Call Monica Karcz with Redfin for details or to schedule a confidential consultation: 813-728-1400
Not every homeowner who is struggling with a mortgage needs a short sale, and not every short sale is approved. But for many Tampa homeowners, it is the option that protects the most. Here are seven signs it may be worth a conversation.
1. You Owe More Than Your Home Would Sell For
If your mortgage balance plus other liens, selling costs and any HOA balances add up to more than your home’s market value, a traditional sale would require you to bring money to closing. A short sale asks the lender to accept less. A free comparative market analysis is the first step to know for sure.
2. You Have a Real, Documented Hardship
Lenders want to understand why. Common hardships include job loss or reduced income, divorce, medical bills, the death of a borrower, a job relocation, a payment increase, or business losses.
3. You Are Behind, or About to Be
You do not have to miss a payment to ask about a short sale, but if you already have, time matters. The earlier you start, the more room there is to market the home and get lender approval before any foreclosure sale date.
4. A Loan Modification Will Not Work
If you want to keep the home and your income can support a modified payment, a loan modification may be the better route. A short sale makes sense when keeping the home is no longer realistic or no longer what you want.
5. You Want to Avoid a Foreclosure on Your Record
A short sale is still a negative credit event, but it is usually reported less severely than a foreclosure, and the wait before qualifying for another mortgage is often shorter.
6. You Want Protection From the Remaining Balance
A key goal of a short sale negotiation is a written waiver of deficiency, where the lender agrees not to pursue you for what is left after the sale. That is why Monica works with The Lyons Law Group, P.A. on every short sale file.
7. You Can Keep the Home Show-Ready and Respond Quickly
Short sales go smoother when sellers keep up utilities, insurance and access for showings, and send updated documents to the lender promptly. If you can do that, your odds improve.
Next Step
If several of these apply, start with the short sale questionnaire. It takes about five minutes and lets you upload photos of your home so Monica can prepare a pricing plan.
Talk With a Tampa Short Sale Agent
If you are behind on payments, have received foreclosure papers, or simply owe more than your home is worth, you do not have to figure this out alone. Monica Karcz, a licensed Florida real estate agent with Redfin, works with The Lyons Law Group, P.A., an attorney-owned title company, on short sale and pre-foreclosure sales across Tampa, Hillsborough, Pasco and Pinellas Counties.
Call or text 813-728-1400, book a confidential consultation, or fill out the short sale questionnaire and upload photos of your home.
This article is general information, not legal, tax, credit or financial advice. Short sale approval is at the lender’s discretion. Talk with a Florida attorney and a qualified tax professional about your situation.
