Legal Question in Real Estate Law in Florida

Short sale question

I am self employed and income varies greatly. I have two homes, my primary residence is upside down 50k, my rental is about even after realtor commissions and closing cost. I can not afford my primary residence any longer so I am considering a short sale and moving into the rental that has a $600 cheaper mtg. Am I crazy or is this possible


Asked on 9/11/08, 8:12 pm

1 Answer from Attorneys
William Gwaltney William W. Gwaltney, Attorneys at Law

Re: Short sale question

Not crazy, based on what you have posted. The hardest part of a short sale in this economy is finding a buyer willing to pay the amount the bank is willing to accept. However, you need to review the lease agreement to determine what options you have to break your lease with the tenant.

Good luck with the sale.

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Answered on 9/11/08, 8:22 pm


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