Short Sale Myths and Facts…Part 1

by Rodney Forbes on June 3, 2009

short-sale-pictureAs real estate values have dropped over the last couple of years, drastically in some places, thousands of home owners have found themselves either upside down on their mortgage, unable to afford their payments, or both.

The topic of short sales and foreclosures seem to dominate the headlines everywhere. There has been a lot written about short sales and whether you should or shouldn’t short sale your home if you’re in this situation. This has led to many misconceptions about short selling your home.

This series is about the myths regarding short sales. Caveat: The rules regarding short sales are different for every lender and are changing all the time as the market changes. ALWAYS consult a real estate attorney and a CPA regarding the particulars of short selling.

Short sale Myth #1:

You need to be behind in your payments before the lender with consider a short sale.


This may have true in the past, but today the key phrase is hardship. Certainly being behind in payments is the most common type of hardship. But hardship could also be caused by job loss, death in the family, divorce, adjustable rate mortgage hike, loss of property value (especially in places like California, Arizona, Nevada and Florida).

If you are considering a short sale make sure you also consult with a licensed Realtor(r) who specializes in short sales. In the Palm Beach County area, especially in Palm Beach Gardens, West Palm Beach and Jupiter, Forbes Realty of South Florida is focused on short sales and helping homeowners through the process.

Rodney Forbes, broker for Forbes Realty, has also co-authored the book “Should I Short Sale My Home?”. Click her for your FREE copy.

Watch for the next article in the Short Sale Myths series. Or, just subscribe to the blog and they will be sent automatically.

If you are interested in buying or selling a home in the Palm Beach County area, specifically Palm Beach Gardens, Jupiter and West Palm Beach, please visit my Forbes Realty website. For frequently updated information on foreclosures, short sales, real estate news and market conditions visit my South Florida Real Estate Report blog. There are many free reports as well as free access to MLS listed properties. You can also call 561-337-4810.


Rodney Forbes is a licensed Realtor®, certified short sale/REO specialist and broker for Forbes Realty of South Florida Inc. Rodney has co-authored the book “Should I Short Sale My Home?”. Get your FREE copy at

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