This condo is in excellent condition and move-in ready. This Condo is located in the up and coming area of AVALON. The community offers a community pool,
Bedrooms: 2
Bathrooms: 1 and 1/2
SqFt Heated: 1,214
Floors: Tile and carpet
You should make your offer quick on this one, it won’t last long!
It’s important to be aware that your lender has absolutely no obligation to agree to a short sale. Also, there are a handful of banks that will agree to a short sale if the homeowner is current however, most banks won’t even consider it unless the homeowner is at least 30 days past due on their mortgage payment. Either way, it goes, you just won’t know whether or not your lender will accept a short sale until you try. You should also know that a short sale can take several months and even a year to complete depending on who the mortgage holder is and what type of loan it is.
In the event that your lender does not agree to a short sale, there are several other options available to you in the event that your lender doesn’t agree to a short sale.
Other options besides a shortsale
1- Loan Modification– This is when the lender adjusts the terms of your loan by either adjusting the principal balance of the note or by lowering the monthly payment to make it more affordable to the homeowner. Most of the time the terms of a loan modification aren’t worth agreeing to.
2- Deed-in-Lieu- This is the process by which the homeowner signs the property back over to the lender and this is also considered by many a voluntary foreclosure. Unfortunately, it also shows up on your credit as a foreclosure.
3-Bankruptcy-There are two different types of bankruptcy; Chapter 7 and chapter 13. Since I am not an attorney I will just give you the basics. A chapter 7 bankruptcy is the liquidation of assets so that debtors can get paid a portion of what’s owed to them and a Chapter 13 is basically a reorganization of debts in which the debtor has a chance to work out an arrangement with his or her debt holders.
4- Let it go to Foreclosure- This is one option that I would never recommend to anyone. If you just let the property go to foreclosure, then you’re just giving up and when you give up, you give up all control of your situation. There’s a common belief that if you let your property go to foreclosure, all of your debt will be forgiven and that couldn’t be further from the truth. As a matter of fact, the opposite will probably happen and the lender will slap you with a deficiency judgment between what you owe the lender and what the property sold for at the auction.
If you or someone you know is behind on their mortgage, consult with a short sale expert and find out what the best option for you is.
As an Orlando short sale realtor, negotiating the payoff on a second mortgage is something I do on a day-to-day basis. I would say that at least half of the homeowners that visit our office have more than one mortgage. As a matter of fact, I’ve seen homeowners that have up to 3 mortgages on one piece of property. The good news is, however, that in a short sale situation 2nd and 3rd lien holders don’t have much leverage if the property is being foreclosed on by the first mortgage holder. In this type of situation, the 1st mortgage holder is always first in line as far as who gets paid first if the property goes to public auction. The only exception to this rule is if there’s an IRS lien in which case they would get paid first. After the 1st mortgage gets paid then the other lien holders get paid according to what order the liens or mortgages are attached.
A short sale is when a lender agrees to the sale of a property for less than what’s owed on the property because there isn’t enough equity to cover the full amount of the payoff. At this point, the second mortgage basically becomes an unsecured debt. If the sale of the property won’t even cover the 1st mortgage payoff, there’s no way that any other lien holders will get paid. When we are able to prove this to secondary lien holders, they are usually very eager to negotiate. They know that they don’t have a leg to stand on and if the property goes to foreclosure, or if the homeowner files for bankruptcy they won’t get a dime.
Once secondary mortgage holders realize there situation, it’s usually pretty easy get them to take a massive discount on what’s owed. Many times the 1st mortgage holder will only allow up to a certain amount to be paid the second mortgage holder or they won’t approve the deal. This is also a very powerful tool because when first mortgage holders have these guidelines in place, second mortgage holders have to either accept whatever the amount is or get nothing at all when the property goes to foreclosure. At this point, the burden of having to negotiate with secondary lien holders gets taken of the short sale realtorcompletely because the 1st mortgage holder will stick to their guidelines no matter what.
Many of my clients ask if we can negotiate their second mortgage balance with the loan being current. Unfortunately, in my experience of 8 years as an Orlando realtor, that has never been the case. The way they look at it is, if you’re still making the full payment why should they even entertain the idea of accepting less than the entire amount. I never, ever advise my clients to stop making their payment and I never will. However, I do educate homeowners on the way that things work and most of the time they decide to stop making that payment. unfortunately, this is usually the only way to get their attention.
Why should you settle at all? There are several reasons why you should settle with second mortgage holders as opposed to just not addressing it at all. For one thing, these deficiencies can come back to haunt you in the future and cause damage to your credit. Also, many times the original mortgage holder will turn collection efforts over to a collection agency that uses much more aggressive tactics to collect the balance. Also, in short sale situation, you have no choice but to settle with the second or the sale will not go through, it’s as simple as that.
This short-sale property won’t last for long. It’s a terrific investment opportunity with tons of potential.
Do you like granite? Then you will love this house! Wall to wall granite and carpet in 3 of the 4 bedrooms.
This 4 bedroom 3 bathroom house is 2,488 square feet.
Other features
* 2 car garage
* huge fenced in yard
* bonus room
* wood-burning fireplace
* granite, granite, and more granite
Located in the very desirable area of Dr. Phillips, this property won’t last long.
Hurry and make your appointment to see it
407-902-7750
Orlando Realty Consultants is a full-service Real Estate brokerage located in Orlando, Florida which specializes in doing Orlando Short Sales and Foreclosure Prevention with a team of highly experienced short sale realtors on staff.
We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts have experience in all aspects of Real Estate. We will work with you to make your home purchases and sales process as simple as possible, while providing you with the most up-to-date information of your transaction process as it develops.
Trusted Buy Your Neighbors Since 2005
This Orlando short sale is a Beautiful 4 Bedroom 2 Bath Home with Many Upgrades. Original Owner. The home is in Immaculate Condition, Ready to move in. Big Master Room and lots of Closet Space. All appliances are included. Very Low HOA dues. You need to come and see for yourself, The Home will be sold before you know it!
Orlando Realty Consultants is a full-service Real Estate brokerage located in Orlando, Florida which specializes in doing Orlando Short Sales and Foreclosure Prevention with a team of highly experienced short sale realtors on staff.
We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts have experience in all aspects of Real Estate. We will work with you to make your home purchases and sales process as simple as possible, while providing you with the most up-to-date information of your transaction process as it develops. https://orlandorealtyconsultants.com/ Trusted Buy Your Neighbors Since 2005
