What is a Short Sale? – Orlando Fl. Short Sale
A short sale is when the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and expense of a foreclosure. Financially the lender is actually ahead after a short sale. If you’re considering a Short Sale on your Orlando Home please feel free to give Jerry LaRose a call to discuss further.
A 2002 study estimated that the entire cost of a foreclosure was $58,759 and took 18 months. Other factors that can influence a bank’s decision include the liability risk it assumes by owning the property after foreclosures, the money tied up during the holding period for a foreclosure and REO resale, additional costs associated with an REO such as attorneys’ fees, and the additional reserves it will need if REOs rise in the bank’s portfolio. (REO’s stands for Bank Owned properties – Real Estate Owned)
If you are upside down in the value of your home and can no longer make your mortgage payment, there is something you can do. It’s called a Short Sale. Previously, there were few options and a majority of home owners would let the bank foreclose.
STOP – Don’t Let the Bank Foreclose!
Short Sell the Property. Banks would rather short sell the property than foreclose.
Foreclosure can adversely affect your credit for years to come. Typically, Foreclose would stay on your credit report for 7 years and potentially 10 years. On a Short Sale, typically, the loan that was extinguished will show up on your credit report as “Settled Debt” or Settled Debt for less than originally owed”. Now, that is much better than having a Foreclosure on your credit report.
I will List your Home For Sale, Market it as I would a Normal Listing with my fabulous Marketing that puts your home on over 200 websites to find a buyer for your home, negotiate the short sale with the Lender and close the deal so that you may move on with your life.
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales. Jerry is your Orlando Short Sale Expert.
