Do you owe more on your Orlando house than it is currently worth? Are you behind in your payments? Are you so overwhelmed by mortgage debt that you are thinking of walking away from your home and letting it go into foreclosure?
If you answered yes to one or more of these questions, consider an Orlando short sale before you make any other major decision. A short sale is a step before foreclosure. With a short sale, the lender (usually a bank or mortgage company) allows you to sell your house for less than you owe on it if you are seriously in arrears. In this way you, the homeowner, no longer has the debt obligation, avoids foreclosure and potential bankruptcy, and has a chance to protect your credit rating.
Why do mortgage holders allow short sales? Once lenders foreclose, they are responsible for the foreclosed properties; they have to dispose of the property. Most lenders have already foreclosed on an unusually high number of properties in the last year or two; they want to limit additional foreclosures. They also do not want to leave their properties empty because empty houses are subject to damage from fire, weather, and vandalism. The longer a house is unoccupied, the harder it is to sell. That’s why, under the right circumstances, many lenders will consider short sales.
But selling on short sale can be extremely complicated. Consider this: when you sell through a regular MLS listing, you or your agent negotiates with the prospective buyer. When you sell on short sale, however, you or your agent has to deal with both the buyer and your lender. And if multiple lenders have an interest in your property, the process gets even more complex. That’s why real estate agents are essential for short sales. Acting on your behalf, a real estate agent can negotiate both the price and the paperwork for an Orlando short sale. Negotiations may even result in the lender paying the closing costs.
Don’t be swayed by stories that no one is buying houses. If you live in Orlando, you know it’s a great place to raise a family or retire. Not only is it home to some of the world’s greatest theme parks and close to world-class beaches, it is centrally located, has terrific weather, and is affordable. That’s why people want to buy homes in Orlando. Short sales in Orlando make attractive home purchases even more attractive and affordable.
Think carefully before you borrow more money (even from your family) to try to pay off your debt. If you owe more than your house can get on today’s market, you simply may not be able to save your home. But you can limit your loses and preserve your credit rating with a short sale. A realtor who is a certified short sale specialist can show you how an Orlando short sale can relieve you of your mortgage obligation so you put your energy into getting back on your feet.
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Chris Robertson is a published author of Majon
International. All Rights Reserved. Copyright 2009 (Thu May 07 2009)
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