Short Sales and Distressed Properties
Options explained before you decide, from a Short Sales and Foreclosure Resource.
When You Owe More Than the Home Will Bring
A short sale is when a lender agrees to let you sell your home for less than what you owe on the mortgage. It's one way out when a home is worth less than the loan, payments have fallen behind, or life changed and the house can't be kept.
If you're reading this, you may be worried, embarrassed, or tired of phone calls from the bank. You're not the first, and there's a path through it. Lili Whittington holds the Short Sales and Foreclosure Resource (SFR) designation and has sold more than 450 homes in more than 20 years across Lake, Sumter and Marion counties. We'll lay out your options calmly, before you decide anything.
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Your Options, Explained
A short sale isn't the only road, and it isn't always the best one. Depending on your situation, the choices can include:
- A regular sale. If the home is worth more than you owe, even by a little, a traditional sale may be simpler.
- A short sale. The lender approves a sale below the loan balance. It takes longer than a regular sale, because the lender has to review and approve the offer.
- Working with your lender directly. Some homeowners can arrange a loan change or payment plan instead of selling.
- Foreclosure. What happens if nothing else is done. It's usually the outcome people most want to avoid.
We're not attorneys or tax advisors, and a short sale can have legal, credit and tax effects. We'll tell you plainly when a question belongs with one of them, and we'll keep the sale moving while you get answers.
How a Short Sale Works With Us
A short sale has two jobs running at the same time: selling the home and getting the lender to say yes. We handle both:
- Price it realistically. The lender will check the price against the market, so it has to hold up. See how we value a home.
- Gather what the lender needs. The lender will ask for financial documents and a hardship explanation. We'll tell you what to expect and keep the file moving.
- Market the home and bring an offer. Buyers need to understand the timeline, so we set expectations up front.
- Follow up with the lender. Approval can take time. We keep after it and keep you updated, so you're not the one waiting on hold.
We handle all of it in English or Spanish.
What Comes Next
Once the sale closes, you get to plan what's next without the weight of the house. If you're moving to something smaller, see downsizing. For how we sell any home, see selling your home. We treat every client the same way, whatever the situation: with respect, and without judgment.
Get Your Options
The earlier you ask, the more options you usually have. Contact Lili for a confidential conversation, or call (954) 235-4766. You'll leave with a clear picture of where you stand. We serve The Villages and the towns around it, including Leesburg, Wildwood and Ocala.
Frequently Asked Questions
What is a short sale?
A sale where the lender agrees to accept less than the amount owed on the mortgage. The lender has to approve the buyer's offer before it can close.
Does a short sale take longer than a regular sale?
Usually, yes, because the lender has to review and approve the sale. We set that expectation with buyers from the start.
Will a short sale affect my taxes or credit?
It can. Those questions belong with a tax professional or attorney, and we'll point you to one while we keep the sale moving.
Short Sales by neighborhood
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Ready to make your move with The Lili Whittington Group?