Short sales and pre-foreclosure in South Florida
If you owe more than your home will sell for, or you're facing foreclosure, a clear explanation of your options and a plan for the sale.
A short sale in South Florida: what it is and who it's for
A short sale in South Florida is a sale where the home is expected to bring less than what's owed on it, and the lender agrees to accept the lower amount. It's for owners who need to sell and can't cover the difference at closing. Pre-foreclosure is the stretch after payments have fallen behind and before a foreclosure is complete, when a sale may still be possible.
If you're reading this, you may be carrying a lot of worry and not sharing it with many people. Owing more than a home is worth is stressful, and it happens to careful people for ordinary reasons: a job change, an illness, a divorce, a death in the family. You won't be judged here. You'll get information.
A short sale isn't the right answer for everyone. Depending on your situation, a loan modification, a repayment plan or a regular sale might fit better. Some of those are conversations with your lender, and some are questions for an attorney or tax advisor. My part is to explain how the sale side works, so you can compare your options with a clear head.
How I handle a short sale
Your options, explained plainly. We start with the numbers. I'll estimate what your home is likely to bring, and we'll set that beside what you owe. If you'd like that number first, you can request my complimentary home value. From there, we can talk about what a short sale would involve and what it wouldn't solve.
The lender's paperwork, organized and tracked. A short sale needs the lender's approval, and the lender decides what it needs to see. That usually includes a hardship explanation and financial documents. I help you put the package together, keep copies, and track what has been sent and when.
Communication with the lender kept moving. Short sales slow down when nobody follows up. With your written permission, I stay in regular contact with the lender's representative, answer their questions quickly and let you know where things stand.
The right professionals when you need them. A short sale can have legal and tax consequences that are outside my role. When your situation calls for it, I'll refer you to an attorney or tax advisor, and I'll coordinate with them on the sale.
I'll also tell you what I don't know. Every lender runs its review in its own way and on its own clock, and I won't promise you a timeline or an outcome that belongs to the lender. What you can count on is knowing where the file stands each time you ask.
These conversations are private, and I handle them myself, in English or Spanish. The first step of my process, listen and map, is where your situation gets organized before anything is decided.
What happens, step by step
A private first conversation. We talk about where things stand with the loan, any letters you've received and what you'd like to happen. Nothing is signed.
The numbers side by side. A realistic estimate of the sale price, what's owed, and what the lender will likely want to see. If the home is in an association, any balance owed there becomes part of the picture too.
The listing. The home is prepared and marketed like any other, with a price built on the market. Buyers and their agents are told plainly that the sale needs the lender's approval.
An offer, then the lender's review. When a buyer makes an offer, it goes to the lender with your package. The review can take time, and I'll keep you and the buyer's agent informed throughout.
Closing. Once the lender approves, we move to closing with the title company. I track every deadline, and the way I protect the close applies here as it does in any sale.
What you can do now, before you decide anything
You don't have to have a plan to take a few useful steps. Keep opening the mail from your lender and keep every letter together, because dates and account details in those letters matter later. Gather your recent loan statements, and if you're in an association, your latest association statement too.
Keep caring for the home. A house that's clean, maintained and easy to show is worth more to a buyer, and a higher price makes a short sale easier for a lender to approve.
Be cautious with anyone who asks for money up front to stop a foreclosure, and have an attorney review any document before you sign it. A reputable professional will explain what they're offering and put it in writing.
Short sale buyers need patience too. I explain the lender's review to them and their agent at the start, so they know what to expect and are more likely to stay with the contract while the lender decides.
Short sales across the towns I serve
In Homestead, homes range from mid-century single-story houses to townhomes and gated communities built since 2000. In a gated community, the association's balance and rules become part of the short sale, so we gather that information early. More on short sales in Homestead.
In Leisure City, many homes are established ranch-style houses from the mid-1900s that have been rebuilt and updated over different decades. Buyers will ask about the roof, major updates and permit history, and a lender reviewing the price will want to understand the home's condition too. See short sales in Leisure City.
If you'd like to talk privately, start the conversation or call or text me at 786-237-9904. You can also learn more about Nanci Gilbert, PA.
This page describes how I handle a short sale. It isn't legal, tax or lending advice. Please speak with an attorney or tax advisor about your situation.
Frequently Asked Questions
What is a short sale?
A short sale is a sale where the home is expected to bring less than the amount owed on the loan, and the lender agrees to accept the lower amount so the sale can close.
Does the lender have to approve a short sale?
Yes. The lender reviews the offer and your documents and decides whether to accept the proposed sale.
Can I still sell if I've received a foreclosure notice?
Often a sale is still possible during pre-foreclosure. An attorney can tell you what applies to your case, and I can explain how a sale would work alongside it.
Will a short sale affect my taxes or my credit?
It can. Those questions belong with a tax advisor and your lender, and I can refer you to professionals if you don't have one.
Short Sale & Foreclosure by neighborhood
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