You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. It also has valuale tips whether you are buying, selling, or experiencing financial hardships. We want to give you helpful information before you take any action, or avoid action altogether. Please reach out if you have any questions at all. We’d love to talk with you!
Why does my short sale need so many approvals?
Depending on the loan, a short sale can require approval from the loan servicer, the investor that owns the loan, a government insurer such as FHA, VA, Fannie Mae, or Freddie Mac, and any junior lienholders like a second mortgage or HOA lien. Each layer reviews independently.
Who decides the price in a short sale — me or the bank?
The lender, and in many cases the investor that actually owns the loan, makes the final decision on price and terms, not the seller and not the listing agent. The lender bases its decision on its own valuation of the property.
How long does a short sale actually take?
Most short sales take three to ten weeks for lender approval once a fully signed contract and complete short sale package are submitted. The full transaction timeline often runs longer depending on the loan type and how many lienholders are involved.
Why would my bank let me sell my house for less than I owe?
Lenders compare the cost of a short sale to the cost of completing a foreclosure and reselling the property, and a short sale is frequently the cheaper, faster option. Foreclosure carries legal costs, vacancy risk, and resale time that erode the lender's recovery.
What is the difference between a short sale and a foreclosure in Florida?
A short sale is directed by the homeowner, working with the lender, who controls the timeline and the outcome. A foreclosure in Florida goes through circuit court, is directed by the lender and the judge, and becomes part of the public record.
What is a short sale, exactly?
A short sale is the sale of a home for less than the total amount owed on the mortgage, approved in advance by the lender, as an alternative to foreclosure. The lender agrees to accept the proceeds as a settlement even though it's less than the full balance.
