Winter Park Home Magazine - Issue 1 - 2009

Short Sales
by Frank L. Pohl, Attorney At Law
Partner, Pohl & Short, P.A., Winter Park

Short sales reflect the current downturn in real estate valuations - they are real estate closings in which there are insufficient sales proceeds to pay off the outstanding liens and closing costs of the seller. They typically occur because the outstanding balance due on a mortgage is greater than the current market value of the property. The buyer typically will be told in advance that the seller has contacted or will contact the lender in an attempt to have the lender accept less money than the outstanding mortgage balance. More.....