How to Avoid Foreclosure by Doing a Short Sale

Published October 19th, 2020

If you you are in pre-foreclosure and you do not have any equity left in the home and your bank is not approving you for some type of restructuring on your mortgage and/or a payment plan, then a Short Sale is the best way to go!

A simple definition of a Short Sale is when a buyer makes an offer to your bank to buy the property, typically in all cash, for less than what is owed on your mortgage.

Again, if your home does not have equity and is in need of repairs, the property would not be worth the balance of your loan. For example, the outstanding balance on your South Florida home could be $250,000 but the home in it’s current condition is only worth $175,000.

It’s important to remember that every day that goes by that your mortgage is in default, the more equity you are losing.

Everyday lates fees, penalties, interest and even the bank’s attorney’s fees are adding up and taking away from the equity already in your house.

A lot of times homeowners will start the pre-foreclosure process with equity in their home, however, as they fight the case and more time passes, all of that equity vanishes.


Let’s get into some of the benefits of a Short Sale

  • Avoid foreclosure and avoid having it on your record

  • Minimally effects credit score (only lowers by about 50 - 70 points)

  • Full waiver of deficiency - you will owe nothing and the bank will not come after you

  • You can live in your home during the Short Sale process and not have to pay your mortgage (the Short Sale process usually takes between 4-6 months)

  • You do not have to make repairs or clean the property

  • You might be able to qualify for relocation assistance if your bank offers it


How can you get a Short Sale started for your South Florida home?

Short Sales can be a little complicated and it’s highly recommended you get a specialist to guide you through the process.

Luckily for you, Short Sales is one of our areas of expertise and we have a full team in place to help. In fact, we have a 99% success rate in getting Short Sales approved!

Even more, we do not charge any of the homeowners that we help, so you’ll be able to get your Short Sale done free of charge when you work with us! We’ll be by your side from start to finish while keeping all of your personal information private and confidential.

Get in contact with us today and see if a Short Sale is right for you!