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Short sales in Florida

If you are faced with the need to sell a home that is valued below the amount owed on it, you may be challenged in finding a buyer. However, a short sale may be a viable solution for your situation, enabling you to sell the home for a lesser amount. Because this situation doesn't satisfy your outstanding mortgage, it can be a bit complex and risky.

Because a short sale can result in a loss for the bank that holds your mortgage, this isn't typically a desirable solution for the lender. However, effective legal representation may make a difference in your bank's outloook as the alternatives are presented. For example, a foreclosure could leave your bank with a property that is difficult to sell for the amount owed. Additionally, foreclosure proceedings can take several months. A property that is vacated due to a seller's need to move could deteriorate because of vandalism or lack of care, adding to the bank's challenge in later selling to recover its interests.

An additional area of caution as you consider a short sale is addressing the deficiency that your bank will suffer by accepting less than is owed. If your sale is mishandled, your bank could retain the right to recover that amount in the future. In some cases, financial institutions will delay such action to ensure that there are funds available to satisfy that obligation. Careful handling of your short sale should guard against this situation as an agreement to forgive the deficiency is secured.

If you are experiencing difficulties in selling your home because of market changes or other factors, it may be prudent to discuss the possibility of a short sale with one of our experienced attorneys. You can learn more about the process and your options as you review our deficiency protection page.

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