Troy Funk, CDPE – Sarasota Short Sale Expert

It has been the practice of Bank of America to send out letters with an agreement titled, “Deed in Lieu of Foreclosure Agreement” to homeowners in default on their mortgage.   This is an attempt to have a homeowner deed their property over to their lender to avoid foreclosure.  However, before a homeowner agrees to sign this agreement, they need to read the small print and consult an attorney. 

In a recent Deed in Lieu of Foreclosure Agreement letter I read from Bank of America it stated;  ”we reserve the right to collect the difference between the value of the Property and the unpaid balance…”   In other words, this is not a release of a Deficiency Judgment.  Not releasing a possible deficiency judgment means a homeowner could be opening themselves up to further collections. 

As a Short Sale Real Estate Agent in Sarasota, Florida with Keller Williams Realty,  I have seen many situations where a homeonwer believes they are walking away from their problem and property by either letting their property forclose or agreeing to a “Deed in Lieu of Foreclosure”.   After the fact,  the homeowner discovers they are liable on a Deficiency Judgment, which could take a lifetime to resolve, when there was a better option available to them. 

In a Short Sale, a lender agrees to accept less than what is owed on their mortgage and usually pays all the cost of sale, to facilitate the sale of a property facing foreclosure.  In a  Short Sale approval, many times a lender will remove the right to pursue a Deficiency Judgment as a condition of the homeowner completing the Short Sale.   If a lender is not agreeable to removing the deficiency judgment in a Short Sale, an experienced Short Sale Real Estate agent can normally convince the lender to have this clause removed.  

The Troy Funk Team with Keller Williams Realty has closed over 100 bank negotiated sales in the Sarasota and Manatee County Market area in less than a year.  Troy Funk holds the CDPE (Certified Distressed Property Expert) certification and the SFR (Short Sale and Foreclosure Resource) certification.   For more information on a Short Sale, visit our website www.TroyFunk.com or call Troy for a Free consultation at 941-365-8769.

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How do you Stop, Avoid, Prevent Foreclosure?  In Sarasota, Short Sale is an option many homeowners are having success with in Stopping Foreclosure.   Why Short Sale?   In Sarasota, we are in a crisis with approximately 1 in every 7 mortgages in the Sarasota and Manatee County area in default.  With the stress of being late on your mortgage payments, many homeowners are choosing to take the path of least resistance and ignore the problem in hopes it will go away.   Doing nothing will Not stop foreclosure, in fact will usually lead to Foreclosure.   A foreclosure will destroy your credit for a long time and could result in a Deficiency Notice that may haunt you the rest of your life.  

WHAT ARE SOME  ALTERNATIVES TO FORECLOSURE? 

Repayment Plan or Forbearance is where lenders will allow you to make up the back payments all at once or over time.   Sometimes making up back payments is not a financial option to a homeowner. 

Mortgage Modification could be a good  solution, if it works.   Unfortunately most Mortgage Modification plans don’t work for various reasons.

Filing Bankruptcy could be a solution, however it is important to note that a homeowner should first talk to a qualified CPA before they consider this option, as Bankruptcy is not always the best solution.

A “Deed in Lieu of Foreclosure” otherwise known as “Handing over the Keys” is an option whereby a homeowner voluntarily transfers ownership of their property to their lender.  However there is a catch with a Deed In Lieu Foreclosure.  Your lender has to be willing to accept your property.   In most cases if you have more than one mortgage one your property, your lender will be better off to Foreclose on your property, because a foreclosure will usually wipe out all subordinate liens.   A Deed in Lieu of Foreclosure will not necessarily prevent a homeowner from receiving a Deficiency Judgment.

What is a Short Sale?   A Short Sale is where a lender agrees to accept less than what is owed on their mortgage to facilitate the sale of your property.   The process can be extensive, however the benefits are much greater than a foreclosure.  In a Short Sale, the homeowner’s lender usually pays the real estate commission and all the closing costs.  In essence it could be Free to do a Short Sale.    In the best case scenario of completing a Short Sale, a homeowner may be able to obtain financing to purchase another home in two years.

