A short sale is a condition where a home is put up for sale for less than the loan amount. It is not mandatory that homeowners are only left with an option of selling it in a down market, but the reality is bit different. This process involves threat and should not be instigated without discussing with a real estate attorney, tax planner and certified real estate expert skilled in this area of realty sales.
FLORIDA REAL ESTATE LAW has experienced legal advisors and counselors who know how to face outlooks of a short sale. We are familiar with the complicatedness that a person might face during a sale which is as important as knowing the profits. We make our clients understand the challenges that they face and prepare them in order to find success.
- A short sale typically demonstrates that the home has dropped off in value since the last sale, and may be in a moribund market.
- Short sale homes are vended “as is” without any illustrations or warranties from the lender, so a systematic inspection is desirable.
- It can take much longer to shut a short sale deal because the lender must agree all aspects of the agreement.
We want to make sure our clients are also aware of the fact that while considering a short sale purchase, lenders may turn down reimbursements for general items, like:
- Recommended repairs on a home inspection.
- Pest control.
- Roof repairs or roof certifications.
- Overdue maintenance.
- Home fortification plans.
It is important to take advice of an attorney before selling and buying this kind of property. Attorneys at FLORIDA REAL ESTATE LAW have successfully handled such cases.