What is a short sale?
A short sale is the sale of property at a price that provides net proceeds to the lender in an amount less than what is owed to them. The difference in what is owed to the bank and their net proceeds from the sale is referred to as the deficiency balance. Sometimes lenders will forgive the deficiency balance or a portion of the balance. Depending on the sellers’ ability to pay, the lender might require a cash contribution at closing. Other times they will expect to settle the remaining debt after the short sale closes.
What should I do if I am considering a short sale?
Call Rushing Law Firm at 850-534-0123! We will be happy to provide you with an overview of the process and answer any questions specific to your situation and to your lender. In addition, we always recommend that our clients consult with their tax adviser concerning any tax implications prior to beginning the short sale process.
Who can negotiate a short sale?
Florida Statutes allow licensed Florida attorneys and licensed Florida mortgage brokers to facilitate short sale approvals for their clients. Licensed Florida Real Estate Agents may also facilitate short sales provided that they do not charge a fee above and beyond their normal commission. Rushing Law Firm can assist you with obtaining a short sale approval from your lender under the direction of Attorney Susan Rushing.
What service does Rushing Law Firm provide to the parties involved with a short sale?
First and foremost, Rushing Law Firm is retained by the seller. Our goal is to negotiate a short sale approval that best fits the seller’s financial position and intentions. We work closely with the lender to present timely and accurate Settlement Statements throughout the short sale process. We also depend heavily on our team of Listing and Selling Agents to gather all the information needed to present the offer to the lender. Once the offer documents have been submitted to the short sale lender, Rushing Law Firm provides weekly updates to the client, Listing Agent and Selling Agent. When short sale approval is granted, Attorney Susan Rushing and staff carefully review the terms of settlement set forth by the lender.