Introduction

Short sales of real estate are a tool used by sellers when the proceeds from the sale of their house are not sufficient to pay off existing debt.  Used correctly, they help a seller avoid a deficiency judgment and avoid a damaging public record on their credit history. 

Short sales are part of a larger process and although they are becoming more common, they may not be for everyone.  We'll cover the steps involved in a short sale - the benefits and the traps.

Being faced with losing your home can be frightening and overwhelming.  It's easy to put off addressing the problems.  Unfortunately, if you wait until the bank starts foreclosure proceedings, it may be too late to do anything. You need to act just as soon as you know you have a problem - either being behind in payments or finding out your house sale can't pay off the debt.

Your options include:

• Refinancing.  Although this may be difficult or impractical if your credit rating has already been damaged

• Negotiating with the bank to allow you to sell your house with the bank accepting the sales proceeds in full payment of your debt - a Short Sale

• Walking away and giving the bank title to your home in exchange for the existing mortgage - a Deed in Lieu of Foreclosure

• Digging in, staying put, waiting for the bank to get legal title to your house and the arrival of the Sheriff to evict you - a Foreclosure

We'll take a look at all of these possible options.

You'll see that a short sale may be an attractive option for many folks.  However, it requires some hard work and organization.  You'll need to assemble a team - you, a Realtor and an attorney.  In certain situations, you may need to consult with a bankruptcy specialist and a tax adviser.

About the web site and the authors

As Realtors in Jacksonville, Florida we work with a broad range of buyers and sellers.  Recently, we've been dealing with a lot of sellers who are having problems making their potential sale work out.

With the sub-prime mortgage crisis and the resulting fall-out, we've found ourselves dealing with more sellers who cannot sell their homes for enough to pay off their mortgage. 

Many homeowners are finding that those adjustable rate mortgages that looked so attractive a few years ago - will be more than they can afford after the interest rate resets.  However, they can't sell because their home has more debt than the potential sales proceeds.

Because of this, we've published this web-site to answer questions and provide information about the sale of troubled real estate. 

Short sales are part of a package of tools and options available to sellers when the anticipated sales proceeds will not be enough to pay off the mortgage.

Thanks for visiting our web-site.

Russ and Betty Meyers

About us

Russ and Betty Meyers are full-time Realtors working as a team with Distinguished Realty.  They serve the Jacksonville, St. Johns County and Clay County areas.

Russ is a retired Certified Public Accountant with over 30 years of audit, tax, consulting and financial statement experience.  During that time some of his largest clients were in the banking, mortgage, real estate and development fields.

Russ continues his accounting involvement as an Adjunct Professor at Florida Community College, Jacksonville where he teaches accounting and taxation.

Betty is a retired middle and high school English teacher with over 30 years of classroom experience. With her communication and people skills, she is a true asset to the team.

Take a look at these web sites to find out more!

www.meyersjax.com

www.distinguishedrealtyco.com