A Seller’s Guide to Foreclosure Disclosure: What You Need to Know
Life is unpredictable. Certainly, when you initially purchased your property, you did not see a foreclosure in your future. Yet, here you are. In times like this, making informed decisions is critical; the right choice is dependent upon a host of issues, and the best option for you may be very different from what is best for others in similar situations. Working with a Florida foreclosure attorney can help you weigh your options and make wise choices.
Many in Florida who are facing foreclosure elect to move forward with the sale of their property. They believe this action is best for the financial future. Unfortunately, the process of selling a property in foreclosure can be more complicated than a traditional real estate transaction; it includes very specific foreclosure disclosure requirements. Engaging experienced legal representation is in your best interests. The right professional can guide you through the foreclosure sales process and provide answers to your questions. Below are some common concerns and information regarding them.
Foreclosure Disclosures Are a Required Component of Foreclosure Sales
Why is Foreclosure Disclosure Important?
In all real estate sales in Florida, sellers are required by law to complete disclosures. This documentation provides important information to the individual or entity purchasing the property. Foreclosure disclosures, therefore, include specific information related to the foreclosure process and the condition of the property. This type of disclosure can differ significantly from standard disclosures.
These disclosures are important because they help alleviate the risks to purchasers by providing them important and necessary information. Complying with these requirements is critical, and failure to do so can result in you, the seller, facing legal charges.
What Information Needs to be Disclosed in a Foreclosure?
The required foreclosure disclosure is different from the disclosure for a traditional transaction. The scope of the information shared may not be as broad. In cases like these, lenders often do not have complete knowledge of the condition of the property. For this reason, buyers involved in these transactions are urged to be extra vigilant. Most foreclosure sales are conducted “as is” — there is no room for negotiation for shortcomings with the property.
The information that must be disclosed in a Florida foreclosure includes:
- The role the lender will play, including what they know
- Whether anyone is currently residing there
- The condition of the property
- The existence of legal issues including liens and lawsuits.
You want to make sure to provide exactly what is required in order to protect your best interests and your future.
How to Ensure Compliance with Foreclosure Disclosure
Complying with the disclosure required in a foreclosure sale is critical; mistakes can result in legal action against you. Because of the importance of this step, working with an experienced Florida foreclosure disclosure attorney is recommended.
The process is confusing and the associated language complex. While you want to provide all information that is required by law, you also don’t want to overshare. There are some factors that you don’t need to disclose; providing more information than necessary can negatively impact your purchase price or even your ability to sell.
What to Do Next?
Contact The Law Office of Carlos M. Amor, P.A. For Help
Managing a foreclosure sale can be overwhelming. The process is emotional (clearly, this is not the desired outcome of your initial purchase) and complicated. Handling it correctly can protect you legally and financially. You need the guidance of a reputable and experienced legal professional.
The Law Office of Carlos M. Amor, P.A. is known throughout Florida for helping those facing the unfortunate need to sell their foreclosure property. For more than 15 years Mr. Amor has represented clients throughout the state, providing them outstanding service. In situations like this, protecting your best interests is his ultimate goal.
He knows how to write foreclosure disclosures that comply with Florida law and can oversee all aspects of your real estate transaction.
Contact The Law Office of Carlos M. Amor, P.A. today at 954-453-7201 to schedule a free consultation, either in person, via video conference, or by telephone. Because he appreciates that life is busy, he is available to consult in the manner that is most convenient for you.
Time is a valuable commodity in foreclosure sales; let The Law Office of Carlos M. Amor, P.A. leverage it for you. Don’t hesitate; reach out to him as soon as possible. He appreciates how these time frames work and is available to meet with you immediately.
ATTORNEY CARLOS M. AMOR
Carlos M. Amor is a skilled and experienced attorney and real estate broker. His legal practice in South Florida focuses on real estate litigation, real estate investments, tax deed and foreclosure auction purchases, traditional real estate transactions, short sales, foreclosure defense, and civil litigation. Carlos thinks “outside the box” and takes a practical approach to finding solutions that benefit his clients. [ Attorney Bio ]