Short Sale
Buying a Short Sale home from a short sale seller means a lot of paperwork and documentation requested by sellers lender. Different lender - different requirements.
In a Fort Lauderdale short sale home, Seller must disclose to a prospective buyer that they anticipate a short sale situation. Every short sale seller must inform the Real Estate Professional of any and all liens on their property and any changes which may occur in the future.
With almost every Fort Lauderdale short sale, home owner will need to provide to the lender(s) follow documentation:
- Hardship letter explaining why they can no longer make payments
- Authorization letter for Realtor or professional negotiator to speak with lender
- Financial analysis form
- Financial updates and forms
- Tax returns, pay stubs, bank statements
- Other items may be required by your lender
Please note that a short sale process and a contract for purchase submitted for a short sale approval will not automatically stop a foreclosure sale. Many lenders will proceed with the Foreclosure procedure, and time is of the essence in a short sale procedure. A foreclosure sale may be postponed by the lender upon acceptance of a short sale agreement, but a postponement is not automatic. A foreclosure may be reinstated after a postponement without further notice to the seller.
Seller Notes
Seller is hereby notified that Broker is not qualified to provide financial, legal or tax advice regarding a short sale transaction. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement.
Not all Sellers will qualify for a short sale approval!
If you stop paying your mortgage, you could lose your home and damage your credit.
Short Sale Buyer
Even though the seller may have accepted your offer for a Fort Lauderdale Short Sale, the contract is not valid until the lender accepts the offer and gives you a written Short Sale Agreement Notice. You may have been waiting for weeks for an
answer and another offer with better terms may be submitted to the seller and lender.
As a buyer you may continue to look at other properties here, in case your offer will not be accepted by a lender and you may cancel this contract for any reason before it is accepted by the lender, including when you find a property you like better.
READ MORE HERE
Florida Short Sales: What is a Short Sale in Florida?
Florida - A short sale occurs when the seller owes more on their mortgages than they can pay off to the lender or note holder.
Most times this is happening while out of a sale the current market value of their property is less than what is owned on it.
Once the seller receives an acceptable offer from a ready, willing and able buyer, negations and concessions must be made so that the lender will accept a sale at a current market value as payment in full for a loan.
If you need a detailed information ask for my FREE Short Sale pamphlet and you will receive it in your Inbox right away!
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
The views expressed here are Annett T. Block’s personal views and do not reflect the views of Florida Connects Incorporated.
April 26, 2011
What Our Clients Say
Build with 🧡 by Florida Connects
Florida Connects considers the South Florida real estate market as a potential "safe haven" for investors due to its historical market resilience and continued demand. However, it is important for all potential real estate buyer, seller and investors to understand that "safe haven" does not imply a guarantee of investment protection or immunity from losses. Real estate markets can be influenced by a variety of factors including economic shifts, changes in tax laws, and natural events which can affect property values and market dynamics. We advise all potential prospects, customer, clients to conduct thorough due diligence and consider obtaining professional advice tailored to your individual financial circumstances before making any real estate buying, selling or investment decision.
Accessibility
Florida Connects is committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, or notice any accessibility problems, please contact Florida Connects to specify the nature of the accessibility issue and any assistive technology you use. Florida Connects will strive to provide the content you need …Continue reading
Florida Connects Incorporated
PO Box 480154
Fort Lauderdale, FL 33348
Phone: 954.543.1794
Email: [email protected]
