What is a Short Sale?

Posted on by FletcherSales Realty

We at FletcherSales hear that question everyday.  A Short Sale is a workout situation where a borrow is in default under the terms of a promissory note and mortgage and the lender is willing to accept a payoff amount less than the balance due on the mortgage in lieu of pursuing judicial foreclosure and sale of the real property. 

Many sellers in the Destin and Sandestin area are having to adjust their price to compete with comparable sales. This price adjustment means that the “net” sales price is not enough to pay off the mortgage.  All sellers are not behind on their mortgage payments that are listed as short sales. The key to a successful short sale is to demonstrate to the lender that they are better off with this sale, than to continue to a foreclosure and sale of the real property. Short sales take time, expect a response from the lender in no less than 45 days.

Call or e-mail for more  information on short sale opportunities in Fort Walton Beach, Okaloosa Island, Niceville, Bluewater Bay, Destin and Sandestin.

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