Cooperative Short Sale
One of the newest procedures to address the housing crisis is the Cooperative Short Sale.
What is it and how does it work? Instead of the short sale process being implemented by the seller of the home and their real estate agent, the lender identifies distressed borrowers as candidates for a Cooperative Short Sale.
The lender works directly with a brokerage, such as Exit Real Estate Results and Kelly Johnson, then has the agent directly contact the seller with the lenders proposal to sell their house.
If the seller agrees to cooperate with the lender, they will be able to stay in the property, rent free, until the property sells AND they will not have a deficiency judgment filed against them once the property sells. This is in writing. Additionally, there is no fee charged to the seller.
The lender sets the listing price, so this sort of transaction is already an "Approved Priced Short Sale", which eliminates the uncertainty and frustration for all parties.
We will begin seeing more of these transactions in the Lake Nona area and all of its neighborhoods in the coming days and months...I received 5 files today for Lake Nona area homes. For questions about short sales or selling your Lake Nona Medical City area home, contact me at 407-595-4841
Kelly Johnson: Broker Associate; Realtor
Exit Real Estate Results, Orlando
YOUR LAKE NONA SHORT SALE SPECIALIST!