Property Solutions of Florida

A "Short Sale" occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release its lien securing the property upon receipt of less money than is actually owed.  It is a strategy that can help many homeowners avoid foreclosure and its damaging effects on their credit, as well as their emotional lives.  Think of it as a form of a pre-foreclosure sale, with the lender taking less than what is owed on the property to avoid taking it back in foreclosure. 

A property is a prospect for a short sale if what it can reasonably sell for, minus the cost of sale, exceeds the outstanding debts on the property, including all mortgages, mechanics liens, real estate tax liens, code enforcement liens, utility liens and unpaid HOA dues.  If the property is a non-homesteaded property, add involuntary liens, such as judgments, to the list of outstanding debts.