For more information on Short Sales in Sarasota, visit www.TroyFunk.com.  Troy Funk is a Broker/Associate with Keller Williams Realty on the Water and is available to homeowners to discuss the requirements of a Short Sale on a Free Consultation basis.  Troy Funk has earned the CDPE (Certified Distress Property Expert) certification and SFR (Short Sale and Foreclosure Resource) certification.   With his team (Troy Funk Team), Troy has successfully closed over 100 bank-owned negotiated sales in less than a year in the Sarasota and Manatee County area.  Troy can be reached directly at 941-365-8769.

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Today, in our economic environment, many homeowners in Sarasota, Florida are facing foreclosure.   As a result, completing a Short Sale could be the right solution for many owners trying to avoid foreclosure or bankruptcy. 

What is the process of a Short Sale in Sarasota, Florida?   First, let’s explain what a Short Sale is.  A Short Sale is a solution to foreclosure where a lender agrees to accept less than what is owed on a mortgage balance to facilitate the sale of a property.  As a result,  this will prevent the property from being foreclosed.   This solution can be a tremendous benefit to a homeowner facing foreclosure and will also benefit the homeowner’s lender.  The primary benefit to the homeowner facing foreclosure is that a Short Sale will help restore their credit much sooner than a foreclosure and could prevent a Deficiency Judgment (which is not the case if the property is foreclosed). 

Let’s assume a homeowner is at the point of deciding they need to Short Sale their property.  What is the next step?  The next step is actually one of the most critical considering it could determine the success or failure of a Short Sale.  The next step is hiring a Short Sale Real Estate Agent to represent you … not just any real estate agent but one who specializes in Short Sales.  The real estate agent’s experience in closing Short Sales is important to your success.   Since the lender usually pays the real estate agent’s commission at closing, it is prudent to hire the best real estate agent you can; one with the a track record in closing Short Sales. 

After listing your property with a Short Sale real estate agent, the next step in the process is to continue cooperating with your real estate agent since they will be communicating with your lender.   The real estate agent representing you is going to need your financial information and an”Authorization to Release Information” form to proceed. 

Once your property in under contract with a buyer, your Short Sale real estate agent will continue to be in contact with your lender, communicating with them often.  After your lender has received all of the needed information from your Short Sale Real Estate Agent pertaining to a potential sale of your property, the lender will usually provide a response to the Short Sale request within 2 weeks to 4 months.  The response from the lender will usually give the homeowner a clear direction on what the steps are to complete the short sale and how it could impact them in the future. 

The Troy Funk Team with Keller Williams Realty On the Water in Sarasota, FL has closed over 100 bank-negotiated sales in less than a year in the Sarasota and Manatee County marketplace. Troy is CDPE (Certified Distressed Property Expert) certified and SFR (Short Sale and Foreclosure Recourse) certified in Short Sales.  Troy has a team of 7 professionals who work with him to successfully help homeowners avoid foreclosure through a Short Sale.   For information on Short Sales and Alternatives to Foreclosure, visit Troy’s site at:  www.TroyFunk.com.   Troy can also be reached on at: 941-365-8769. 

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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Facing Foreclosure?  You are not alone.   In our area (Sarasota, Florida) approximately 1 in every 7 homeowners is in default on the mortgage.  This is not surprising, as property values in our area have declined approximately 50% over the past few years making it difficult for a homeowner who wants to sell their property to do so if they purchased it in the last several years.   As a result, many homeowners are considering a Short Sale on their property to avoid a foreclosure. 

What are 10 Good Reasons to Do a Short Sale vs. Walking Away and Letting a Property Foreclose in Florida?

·  Florida is a recourse state, meaning that walking away does not necessarily mean your problem is over.   Avoiding a deficiency judgment is the top reason to consider completing a Short Sale.

·  There will be fewer credit consequences from a Short Sale than a Foreclosure.  There are still some credit consequences from a Short Sale, however they will be less severe than a foreclosure.

