The housing bust, along with high rates of unemployment, associated with the recession hurt a lot of people here in Florida and across the country. Many lost their homes as a result. Today, while the economy is in a better place and people are finding work and home values have been steadily increasing, fewer individuals are feeling the levels of stress that they did during that time period. However, there are those who are still underwater on their mortgages but need to sell their homes. A short sale may be the residential real estate transaction that could best help a person in this position.
What is a short sale? A short sale may be completed if a lender agrees to accept less than the current outstanding balance on a home mortgage. This is not a deal lenders are eager to accept, but under the right circumstances, it is possible to get the approval to move ahead with this type of sale.
Once an offer is accepted and the bank approves of the sale amount, the rest of the process can be finished up rather quickly. There may be some bumps along the way, but the challenges that may arise during a short sale may outweigh the damages often associated with a foreclosure. More information about preventing foreclosure and the short sale process can be found on the Korshak & Associates, P.A. short sales website.
No matter where you live, whether that is in Florida or elsewhere, a residential real estate transaction such as a short sale can be confusing and frustrating to complete. Sadly, lenders are not always willing to negotiate with borrowers. An attorney can talk with lenders to negotiate the best deal for your specific circumstances and work to finalize a sale as swiftly and smoothly as possible.