Orlando Short Sales Mean Great Deals

Written by admin on 08 February 2009

A recent Money Magazine article written by Joe Light touted the advantages of a short sale in today’s market. When a buyer is looking for a bargain in Central Florida, a short sale can be the answer. And when a home owner needs a quick sale due to financial difficulties, working with an experienced short sale Realtor® can mean be the light at the end of the tunnel.

According to Light, the dream of finding a bargain through a short sale isn’t a myth. He cited the example of the Gavitts, a couple who bought a home in Sacramento, California, for $200,000 less than they would have paid two years ago. They discovered that some buyers and many real estate agents are leery of short sales which means they had less competition from other bidders. Brian Gavitts said, “I’m glad people are turned off by short sales. It just means more choices for the rest of us.”

Another benefit of a short sale is, that compared to a foreclosed, vacant property which may be deteriorating, most homeowners offering a short sale are still living in and caring for their home. The only drawback is that a quick sale might not be so quick. However Orlando home sellers and buyers may fare better than the rest of the nation as Fannie Mae has chosen Orlando for a pilot project to speed up the short-sale process by pre-approving properties.

In his article, Light had several suggestions for home buyers:

Know what you’re getting into: Except for pre-approved properties that are part of the Fannie Mae program in Orlando, delays may occur because several parties are involved and lenders may be overwhelmed with short sale offers.

Find an experienced professional: Make sure you work with an agent who understands short sales and has been successful with this process.

Narrow the list to reduce delays: You might want to pass on a home that has more than one lien on it since it means negotiating with more than one lender. If the seller has another offer pending, your offer may not even be submitted for approval until the first one rejected which means more wait time.

Determine the right price: The listing agent may have seriously under priced the home to attract buyers but the lender won’t accept such low-ball offers. An experienced, professional Realtor® will determine the home’s fair market value and help you set the best price to submit to the seller.

Protect yourself: This is where relying on a pro will pay off. When the seller’s agent asks you to sign a contract, your agent can help with the details such as not agreeing to pay for an appraisal or inspection until your offer is accepted and asking the lender to pay for all closing costs. Discuss the deposit with your agent, too. You shouldn’t tie up more than $3,000 before the lender agrees to your offer.

Bug your agent: If you don’t hear from your agent once a week, make a call yourself to make sure the seller’s agent is contacting the lender every day. The squeaky wheel gets the grease.

Pay attention to the market: The lender usually wants to make at least 90 percent of the home’s current value so may counter your offer. Consider their response as a guideline. If the market has stayed flat, you can counter back for 5 or 10 percent less than the lender asked for. If you can prove the home’s value has dropped even more, you could counter back for even less.

The key element according to Light is to have an experienced short sale agent on your side to make sure the quick sale is quick and you find the Orlando bargain you’re hoping for.

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Facts & Resources

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.