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What is a short sale agreement?

As a Floridian who is handling the affairs of an estate, you're likely going to run into a number of hurdles throughout the process. Smaller hurdles can include running into a lot of unfamiliar terminology. For example, do you know what a short sale or short sale agreement are?

According to FindLaw, a "short sale" is any sale in which your house sells for less than the mortgage debt. This can happen for any number of reasons. If you need to move away immediately, you might not have the time to look for a better offer on the house. In some cases, there may be repairs that cost more than what the house is worth, lowering its overall value. In others, you may be trying to avoid foreclosure.

A short sale agreement is necessary if you want forgiveness of your mortgage-related debts. In a short sale agreement, a lender's participation is necessary. They will agree to forgive any balance that's left on your mortgage after the sale, allowing you to proceed without fears of debt or foreclosure. If you do not get a short sale agreement, then it will still be up to you to personally cover any financial losses. This can be hugely detrimental to you if you're already struggling with debt or money troubles.

The short sale agreement is a vital tool in managing your estate. If you find yourself in a situation where a short sale is likely going to happen, you may want to contact an experienced attorney so that you know what you'll be dealing with.

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