A short sale is sometimes implicated when a homeowner is in danger of falling into foreclosure. The mortgage lender will agree to lower the price of the balance of the loan in which the homeowner sells the mortgaged property at the discounted price. The debtor then will turn all the proceeds from the sale over to the lender in exchange for satisfaction of the debt. Typically the homeowner will have to prove financial hardship with the mortgage lenders Loss Mitigation Department. Hardships such as unemployment, medical issues, divorce or bankruptcy qualify as economic circumstances that could prompt a short sale. Banks do not want to take over homes, especially in a declining real estate market. They are well aware that it could end up costing thousands of dollars to maintain and refurbish the home with no guarantee of recouping the same amount of money they could with a short sale.
There are pros and cons to short sales. The obvious pro to a short sale is keeping the home out of foreclosure, although a short sale will still show up on the debtor's credit report, it will show as a pre-foreclosure redemption instead of a debt discharged due to foreclosure. In some instances the I.R.S. could consider debt relief as taxable income and has the right to issue a 1099 to the debtor for the difference.
A short sale could very well be a win-win for both the borrower and the lender.
7124 N. NEAL TERRACE
Foreclosure
MLS#: 2106502
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.23
Listing MLS:
Hernando County Association of REALTORS®
7089 CALIFORNIA ST
Foreclosure
MLS#: 2110702
Region: Central West Florida
County: Hernando County
City: Brooksville
Zipcode: 34613
Community:
Subdivision: Potterfield Gdn Ac Sec J
Provided by:
ERA PEARSON REALTY
Type: Mobile Home
Price: $179,900
Year Built: 2006
Bldg sqft: 2650
Bedrooms: 5
Full Baths: 3
Half Baths: 0
Acreage: 0.9
Listing MLS:
Hernando County Association of REALTORS®
7037 N. NEAL TERRACE
Foreclosure
MLS#: 2106487
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.22
Listing MLS:
Hernando County Association of REALTORS®
8479 NORTH WALLINGFORD AVE.
Foreclosure
MLS#: 2106506
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.22
Listing MLS:
Hernando County Association of REALTORS®
3397 W. EDISON PL
Foreclosure
MLS#: 2106550
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.23
Listing MLS:
Hernando County Association of REALTORS®
65 GILLIAN DR
Foreclosure
MLS#: 2112888
Region: Central West Florida
County: Hernando County
City: Spring Hill
Zipcode: 34609
Community:
Subdivision: Linden Retreat
Provided by:
TROPIC SHORES REALTY LLC
Type: Single Family
Price: $99,900
Year Built: 1994
Bldg sqft: 2498
Bedrooms: 4
Full Baths: 2
Half Baths: 0
Acreage: 0.54
Listing MLS:
Hernando County Association of REALTORS®
36 EAST ANTON DR
Foreclosure
MLS#: 2106492
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.23
Listing MLS:
Hernando County Association of REALTORS®
33025 RANCH RD
Foreclosure
MLS#: 2116036
Region: Central West Florida
County: Hernando County
City: Ridge Manor
Zipcode: 33523
Community:
Subdivision: Acreage
Provided by:
DAVE HILL REAL ESTATE
Type: Single Family
Price: $189,500
Year Built: 1971
Bldg sqft: 2854
Bedrooms: 4
Full Baths: 3
Half Baths: 0
Acreage: 2.5
Listing MLS:
Hernando County Association of REALTORS®
3540 W. CUSHION DR
Foreclosure
MLS#: 2106541
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.24
Listing MLS:
Hernando County Association of REALTORS®
8957 N. BENGAL WAY
Foreclosure
MLS#: 2106537
Region: Central West Florida
County: Citrus County
City: Citrus Springs
Zipcode: 34433
Community:
Subdivision: Not In Hernando
Provided by:
RE/MAX ADVANTAGE REALTY
Type: Land
Price: $8,000
Year Built: Not Avaiable
Bldg sqft:
Bedrooms: 0
Full Baths: 0
Half Baths: 0
Acreage: 0.22
Listing MLS:
Hernando County Association of REALTORS®