Five Questions About Florida Short Sales

Florida homeowners contemplating a short sale of their property have many of the same questions about exactly what a short sale entails. Alma Korshak, owner of Short Sale Facilitators, answers five of the most common questions.

How Long Does a Short Sale Take?

A short sale is not a fast process. It takes a long time to fill out the paperwork, list the property, find a buyer and then negotiate with the lender and any other lien-holders that may exist. It can take months.

What is a Deficiency?

A deficiency is the difference between what is owed on the mortgage and what the lender receives for the sale of the property through the short sale. For example, if you owe $220,000 on your mortgage and the buyer offers $195,000 for the property that would leave a deficiency of $25,000.

Will I Be Required to Pay the Deficiency?

You may be required to pay the deficiency, or it may be possible to ask the lender to forgive the deficiency. If the lender does not forgive the deficiency, then the seller may be required to bring cash to closing or the lender may ask them to sign a promissory note at or before closing.

Will a Short Sale Ruin My Credit?

A short sale will definitely affect your credit score. A short sale is often reported to credit agencies as “a debt settled for less than owed”, but it does vary from lender to lender. The good news is that there are programs designed to make a mortgage loan possible again after only two years. The time to think about your future credit worthiness is now. Plan ahead for what tomorrow may bring.

Who Can Help Me Short Sale My Home?

It is wise to have a realtor that understands the short sale process. It is also a good idea to work with a third party negotiator to negotiate the terms of the short sale with your lender. Short Sale Facilitators has fulfilled this role for many homeowners for the last seven years and understand what it takes to get an offer approved and the sale closed.

You can find more detailed answers to your questions on our FAQ page. If you still have questions or want to pursue the short sale of your property, call Short Sale Facilitators in Casselberry Florida. They can help you understand the process and will work with you and your realtor to keep you well informed about the negotiation with your lender.

Distressed homeowners who are suffering a financial hardship must weigh the options of short sale, deed in lieu, loan modification, foreclosure and often times even bankruptcy. The ultimate decision must be based on the individual circumstances that make it impossible for you to pay your mortgage.

Call Alma Korshak with your questions or schedule an appointment to meet with her in her Casselberry, Florida office. She can answer all your short sale questions so you can make a decision that is best for you and your family.

Short Sale Facilitators. The Power of Negotiating.

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