Orlando Short Sales vs. Orlando Foreclosure

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.