Are you in hardship and need to sell your property?

Allow us to handle your sale and approval from the bank. We have a team specialized in Short Sales.

Call us for a free consultation at (954) 559-2386 /3675 or send us an email

                   Understanding Short Sales and Foreclosure

Short Sale:

·        Is when the property worth less than the amount owed to the Bank or lender.

·        Seller decides price for listing based on a brokers price opinion.

·        Seller must get a contract to the bank before 90 days of missing payments. Usually at 90 days banks files a Notice of Default ( NOD)  and court starts the foreclosure process.

·        Seller must prove hardship and inability to continue to pay in the very short future

·        Seller presents the bank with a contract contingent to the bank’s approval and submit prove of the hardship with support documents.

·        Loss mitigation departments take care of these processes inside the bank and they require sometime to approve and get the approval from investors linked to that mortgage.

·        Bank send letter of approval with conditions to the Seller.

·        With the approval, the bank may require that Seller sign a promissory note for the difference between the sales proceeds and the current debt with the bank.

·        The date of Bank approval is the sales contract effective date and usually closes in 30-45 days.

Foreclosure:

·        After 90 days of missing payments (usually), the Bank trustee (lawyer) files a “notice of Default” (NOD) and Bank informs borrower of a 90 days of reinstatement period

·        After the 90 days of reinstatement, a court order of foreclosure is issued and specifies how the foreclosure must take place and in which terms.

·        The Bank issues a “notice of sale” and put that notice in the house and publishes for 3 weeks in a newspaper in the County of the property.

·        Usually 30 days after the notice of sale, is the date of the sale at the courthouse and the Bank Trustee set the opening bid which usually includes the amount owed and all fees related to the cost of the foreclosure process. If the bid does not go over of the opening bid, then the property goes to the lender and becomes a REO (Real Estate Owned or Bank Owned)

·        The lender may sue to obtain a deficiency judgment in Florida

·        The borrower has the right of redemption all the way until the bid day

·        There is a period of time after the sale when the court reviews the sale to ensure a fair price has been paid. This period is usually of 10 days, after which a certificate of sale is filed and title passes.

If you have any questions, do not hesitate to contact us: 

Adan Canizales 954-559-2386 

Theresa Canizales 954-559-3675

1906 Hollywood Boulevard

Hollywood, FL 33020