Shortsales, Foreclosure Houses, Pre-foreclosure Homes, Townhouses, Condominiums Luxury Property in South Florida
Florida has one of the highest foreclosure rates in the nation, so don't feel like you're alone. A Florida short sale may be the best way to keep your credit relatively intact (or from getting worse) for future purchases and can usually help you exit from a property without having to pay anything if you get the bank to accept payment in full without pursuit of a deficiency judgment.
Typically, a short sale is conducted to prevent a bank from having to foreclose on a home. Although the lender may ultimately collect less than the amount owed on the mortgage, they will save money by not having to pay attorney's fees, go through an eviction process, make repairs to the home so it is marketable, or have the expense of keeping real estate in inventory.
Short sales can be very tricky and time consuming and need to be negotiated well ahead of time with the lender.