{"id":19587,"date":"2020-05-07T14:39:00","date_gmt":"2020-05-07T18:39:00","guid":{"rendered":"https:\/\/orlandorealtyconsultants.com\/?p=19587"},"modified":"2022-05-10T16:24:20","modified_gmt":"2022-05-10T16:24:20","slug":"a-wave-of-short-sales-could-be-headed-for-orlando-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/orlandorealtyconsultants.com\/es\/a-wave-of-short-sales-could-be-headed-for-orlando-due-to-covid-19\/","title":{"rendered":"A wave of Short Sales could be headed for Orlando due to COVID-19"},"content":{"rendered":"

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While stay-at-home orders are keeping people at home, many Floridians could be falling behind on mortgage and rent payments due to loss of employment and an economy on a downward spiral.<\/p>\n\n\n\n

The real estate data-service provider, Attom Data Solutions, reported that 10 of Florida\u2019s 67 counties are in the top 50 most vulnerable counties in the U.S. to the economic impact of the COVID-19 pandemic<\/a>. Most of these counties are in either North or Central Florida, including Osceola, Hernando, Flagler, Clay, Lake. Surprisingly, Broward county was the most vulnerable of the South Florida counties.<\/p>\n\n\n\n

The only state that ranked higher than Florida in this study was New Jersey with 14 counties in the top 50 most at risk in the nation. Also ranked near the top were New York, Connecticut, and California. Real estate markets in the Midwest and West are considered to be less likely to see big numbers of people losing their homes because of the virus outbreak.<\/p>\n\n\n\n

483 counties throughout the US were studied to\ndetermine what percentage of homes we can expect that will be receiving\nforeclosure notices by the end of 2020 and what percentage of the local wages\nare needed to pay for homeownership. The study used data from the last quarter\nof 2019 to calculate the averages. <\/p>\n\n\n\n

Central Florida has one of the lowest median incomes in the U.S. The local economy is largely dependent on tourism and convention revenue which could mean big trouble for homeowners. Many landlords are suffering right now\u2026 especially if they depend on rental incomes to pay the mortgages. <\/p>\n\n\n\n


Central Floridian homeowners could be facing rough waters ahead<\/h4>\n\n\n\n
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Realtors in Orlando<\/a> are also starting to feel the pain. Activity has slowed for both buyers and sellers with only people who have no choice but to buy or sell eager to close. Home sales in Orlando are reaching the levels that we saw back in 2008 after the market crash. Agentes inmobiliarios de Orlando<\/a> are losing almost $700,000 in daily commissions from the pandemic. <\/p>\n\n\n\n

Right now it\u2019s too early to say how this will\nall play out because we don\u2019t know how effective the Federal stimulus will be\nin helping people through this financial rough patch. Banks are granting\ntemporary mortgage forbearance to many homeowners and businesses will hopefully\nget enough help to pay employees through the crisis.<\/p>\n\n\n\n

I believe lenders will have to step up and provide some major help to prevent foreclosures in Orlando and other Florida cities. In my opinion, it\u2019s the only way to avoid large numbers of foreclosures and short sales in Orlando.<\/p>\n\n\n\n

Potential for Mass Short Sales in Orlando <\/h3>\n\n\n\n

Like I said before, it\u2019s too early to tell\nwhat will happen to Orlando real estate market as a result of coronavirus. However,\nI do think that if people don\u2019t get back to work in the next couple of months,\nshort sale Realtors in Orlando will be extremely busy by the end of 2020 and\nwell into 2021. <\/p>\n\n\n\n

Even lenders aren\u2019t sure how everything will\nend up playing out because they don\u2019t know how much time it will take for\nFloridians to get back to work. Short sales and loan modifications are used as\nan alternative to avoid foreclosure. The problem with loan modifications is\nthat the homeowner will still be on the hook for the entire amount of the loan\nbut with lower payments. <\/p>\n\n\n\n

I\u2019ve been a short sale Realtor in Orlando<\/a> since 2004 and 9 out of 10 times when I present my clients with the terms of both a short sale and a loan modification, they choose short sale. <\/p>\n\n\n\n

Doing a short sale, however, will allow the homeowner to sell the home for less than what\u2019s owed on the mortgage. By doing this, the lender gets at least most of their money back and avoids a lengthy and expensive foreclosure process. The homeowner also benefits from a short because they can avoid having a foreclosure on their record and won\u2019t be responsible for the difference between what they owed and what the home sold for. <\/p>","protected":false},"excerpt":{"rendered":"

While stay-at-home orders are keeping people at home, many Floridians could be falling behind on mortgage and rent payments due to loss of employment and an economy on a downward spiral. The real estate data-service provider, Attom Data Solutions, reported that 10 of Florida\u2019s 67 counties are in the top 50 most vulnerable counties in […]<\/p>\n","protected":false},"author":4,"featured_media":21343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[7,17],"tags":[8,143,16,25,1055,55],"class_list":["post-19587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-orlando-short-sales-2","tag-foreclosure-prevention","tag-jenny-zamora","tag-orlando-short-sale-realtor","tag-orlando-short-sales","tag-short-sale-processor","tag-short-sales"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t