Ask the Short Sale Expert

short sale agent

Recently, we recently put out a survey where we asked Orlando homeowners who were currently behind on their mortgage, what their biggest doubts or fears maybe about short sales. The response was overwhelming which is why we decided to post this Q and A article where our very own Orlando short sale expert, Jenny Zamora RE Broker answers a number of questions about short sales and the short sale process.

Q: How long have you been doing short sales?

Jenny Zamora: We’ve been specializing in Orlando short sales since 2004 and have closed thousands of transactions in that time.

Q: In which way is a short sale different than a traditional real estate sale?

Jenny Zamora: A short sale usually takes quite a bit longer than a typical sale because you need to get approval from the lender. Even though a buyer may submit an offer and the seller accepts, it’s still not an executed contract unless the lender signs off on it. Many agents prefer to send their short sale files to processing companies because they’re either unfamiliar with the process or they prefer not to deal with all the extra work that comes with processing a short sale.

Q: Is a short sale different from a foreclosure?

Jenny Zamora: Very different… the foreclosure process usually begins when the homeowner misses 3 or more payments on their mortgage. It’s the legal process by which the bank will ultimately try and sell the property at a public auction. At that point, either someone will buy it or the bank takes back possession if they think the highest bid was still too low.


It costs a lot of money in court and attorney fees for a lender to complete a foreclosure on the property… and then there’s no guarantee that they’ll meet their reserve at the auction.

A short sale is actually designed to avoid having both parties go through the foreclosure process. It starts out the same way in the sense that the homeowner is behind on their mortgage. However, with a short sale, the homeowner has to prove 2 things. First, the property has to be upside-down, meaning that the property is worth less than what’s owed on the remainder of the mortgage. Second, there’s some kind of financial hardship going on preventing the homeowner from making the payments. If these main points are met then there’s a strong chance the lender will approve a short sale.

Another big difference between a foreclosure and a short sale is your credit will suffer much worse from having a foreclosure on your credit than a short sale.

Q: How long does it take to complete a short sale in Orlando these days?

Jenny Zamora: These days the average turnaround time for a short sale in Orlando is 60 days. In recent years banks have put systems and rules in place to streamline the short sale process which used to take from 6 to 12 months. A few years back… some files could’ve taken a year or two, especially when the property has multiple liens on it or some other monkey wrench was thrown into the deal.

Q: Do you have any advice for someone in need of short sale on their home?

Jenny Zamora: The most important thing would be to find an agent that has a lot of experience with short sales. This is not the time when you hire a friend or family member that just got their license last month. Short sales are complicated and you need someone that is keeping up to date on all the new rules and regulations that come out. I would start with a Google search of “Orlando short sale expert” or whatever other city the homeowner may live in. The first page of results should give you a few good options.

I would like to invite anyone who still may have questions about short sales or anything else related to real estate in Orlando, to feel free to call us at 407-902-7750 for a free consultation or visit

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