·  With a Short Sale you may be able to avoid extensive attorney’s fees compared to a bankruptcy and/or a foreclosure.

·  On a Short Sale you improve your chances of getting FNMA financing in the future, in a shorter period of time.

·  A Short Sale is better for the community.

·  Lenders usually prefer a Short Salebecause it limits their loss, compared to taking ownership of the property through a foreclosure.  For this reason a lender may delay a foreclosure to faciliate a Short Sale.

·  There my be relocation funds available to a homeowner who completes a Short Sale.

·  If you qualify, there may be more favorable tax treatment on a Short Sale compared to a foreclosure.

·  On a Short Sale, you can negotiate the closing date of your sale determining when you would need to leave.

·  The stigma of a Short Sale is an illusion.  

The Troy Funk Team with Keller Williams Realty On the Water in Sarasota, FL has closed over 100 bank-negotiated sales in less than a year in the Sarasota and Manatee County marketplace. Troy is CDPE (Certified Distressed Property Expert) certified and SFR (Short Sale and Foreclosure Recourse) certified in Short Sales.  Troy has a team of 7 professionals who work with him to successfully help homeowners avoid foreclosure through a Short Sale.   For information on Short Sales and Alternatives to Foreclosure, visit Troy’s site at:  www.SarasotaShortSaleBlog.com.   Troy can also be reached on at: 941-365-8769. 

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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In most Short Sales, a seller is required to:  1. List their property with a licensed Real Estate Broker.  2. Provide their financial information, which includes tax returns, bank statement, copies of pay stubs and other personal information to the Real Estate Broker they select.    Question? …  What if the Real Estate Agent representing you in your Short Sale has never closed a Short Sale or even worse does not protect your confidential information (Social Security #, bank records etc.)?  Wouldn’t it be wise to do a “Background Check” on the Real Estate Agent handling the sale of your Short Sale before you list your property with them?

As a Short Sale Real Estate Agent in Sarasota, Florida I have taken many listings, however given the current economic environment the rules of how we do business have certainly changed.   Recently, I had a homeowner facing foreclosure call me to complete a Short Sale on hisr vacation property in Sarasota, Florida.    The seller lived out of state and had an expensive property they needed to sell.   The seller owned a business and had achieved a great deal success in his career, prior to the recession.  Upon asking for copies of his tax returns and the other necessary documentation to complete the short sale, he informed me that he would provide me the information after he first did a background check on me.    Of course, this did not bother me and actually intrigued me to see if he could find anything derogatory about me, other than having had to Short Sale on my own personal properties, which further qualified me to handle the Short Sale of his property.  After the homeowner completed his investigation on me, I got the listing.   This also inspired me to consider how important completing a  ”Background Check” is on a Real Estate agent who is going to handle your Short Sale.  With that in mind, if I had to list my out of state property with a Short Sale real estate agent here is what I would look for. 

1.        How many properties has the Real Estate Agent sold in a year?  Many Multiple Listing Services have a function that will extract the sales by an individual Real Estate Agent’s name.   The real estate agent that wants to work for you can usually provide this information demonstrating their success record.   A Real Estate Agent who is consistly selling 50+ properties a year, is usually going to do a great job for you as they are running their business like a business.

2.       What additional education and certifications has the real estate agent achieved to demonstrate their education level.

3.       Is the real estate agent in good standing with their local Association of Realtors?   This can usually be found out by calling the local Association of Realtors.

Troy Funk has been a licensed Real Estate Agent in the Sarasota, Florida real estate market since 1986 and in good standing with the Sarasota Association of Realtors.  In that time, Troy has represented over 40 different lenders in the sale of their REO properties.  Troy has earned the CDPE (Certified Distressed Property Expert) certification and the SFR (Short Sale and Foreclosure Resource) certification.   Together with his Team (Troy Funk Team), Troy has closed over 100 bank-negotiated sales in less than a year.   For more information on Troy Funk, questions and answer to Short Sales, visit his website at:  www.TroyFunk.com 

