Florida short sales may sound attractive to Florida home buyers these days but they can also be a trap if not researched correctly. Many real estate agents advertise short sales in Florida at extremely low prices with relation to the mortgage debt owed. This can be helpful to a buyer. It can also be a trap. Let me explain.
When the Florida short sale is listed for a price that is 'subject to lender approval', the short sale price may look great, but bear in mind the short sale lender must approve the short sale for it to close. Many real estate agents and sellers alike list short sales in Florida for a much reduced price and do not obtain the lenders approval for this price. Furthermore, when a short sale buyer writes a contract to purchase the Florida short sale, then the waiting game begins.
Avoiding the Florida deficiency judgment in a short sale is always helpful. There will be future articles regarding the deficiecny judgments in Floirda mortgage loans that foreclose.
These are just a few of the concerns to keep in mind when dealing with Florida short sales. The best type of Florida short sales are the ones that have been approved by the short sale lender in advance. These are short sales in Florida that can close quickly.
Florida Short Sales Approved or Preapproved Short Sale