Many sellers in today’s market have little or no equity, that is, the sellers owes at closing more than the property is worth.  In these situations, lenders are often willing to accept less than the full amount due, commonly referred to as “short pay” or “short sale.”

Sellers who are “upside down” on their mortgage opt to simply “walk away” from their home and allow it to foreclose. The "short sale" offers a much better option and provides a win-win for the lender the homeowner.

From the lender’s perspective, a short sale saves many of the high costs associated with the foreclosure process – attorney fees, the eviction process, delays from borrower, bankruptcy, damage to the property, costs associated with resale, etc.  In a short sale scenario, the lender gets their money faster and is able to cut its losses.

Once you are approved for a short sale, the lender will order an appraisal of your property to determine the market value.  Once the value is determined, the lender will allow Heart Of Florida Realty to sell your property at market value.  Once sold, the remaining debt is usually forgiven.  The lender often expects to collect 80% or more of the appraised value, so you may still accept an offer lower than the appraised value.

The bottom line is... if your home is worth less than you owe, you can still sell it via a short sale... without bringing any money to closing! Heart Of Florida Realty is one of Florida’s premier “short sale” listing specialists. Call today... so we can help save the day!