Their market area includes:  34201, 34202, 34203, 34204, 34205, 34206, 34207, 34208, 34209, 34210, 34211, 34212, 34215, 34216, 34217, 34218, 34219, 34220, 34221, 34222, 34228, 34243, 34250, 34251, 34260, 34264, 34270, 34281, 34282, 34229, 34230, 34231, 34232, 34233, 34234, 34235, 34236, 34237, 34238, 34239, 34240, 34241, 34242, 34272, 34274, 34275, 34276, 34277, 34278, 34293, 33834, 34251, 34284, 34285, 34223, 34224, 34284, 34285, 34286, 34287, 34288, 34289, 34290, 34291, 34292, 34293, 34295

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Many homeowners owe more money on the mortgage than their property is worth, due to the devaluation of real estate prices over the past few years.   As a result, the term “Strategic Default” has become a topic of interest to many homeowners who are faced with the dilemma of owing more money on their property than their property is worth.  

A strategic default is a situation where a homeowner is able to make the mortgage payments on their property and is often current on the mortgage payments but owes more money on the property than what their property is worth and plans to intentionally default on their mortgage, to eliminate their negative equity and or restructure their mortgage.   

So, let’s first discuss Strategic Foreclosure.  Foreclosure will usually happen if a homeowner stops making mortgage payments and does nothing about it.  It could take a homeowner’s lender an extended period of time to foreclose, however doing nothing will most likely end in a foreclosure.  The consequences of a foreclosure can be financially devastating, as foreclosure is usually not the best solution.   Walking away from the problem doesn’t necessarily mean it will go away either.  In fact, the homeowner could be haunted with a Deficiency Judgment, which gets filed later, that could take a lifetime to pay off.  In addition, foreclosure will have a great impact on a person’s credit and could affect their chance for future employment.   There is nothing strategic about walking away and letting a property go into foreclosure. 

“Strategic Short Sale” is another option that many homeowners are considering, however it is important to get all the facts of what this means and what it could mean in the future for the particular homeowner.  First off, to qualify for a Short Sale, a seller usually needs to demonstrate a hardship.  There has been a lot of misunderstanding surrounding what exactly is a hardship.   As a Short Sale Real Estate Broker in Sarasota, Florida, I have been able to get Short Sales approved without deficiency judgments or lender required promissory notes, in situations where the homeowner was never late on their mortgage and the homeowner had other assets.   The point is that circumstances are different for everyone and it is important to talk with someone qualified to give advise.  Who a homeowner selects as a Real Estate Broker to handle their short sale could also make the difference between success or failure of the approval of a Short Sale. 

The Troy Funk Team, with Keller Williams Realty in Sarasota, has represented over 40 different lenders in the sale of bank-owned properties and has closed over 100 bank-negotiated sales in the Sarasota real estate market, in less than a year.  Troy Funk is CDPE (Certified Distressed Property Expert) certified and SFR (Short Sale and Foreclosure Resource) certified and has a team of 7 professionals who work with him in helping homeowners successfully complete a Short Sale.   For more information on their services and answers to questions about Short Sales, visit their website at: www.TroyFunk.com

 Their market area includes:  34201, 34202, 34203, 34204, 34205, 34206, 34207, 34208, 34209, 34210, 34211, 34212, 34215, 34216, 34217, 34218, 34219, 34220, 34221, 34222, 34228, 34243, 34250, 34251, 34260, 34264, 34270, 34281, 34282, 34229, 34230, 34231, 34232, 34233, 34234, 34235, 34236, 34237, 34238, 34239, 34240, 34241, 34242, 34272, 34274, 34275, 34276, 34277, 34278, 34293, 33834, 34251, 34284, 34285, 34223, 34224, 34284, 34285, 34286, 34287, 34288, 34289, 34290, 34291, 34292, 34293, 34295

