WelcomeWhy list your short sale with me? As broker for one of the largest discount real estate brokerage firms in Florida, I have extensive knowledge about how to price a short sale ( BPO) and how to choose the right buyer and buyer’s agent!
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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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- A definition of 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 a “short sale” where the lender takes control over which “offer” they will be accept and they dictate the terms of the sale.
- The IRS treats short sale deficiencies differently depending on whether the short sale is a homestead/primary residence or an investment property.
- You should speak with a lawyer, CPA or financial adviser before deciding that a short sale is the best alternative as opposed to other remedies such as a loan modification.
- Credit scores will suffer but less than a foreclosure.
- To initiate a short sale, call your first mortgage holder and request a short sale package. Ask if they have any MLS “listing” time requirements. Then get your property listed in the MLS (if it isn’t already listed). Some lenders may require a 3 month incubation period to prove that no sale might occur at a price that doesn’t result in a short sale.
- The listing broker will need to determine value (BPO). Setting a random sales price without extensive analysis is not advised.
- All contracts/offers are contingent on third party approval (lender) as well as any commissions offered in the MLS to cooperating brokers/agents.
- Short sale “listing agreements” have language to protect the seller. ”The seller’s obligation to perform on this contract is subject to the approval of the lien holders on the property. The seller may cancel this listing agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other consideration, if the seller tenders Deed-in-Lieu of Foreclosure.”
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Success selling real estate in Florida using Flat Fee MLS posted May 10, 2010
Florida By Owners control how fast they sell using Flat Fee MLS posted May 04, 2010
A true story why flat fee MLS listing in Florida is better at ADDvantage® posted Feb 03, 2010
Who's better at negotiating real estate contracts…A lawyer, a broker/agent, or a self-represented seller? posted Jan 21, 2010
Considering a short sale? Short sales are free at ADDvantage Real Estate Services posted Oct 14, 2009
Get a full-price offer on your flat fee MLS listings using the advice from “pricing coach” Keith Gordon posted Aug 24, 2009
The “price” game and how to play it so your flat fee MLS listing in Florida gets sold posted Aug 18, 2009
Short Sales look to ADDvantage Flat Fee MLS for fast professional advice and service in Florida posted Aug 11, 2009
Why our reputation with Realtors® in Miami, Orlando, Tampa and Jacksonville and other Florida cities is your best reason to list flat fee MLS in Florida with ADDvantage®. posted Jun 16, 2009
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