In our world today with the economy in the position it is in we are reading about people and families losing their home due to job loss or a drastic reduction in income. Perhaps this person is you or someone who is close to you and you are searching for a way to save your credit as well as your home from foreclosure. Orlando is a wonderful city full of adventure and opportunity; however, like the rest of the United States, it is feeling the effects of our declining economy as well if not harder than other smaller cities. Protect yourself from a foreclosure that can ruin your credit with the opportunity of a realtor selling your home in what is called a Short sale.
Orlando short sales offer the selling the opportunity to avoid a foreclosure and the expenses that accompany a foreclosure as well as the legal process that is found with a foreclosure. If you owe more on your home than what the value of your home is then in the process of a short sale your lender or mortgage holder will allow you to sell your home for market value and will disregard the remaining balance. For a person purchasing the property in a short sale it will allow the buyer to avoid a public or private auction as well as the fees that are added to the mortgage balance in a foreclosure. Dealing with a knowledgeable Orlando real estate agent can make this process go smooth by handling all the details between the mortgages company its self and you instead of involving several other people, which will add to the cost of the property as well.
A foreclosure will be placed on your credit report and will remain for years, thus preventing you from purchasing another home. Keep in mind as well that in a foreclosure the lender is mainly interested in selling the property since it is only costing them money so they will hold either a public or private auction and take the highest bid out of a certain number, thus leaving you responsible for the remaining balance. The lender may offer you several different ways to clear the balance or you may end up finding yourself not only looking at a foreclosure on your credit report but possibly a bankruptcy as well in order to clear the balance you still owe.
Purchasing a property under a short sale will save you time as well as money. The property will be available immediately upon an agreed purchase amount where as buying a property that is involved in a foreclosure may take more time depending on the type of auction and the legality involved with the property already. Working with a knowledgeable Orlando real estate agent will save you the headache and time of working alone or with an agent that is inexperienced.
Monday, January 19, 2009
Wednesday, January 14, 2009
Short Sales, the Alternative to Foreclosure
Are you on the verge of losing you home in a foreclosure due to loss of job or a reduction of income? Maybe you have already lost hope in saving your credit as much as possible and have resolved to the fact that you will have a foreclosure on your record that will prevent you from purchasing another home once you are on your feet again. You have a solution you may not be aware of that will save you from having a foreclosure or possible bankruptcy on your credit report for years to come.
Orlando has a program that is referred to Short Sales; this is the process in which your lender will allow you to sell your house for less than what you owe and basically remove the difference that still remains. This program is very helpful to the individual that “upside-down” in the home. What this means is that your balance due on your mortgage is actually more than what your home is worth. When this happens and you fall behind on your mortgage for whatever reason it can close to impossible to sell your home in enough time to avoid your lender foreclosing on your home.
Purchasing a home that is in Orlando and the mortgage holder as approved for a short sale can be very beneficial in saving you money. When you are purchasing a home in this manner you are able to avoid paying some of the extra fees that are attached to a foreclosure, and your realtor will be in direct contact with the lender so you will only have to worry with the sale price and when to close on your new purchase. Imagine being able to purchase a home for far less than what you would if the property was not in distress! Working with an Orlando real estate agent that is knowledgeable in the area of short sales will be able to let you know of the properties in the neighborhood you prefer that are available through the short sales program.
Orlando short sales are growing rapidly with the fall in the economy and people suffering from job loss or a reduction in income. This program helps the seller, the lender, and the purchaser. As the seller you are able to avoid a foreclosure and the added expenses that accompany one; as the lender you are not losing as much money on the property as you would be if you had to follow through with the process of a foreclosure; and as the purchaser you are saving a ton of money purchasing a home that is being sold as a short sale. Get in touch with a knowledgeable and reputable Orlando real estate agent today to discover your bargain property.
Orlando has a program that is referred to Short Sales; this is the process in which your lender will allow you to sell your house for less than what you owe and basically remove the difference that still remains. This program is very helpful to the individual that “upside-down” in the home. What this means is that your balance due on your mortgage is actually more than what your home is worth. When this happens and you fall behind on your mortgage for whatever reason it can close to impossible to sell your home in enough time to avoid your lender foreclosing on your home.
Purchasing a home that is in Orlando and the mortgage holder as approved for a short sale can be very beneficial in saving you money. When you are purchasing a home in this manner you are able to avoid paying some of the extra fees that are attached to a foreclosure, and your realtor will be in direct contact with the lender so you will only have to worry with the sale price and when to close on your new purchase. Imagine being able to purchase a home for far less than what you would if the property was not in distress! Working with an Orlando real estate agent that is knowledgeable in the area of short sales will be able to let you know of the properties in the neighborhood you prefer that are available through the short sales program.
Orlando short sales are growing rapidly with the fall in the economy and people suffering from job loss or a reduction in income. This program helps the seller, the lender, and the purchaser. As the seller you are able to avoid a foreclosure and the added expenses that accompany one; as the lender you are not losing as much money on the property as you would be if you had to follow through with the process of a foreclosure; and as the purchaser you are saving a ton of money purchasing a home that is being sold as a short sale. Get in touch with a knowledgeable and reputable Orlando real estate agent today to discover your bargain property.
Saturday, January 10, 2009
New Orlando area Real Estate info Blog
Orlando area Real Estate Blog - This website Blog is operated by a dedicated team of full time real estate associates who live in and service the Greater Orlando Area. This group of Top Producers have decades of experience to draw upon that will assist with any clients situation. Whether you are Looking to Buy or Looking to Sell, the Orlando Real Estate Associates can help.
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