1 Comment

As a Short Sale Real Estate Agent in Sarasota, Florida we get several calls daily from buyers inquiring about our Short Sale listings in Sarasota.  Recently, I received a call from a buyer on a Short Sale listing where the buyer expressed an interest in seeing our listing.  She shared with me that she had a contract to buy a home down the street and was waiting on an approval for the Short Sale.   I proceeded to ask her why she was interested in seeing our listing if she was buying another house.   Her response was, “I only have $100.00 down as a deposit on that contract and will walk away from it if I find a better house.”  What I heard her say was, “I am working with an inexperienced Real Estate Agent down the street, who allowed their Seller (who is facing foreclosure) to take their home off the market for just $100 while I keep shopping with other Real Estate Agents to buy a home.”  The end of this story is we decided not to work with this buyer.  The house down the street was held off the market several months before the buyer apparently decided to forfeit her $100.00, at which time the seller terminated their agreement with their Real Estate Broker and listed their property with our real estate company. 

Too often, we receive offers on our short sale listings without a deposit.   Sometimes the offers we receive are even noted that a deposit will be given after the bank approves the Short Sale.  This is ridiculous!  Of course, we always counter offers with the buyer having “Skin in the Game” and having a reasonable deposit to hold our listing off the market, while we attempt to get the buyer’s offer approved by the seller’s lender.  Unfortunately, we often hear of the end of the story where the buyer and seller did not agree to this and also hear of the consequences of a seller’s home being taken off the market for an extended period of time with little or no incentive for the buyer to follow through with the sale. 

The Troy Funk Team with Keller Williams Realty in Sarasota, Florida specializes in Short Sales and has successfully closed over 100 bank-negotiated sales in the Sarasota and Manatee County, Florida market area in less than a year.  For more information on their company, visit: www.TroyFunk.com

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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As a Short Sale Real Estate Agent in Sarasota, Florida with Keller Williams Realty On the Water, Troy Funk (Broker/Associate), together with his team (The Troy Funk Team), has closed over 100 bank-negotiate sales in the Sarasota and Manatee County, Florida market area in less than 12 months.  With 6 members on the Troy Funk Team, the focus is on helping sellers complete a Short Sale.  Here are some strategies our team has learned to share with Real Estate Professionals who are hired to help a homeowner stop Foreclosure by completing a Short Sale. 

• Become wise in every aspect of completing a Short Sale.   The education and experience of a Short Sale Real Estate Agent are vital to the success of a Short Sale.
• You have to care about your sellers and put their needs above your own while encouraging them that this is a chance for them to “Move Forward”, however without their help you are not going to be successful.
• Check the county records to verify it is not too late before you meet with a seller about completing a Short Sale.  This saves everyone time and frustration.
• Have resources available for your homeowners (Good attorneys, Good CPAs, and Good Advisors).
• Get the Title Search done on your seller’s property early and start negotiating early with 3^rd party lien holders so you can prepare for a timely closing when the time comes.
• Expect the buyer of your seller’s property to have “Skin in the Game”.  Never encourage your seller to take their property off the market without a reasonable deposit.
• Do your homework on the buyer of your seller’s Short Sale property before an agreement is reached.  Buyers need to have their inspections done early and need to be pre-qualified.
• 8.       Communicate with your seller’s lender often and, if necessary, every hour!   Being polite and assertive has great power.

For more information on Short Sales in Sarasota, visit: www.SarasotaFLShortSale.com or call Troy Funk directly at 941-365-8769.

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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Many homeowners facing foreclosure in the Sarasota, Florida area don’t realize the potential risk they are exposing themselves to by letting their property go into foreclosure.   Doing nothing and letting  your property foreclose could end up being one of the worst financial decisions you will ever make.  A Deficiency Judgment against you can last up to 20 years and could take a lifetime to pay off.   

Deficiency judgments can be avoided through a Short Sale with an experienced Short Sale Real Estate Agent.  Please understand there is no guarantee that Short Sale will prevent a deficiency judgment, however your chances of  avoiding a deficiency judgment are certainly much greater depending on the experience and efforts of your Short Sale Real Estate Agent.   In addition, a Deficiency Judgment will almost always be much less after a Short Sale compared to letting the lender Foreclose. 

