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Considering a Short Sale?

Below are some commonly asked questions concerning the short sale process.

What is a short sale?

A short sale is the sale of real estate in which the proceeds from selling the property fall short of the amount owed by the seller. The need for a short sale is typically the result of a decrease in property value, followed by a hardship experienced by the property owner who is no longer able to pay their mortgage. This hardship is what determines a lien holder's decision on whether to release the property owner from the mortgage or debt they owe on the property. While a short sale is often an alternative to foreclosure, the repercussions can be similar and no two short sales will ever be the same. A homeowner considering a short sale is highly recommended to seek advice from a practicing real estate attorney for all of their options.

Does Price Matter in a short sale?

A common misconception in the short sale process is that price is irrelevant to the seller. What a homeowner contemplating a short sale is not being told is that price DOES matter. A higher offer on a short sale can often assist in a more positive outcome for the seller. Higher price can equal a lesser chance of deficiency tied to the seller in the future. It can also reduce the possibility of a cash contribution from the seller due at closing. At Brec Properties, we specialize in online marketing, search engine optimization, and professional photography which maximize the visibility of our listings and reach thousands of buyers worldwide. These marketing techniques can often help sellers attain higher offer their homes.

Brec Properties, Inc.
201 E. Pine Street Suite 315 • Orlando, FL 32801
Direct: (352)636-0535 • Office: (407)374-9408
Fax: (888)241-8520