Want to List Your Home as Short Sale?

14 Jul

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations.  Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value.  Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.

What is Necessary from a Successful Short Sale Negotiator?

  • Sophisticated financial knowledge
  • Understand the lender’s language
  • Reliable – a company with name to protect
  • Time, time and more time
  • Accurate paperwork
  • Experience
  • Legal knowledge
  • Negotiation skills
  • Strong supportive administration
  • Capability to handle high volume
  • Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process.  Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review.  Our legal assistant will not collect a retainer fee for services.  Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval.  Your lender is contacted weekly for updates and make sure positive progress is being made on the file.  Please feel to contact our office with any questions or concerns regarding our short sale process.

For Legal Advice Contact: Attorney Bonnie A. Brown

For a Real Estate Professional Contact: Bold Real Estate Group, Inc.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

View thousands of listings  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com


One Response to “Want to List Your Home as Short Sale?”


  1. Upper Westside Neighborhood — Synopsis & Price at Today Real Estate Market « Diana Wu — diana.wu@elliman.com - July 15, 2011

    […] Want to List Your Home as Short Sale? (cascadesatstluciewestblog.wordpress.com) […]

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