Short sales in real estate does not always have to be a unpleasant transaction

There are many ways to lose a home but signing away the Deed in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest things to swallow. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. A couple of these options are “Loan Modification,” or “short sale” More than half of my sales in Tampabay area over the past few years have been short sales. That's how prominent short sales have become if and only if done properly. Another part of our business is now Loan Modifications which helps the borrow workout a lower monthly mortgage payment. We have now introduced online access to view the portal 24/7 for loan Modification clients. I recommend having a good negotiator on your team as well as a realtor who is investor savvy when doing short sales. When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Once lender has accepted offer they will agree in a form of an acceptance letter. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales. Please keep in mind nothing is guaranteed in real estate. If you are considering buying a short sale, there could be drawbacks if you are not familiar with the process. For your protection, I suggest that all borrowers: • Obtain legal advice from a competent real estate lawyer; I have great suggestion for the Tampa area. • Seek advise from a professional investor to help navigate you through the process. • Right to inspect property. • Make sure the property inspector has proper certificates