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Old 08-15-2011, 03:21 PM
Location: Sarasota/ Bradenton - University Pkwy area
4,319 posts, read 6,679,691 times
Reputation: 5407


Originally Posted by tlb712 View Post
Thank you everyone for your help. We are trying to sell.


First, Have you contacted your lender yet about your options? That should be your initial step. Some lenders are now being more cooperative about doing loan modifications if you prefer to try to stay in your home.

Your lender may also be willing to do a deed in lieu of foreclosure or may be offering a cash for keys program. I would ask.

Second, do you have more than one lender or lien on the home? That can make things more complicated in a short sale as your other lien holders must also agree to cooperate for a short sale to work.

Third, are you owner occupying the home or is it a 2nd home or rental? If it is not your primary residence, there can be tax consequences of a short sale that you should consider up front. Lenders are also more likely to refuse to waive the right to file a deficiency judgment against you if the property is investor owned. You'll want to know the consequences before doing a short sale under these circumstances.

The answers to the above questions are important in determining if a short sale is a good option for you.

Where is your property located? Sarasota?

You should also want to consider having a local real estate attorney act as your professional negotiator in the process. You would still list the property for sale through a Realtor, but the attorney would handle the actual negotiations with your lender(s). These transactions tend to be more successful and buyers have more confidence in making an offer when a professional negotiator is involved. The negotiator fees are typically worked into the sales transaction so that you as the seller pay little or nothing out of pocket for the services. The lawyer will also review all documentation and make sure your lender(s) don't leave open for themselves the right to go after you later, after closing, for a deficiency judgment for the balance they "forgave." I know several local lawyers that have good track records on handling short sales in the Sarasota area, but 2 in particular have provided stellar service for customers of mine and several other agents I know that handle short sales. If you send me a DM I can give you their contact info.

Whether you decide to use a lawyer as your professional negotiator or not, you should still consult a real estate attorney that handles short sales to seek legal counsel before you attempt a short sale on your home due to the complicated nature of a short sale and potential legal & tax consequences for you.

Due to the high volume of short sales and REOs in our local real estate market, most of the Realtors in our area have handled either the sale or purchase of short sales over the past few years, including myself. I suggest you seek out an agent that not only has previous experience in short sales, but one that also has the SFR designation, which stands for Short Sales & Foreclosure Resource certification. It is the only distressed property certification for real estate professionals recognized and endorsed by the National Association of Realtors. NAR does have a SFR web site where you can access information on qualified agents, but I'm not sure if I'm allowed to post that here.

If you decide a short sale is your best option, I suggest you interview several Realtors who are familiar with and work within your location, ask about their short sale experience and training in short sales. You should also consider how well you think you will be able to communicate with the agent as a successful short sale requires good communication between the sellers and their agent.
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