KW Serge Brice

Short Sale Relocation Incentive — Up to $10,000*

Could a short sale be the right solution for your Puerto Rico property?

If you owe more on your mortgage than your home is currently worth, or you are struggling to keep up with your mortgage payments, a short sale may be an option worth exploring.

In my experience working with homeowners, short sales can provide an alternative to foreclosure for owners who are facing financial hardship, have fallen behind on their mortgage, or are unable to maintain their current loan payments.

What Is a Short Sale?

A short sale occurs when a property is sold for less than the amount currently owed on the mortgage, with the lender or mortgage servicer agreeing to accept the sale proceeds as satisfaction of the debt, subject to the terms of the approved short sale.

For example:

• Mortgage balance: $450,000
• Current market value: $200,000
• Property listed for: $200,000
• Approved buyer’s offer: $200,000

In this situation, the homeowner is not simply selling the property and walking away from the difference. The mortgage lender must review and approve the proposed transaction.

What Could a Short Sale Help With?

Depending on the lender, the homeowner’s circumstances, and the terms of the short-sale approval, a short sale may potentially help with:

• Avoiding or stopping the progression of foreclosure
• Selling a property that is worth less than the mortgage balance
• Negotiating with the mortgage lender or servicer
• Addressing certain approved closing expenses
• Potentially resolving some or all of the remaining mortgage debt
• Creating a structured path for the homeowner to transition out of the property

Every short sale is different. Approval, eligible expenses, deficiency treatment, relocation assistance, and potential tax consequences depend on the lender, loan type, homeowner’s circumstances, and applicable federal and Puerto Rico laws.

What About Relocation Assistance?

Some short-sale programs or individual lenders may offer relocation assistance to qualified homeowners. The amount and eligibility requirements can vary, so homeowners should not assume that a specific amount—such as $10,000—is automatically available.

If relocation assistance is available, it should be clearly outlined in the lender’s short-sale approval and closing documentation.

What Happens During a Short Sale?

A short sale generally involves several important steps:

1. Evaluate the Property — We determine the property’s current market value and review the homeowner’s situation.
2. Review the Mortgage Situation — The mortgage balance, loan status, and other relevant information are evaluated to determine whether a short sale may be appropriate.
3. Prepare and Market the Property — The property is professionally marketed to attract qualified buyers.
4. Receive an Offer — Once a buyer submits an offer, the offer and supporting documentation are submitted to the lender or servicer.
5. Negotiate With the Lender — The lender reviews the property’s value, financial documentation, purchase offer, and other required information before making a decision.
6. Obtain Short-Sale Approval — If the lender approves the transaction, the approval will outline the terms under which the property can be sold.
7. Close the Transaction — Once all conditions are satisfied, the transaction proceeds to closing.

Don’t Wait Until It’s Too Late

If your Puerto Rico property is worth significantly less than what you owe, you are behind on your mortgage, or you are struggling to keep your payments current, don’t wait until foreclosure becomes your only option.

A short sale may provide a path forward—but timing matters.

As a real estate professional experienced in distressed-property transactions, I can help you understand your options, evaluate the property, coordinate the sale process, and work with the appropriate professionals throughout the transaction.

Important: A short sale can have legal, financial, credit, and tax implications. Before making a decision, homeowners should consult with a qualified attorney and tax professional regarding their individual circumstances.

Let’s Talk About Your Options

If you think you may be upside down on your mortgage or are having difficulty keeping up with your payments, let’s have a conversation.

No pressure, no judgement. Just an honest discussion about your property and the options available to you.

Serge Brice
Puerto Rico Real Estate Professional
Residential • Investment • Relocation • Distressed Properties

Contact me today for a confidential consultation and let’s determine whether a short sale may be right for you.

*Relocation assistance amounts and eligibility vary by lender and program and are never guaranteed.