In the Orlando, Florida area, an interesting phenomena is happening in real estate. While home sales are starting to climb, a great sign for buyers and sellers, the median sales price continues to move downward. What that means is that Orlando homeowners trapped in homes they can no longer afford won't be able to sell their homes for enough to cover their current mortgages. But in Orlando short sales are saving the day for distressed homeowners, as they are in other parts of the country.
A short sale, basically, occurs when a specially-trained real estate agent negotiates with the mortgage company to accept the sale price of the home in payment for the mortgage. The process may take several months to complete, but is often the best option for a homeowner "upside down" in a home.
For homeowners in Orlando, short sales are forestalling foreclosures that can destroy their credit rating and future quality of life. Not to be considered an easy fix, the short sale is an intricate process that takes specialized training to complete successfully.
Some sellers may think they can simply call the mortgage company and negotiate a lower payoff, but their efforts are likely to be rebuffed. A successful short sale negotiation requires knowledge of mortgage company policies, short sale legalities and the local real estate market.
The process starts with completing a hardship package to be submitted to the lender, moves to the negotiation phase and is concluded when the mortgage company agrees to accept an offer on the home as full payment.
A short sale specialist not only negotiates the deal with the lender, he also markets your home to get the best possible selling price. And so, if you're faced with a foreclosure on a home in Orlando and aren't sure where to turn next, your first move should be researching local short sale specialists.
Make sure the person you hire to handle your short sale has plenty of experience in this very specialized field. Plan to stay involved throughout the process, ask questions if you're unsure what's happening and comply with your real estate agent's suggestions for making the home easier to sell.
Ask each agent how he or she will market your home for a quick sale at the best price. What will they do besides placing ads on their website and on MLS listings? A professional short sale specialist will have a definite plan in place for selling your home at the same time he's handling negotiations with your lender.
Losing your family's home is never an easy situation. Foreclosure is a long, painful process that can weaken your family's sense of security for years. In markets like Orlando, short sales are giving homeowners in duress new hope for avoiding the foreclosure process. Don't wait until a sheriff's sale forces you from your home; find a short sale specialist and learn how you can get out from under a mortgage you can no longer afford.
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Chris Robertson is a published author of Majon
International. All Rights Reserved. Copyright 2010 (Sat May 16 2009)
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