In real estate, a short sale takes place when an outstanding loan against a property becomes greater then the estimated market value of that property. This process is a way in which homeowners can avoid foreclosure and can also pay of their mortgage by reaching a settlement with the lender at the same time.

How a short sale works

In a short sale transaction, a knowledgeable real estate agent asks the seller to provide the required documents—such as income tax returns, closing documents, pay stubs, and bank statements—before listing the property.

Then, through a careful in-depth review of the seller’s current financial situation, a logical way to proceed can be set up, paving the way for a successful completion of the short sale. Short sales are a complex process, for both the buyer and the seller.

Next, the real estate agent will discuss the potential short sale with the lender and inform the seller of the results of their collaboration. When evaluating this information, the seller should always be aware that the lender has more control over the process than either the seller or the buyer, and should strive to maintain a courteous relationship with the lender with that in mind.

Note also that the lender and the seller are actually a partnership, because they both have to agree to the buyer’s offer in order for the short sale to progress.

“Low ball” offers can be a problem

In a short sale, potential buyers are usually hoping to find a bargain, and they sometimes make offers that are unrealistically low in comparison with the property’s estimated market value. As a result, the lender may determine that it is in their interest to proceed with foreclosure rather than accept the potential buyer’s offer.

An experienced real estate agent will realize that this is a possibility, and will make a counter-offer to the buyer before presenting the lender with the problematic original offer. Such “low ball” offers are usually considered to be a waste of time for the lender when it comes to reviewing them, and they often cause the lender to delay in responding, in regard to selling the property, or to ignore the offer altogether.

Virtually anyone who has participated in a short sale agrees that dealing with an experienced real estate agent really made a difference in meeting their needs and satisfying their concerns in going through this complex procedure. The lender is also gratified because foreclosure has been avoided and the buyer or seller, have reached their goals.

Provided as a courtesy of

Karen L. Angle

Coldwell Banker Schmitt Real Estate Co.

11050 Overseas Highway

Marathon,FL 33050

Office Phone – (305) 289-6504

Mobile – (305) 731-6219

Toll-Free – (800) 366-5181 ext. 6504

karen.angle@cbschmitt.com

http://www.allfloridakeysrealestate.com

Major renovations needed. Property has been abandoned. Call Agent for details Property is a shortsale with only one mortgage so I believe it can be done in 90 days or less. Packet is almost ready to go. Commission will be determined by lender and any reduction in commission will be split between both agents.

$100,000

Provided as a service of

Karen L. Angle

Coldwell Banker Schmitt Real Estate Co.

First floor unit 3 in from the beach. Tropically decorated with great rental history. Rented nightly or live in this unit year round. Nets 12-13K yearly.

Provided as a courtesy of

Karen L. Angle

Coldwell Banker Schmitt Real Estate Co.

Fax #: (305)743-7012

Mobile: (305)731-6219

Office Phone: (305)289-6504

Toll-Free: (800)366-5181 ext. 6504

11050 Overseas Highway

Marathon,FL 33050

karen.angle@cbschmitt.com

http://www.allfloridakeysrealestate.com

Short Sale. Bring offers. This cute conch home has been updated with tile, marble, brick pavers, metal roof, etc. Larger than appears from outside. Large back yard completely fenced in for privacy.

547958 Residential Active $199,000

Short Sale. Bring offers. This cute conch home has been updated with tile, marble, brick pavers, metal roof, etc. Larger than appears from outside. Large back yard completely fenced in for privacy.

547958 Residential Active $199,000

KAREN ANGLE
REALTOR®
Coldwell Banker Schmitt
11050 Overseas Highway
Marathon Fl, 33050
(305) 289-6504 Business
(305) 731-6219 Cell
(305) 743-7012 Fax
1-800 366-5181 Ext 6504
E-MAIL
www.allfloridakeysrealestate.com