 |
|||
|
Community Tour |
| Sign-up for a Tour! |
Information |
| Send Me Information |
For Sale Inventory |
| Homes For Sale |
| Homes Short Sale |
| Search Foreclosures |
| Search MLS |
Search Open House |
| Open House |
For Rent Inventory |
| Homes For Rent |
| Renter's Insurance |
For Buyers |
| Buyer's Resources |
| Dream Home Finder |
| Search MLS |
| Home Inspection |
| Home Warranty |
| Florida Relocation |
| Property Taxes |
| Tax Estimator |
| Insurance Quote |
| Buy A Short Sale |
| Map Home Search |
| Book Travel |
For Sellers |
| Seller's Resource |
| Market Analysis |
| Short Sale Inquiry |
| Our Commitment |
| Outbound Relocation |
| Sold Homes Report |
Book Your Tour |
| Florida Package |
| Costa Rica Package |
| Book Travel |
Real Estate Articles |
| For Buyers |
| For Sellers |
| Homeowners |
Mortgage Info |
| Mortgage Calculator |
| Mortgage Rates |
| Loan Quote |
| Get Pre-Approved |
| Mortgage Articles |
| Lending Sources |
| Financing Terms |
Looking For A Job? |
| Jobs Opportunity |
| Senior Care Living |
| Workforce50.com |
| Retired Brains |
REALTORS |
| Referral Network |
| Real Estate Career |
| Real Estate School |
| Guest Bloggers |
About |
| Contact Us |
| Testimonials |
| About Us |
| Our Blog |
| About Florida |
| Se Habla Espaņol |
| Why Use A REALTORŪ |
| North Florida Homes |
| Privacy Policy |
| Florida New Developments |
Featured 55+ (55 Plus) Senior Active Golf & Tennis Community!
What is a “short sale?” A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference. Who do you contact first? Seller must contact a qualify Real Estate office specializing in short sale negotiations. Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process. How do I get the lender to reduce the amount of the mortgage owed? Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value. Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution. What if the lender won’t reduce the amount of the mortgage? Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go. Are there any tax implications for the forgiveness of debt? The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1. What is Necessary from a Successful Short Sale Negotiator?
Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process. Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review. Our legal assistant will not collect a retainer fee for services. Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval. Your lender is contacted weekly for updates and make sure positive progress is being made on the file. Please feel to contact our office with any questions or concerns regarding our short sale process. For Legal Advice Contact: Attorney Bonnie A. Brown (complete form below) For a Real Estate Professional Contact: Bold Real Estate Group, Inc. (complete form below)
|
.jpg)
