Tips for selling your home as a short sale in the Tampa Bay Area:
What is a short sale? In basic terms, a short sale in real estate is selling your home for less than what you owe the mortgage company. This is often defined by the term being ‘Underwater’
In order to qualify, you’ll need to answer the following questions:
- Are you in a financial hardship situation? For instance, have you gotten a divorce or lost your job and had a significant loss of income?
- If so, and you can provide financial documentation justifying that you can no longer pay the mortgage, you may qualify. If you are self-employed you’ll have to provide a profit and loss statement to the bank as well.
- Are you underwater? In today’s real estate market, can you sell the house for what you owe the bank? If you aren’t sure, just ask a Realtor who handles short sales to run comparable sales for the prior 6 months; also known as a Comparable Market Analysis (CMA).
- Have you stopped paying your mortgage?
Who pays Realtor commissions?
The bank will pay Realtor’s commissions, back taxes, delinquent HOA fees and closing costs that would be associated with a typical transaction.
Underwater Photo Courtesy of Steven Fage
How long will it take before I can buy another house after doing a short sale?
Even if your credit score is within lending guidelines, as it stands now, you won’t be qualified to purchase another home for 2-3 years.
Get Advice From A Listing Agent Who Specializes in Short Sales Before You Start The Process.
You may also want to read:
The INSIDE SCOOP on Short Sales-Tampa Bay Statistics, How a Short Sale Works and more..
Prudential Tropical Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.