a closing date set or the buyer withdraws his offer and another buyer is procured who agrees to the price that has been given by the lender.
* Note there can be some variation of this but this has been the normal procedure.
*Note *that last October 2008 a Statute was passed here in Florida that forbids any upfront fees being charged to the seller for short sale negotiations with the fee being allowed only upon a successful closing of the transaction.
Our objective & primary goal is to see if the lender will accept a short sale where the negative difference between the sale price and the amount owed for the mortgage, is absorbed by the lender and forgiven with or without some stipulations .
The very best possible deal for the seller that can be worked out will be attempted.
There are requisites to qualify as a seller of a short sale property and we can help you determine if you qualify to do one.
We advise you to seek professional counsel from an accountant and an attorney of your choice to clarify legal issues and tax implications.
In attempting a short sale as long as you needto show actual hardship and insolvency in meeting your obligations.
Your accountant can help you determine this for you.
In cases where you have been served notice of default by the lender and not responded within the 20 day period we will recommend you consult an attorney to do the required filings and procedures.
Do not wait until it is too late to act in your own interest by having the property go to foreclosure.
There are a number of actions you can take to remedy your situation .One of the remedies is the short sale in which we specialize ,another is a loan modification among other remedies.
If you are concerned what the impact of a shortsale will have your credit rating then you will need to get this clarified from sources such as your accountant ,credit rating agencies etc..
We try to make it as simple as we can so you have an idea of your situation in regards to doing a short sale and we encourage you to do your own research as well.
We are available for a free consultation at your convenience.
Note that on October1,2008 a new Florida law went into effect whereby any foreclosure rescue related service including short sales are prohibited to collect any upfront fees of any kind and it is a crime to do so.
See below for more info:
email fna47@yahoo.com
Tel 727-410-3684
The 2008 Florida Statutes
Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS Chapter 501
CONSUMER PROTECTION View Entire Chapter
501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.--
3) PROHIBITED ACTS.--In the course of offering or providing foreclosure-related rescue services, a foreclosure-rescue consultant may not:
(a) Engage in or initiate foreclosure-related rescue services without first executing a written agreement with the homeowner for foreclosure-related rescue services; or
(b) Solicit, charge, receive, or attempt to collect or secure payment, directly or indirectly, for foreclosure-related rescue services before completing or performing all services contained in the agreement for foreclosure-related rescue services. "
For a full understanding please ensure you read the entire Statute and seek any legal counsel you feel is required..
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