Short Sale Basics

Short Sale Basics
Thinking about a pre-foreclosure or short sale in Tampa? Many homeowners and lenders will work together to offer homes for under market value in order to avoid foreclosure. While Bank Owned Homes (REOs) have already been repossessed by the bank, short sales are still in possession of a homeowner who is likely underwater and behind on payments. In order to “sell short”, an owner must present a contract from a buyer and a detailed financial disclosure to their lender, who may agree to allow the home to be sold for less than the outstanding loan balance.

Buying a Short Sale
As Certified Distressed property Experts (CDPEs), Team Bohanon Realtors have special training and strategies to help you obtain the best possible value on a short sale while increasing the chances of successful closure. Don’t waste months waiting for an answer because an inexperienced agent did n! ot ask the right questions or manage the process correctly. Here are a few ideas from our recent experiences:

Selling a Short Sale
Owe more than your home is worth? Struggling with rising payments? Facing unforeseen circumstances? You are not alone. Thousands of Tampa homeowners are facing tough choices every day. Now more than ever, there are some steps you can take to avoid foreclosure. You have ! options. Make sure to investigate the The Home Affordable Refinance Program , The Home Affordable Modification Program , and the HOPE NOW initiative . Other useful links include: Fannie Mae Loan Lookup , and Freddie Mac Loan Lookup .

As Certified Distressed property Experts (CDPEs), Team Bohanon has special training, systems and strategies to help you through this process. The CDPE website has some great info including:

Contact TeamBohannon to discuss pros and cons of doing a short sale; and the differences between a short sale and a foreclosure. Here are some thoughts from our blog: