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Thursday, December 16, 2010

Can I Sell My Own House as a Short Sale without a Real Estate Agent (FSBO Short Sale)?

Short sales – most everyone has heard the term by now - but just in case you are unfamiliar with the term here is a quick explanation.

A short sale is a situation when a home owner is selling their home for less than the mortgage money owed.   Short sales require the lender to approve any contract offer accepted by the seller.  The manner in which the seller’s bank addresses the difference between the sales price and mortgage is a matter between the two parties.

As a short sale seller, one can not walk away with any proceeds from the sale.  So, the cost of selling are absorbed by the lender.

So…why would a seller decide to FSBO sell their own short sale?

The seller could be attempting to minimize the difference between the selling price and the mortgage I suppose the seller could be trying to maximize the amount of money the lender receives.  

Would a seller be OK if they sold as a short sale FSBO?  Just a some folks are perfectly fine to sell their homes as a standard FSBO property I am sure they would just fine.  But why?

The short sale process is probably best left to experienced negotiators and support staff.  I have worked with title companies that negotiate as well as attorneys who represent the seller.

As a real estate agent I can do the marketing as well as guide you through the short sale process if a short sale in indeed your best consideration.

In Brevard County, Florida (or any other location as I have a network of contacts), call me at 321-693-3850 (or email me) to discuss your short sale options.  It could be a loan modification is the most appropriate course of action.

A couple of additional articles worth your time include "What does third party approval mean?" and  "Foreclosures are not the same as short sales."

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