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Real Estate Blog
Real Estate Blog

Wednesday, March 16, 2011

Are you considering eschewing the traditional means of selling Fort Lauderdale real estate in favor of a short sale?  You're certainly not alone; plenty of homeowners are choosing short sales as a means of moving on for various reasons.  However, there's one major misconception that many tend to overlook until it's too late which you may want to seriously consider before moving forward.

A short sale does not necessarily guarantee that you won't owe the bank any more money if and when the short sale is successful.  Sellers should always strive to get something in writing stating that the bank has chosen to waive its right to pursue the remaining unpaid balance before moving forward on selling any kind of Fort Lauderdale real estate or agreeing on anything for that matter.

Always make sure that you understand what you're agreeing to and what you're signing before proceeding with a short sale.  While not having an unmanageable mortgage payment is a huge sigh of relief despite the credit ramifications, the last thing you want is to find that you still owe money a home that you no longer own.

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