Stephanie Ga…, Home Buyer in Florida

I recently purchased a home with my fiancee. I have a condo in my name that I owe 106,000. The shortsales are going for around 65000 to 75000.

Asked by Stephanie Gacki, Florida Sun Oct 3, 2010

I have renters in currently but the rent does not cover the full amount I pay each month. I really just want to have it out of my name. Can anyone help me to understand if a shortsale is possible? The loan is through wells fargo (only loan on property). I guess my concern is how to prove hardship if my fiancee and I just closed on a new home.

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9
Dane Hahn, , 34223
Mon Oct 4, 2010
Depending on your location my company will buy your property in a short sale. We'll handle the negotiations with your bank, and with luck and if the stars are in alignment, you will walk away from the deal without owing any more money.

Dane Hahn
Tarpon Coast Realty
0 votes
Keith Sorem, Agent, Glendale, CA
Sun Oct 3, 2010
The primary reason a lender will prove a short sale is if you can prove hardship. Generally you need to be able to prove that you are insolvent. That means incapable of paying your bills.

It does not sound to me as though this is the case. Just because you are underwater does not mean that the lender will approve a short sale.

Personally, I think you should stick it out like most of us.

Let me ask you this: If you were UP by the same amount you are DOWN, would you want to give the money to the lender? Of course not.

Take the tax write off and in the long term you'll be fine.

Of course, don't take my word for it. Contact a Realtor with short sale experience and ask them.

Good luck.
0 votes
Hickory & Do…, Agent, Jacksonville, FL
Sun Oct 3, 2010
You need to discuss this with a reputable realtor who does short sales..........and........who works with an attorney to expedite them............Hardship CAN be proved, if it exists.........the real estate attorney will explain this to you. It is not possible to know all the details from your question.....please contact us.......or another experience realtor for advice. Good Luck....Donna Delegal, "The Real Estate Lady"..Oceanside Realty... startpacking@comcast.net
0 votes
Thomas Drakos, , Jacksonville, FL
Sun Oct 3, 2010
Find a realtor that gives a short to the point answer to the question and forget all the self righteous people that
0 votes
Howard Flasc…, Agent, St Johns, FL
Sun Oct 3, 2010
As has been pointed out by some other people the variables and facets are far too involved to make a blanket statement as to whether or not a shortsale is going to be accepted by the bank. Each case is different and there are many things that go into it. I would be wary of anyone who makes a statement to the contrary. You need someone who specializes in handling these negotiations and who'll be honest in assessing your situation. I see some below said they specialize so that's good. We do too over at Round Table Realty and can be reach at 469-7653. My email is also on my profile. Just remember to partner with a Realtor that can talk to you about strategy after hearing your gameplan... Remember, they/we/I work for you.
0 votes
Thomas Drakos, , Jacksonville, FL
Sun Oct 3, 2010
You don't need to show a hardship in a short sale. Your credit will tale a hit when you sell it as a short sale and you'll sign a document that let's you know you will be responsible for the difference of what you owe and what you sell for, however I have never heard of a lender going after anybody that sold as a short sale.
0 votes
Stephanie Ga…, Home Buyer, Florida
Sun Oct 3, 2010
Sail Cove Jax fl. 32246 It is near the towncenter on the southside of town they were condo conversions that were selling right before the market crashed.
0 votes
Helena Norden, Agent, Ponte Vedra Beach, FL
Sun Oct 3, 2010
Hi Stephanie,
I specialize in short sale listings and I have a couple of condos on the market right now where I'm negotiating short sales for home owners that have recently bought a house. If you give me a call at 904-868-8219 or e-mail at helenanorden@gmail.com I will be more than happy to share somet information with you on what you ned to think about and how the process works.
Best,
Helena Norden
0 votes
Lynn Brier-De…, Agent, Jacksonville, FL
Sun Oct 3, 2010
Hi Stephanie,

Where is the condo?

Lynn Brier-De La Cruz, REALTOR, LMC
904-343-8586
0 votes
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