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Initiating a short sale in Florida

If you're looking to sell your home in Florida, the amount of money you still owe the bank on the property is an important consideration to bear in mind. If a home is sold for less than what is owed, the resulting difference is known as a deficiency, and this can sometimes lead to problems later on.

Banks can be unwilling to allow the sale of a property that will produce a deficiency, and they may choose to sue the homeowner to collect said deficiency. However, instead of doing it immediately, they may wait a period of time until the homeowner has settled in and reestablished their financial situation following the sale. For some, this has the potential to be an unpleasant experience.

Our law firm understands the difficulties that can arise from these situations, and we work to negotiate with banks to avoid them. Conducting a short sale of a real estate property can naturally be a legally complicated procedure; an attorney's assistance may be well-advised when it comes to negotiating with the bank. It may be possible to minimize or eliminate entirely the risk of the bank choosing to sue you for the deficiency at a later date, but it may require some degree of mediation on the attorney's part.

If you would like additional information about this subject, please feel free to visit our page on real estate short sales. Our attorneys work hard to negotiate with banks to forgive deficiencies resulting from short sales. It may be possible to show the bank that the short sale would be in its best interest and thereby constitute a viable alternative to property foreclosure.

Source: Law offices of Daryl L. Jones, P.A., "Miami Short Sale Lawyers", December 31, 2014

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