Florida Foreclosure Alternative With Short Sales: How to Buy a Short Sale Property in Florida

In the Florida Foreclosure Process, a Homeowner’s options include a Deed-in-lieu, Mortgage modification,  and short sales.  Your Weston Florida Short Sale Attorneys are equipped to help you make the right decision.

The Law Office of Brian P. Kowal, PA can help you stop your Foreclosure and offer you guidance on your ownership options.

If you are seeking to scale down, move, or start afresh, we recommend you consider a short sale over foreclosure. This option applies for “underwater” homes, or homes that valued at less than the mortgage. If a Bank or Lender agrees to the sale, a borrower can sell the home for less than the amount due on the mortgage.

Short Sale in Florida

This includes hiring a Realtor and listing the property on the market for its current value. However, if the balance is more than the sales price, they will not have enough money at closing to pay the lender; hence, the sale is “short.”

Best Short Sale Attorney in Weston, FL

While you can negotiate a short sale without an attorney, a real estate lawyer will represent your current and future interests.

Because of the current backlogs, banks are willing to allow a short sale, often without a deficiency. In some instances, the bank offers you money.  For example, they may give as much as $10,000 depending if they agree to the sale.  Homeowners can use that money to cover moving costs or down payment at a more affordable home.

In order to complete the process,  they should hire an experienced short sale processor or lawyer in short sales to work with their bank. Our Lawyers are experienced in Florida Real Estate Law, including short sales.

Through past dealings with banks, our Foreclosure Defense Lawyers will sort through the factors that the bank will consider including the appraised value of the home; the homeowner’s hardship and income; the equity the bank would obtain at a foreclosure sale; and the cost they would incur if they have to “carry the property” after the sale.

The significant thing to note for Florida short sales is that if they can’t show financial hardship, they may have to bring the cash to closing. As a result,  they are the one making up the difference. However, once the home is sold, it’s sold. The Homeowner is done with the lender, and the bank is done with the homeowner.