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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.

Shortsales

4675 HICKORY OAK DR

4675 HICKORY OAK DR
Foreclosure

MLS#: 2118977

  • Region: Central West Florida
  • County: Hernando County
  • City: Brooksville
  • Zipcode: 34601
  • Community:
  • Subdivision: Southern Hills
  • Provided by:
    RE/MAX ADVANTAGE REALTY
  • Type: Land

  • Price: $62,000
  • Year Built: Not Avaiable
  • Bldg sqft:
  • Bedrooms: 0
  • Full Baths: 0
  • Half Baths: 0
  • Acreage: 0.41
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Beautiful foreclosed lot on golf course in amazing southern hills plantaion. Perfect spot for your dream home with all amenities you could want. [ Features ]
     

    0 Conestoga

    MLS#: 2115058

  • Region: Central West Florida
  • County: Hernando County
  • City: Brooksville
  • Zipcode: 34604
  • Community:
  • Subdivision: Conestoga Trls
  • Provided by:
    CENTURY 21 ALLIANCE REALTY
  • Type: Land

  • Price: $135,000
  • Year Built: Not Avaiable
  • Bldg sqft:
  • Bedrooms: 0
  • Full Baths: 0
  • Half Baths: 0
  • Acreage: 10
  • Listing MLS:
    Hernando County Association of REALTORS®
  • 10 acre parcel mol in newly established equestrian community, 75 foot riding trail around perimeter of community. Deed restricted to homes only with minimum living square footage of 2000 square feet. [ Read More ]
     

    6466 MAGEE ST

    6466 MAGEE ST
    Foreclosure

    MLS#: 2120820

  • Region: Central West Florida
  • County: Hernando County
  • City: Brooksville
  • Zipcode: 34613
  • Community:
  • Subdivision: Weeki Wachee Hills Unit 5
  • Provided by:
    PREFERRED PROPERTY ASSOCIATES
  • Type: Mobile Home

  • Price: $95,000
  • Year Built: 1987
  • Bldg sqft: 1296
  • Bedrooms: 3
  • Full Baths: 2
  • Half Baths: 0
  • Acreage: 2.5
  • Listing MLS:
    Hernando County Association of REALTORS®
  • 2. 5 acres, treed buffer for privacy and cleared for optimal use. A 1987 3/2 manufactured home with an attached 2 car garage is ready for someone who will do the work and reap the rewards. River right [ Read More ]
     

    3423 Palometa Drive

    MLS#: 2112501

  • Region: Central West Florida
  • County: Hernando County
  • City: Hernando Beach
  • Zipcode: 34607
  • Community:
  • Subdivision: Hernando Beach Unit 13-b
  • Provided by:
    WHITE DIAMOND REALTY, INC.
  • Type: Single Family

  • Price: $166,000
  • Year Built: 2007
  • Bldg sqft: 3000
  • Bedrooms: 3
  • Full Baths: 3
  • Half Baths: 0
  • Acreage: 0.17
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Bank owned foreclosure! This home was never completed and is waiting for your personal touch. Drywall is up and finished and windows and doors are on. No fixtures, appliances or a/c. It looks like all [ Read More ]
     

    7552 N MANVILLE RD

    7552 N MANVILLE RD
    Foreclosure

    MLS#: 2106698

  • 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®
  • Paved roads. 5 public golf courses within 2 miles. Reduced - priced to sell. Excellent location. [ Features ]
     

    11852 LINDEN DR

    MLS#: 2120780

  • Region: Central West Florida
  • County: Hernando County
  • City: Spring Hill
  • Zipcode: 34608
  • Community:
  • Subdivision: Spring Hill Unit 9
  • Provided by:
    CENTURY 21 ALLIANCE REALTY
  • Type: Single Family

  • Price: $59,900
  • Year Built: 1984
  • Bldg sqft: 1636
  • Bedrooms: 3
  • Full Baths: 2
  • Half Baths: 0
  • Acreage: 0.23
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Want nice smaller home close to all ammenidities! This is it ready for new owner, encloed porch and 1 car garage. Needs a new owner to put their own loving touches and make it their own. [ Features ]
     

    12328 INDIGO BUNTING RD

    MLS#: 2119116

  • Region: Central West Florida
  • County: Hernando County
  • City: Brooksville
  • Zipcode: 34614
  • Community:
  • Subdivision: Royal Highlands Unit 4
  • Provided by:
    WHITE DIAMOND REALTY, INC.
  • Type: Single Family

  • Price: $99,900
  • Year Built: 2007
  • Bldg sqft: 2432
  • Bedrooms: 3
  • Full Baths: 2
  • Half Baths: 0
  • Acreage: 0.46
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Bank owned foreclosure. Lovely joanne model, kitchen with island and 2 lighted pantries. Breakfast nook and counter, master w/ 2 closets, double sinks and glassed-in shower in master bath. Living and [ Read More ]
     

    11285 RICHFORD LN

    MLS#: 2120258

  • Region: Central West Florida
  • County: Hernando County
  • City: Spring Hill
  • Zipcode: 34609
  • Community:
  • Subdivision: Wellington At Seven Hills Ph 2
  • Provided by:
    KELLER WILLIAMS-ELITE PARTNERS
  • Type: Single Family

  • Price: $125,900
  • Year Built: 1999
  • Bldg sqft: 2474
  • Bedrooms: 3
  • Full Baths: 2
  • Half Baths: 0
  • Acreage: 0.22
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Move-in ready three bedroom two bath home with a three car garage located in the wellington a gated 55+ community. The wellington features a clubhouse with a restuarant, tennis, pool, billards, fitnes [ Read More ]
     

    0 Conestoga

    MLS#: 2115073

  • Region: Central West Florida
  • County: Hernando County
  • City: Brooksville
  • Zipcode: 34604
  • Community:
  • Subdivision: Conestoga Trls
  • Provided by:
    CENTURY 21 ALLIANCE REALTY
  • Type: Land

  • Price: $135,000
  • Year Built: Not Avaiable
  • Bldg sqft:
  • Bedrooms: 0
  • Full Baths: 0
  • Half Baths: 0
  • Acreage: 10
  • Listing MLS:
    Hernando County Association of REALTORS®
  • 10 acre parcel mol in newly established equestrian community, 75 foot riding trail around perimeter of community. Deed restricted to homes only with minimum living square footage of 2000 square feet. [ Read More ]
     

    8451 STONE DR E

    MLS#: 2120887

  • Region: Central West Florida
  • County: Hernando County
  • City: Ridge Manor
  • Zipcode: 33523
  • Community:
  • Subdivision: Ridge Mnr Est Un 6
  • Provided by:
    BRAND REALTY INC.
  • Type: Land

  • Price: $35,000
  • Year Built: Not Avaiable
  • Bldg sqft:
  • Bedrooms: 0
  • Full Baths: 0
  • Half Baths: 0
  • Acreage: 1.44
  • Listing MLS:
    Hernando County Association of REALTORS®
  • Withlacoochee river front, close to silver lake, state forest across river, surveyed, wooded, buildable, you can build a series of walkways to get you over the natural ravines, then you will be on you [ Read More ]
     

    ©2006-2010
    Listing information obtained from the Florida Association of REALTORS®
    The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Designated Properties are provided courtesy of Pinellas Suncoast Association of Realtors.
    All information deemed reliable but not guaranteed. Datafeed updated Daily. last update on 03Sep2010 at 3:00am