FAQs - For Sellers
E-News:
Q: How do I know if I'll need a short sale or not?
A: A Short Sale takes place when you owe MORE on your house than what we can sell it for after all fees & closing costs are paid. The bank (lender) accepts less than the owed balance.
Q: I hear that the lender can still issue a deficiency judgment even if they agree to a a short sale. Is this true?
A: Yes, they could. All lenders have different guidelines & look at each case separately. We will do our best to make sure this doesn't happen. But just so you know, if it goes into foreclosure the bank will end up issueing one on you for the difference - and remember that includes all their costs too.
Q: What about getting a 1099 for the gift (forgiven) amount?
A: Yes, that's a possibility too. You should speak with your tax accountant regarding this. You can see the IRS tax codes about this here. While we will try to negotiate this with your bank you need to be sure you understand all the legalities.
Q: I have a few investment properties I'm looking to sell. They are not in Foreclosure but I really need to sell. Can you help me?
A: Absolutely. We have the skills & knowledge to price & market properties to move.
Florida Future Realty, Inc., 2816 Del Prado Blvd., Unit 2, Cape Coral, FL 33904
Toll Free 24/7 info line: 1/888/764-6665 ext 189