Frequently Asked Questions

Q - What is a Short Sale?

A - When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

Q - Why are Short Sales perceived as difficult?

A - All of the criteria must be met before a bank will even consider a short sale. Even then it isn't easy to convince a bank that the market value of the home is lower than what they are owed. Even if all the paperwork has been correctly completed it can take several weeks, or even months, only to be denied. If the lender does not approve the short sale, no transaction occurs. The Purchase Agreement becomes void and the listing continues. Sunstone Realty is your short sale solutions company. Our agents are experienced in short sales and know how to navigate through this sometimes difficult process.

Q- What is a REO?

A - An REO (Real Estate Owned) is a property that goes back to the mortgage company after an successful foreclosure.. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

Call a Sunstone agent today to discuss REO properties/investments. We have REO certified specialists to assist you.

Q – How are county real estate taxes determined?

A - The “Save Our Homes Amendment”, (sometimes referred to as “Amendment 10”) became effective January 1, 1995 as an amendment to the Florida Constitution.

It was voted upon and passed by a Florida citizen’s initiative on November 3, 1992. The amendment stated that the annual assessment of homestead property shall not exceed the lower of either three percent (3%) of the assessment for the prior year or the percent increase in the Consumer Price Index (CPI).

This amendment does not apply to non-homestead property (such as residences without homestead, vacant land, or non-residential property), agricultural, tangible personal property as well as homestead property that has sold or otherwise been conveyed to a new owner during the calendar year.

Property taxes vary county to county. To determine an estimate of taxes on a given property please visit http://dor.myflorida.com/dor/property/appraisers.html and choose the appropriate tax appraiser’s link.

If you have other real estate questions, please contact us and we’ll be happy to help.