Barbara Anderson Real Estate Short Sales

Paradise Real Estate
521 Simonton Street, KW
305-294-6008 office
305-896-8821 cell
305-768-0536 fax

buyers beware....

When purchasing a short sale or foreclosure there may be some additional cost which are not typical buyer cost.

Such as additional commission, negotiation fee and the potential of more cash at closing to remove one or more of the deficits or to satisfy the banks demand.

What is a Short Sale?
A short sale is a sale of real estate in which the property owner falls short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

How do I apply for Short Sale consideration?

The property should be listed with a licensed realtor/real estate agent at fair market value. Fair market value is most accurately determined with a real estate appraisal.

Once you receive an offer on your property the following documents should be submitted:

Documents Required (click for a printable page)
Please remember to put your last four SS#'s and Loan # on each sheet of paper. Signed hardship letter explaining what caused you to fall behind in your mortgage payments.

My loan is already in Foreclosure, can I still apply for a Short Sale?
Yes, you may still list your property on the market in efforts to gain a Short Sale Offer prior to, and up until, 2-3 weeks of a scheduled foreclosure sale. The existence of a short sale offer does not guarantee that the foreclosure process will be held or delayed.

My property is secured by two liens am I still eligible for a Short Sale?

Yes, however, you will be required to retain short sale approval for each loan that has a lien secured by this property.

LEGAL NOTICES:
All properties listed are not necessarily listed by the above broker. This information is deemed reliable, but not guaranteed. Data is provided exclusively for the personal , non-commercial use of site visitors, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.