TREC-Short-Sale-Department

Tampa Real Estate Consultants (TREC) Short Sale Department serves clients in the Greater Tampa Bay area with offices in New Tampa (Northeast Tampa) and Westchase (Northwest Tampa). Contact us now or call us on 813.601.2926!

What is a short sale? A short sale is defined as the negotiation of the transfer of ownership of real property with a Mortgagee (Lender) when a property is financially over encumbered with monetary liens. It is a sale before or 'pre" foreclosure.

Why would I negotiate a Short Sale? You can't afford the payments (including taxes, insurance, CDD and/or HOA) and the value of your home in the market does not cover all liens filed against the home.

What are considered liens against the home? Unpaid real estate taxes, Homeowner's Association Dues or Maintenance Fees. A mechanic's lien for work completed and not paid in full.

Why can the Bank foreclose on my property? When you borrowed the money to purchase the home, the Lender had you sign the Mortgage and the Note, the Mortgage declares the property as the collateral or security for the Note. The Mortgage is recorded as a first priority lien on the property. Also in the Mortgage is a 'Notice of Acceleration Clause'. Actions that may activate the 'Notice of Acceleration Clause' are:

1. Lack of Payment by the Borrower.
2. Borrower has allowed insurance for the property to lapse or be cancelled.
3. Borrower has not paid real estate taxes.
4. Unlawful use of property.
5. Severe detoriation or destruction of the property.
6. Borrower sells property by allowing Buyer to 'assume' the loan without Lender's permission.

What if I received a 'Notice of Acceleration' already? Contact us right away, you may have options. We need to evaluate the value of your property in the current climate and contact the bank immediately.