How Will A Short Sale Affect Your Credit?

Publicado el septiembre 19, 2014mayo 10, 2022 por Jenny Zamora

How Will A Short Sale affect Your Credit?

Over the years I’ve gotten this question more time than I can remember. “How will a short sale will affect my credit?”

A short sale can have a lot less of an effect on your credit score than a foreclosure. But, it must be done correctly.

Short sales can happen if a lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale.

It’s important to note that not all lenders will agree to a short sale.

If your request is approved, your agent should ask your lender to report the short sale as “paid in full,” as part of the negotiation.

There have been reports that a short sale has about the same impact on your credit score as a foreclosure. However, from experience with our own clients, that’s never been the case.

Most of the time, sellers that have completed a short sale report that their credit score only dropped by 100 points or so, which can be easily fixed by any decent credit repair company.

The biggest advantage of a short sale, as opposed to a foreclosure, is that you will be able to qualify to buy another home within two years as opposed to five to seven years after a foreclosure.

I hope this video was helpful, If you still have questions, feel free to contact us at 407-902-7750 or visit us at https://orlandorealtyconsultants.com/short-sales/

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How To Choose The Right Realtor- VIDEO

Publicado el septiembre 17, 2014mayo 18, 2022 por Jenny Zamora

When searching for the right agente inmobiliario en Orlando to meet your needs, keep these important things in mind.

Real estate agents in the state of Florida go through endless hours of special training to ensure they know all the real estate laws in their state. Going it alone without the representation of an experienced realtor is dangerous and can cause you to slip up and lose a deal or even worse, end up in legal hot water.

Traditional real estate marketing through the MLS and other network channels is effective so make sure that your Agente inmobiliario en Orlando is active every day maximizing exposure to their properties.

The Realtor that you choose should also have a strong online presence through their own websites and social media profiles.

How To Choose The Right Realtor

The following are three vital tips to help you find the right real estate agent for you.

1- The right Realtor may have information on financing that may allow you to progress through the process more effectively and avoid the challenges you may normally encounter.

2- See if they have online capabilities like virtual tours and walk-throughs which will do wonders when showcasing the property and making it available to the largest amount of potential buyers possible.

3- Always ask if they have online testimonials are positive reviews they could direct you. Having the right real estate agent in your corner can save you time and money so make your choice wisely.

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Alternatives To Short Sale

Publicado el septiembre 12, 2014mayo 10, 2022 por Jenny Zamora

Alternatives To Short Sale Video

If your lender doesn’t agree to a short sale on your house, there are several other options available to you.
One option would be a “deed in lieu “, which is basically a voluntary foreclosure and all that happens is that you sign the property back over to the bank without going through the whole legal process involved with a foreclosure. You should be aware however that a deed in lieu will show up on your credit as a foreclosure.

Another option available to you, if you’re interested in trying to keep your house is a loan modification. A loan modification is when we try and get the terms of your loan adjusted so that you can afford to keep your home. We do this by either getting your payment reduced or reducing the principal balance or both.

Bankruptcy is also an option to avoid foreclosure. There are 2 different types of bankruptcies, a chapter 7 and chapter 13. In this case you would need to talk to a Bankruptcy attorney, and most of them will give you a free consultation on the initial visit.

What if you just let your house go to foreclosure?

I would highly recommend that you don’t take this approach because you are just giving up, and when you give up then you’re giving up all control of your situation to the bank and then they can do what they want at that point.

Also, don’t think that just because you let it go to foreclosure, that you will be free of that debt. Actually the opposite will probably happen and the bank will hit you with a deficiency judgment for the difference between what you owe and what the property sold for at the auction.

So please if you find yourself in this situation, consult with a licensed real estate professional figure out what your best option is and take action.

Feel free to call us at 407-902-7750 or visit us at https://orlandorealtyconsultants.com/short-sales/

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Top Orlando Realtor Breaking News! VIDEO

Publicado el septiembre 5, 2014mayo 20, 2022 por Jenny Zamora

An outrageous claim made today by a top real estate brokerage… Orlando Realty Consultants guarantees to sell your house in 30 days or less for top dollar or they will buy it themselves!

You heard it, right folks! Any Price, condition, or situation!

Even if you’re facing foreclosure!

This team of short-sale experts will get the job done no matter what Jenny Zamora Owner and broker of the company says their unmatched success rate at selling homes for top dollar is credited to her team of highly experienced Orlando realtors.

Top Orlando Realtor Breaking News

By utilizing their “easy exit listing agreement” there’s absolutely no risk for homeowners because they can cancel their listing at any time with no cancellation fee!

Orlando homeowners that want to sell their home fast for top dollar should contact Orlando Realty Consultants immediately by using the information at the bottom of the screen.

Good Night Orlando!

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Who Decides The Value Of A Short Sale?

Publicado el agosto 30, 2014mayo 10, 2022 por Jenny Zamora

Who Decides The Value Of A Short Sale?

https://orlandorealtyconsultants.com/short-sale-experts/
The valuation of a short sale, as determined by the short sale lender, is probably the single most important factor of the transaction.

The way it works is; after an offer gets submitted to the lender, the bank will then order a BPO.. AKA [Brokers price opinion] on the property.

This person will usually be a local realtor that will go out to the property, and after doing their research on recent sales in the neighborhood, will give the lender their opinion of what the property is worth.

Whatever, the BPO comes in at will be the negotiating point between the lender and potential buyer.

Does it matter if the house needs repairs?

Yes, it does matter and that is something that they are supposed to take into consideration when giving their estimation of value.

After they do the BPO there are 3 things that can potentially happen that will dictate what follows.

1- The BPO comes in at a fair number that everyone is happy with and we proceed to closing.

2- The BPO comes in too low and the bank insists on another one being done.

3-The BPO comes in so ridiculously high that the buyer threatens to walk. Now when this happens, the agent must do whatever it takes to prove to the bank, that the BPO agent got it wrong.

We do this by preparing an in depth report of our own called a CMA which is also known as a comparative market analysis. This report contains even more information than the BPO agent provided them with.

What a CMA basically comes down to is a list of Active, Pending and Sold properties in the area. And the whole purpose behind this is to get the lender to order another BPO or if we’re lucky they’ll just use ours.

In the end, after all the dust settles, the lenders are the ones that decide how much they are willing to accept for the property.

I hope this was helpful in answering your questions. Feel free to call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sale-experts/ for Free short sale help.

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Category: Videos