Miami Beach

Short Sale Basics

What is it?

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Example

If the unpaid balance of a loan is, say, $100,000 and a property sells for $90,000, under a short sale the lender might accept $90,000 as payment in full.

Why should I consider a short sale?

forclosure

Short sales make up a significant share of total home sales. According to the Florida Association of Realtors, the South Florida real estate market is being fueled by them, with over 60% of all recent sales consisting of foreclosures and short sales. This situation represents a unique opportunity for buyers to obtain property at a tremendous value, but the process of completing a short sale or buying a foreclosed property can be confusing and are more time consuming than foreclosures since they usually require bank approval.

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