Short Sales in Central Florida
Short sales in Central Florida is a property that is being sold for less money than the mortgage that is owed on the property .
The owner/seller is still in possession of the property, but the bank who is the lien holder has to approve the sale and the short pay off. So even though the bank does NOT own the property, they are in control of what the price and terms will be on these short sales in Central Florida. Without the banks approval there can be no short sale, and sometimes there is more than one bank involved, because there is more than one loan on the property.
These Short Sales in Central Florida have a listed price but just a “guess” and typically not an agreed upon price by the bank. If there is more than one lender involved, all the banks need to agree to take a short payoff.
Short sales in Central Florida are typically a long process with no control of the outcome, so short sales are not for someone that needs a property now, has limited funds for “extra’s” or expects the bank to be reasonable.
Here are some common problems with short sales in Central Florida:
- It may take several months to get the bank to respond
- the bank might never respond to the short sale offer
- the property may go into foreclosure while you wait for an answer
- the banks may ask for more money than the full listed price, or more than the value of the short sale property
- the seller may become uncooperative or file bankruptcy
- the bank may first agree to terms and then change their mind