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A short sale is a sale of real estate in which the sale proceeds fall 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 current debtor. 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. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem. Banks will incur a smaller financial loss than foreclosure or continued non-payment would entail. Borrowers are able to mitigate damage to their credit history, and partially control the debt. A short sale is typically faster and less expensive than a foreclosure. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
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FLORIDA KEYS SHORT SALES
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Florida Keys Short Sales is a website dedicated to help people find the best deals on real estate in the Florida Keys. The current market of distress foreclosure sales and Florida Keys short sales offer many opportunities in both residential Florida Keys foreclosures and commercial Florida Keys foreclosure properties. Todays real estate market is definitely a buyer's market and the perfect opportunity to find the home of your dreams or the commercial property to help your Florida Keys business thrive. The Florida Keys is a true paradise. I will be listing featured Florida Keys Short Sales on this site. You can also see all of my Florida Keys listings and do a property search of the Florida Keys at www.floridakeysislandhome.com. Check back often! If you are in the market for purchasing or selling a property in the Florida Keys feel free to contact me with any questions you may have.
Claudette Mell , PA