Amy's Orlando Real Estate Blog

Short sales are becoming more common as an increasing number of foreclosures continue to result in a decline in home values.  Many people are considering a short sale, but are not sure what is involved in the process, and how it can benefit them.  A short sale can be used as an alternative to foreclosure.  The process allows a home owner/borrower to sell his home for less than what is currently owed on the mortgage.  Presently, many sellers find themselves owing more than what their home is worth.  The short sale allows a seller to sell his home in today's market, and avoid the long term negative impact a foreclosure would have on his credit score.  Although there is still some penalty for a short sale, it may be as little as two years, versus seven to ten years for a foreclosure. 

If you are considering a short sale, contact your lender to discuss their process for initiating a short sale, or you may want to check their website to get general information.  To begin the process, your lender will want you to submit a hardship letter, explaining your present situation, as well as some other supporting financial documentation for their review.  They will also want you to list your home with a realtor.  When you do sell your home, your lender will pay all the expenses.

If you want to determine if a short sale will work for you, give me a call or email me.  As an experienced short sale agent, I can help you understand what is involved and guide you through the process step by step.