As a Short Sale Real Estate Agent, I recently represented a client who had a net worth of millions of dollars at one time including many assets.  He had a high profile business and Bankruptcy certainly would not have been in his best interest nor was the threat of a deficiency judgement a good option for him.   He employed me to represent him in the Short Sale of all of his over-encumbered properties.   After listing his properties, we obtained sales contracts on them quickly and proceeded to negotiate with his lenders to agree to accept the Short Sales while avoiding deficiency judgments.   On the first sale, our client’s lender would not agree to a Short Sale, based on the circumstances of the seller.   Regardless of the lender’s rejection of our Short Sale, I keep the dialogue going consistently with the lender and eventually the lender agreed to a Short Sale but only with an understanding that a deficiency judgment could be filed against my seller at a later point.   From that point, I kept the dialogue going with our seller’s  lender and convinced them to waive the deficiency judgment threat with the seller making a small financial contribution of just a few thousnd dollars.  The homeowner was excited to do this and continues to refer me business. 

Having personally owned over 18 properties at one time, and having to Short Sale my own properties, I have gained the “hands on” experience of navigating Short Sales that few Real Estate Agents in our area have gained.  I have the experience and determination needed and have personally closed over 100 bank negotiated sales in less than a year in the Sarasota marketplace.    Why is hiring the right Real Estate Agent important in Avoiding a Deficiency Judgment?   In most cases your lender will pay all of the expenses associated with the sale of your property in a Short Sale, including the commission for the Real Estate Agent you hire to represent you, so why not select the most qualified Short Sale Real Estate Agent you can to represent you? 

Troy Funk with Keller Williams Realty On the Water in Sarasota has been in the real estate business over 23 years.  Troy has earned the CDPE (Certified Distressed Property Expert) designation as well as the SFR (Short Sale and Foreclosure Resource) certification.  For more information on Troy, visit his website at: www.TroyFunk.com or: www.SarasotaFLShortSale.com 

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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As a Short Sale Real Estate Agent in Sarasota, Florida I am consistently hearing sad stories from homeowners facing foreclosure.  Often, during this difficult time, a homeowner is not aware of all of the options available to them before they make a decision as to how they should proceed with a pending foreclosure.   Many homeowners will retain an attorney to file for bankruptcy without ever consulting a qualified CPA or a qualified Short Sale Real Estate Agent to discuss all of the possible options. 

Facing foreclosure is not just a legal issue; it’s also a financial issue that should be discussed with a qualified CPA.   A Real Estate Agent who is knowledgeable about Short Sales can offer information that is helpful in understanding what a Short Sale is and also how it could impact a seller’s future in comparison to a Foreclosure. 

Recently, I took a listing where the homeowners had been behind on their mortgage payments for over a year.   They had hired an attorney and were paying their attorney a monthly retainer to “Fight the Foreclosure”.  The homeowners felt they were getting a good value for their money in paying an attorney $300 a month because they were avoiding an $1800 a month mortgage payment.   My question to the homeowner at this point was, “If you could buy your house back today, at today’s value, at today’s current interest rate, do you know what your mortgage payment would be?”   We calculated the math together and discovered the payment would be around $600 a month.   My next question to the seller was, “Do you want to be in that position again, where you can buy a house similar to or better than the home you are living in for a payment of $600 a month, AND own a home instead of renting for the rest of your life at substantially higher monthly payments?“  The homeowners responded with, “Yes.”  My next question to them was, ”How soon do you want to recover from this situation? 2 years from now or 7 years from now?“  They responded, “The sooner the better.”  In their particular situation, that meant moving forward with a Short Sale, avoiding Foreclosure, and having a plan to buy another home after the Short Sale.  

The Troy Funk Team with Keller Williams Realty in Sarasota, FL has been successful in closing over 100 bank-negotiated sales in the Sarasota and Manatee Market Areas in less than a year.  Troy Funk is CDPE and SFR certified in Short Sales.  The Troy Funk Team consists of 6 team members who work together to facilitate Short Sales.   Information on Short Sales can be found on their website: www.SarasotaFLShortSale.com or: www.TroyFunk.com.

