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What is a short sale? 

The term "short sale" refers to a transaction in which a lender, agrees to accept less than the mortgage amount owed by a current homeowner on his/her property.

In some cases the lender will forgive this difference but in others the lender will expect the homeowner to make arrangements to pay the existing debt.

Short sales have been on the increase nationwide in the past year due to the economic recession, rising unemployment and drops in home prices in certain communities.

The lending institutions have decided that where homeowners are "upside down" it is far more sensible to work with the homeowner and come to some sort of settlement rather than go to foreclosure. For the homeowner this is a better route as his/her credit is not as badly affected as it would be if it went to foreclosure.

Therefore, to sellers short sales offer a lifeline and to buyers an opportunity to buy property at a discount.

In either case, having an experienced short sale professional on your side is imperative -- Gordon Robinson Broker/CEO of the Florida Gold Group of Englewood Florida is such a person and can help both buyers and sellers achieve their objectives.

The Florida Gold Group have properties in the Englewood, Rotonda, Port Charlotte,Placida,Sarasota, Naples area that offer outstanding value.