Review of short sale packages
Short sale transactions have become the norm in Florida. Due to the overwhelming amount of foreclosure actions in the last several years, lending institutions have begun to consider and accept a larger number of short sale offers as a better alternative to the loan modification process and the foreclosure process.
Community associations should be kept apprised of the amounts being paid to all parties involved in a short sale transaction when the assessments are delinquent for the property that is being sold. Before an association agrees to accept a lesser amount in a short sale, our collections attorneys are adept at reviewing the short sale documents (i.e., the short sale approval, proposed closing statement and short sale contract) in order to properly advise the association board of directors before making a decision. Our community association practice group works hand-in-hand with our collections attorneys to ensure that associations are able to make educated decisions on short sales.