Selling Poinciana One Property at a Time.: June 2011

Common Questions About Florida Short Sales- Answered

Florida Real Estate Broker

Does it matter how much I have in my bank accounts? It is what it is.


If I have money, is it better to transfer or withdraw it? You do not want to hide assets from the lender. It's fraud


I just sold a show car for 41k that is now in my account.  Is this going to hurt me? If you have a substantial amount of money available the lender may ask for some kind of a cash contribution. I just had a seller agree to bring $20,000 to closing. He makes $40,000 a month and has well over $500,000 in the bank. Lenders take a lot into consideration when making their decisions.


Having less than $50,000 in the bank is not really a big deal. Whatever they ask for (if anything) it's negotiable. The problem is that we don't know until we go through the process. If what they want is unreasonable and we aren't able to negotiate an agreeable settlement then you do not have to go through with a short sale. However, being foreclosed on is never a better situation as Florida is a deficiency state and they can come after you.


Does it matter how much I have in retirement? They can't touch your 401K or other retirement accounts. Please consult with a CPA and attorney.

 

How long do short sales normally take? Normally 45-60 days to find a buyer. 3-5 months to get approval and close. Minimum 6 month process

 

Do I have to pay 6% to agent? Yes. But it comes from the proceeds of the sale. It does not come out of your pocket. All selling expenses including the commission come from the money the buyer is bringing to closing to purchase the property.

 

Do I need to pay the buyer's closing costs? They may ask for some. Your lender will normally allow a 3% contribution. But again this comes out of the proceeds of the sale not your pocket.

 

Do I need an attorney? I always suggest folks seek legal advice from a competent short sale attorney. The one I suggest for Florida Short Sales is Richard Zaretsky.

Do YOU have any questions?

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comment balloon 10 commentsBryant Tutas • June 10 2011 07:08AM
Common Questions About Florida Short Sales- Answered
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