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No Equity? Behind on Payments? Facing Foreclosure?
Due to increased interest rates and higher mortgage payments, many Florida homeowners are losing their homes to foreclosure and many more are falling behind on their payments. Don't let this happen to you! One of the actions you can take is to contact a short sale specialists. We specializes in negotiating and marketing Orlando, Fl short sales. We do our best to generate offers that are beneficial to you and, yet, fair to the lender..
If you have recently had an interest rate adjustment, are behind on mortgage payments, have been contacted by your lender about a foreclosure, or are considering selling your Orlando home to avoid a foreclosure, call our team of short sale specialists about conducting a short sale for you. To contact us, you’re always welcome to call 407.567.7353, or simply click here to send us an email.
We market short sale properties in Orlando, Winter Garden, Winter Park, Kissimmee, Clermont, Apopka and Oviedo. We will also look at properties in surrounding cities.
Foreclosures in Florida are real and will be in the market for some time to come. Experts predict that pre-foreclosures being listed for short sales in Florida will be a main part of our real estate market for at least the next 2 years. That's why we've become the short sales specialist the public needs and deserves.
Florida Short Sale Foreclosure Solutions
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller’s loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Combined with the weak real estate market the following are common situations facing distressed sellers:
- Unexpected health issues resulting in difficulty making mortgage payments;
- Lending rate increases on adjustable rate loans;
- Divorce;
- Over-extended borrower with multiple mortgages;
- Job loss or transfer;
Our goal is to assist homeowners while guiding them through their short sale real estate transactions. We offer affordable rates and a friendly atmosphere where clients are welcome to call or visit the office with questions.
Short sales are more complicated and time consuming than an average real estate sale, making it important to use an experienced real estate broker to oversee and negotiate the transaction. A distressed seller initiates the short sale by contacting our office, we notify the lenders attorney, draft a special contract and list your home at a discounted price lower than the current market price, sometimes as much as thirty percent less than the seller may have paid for the property. The Seller’s Realtor must find a bona fide purchaser for the property before the short sale offer can be submitted to the lender.
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in the business of managing and owning property and short sales are less expensive than completing the foreclosure process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees.
Buyers Benefit from Short Sales
Buyers often save money purchasing a property in a short sale.
Short Sale Myths I hear from Florida Sellers looking for a Short Sale Specialist
Don’t feel alone. Many homeowners in Orlando, Florida and across the country are facing difficult times due to, job losses, and adjustable-rate loans resetting to higher rates and family emergencies.
Thes common questions and answers will help you decide if a short sale is right for you:
What is a short Sale? When a mortgage company accepts less than full pay-off on the mortgage to avoid a possible foreclosure. A Short sale can be the helping hand for those facing divorce, serious health issues, or have become unemployed.
How does a short sale benefit the homeowner? A short sale will provide financial relief, and the homeowner will avoid severe damage to their credit. The credit is damaged due to the delinquent mortgage history, but not having a foreclosure on the credit report will give the home owner a opportunity to purchase another home in the near future. The short sale process will give the home owner more control over the timing of the transaction and will slow down the foreclosure process. All costs associated with the short sale will be deducted from the proceeds received by the lender. The homewner will not be allowed to receve any funds at clsoing.
How does a short sale benefit the mortgage company? A short sale allows the mortgage company to avoid losing more time and money by avoiding a foreclosure. The fees associated with a foreclosure average $30,000-$50,000.
How do I qualify for a short sale? A Homeowner cannot simply decide that they want to sell a home with a short sale. The mortgage company must agree to it. The criteria the lender will want to see are:
1. The homeowner has no financial resources to pay the mortgage.
2. The homeowner is behind on payments and are in foreclosure.
3. The fair market will likely not cover all liens, commissions, and seller’s concessions.
Do mortgage companies agree to all short sales? The answer is no. It is essential to have a Realtor® who understands how the short sale process. By understanding the complex short sale process, the mortgage company will be much more receptive to negotiating with the listing agent. The #1 reason mortgage companies deny short sales is because of poor presentation on the part of the listing agent.
What is the down side of a short sale? The process of a short sale is complex. The buyer rarely has an opportunity to affect the decision makers. The final sales price is determined by the mortgage company, not the homeowner. Mortgage companies will not likely negotiate with the homeowner, so its important to hire a Realtor® who understands the complexities involved so they will better able to negotiate in their best interest.
To see if you qualify for a short sale or loan modification contact us at 407-567-7353 or send a email tomailto:taskmtg@gmail.com
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