We have the Approval Letter in hand! Last buyers unable to close. Take advantage of this great Orlando Short sale property. Located in the very desirable University Estates, this gorgeous 2,357 Sq ft. 4 Bedroom 3 Bathroom home with a private pool is move-in ready! It has a spacious open layout and the neighborhood is loaded with great amenities for the whole family.
Close to shopping, restaurants and good schools in the area.
Here are just a few of this property’s great features
* Vaulted Ceilings
* Large master suite
* Solid wood cabinetry throughout
* Large formal Dining room
* Lots of natural lighting
* 2-car garage
* Screened in porch
* Wood Burning Fireplace
* Good School District
Great Amenities!
* Community Pool
* Gazebo
* Tennis courts
* Basketball courts
* Playground
Perfect location near UCF, Waterford Lakes Towne Center shopping and dining all with easy access to highway. Hurry Today! This home won’t last for long.
For more info on this terrific property call us today at 407-902-7750 or visit us at OrlandoRealtyConsultants.com
I’ve been doing short sales in Orlando since 2005 and something happened last week that has never happened to me before. I’ve been working on this Orlando shorts sale listing for the past 3 months. After negotiating with the bank we got the payoff approved at $192,000.00 and the buyers were ready to close. Each time I would get a hold of the negotiator he would say that I would have the approval letter the next day so I would then update my clients with the same update that was given to me. After hearing the same story from me day after day and week after week It got to the point where everyone thought it was all somehow my fault.
To make matters worse, the buyer got tired of waiting and walked from the deal, my client even talked about hiring another agent. The following day I received a call from the negotiator and I couldn’t believe what he told me. He actually told me that he was purposely stalling this particular file because he didn’t want it to close until the month of March. He explained to me that the bank can only handle a certain amount of loss per month and they had already hit their limit for the month of February. He then proceeded to explain to me how he was purposely stalling me by not providing me with the approval letter. When I heard this I felt like reaching through the phone and slapping him. That wasn’t possible so I did the next best thing, I gave him a piece of my mind.
All he had to do was inform me of what was going on from the start and everything would have been fine. The buyers would have had no problem at all waiting as long as they knew what was going on. After I vented my frustration with the negotiator I insisted that he personally call my client and explain the situation to him. Thank God everything is back on track and all is right with the world, we’re closing at the beginning of March.
Short sale negotiations can get complicated and can be extremely frustrating. If you’re in need of an Orlando short sale expert call me at 407-902-7750 for a free analysis of your situation.
When a buyer puts in an offer on an Orlando short sale property, that person believes that they are getting a great deal. Many times this ends up being the case and after several months of waiting…the bank approves the offer but don’t celebrate yet,… there are still a few things that can make the deal fall apart.
The appraisal is a crucial and unavoidable part of this process. let’s say for instance that the bank approved your short sale offer of $100,000.00, the next step is to get your financing in line which means getting the property appraised, inspected, etc. The issue now is to get the property to appraise for at least the amount of the contract. If the property falls short on the appraisal, let’s say $95,000.00, then there’s a problem because your lender is not going to approve a loan for $100,000.00 for a house that just appraised for $5,000.00 less.
How and why does this happen?
Appraisers have to go off of recently sold properties only, not pending properties, or active properties. So even though the BPO may have come in at a higher valuation, the reason is that BPO agents have a bit more leeway on what comparables they are able to use. As opposed to appraisers, BPO reports may include active listings, pending listings, in addition to sold listings in order to determine true valuation.
Will the short sale lender adjust the approval price to match the appraisal price?
Most lenders will actually change their payoff letter so that the deal can go through. As a matter of fact, this is something that happens all of the time in our office. The only drawback is that it takes a bit longer because there’s a process which typically 2 to 3 weeks. It all comes down to how much of a hurry the buyer is in to buy the house. If the buyer is in a position to wait the extra time, then this actually benefits them because they get an even better deal than the original price.
Lenders like Fannie Mae for instance are less likely to lower the approval amount regardless of the appraisal value. I know what you’re thinking and I agree… It makes no sense.
What happens if the lender is unwilling to adjust the approval price?
There are a couple of different scenarios that may ensue if the lender doesn’t want to lower their payoff amount. One thing that can happen is that the buyer walks away and keeps looking for another Orlando short sale. Another way to get around this issue is if it’s a cash buyer that really wants the property. However, not too many people will purchase a property for more money than the appraised value unless it holds some kind of sentimental value for them.
Need help with a short sale? Call our office at 407-902-7750
Apopka Short Sale | 2464 Pickford Circle 32703- This is a Gorgeous Single family home located in the very desirable subdivision of Lake Heiniger Estates. It’s sits on an enormous over sized corner lot. The spacious kitchen is a house wife’s dream with solid wood cabinets, granite countertops and high end stainless steel appliances.
This home is in excellent condition and move -in ready.
Do you want to search for properties like a pro in just a few seconds?
People are always asking me if it’s a good idea to buy a timeshare. There are soo many different companies out there that will tell you their program is the best and they even go so far as to bribe you with free hotel stays and other expensive gifts. It’s all designed to lure you into a room decorated with breathtaking almost life-size luxury vacation photos created to entice you while you eat the complimentary breakfast or lunch they’ve given you [law of reciprocity], they even provide you with free child care to eliminate anything that may distract you from their highly polished sales pitch that they’re about to hit you with.
Their next move is to set down their modest little binder in front of you and start to show you photos of their own family vacations as they ask you personal questions about your kids, your line of work, and of course… your vacation habits. You can always tell how experienced the Orlando real estate agent is by how good they deliver their personal story and then effortlessly mix it into the whole timeshare “Set Up” at the end of their enchanting little story. The agent then goes into a carefully rehearsed presentation about all the benefits you could receive by becoming a member and how if you walk out the door without buying you would regret it for the rest of your life.
I know what you’re thinking and you’re right…I’ve been to a whole bunch of these. The truth is, before we became successful in Orlando Realty Consultants my wife and I would sit through these excruciating timeshare presentations just to get a cheap vacation out of it for our family.
By going to all these presentations we learned a heck of a lot about timeshares as well as travel clubs. We saw one common denominator with timeshares that was a huge negative for us. That was that even if you don’t use your timeshare, you would still have to pay maintenance fees and property taxes. Over the years, I’ve had people approach me wanting to just sign the timeshare over to someone for free just to be free of the taxes and maintenance fees. They didn’t even care about losing the $10,000.00 they paid to buy it in the first place.
Travel Clubs are the way to go
Travel clubs on the other hand seemed to make a whole lot more sense to us. Joining a travel club is like joining a big box store like “Sam’s” or “BJ’s” in the sense that they buy up all these unused days in resorts, condos, etc., and pass the savings on to the consumer. They charge you a yearly fee to be a member, usually around 3 to 5 hundred dollars. Once you’re a member, you can access seriously discounted vacations by calling or through their website. The downside is that you have to buy in at about the same amount you would for a timeshare [five to ten thousand dollars] but that’s it. After that, there’s no property tax or maintenance fees to worry about at all.
