Short Sale

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300 E. Highway 50                       37 N. Orange Avenue, 5th Floor     Free Consultation!
Clermont, FL 34711                     Orlando, FL 32801
Telephone: (352) 394-1178          Telephone: (407) 279-3633

Toll Free (855) 558-4578

Is A Short Sale Right For Me?
In Clermont, Lake County, and the entire Central Florida area, the turbulent real estate market has caused many clients to face financial difficulties, and ask whether a short sale would be right for them.  Be aware that this is a much more complex issue than you may have been led to believe.  In some circumstances, a short sale may be the best course of action, but many times you may suffer consequences which put you in a worst position than when you started.  Before deciding on a Short Sale, contact the short sale lawyers at The Reed Law Firm to explore all of your legal options.

What Is A Short Sale?
A short sale is where you sell your home for less that the amount of debt you owe on it.  For example, your mortgage is $200,000, but you sell your home for $150.000.

How Does A Short Sale Work?
The process is similar to a regular home sale; the primary difference being that you, or your representative, will negotiate how much you will owe the bank after the closing. Many times, we have negotiated with the lender so that no further funds are due after the closing. The amount owed and the terms agreed upon by you and the bank for payback will be formalized in a contract.  If you have a second mortgage receiving less than full payment, the rights of the second mortgage holder must also be addressed in this contract. 

Can't My Real Estate Agent Negotiate With The Lender?
Please understand your real estate adviser is not a trained legal professional and may not understand the legal consequences of the terms of the contract.  The contract agreed to before the sale defines what benefit you hope to receive from the short sale.  The short sale attorneys at The Reed Law Firm can help negotiate your interests in the formation of the short sale contract.  It is important to obtain legal advice at the beginning of this transaction.  Frequently clients wait until after the contract is signed to contact an attorney, when the terms are unable to be altered.  
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