Selling a home short, is the sale of your house in which the proceeds fall short of what you still owe on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when an owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.
Deed in Lieu (also known as a deed in lieu of foreclosure)
A deed in lieu is a means of escaping an overly burdensome mortgage. If a homeowner can't make the mortgage payments and can't find a buyer for the house, many lenders will accept ownership of the property in place of the money owed on the mortgage. Even if the lender won't agree to accept the property, the homeowner can prepare a quitclaim deed that unilaterally transfers the homeowner's property rights to the lender.
Quitclaim Deed
A deed that transfers whatever ownership interest the transferor has in a particular property. The deed does not guarantee anything about what is being transferred, however. For example, a divorcing husband may quitclaim his interest in certain real estate to his ex-wife, officially giving up any legal interest in the property.
For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM which is re-casting (resetting higher), up to now the only option was, letting the bank foreclose. That's not really a good option since a foreclosure can damage your credit record for at least 10 years. But some experts are now advocating a "short sale." This is a case of a distinction with a difference: If your bank agrees to a short sale, you then can hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank's blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).
Many times, you'll also need to scale back your own spending. Putting expensive jewelry on your credit card will make a bank less inclined to do you any favors on the sale of your home. And be prepared that if your bank does absorb the loss, the IRS might treat that as taxable income and you'll have to come up with the cash to cover the taxes.
Of course, the better option is to find some way to stay in the house—by first, seeing if the lender is willing to restructure the loan, or forgo a couple of monthly payments to help you get back on your feet. Apparently, more and more lenders are willing to make accommodations to avoid taking the property back. Banks hate to take over homes, especially in a declining market, so you shouldn't underestimate the willingness of a bank to make concessions.
Private Waterfront estate in gated community located on 75 acre freshwater lake - only 10 minutes to town and 15 minutes to beachside! Every wall in house is insulated and doors are solid core. Insulated attic area with A/C for storage. Over 6,500 sq. feet of pavers lead to a double car garage on west side and a triple on the east. This home has 5 bedrooms, 5.5 baths, 5 car garage, theatre, game, and hobby rooms and a 3rd. floor observatory. Huge balcony for watching sunsets and large windows for natural light. Upper and lower covered porches on rear of home overlook the pool area and lake. Downstairs Master is handicap friendly. “Safe room” has full bath attached. Granite countertops throughout – 4 wet bars inside and 1 by the pool. There is a formal dining room and a living room with wood burning fireplace. Both master suites offer a separate master sitting area and the Master upstairs offers a morning bar. Enjoy boating, skiing or relaxing on your own custom beach. Too many extras to list! It is a MUST SEE.
Short-Sale; Direct Oceanfront Two-Story 4 Bedroom, 3 Bathroom home in beautiful New Smyrna Beach with unobstructed views of the Ocean. Home is within walking distance to shops and restaurants. Take a stroll along the beach and enjoy gorgeous ...
Top Features: short sale, for sale
, Waterfront, Gulf frontage
, Gulf access, Ocean access, Waterview
, Subdivision: Boardwalk Sub 9 17 34
, Lot SQFT: 7500sqft
, Built in 1998
$1,200,000.00
active ($185.00/sqft)
Ormond Beach Home For Sale 3 beds, 3 baths, 0 half baths, 6494 living sqft
''short sale'' large prime oceanfront location on pristine beach. three large beds upstairs. large lot can easily accomodate pool. fixer upper or demolish and build home of your dreams.
Top Features: short sale, for sale
, Waterfront, Beach - Public, Gulf frontage
, Subdivision: Assessors Sub Triton Bch
, Lot SQFT: 24999sqft
, Built in 1979
, Style: Contemporary
Top Features: short sale, for sale
, Golf course
Has a pool
, Subdivision: Not Assigned
, Lot SQFT: 21600sqft
, Style: Traditional
, Maint Fees: $306.00
$599,000.00
active ($218.00/sqft)
Flagler Beach Home For Sale 3 beds, 2 baths, 0 half baths, 2742 living sqft
Short sale lender approval required. Beautiful Intracoastal has been totally renovated with top of the line upgrades including hardwood floors, wainscoating, new tile in baths. Kitchen features oversized Viking refrigerator and wall oven, ...
