Tallahassee Short Sales

What is a Tallahassee Short Sale?

To begin, a short sale is when a property is offered and sold for less than its value in order to pay off a delinquent mortgage. Before this even becomes an option, the Florida homeowner must be in a distressed state, meaning they are behind in payments and may be facing a foreclosure. The owner of the potential Tallahassee short sale property must complete detailed documents, including a hardship letter, to prove the mortgage payments cannot be made. The home must also have been put on the market at full value and all attempts made to sell it. If these criteria are met, the lender may or may not approve a short sale, but if so a set price is established and the sales process continues and may take between 3 and 12 months.

Getting Ready for a Short Sale in Tallahassee, FL

If a lender agrees to a short sale in Florida, they are doing so in order to avoid having more Tallahassee REOs in their possession. The lender will sometimes agree to pay the seller’s required fees and commissions because banks are not in the business of being homeowners. In some cases, the Florida homeowner can walk away owing nothing, but they cannot walk away with any proceeds from the sale. From preparing for the short sale in Tallahassee, FL to the final sale, here are the steps:

Preparation:
• Your team at Coldwell Banker Hartung and Noblin will visit the property for an initial appointment where we will answer any questions on any of the documents involved in the entire short sale process.
• We will take photos to use in marketing the property and prepare a virtual tour.
• Working together, we will prepare a damage and repairs review, which will declare any issues with the property that need to be used in lender negotiations.

Marketing:
• We will list the property for sale on the Florida MLS.
• The marketing strategy will start in order to get your home sold before foreclosure can begin.
• We will help form a line of communication between the lender, you (the Tallahassee homeowner) and us (your Coldwell Banker real estate professional).
• We will show the property as much as possible and the asking price will be lowered every 15 days (on the 1st and 15th) until a feasible offer is received.
• Received offers will be given to you for review and signature and then we will submit them to the lender.

Lender Negotiation:
• If a viable offer is accepted and signed, a contract begins.
• The lender will require current copies of bank statements and paycheck stubs.
• Additional documents will be completed and returned in a timely manner.
• We will submit the Tallahassee Short Sale package and all required documentation to the lender where it will be accepted or rejected and the following will occur:
     o If an offer is accepted, the buyer will be informed that the closing can start.
     o The closing will be scheduled with a title company and the buyer can make any final inspections    during this time.
     o You will evacuate the property and leave it broom swept and completely empty, unless otherwise specified.
     o You will meet with the buyer at the title company to sign final documents and relinquish all keys and remotes.
     o As soon as the title is transferred the new owner takes over the property. The lender will issue a mortgage satisfaction and the document will be recorded in public records.
     o However, if the offer is rejected, the lender may make a counter offer and if it is accepted by buyer, the process will continue on. If the potential buyer does not accept the counter-offer, and no amount can be agreed upon, then the property will go back on the market to await a suitable buyer.

We Are Here to Help

If you are facing foreclosure in Tallahassee, FL and think that a short sale is a better option for you so your credit does not get as damaged, then give us a click or call. As Tallahassee REALTORS at Coldwell Banker Hattung and Noblin, Inc, we can help explain the short sale process to help you decide if this is the best option for you.

There are more and more Tallahassee foreclosure properties and if you don’t want your home to be included, then let’s start discussing the option of short sales in Tallahassee today.