Short Sale: when the net proceeds are not enough to cover the mortgage balance and selling costs.

In Florida the number of sellers going through financial difficulties is on the rise in all price brackets. Owners with adjustable rate mortgages (ARMs) or interest-only mortgages are finding it difficult to keep up with today’s higher monthly payments. Skyrocketing foreclosure rates in Florida and the rest of the US signal the gravity of the situation.

Combined with a decline in values over the past few years some sellers have little or no equity in their properties—often called an “upside-down” situation.

For example, if an owner who paid $200,000 for a home in 2006 using a $20,000 down payment, they would have little to no equity if the current market value were $180,000. It’s not only people having trouble with mortgage payments that are affected. You may have someone who bought with 100 percent financing when the market peaked, but because of a job transfer, they’re forced to sell and they find themselves owing more than the properties market value.

I have helped many sellers in need of a short sale who were in a variety of different situations, call me and I help you too.

Request an evaluation for short sale