I have a Short Sale offer, need some advice. Please.

Guest

Long story short.
My wife and I live in Canada and bought a rental/investment property in Floroda 4 years ago.
We had a baby 3 months ago and my wife is not working and keeping up with all the payments on the Florida house is starting to become quite difficult.
We are current on mortage, except I have not sent in payment for Feb 1st.
I met with a lawyer in Florida over Christmas and he advised that I list the house for short sale as soon as possible. I did that and oddly enough I received an offer last night. Mortgage owing is $270,000, and the offer was for $190,000.
I have not spoke to the mortgage company yet, and they are not aware of any difficulties.
Just looking for some advice and how I should proceed, or how to approach the mortgage company.

Also, am I correct to assume that by accepting the offer, it is accepting the offer "in principle" and then it becomes the decision of the mortgage company. Id there any risk to me in accepting the offer, and then having the mortgage company refuse the offer?

Thanks very much,
Andy

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

You biggest problem will be time. Being current on the mortgage is "not" a good thing when trying to get a short sale done.

Yes accepting the offer will be contingent on the mortgage company accepting it.

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