Why list your short sale with ADDvantage®?

I am Keith Gordon, broker for ADDvantage® Real Estate Services. I have found that the keys to a successful short sale are through pricing the property accurately and choosing the right buyer. Along with a good negotiating team, these tools will assist you in bringing your short sale to a close. Below you will find the basic information on what a short sale is and how to begin the short sale process.

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The HAFA Mortgage Program adds Assurances to Short Sale Transactions

Short sale in Florida now as some added assurances through a new federal program called Home Affordable Foreclosure Alternative (HAFA). This programs allows short sales certain guarantees that prohibit lenders from seeking a deficiency judgment in later years. Read this entire article. More information about HAFA can be found at http://hafa-program.com.

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Short Sale Definition: A short sale is the sale of real property where the market price of the property is less than all mortgages and liens held against that property. To facilitate a sale in Florida the lender and the seller engage in what we know as a short sale.  In this process the seller’s lender takes control over which offer they will accept and will dictate the terms of the sale.


IRS and Short Sales: The IRS treats short sale deficiencies differently depending on whether the short sale is a homestead/primary residence or an investment property.


Credit Scores: As a seller, your credit score will suffer but less than a foreclosure.  


Initiating a Short Sale: Contact your first mortgage holder and request a short sale package, remembering to ask if they have any MLS listing time requirements. Once you have completed the short sale package, we can list your property in the MLS. Some lenders may require a 3 month period where your listing must be listed at a price to prove that no sale might occur that doesn’t result in a short sale. 


BPO Completed by Broker: The listing broker (Keith Gordon) will need to determine value (BPO – Broker’s Price Opinion) when you are listing your property. Setting a random sales price without extensive analysis is not advised.


Contracts and Offers: All contracts and offers are contingent on third party approval (the lender) as well as any commissions offered in the MLS to cooperating brokers/agents.


Detailed information and Q and A on Short Sales

Testimonials from our previous clients

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