A Real Estate Forum for Florida's Emerald Coast!
You can submit a short sale proposal to your lender, but they will not likely entertain such an offer while you are current on payments. Typically, lenders will not consider a short sale offer until you are three or more payments behind. If you are making the payments, there is no risk of loss, hence, no incentive to negotiate.
The quality and timing of the short sale package makes the difference between an accepted or rejected short sale.
In order to successfully complete a short sale, you must document two primary components – First and foremost, you must prove inability to make the payments. You don’t have to be totally dead broke, but it helps.
Secondly, you must prove beyond the shadow of a doubt that the property is worth no more than the offered price on the purchase contract. If this sounds too easy, there’s a reason. The completed package that is submitted to the lender for approval may easily top 150 pages and can take 30 or more hours to compile. A brief phone call can help us determine if you may qualify.