Southwest Florida Title Insurance & Real Estate Blog -

Walk Away

This is the 10th tip of “10 Questions You Should Ask About Florida Short Sales” eBook, which is available as a FREE download.

This is ultimately the question you must reconcile when contemplating how to handle your distressed real estate. It will admittedly be a tough nut to crack.

As we have seen, there are lots of issues to consider. For example…

There are many questions with which you wrestle before deciding to embark on the short sale journey.

It would be disingenuous for me to say that a short sale is better than walking away in every case since I make my living by closing and issuing title insurance on short sale transactions.

That is indeed the reason I will not represent a client individually for whom Winged Foot Title is performing title work.

However, I can say that in most cases a short sale provides the debtor much more control over their situation than just walking away. In a short sale, the property owner will know the terms of the short sale agreement and will likely know whether or not the lender has retained the right to pursue them for the deficiency amount.10 Questions You Should Ask About Florida Short Sales

Alternatively, there is no such clarity after a foreclosure. I can also say that a short sale provides the property owner a better chance at fetching a higher price and thus a lower potential deficiency amount than if the property were to sell at foreclosure auction or on the REO or post-foreclosure market.

These are just a couple of the benefits of considering a short sale in my opinion.

Find this post helpful? Be sure to click the eBook icon to the right to download it for free and receive more helpful tips.

If you have further questions for a professional, please feel free to contact us online or call 239-985-4142.

-Chris

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.