"short sale " ***luxury waterfront custom home*** - owners spared no expense in elegance & genuine material. fit for a king & his queen. upgrades upon upgrades...travertine tile & real wood floors, faux painting, gas fireplaces, granite counter ...
Top Features: short sale, for sale
, Waterview, Pond
Has a pool
, Subdivision: Riviera Bella Unit 1
, Lot SQFT: 14700sqft
, Built in 2007
, Maint Fees: $479.00
$770,000.00
active ($151.00/sqft)
Debary Home For Sale 4 beds, 4 baths, 5099 living sqft
Short Sale- SHORT SALE HAS BEEN PRE-APPROVED BY LENDER. BRING YOUR BEST OFFER AND BE IN YOUR NEW HOME AND ENJOYING THE BOATING ON THE RIVER BEFORE SUMMER ! ! ! Large 2-story home on St.John''s River, high+dry, 5100 sq.ft, over an acre, boat dock, half ...
Short sale-custom built home on 6 acres direct waterfront to buck lake. gated community.rv/boat parking, 5 bdrms, 4.5 bath, luxury master bedroom, bonus/loft w/access to balcony overlooking the lake.formal dining & living room.cherry wood floor ...
Top Features: short sale, for sale
, Waterfront, Lakefront
, Lake access, Waterview
Has a pool
, Subdivision: Seminole Woods
, Lot SQFT: 261360sqft
, Built in 1994
, Maint Fees: $1,360.00
$849,900.00
active ($141.00/sqft)
Sanford Home For Sale 6 beds, 6 baths, 6048 living sqft
"short sale; approval of the sellers lender(s) may be conditioned upon the gross commission being reduced, any reduction of the gross commission will be split between listing and cooperating brokers" sold as is
Top Features: short sale, for sale
Has a pool
, Subdivision: Markham Ests Subdivision
, Lot SQFT: 42998sqft
, Built in 2007
, Style: Spanish
, Maint Fees: $1,300.00
$750,000.00
active ($169.00/sqft)
Sanford Home For Sale 5 beds, 4 baths, 0 half baths, 4442 living sqft
Short sale- custom built home on with a water front. five bedrooms, 4.5 bathrooms, office and bonus room. master and the office on the first floor and the secondary bedrooms and bonus room upstairs. theater equipment and window treatments ...
Top Features: short sale, for sale
, Waterfront, Canalfront
, Waterview, Canal - Freshwater
Has a pool
, Subdivision: Lake Forest Sec 3b Ph 4
, Lot SQFT: 25605sqft
, Built in 1997
, Maint Fees: $2,200.00
$539,900.00
active ($118.00/sqft)
Sanford Home For Sale 5 beds, 4 baths, 4566 living sqft
Short sale price approved by lender - exceptionally gorgeous 5 bedroom 4 bath estate home located on a 1 acre cul-de-sac lot. the estates at wekiva park is ideally located near lake mary office parks, shopping, schools and major highways.dramatic ...
Luxury Florida Real Estate - Waterfront (Oceanfront & riverfront) Real Estate Specialists, We invite families and investors to one of the most exciting and lucrative residential real estate opportunities in the United States: Florida. Exit Realty of Daytona specializes in: Daytona Beach Homes for Sale, Daytona Beach Commercial Real Estate, Daytona Beach Waterfront Properties, Daytona Beach Luxury Homes, and Daytona Beach Condo Sales.
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The source of the listing data is as follows:
Daytona Beach Area Association of REALTORS (updated 5/22/13) , My Florida Regional MLS (updated 5/22/13) , New Smyrna Beach Boards of REALTORS (updated 5/22/13) , Miami Association of REALTORS (updated 5/22/13) , Flagler County Association of REALTORS (updated 5/22/13)
