Selling
Short Sale Help in Orlando and Clermont
In a short sale, your lender agrees to let the home sell for less than you owe. Kris Persaud's Zillow reviews include at least 12 short sales from 2010 to 2013, one of which took five years. The lender decides, so no one can promise approval or timing.
Kris Persaud · Watson Realty Corp. · 1390 N Hancock Rd, Clermont, FL 34711
The basics
What a Short Sale Is
A short sale happens when a home is worth less than the mortgage on it and the owner needs to sell. The sale is “short” because the price will not cover the loan. The lender has to agree to take less than the balance, and every offer depends on that approval.
Owners usually look at a short sale after a hardship: a job loss, a divorce, a death in the family, medical bills, or a move they cannot avoid. A short sale is one option. Others can include a loan modification, a repayment plan or a deed in lieu of foreclosure. Your lender and a HUD-approved housing counselor can explain which ones apply to you.
Step by step
How a Short Sale Usually Works
Every lender has its own forms and pace, but most short sales follow this general order.
Talk to your lender
Ask whether a short sale is possible and what the lender needs. If you have a second mortgage or HOA dues, those parties may need to agree too.
Gather hardship documents
Lenders usually ask for a hardship letter, recent pay stubs or income proof, bank statements and tax returns.
List the home
The home is priced near its market value and listed as a short sale, so buyers know the lender must approve.
Accept an offer
You sign a contract with a buyer, subject to lender approval. The buyer's offer is what the lender will judge.
Send the lender package
The contract, a settlement estimate and your hardship documents go to the lender, often through its online portal.
Lender review
The lender orders its own valuation and reviews the file. This is the step that takes weeks, months or longer.
Approval or counter
The lender approves, declines, or asks for changes such as a higher price or a contribution from the buyer or seller.
Closing
If approved, the sale closes on the lender's terms, usually through a title company, and the approval letter sets the deadline.
Timing
How Long It Takes
The lender sets the pace, and no agent can speed up a bank that is slow to decide. Some short sales close in a few months. Others take far longer, especially when there is a second loan, an HOA, or the file changes hands inside the lender.
Kris's reviews show both ends. A 2013 Zillow review describes a Clermont short sale that took five years, and another describes a three-year condo short sale in Orlando where Kris dealt with the bank and two HOAs.
From his Zillow reviews
Short Sales in Kris's Reviews
Kris worked through the short-sale years after the housing crash. Of his 136 Zillow reviews, at least 12 describe short sales, for sellers and for buyers, with sales between 2010 and 2013.
- A $14,000 gap: in a 2013 review, a Clermont seller says Fannie Mae asked for $14,000 more and Kris got the buyer to add it.
- Five years to close: a 2013 review from a Clermont seller whose short sale took five years.
- A bank and two HOAs: a 2013 review of a three-year condo short sale in Orlando.
- Out-of-state sellers: a 2011 review from a seller living out of state, whose short sale closed after Kris handled an unforeseen repair.
- Buyers too: reviews from 2011 and 2012 come from buyers who bought short sales with Kris, one noting that he explained the process.
Kris convinced us to attempt a short sale.user4917925 · Short sale, Clermont · Zillow · 2013
Never gave up on me.peggyhorila · Out-of-state seller, Winter Garden · Zillow · 2014
The second quote is from an out-of-state seller whose lender stalled for about four years before the sale closed.
Straight answers
What Kris Cannot Promise
- That your lender will approve the sale, or by when.
- That the lender will waive any balance left after the sale. That depends on the lender's approval letter and Florida law, so ask your attorney.
- How a short sale will affect your credit or taxes. Ask your tax adviser and lender.
What his reviews do describe is someone who stays with the file. If you are behind on payments or worried you will be, a private call costs nothing to make.
Questions
Short sale questions
What is a short sale?
A sale where your lender agrees to accept less than the amount you owe on the mortgage, because the home is worth less than the loan.
How long does a short sale take?
It depends on the lender. Some close in a few months; one short sale in Kris's Zillow reviews took five years. No time is promised.
Has Kris negotiated with lenders?
Yes. In a 2013 Zillow review, a seller says Fannie Mae asked for $14,000 more and Kris got the buyer to add it so the sale could close.
Will a short sale hurt my credit or cause a tax bill?
It can affect both, and the details depend on your situation. Ask a tax professional and an attorney. Kris does not give legal or tax advice.
Can I do a short sale if I have moved out of Florida?
Yes. Kris's reviews include out-of-state sellers, including one whose short sale closed in 2010. See selling from out of state.
Keep reading
Related pages
Talk privately with Kris about a short sale
Call or text Kris on his cell to talk through where things stand with your home and your lender.
Kris Persaud · Watson Realty Corp. · 1390 N Hancock Rd, Clermont, FL 34711