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Oneco, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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With approximately 1 in every 7 homeowners in the Sarasota, Florida in default on their mortgage, many homeowner’s are considering a Short Sale as a possible solution to foreclosure.

Here are some Quick Points that determine if a Short Sale can be successful or a waste of time:

•1.  The homeowner should meet the qualifications of a “Financial Hardship”, as defined by their lender.

•2.  The homeowner must provide their Short Sale Real Estate agent with all the documents requested, in a timely manner.

•3.  The offer to purchase the homeowner’s property needs to be close to fair market value.

•4.  The buyer of a Short Sale needs to be patient.

•5.  The listing real estate agent for the seller, should have Short Sale experience.

•6.  The homeowner needs to cooperate with their Real Estate Agent and lender.

•7.   The closing agent needs to correctly prepare the HUD and should have Short Sale experience.

•8.   The lender should return calls and work towards making the sale come together.

•9.   The value of Broker’s Price Opinion needs to come in close to the sales price.

•10.  The buyer cannot expect “unrealistic” contributions.

For more information on Short Sales, visit www.SarasotaFLShortSale.com .   Troy Funk has earned his CDPE and SFR certification in Short Sale training and has successfully closed over 100 bank-negotiated sales in the Sarasota and Manatee maret area in Florida in less than a year.  The Troy Funk Team consists of 6 professionals that work together to help facilitate Short Sales.   Additional information on their team can be found at www.TroyFunk.com

The Troy Funk Team’s service area includes:  Sarasota, Bradenton, Venice, Bird Key, Lido Key, Longboat Key, Anna Maria, Bradenton Beach, Once, Palmetto, Parrish, Ellenton, Lakewood Ranch, University Park, Nokomis, Osprey, Englewood, and North Port, FL.

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In Sarasota, Florida approximately 1 in 7 mortgages are in default, meaning that at least one mortgage payment has been missed.

What happens after the mortgage becomes several payments behind?  Eventually the lender (Mortgagee) of the mortgage will file a lawsuit against the homeowner (Mortgagor).  After a lawsuit has been filed (Lis Pendens) a process server will usually serve the homeowner with papers acknowledging that the homeowner’s lender is suing them for foreclosure.   This is a critical time and needs to be addressed     quickly.   The lawsuit (Lis Pendens) allows the homeowner to “Answer the Complaint” within 20 days.    It is critical that a homeowner answer the complaint to protect their rights.

In Sarasota and Manatee Counties, in Florida, a homeowner can “answer” their own complaint, however it is certainly wise to have this done by an attorney.   The fees an attorney will charge for this service usually range from $500 – $1,500.   This could be money well spent, as it will usually delay the foreclosure of a property and hopefully allow the homeowner enough time to Short Sale their property (if they are not able to come to any other solutions with the default on their mortgage).   In addition to hiring an attorney to “Answer the Complaint”, it is wise to retain an attorney for Foreclosure Defense.   

Why is Foreclosure Defense important?   Foreclosure Defense allows the homeowner the time needed to resolve their issue to avoid foreclosure.   Many homeowners eventually come to the conclusion that it is no longer financially feasible to keep the property.   As a result, many homeowners want to move forward and give themselves the best chance to recover from the situation.   Short Sale is a good option to Foreclosure, as Foreclosure is not a good option.   Additional information on this can be found at www.TroyFunk.com.

In addition to hiring an attorney, it is important to hire a good CPA who is knowledgeable about Short Sales and who has an understanding of Insolvency and the tax laws that make mortgage forgiveness a non-taxable event (under certain circumstances). 

For information on Short Sales in Sarasota, review our website www.SarasotaFLShortSale.com.  The Troy Funk Team with Keller Williams Realty on the Water in Sarasota has closed over 100 bank-negotiated sales in less than a year in the Sarasota and Manatee County marketplace.  Troy Funk has earned the CDPE and SFR certification in Short Sales and has had the experience of personally having to Short Sale his own properties.   The Troy Funk Team consists of 6 professionals who work together in the Short Sale process to help homeowners facing foreclosure.

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