SHORT SALE MANIA…IS IT FOR YOU?

Having just completed another short sale and being called today on yet another to list, I find myself in a quandary as to whether I really want to start doing more and more of them. It isn’t that they are particularly hard to get done, it is more a question for me of whether I truly want to start focusing on other people’s problems. Friends have said why not, it was their stupidity, (I prefer to look at it as a lack of knowledge,) that got them into trouble in the first place. Either way for me, it isn’t the easiest thing to mentally gear yourself up for.

Short sales are prevelant all across the country and I would expect that we will see more and more over the next couple of year at least. The only real good news is that a short sale will stave off and totally eliminate the seller having to declare bankruptcy, at least with regard to the mortgage. What happens after that regarding other bills owed is anyone’s guess.

The State of Florida is fairly liberal when it comes to bankruptcy laws. Having said that, all mortgages have a clause that basically waives your homestead rights and  allows the lender to attach or take your property.