{"id":343,"date":"2012-03-14T12:13:47","date_gmt":"2012-03-14T16:13:47","guid":{"rendered":"https:\/\/orlandorealtyconsultants.com\/?p=343"},"modified":"2022-01-27T20:03:44","modified_gmt":"2022-01-27T20:03:44","slug":"top-5-tips-for-dealing-with-orlando-short-sales","status":"publish","type":"post","link":"https:\/\/orlandorealtyconsultants.com\/es\/top-5-tips-for-dealing-with-orlando-short-sales\/","title":{"rendered":"Top 4 Tips for Dealing with Orlando Short Sales"},"content":{"rendered":"

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Best Practices for Dealing with Orlando Short Sales\u00a0<\/span><\/h2>\n

Orlando Short sales<\/a> are distressed properties in that sell, by mutual agreement between the buyer, homeowner, and the mortgage co, for less than what is owed on the property.<\/p>\n

If you\u2019re a seller and you need to stop an Orlando foreclosure <\/a>on yor hoome,\u00a0 this a great way not only stop the foreclosure, but to get out of debt with your lender, and many times even walks away with cash from the closing. The best part is that it doesn\u2019t cost you anything so you have nothing to lose!
That\u2019s not all\u2026 you can continue living in your house mortgage free while the short sale is being processed which can be for up to 2 years in some cases [depending on the lender].<\/p>\n

For buyers,<\/a> it\u2019s a great way to obtain a real estate investment. Yes, they can be tricky to find and obtain, but are worth the work\u2026 sometimes.<\/p>\n

Here are 4 tips for short selling in today\u2019s real estate market.<\/p>\n

1. The short sale realtor<\/a><\/strong>
The final price for a short sale is determined by the lender, not you or the buyer. Many buyers have learned this the hard way because they submitted an offer that did not come anywhere close to the bank\u2019s asking price. This doesn\u2019t mean you have to lock yourself into the asking price, but you do have to start from there and work your way down. Doing this will increase your odds of the bank accepting your bid.
Unfortunately, if you have an Orlando realtor that is not experienced in doing short sales then you have a big problem. The realtor has to be willing to negotiate with the bank and be ready to show proof as to why the offer is what it is by doing a market analysis on the property among other things.<\/p>\n

An Orlando Short Sale Expert<\/a> will go back and forth with the lender several times before coming to a mutual agreement that works for all parties involved. With some lenders like B of A we\u2019ve had short sale files that have taken over 2 years to close. If your Orlando realtor is not willing to be persistant and stay the course with the lender for as long as it takes, then you probably hired the wrong Orlando real estate agent for the job.<\/p>\n

2. Be careful of going too low<\/strong>
Another tip is to avoid going too low when you submit your offer. A bank has to balance the benefit of having a buyer take the property off of its hands without having to go through foreclosure and spend more money versus accepting far too little for the property and missing out on a lot of money. If your offer is too low chances are that they won\u2019t accept it. However, a good realtor will guide you through this process as well.<\/p>\n

3. Have your Orlando agent<\/a> check comparable homes<\/strong>
This one should go without saying. You have to know what the true value of the property is, as well as how much, if anything,\u00a0 you plan to spend on repairs or upgrades. If there are substantial repairs that need to happen, this can be\u00a0 great for justifying\u00a0 your offer. This is why you should work with an experienced realtor so that he or she can you through this process.<\/p>\n

4. Have your Financing Ready<\/strong>
When you\u2019re searching for an Orlando short sale,<\/strong> make sure that you have your financing in place<\/a> and ready to go.\u00a0 If your realtor shows you a property that you love, chances are that someone else loved it to and usually the first person to submit a solid offer to the bank will get their offer accepted. If you\u2019re a cash buyer then your offer stands an even better chance to get accepted.<\/p>\n


Remember, Shortsales take time and you have to be patient . If the bank rejects your first offer, which happens a lot, address their concerns and make them a counter offer. Thousands of Orlando properties that were purchased would not have been bought if the buyers sdid not stay the course and stick it out. Considering the stabilizing market my advice to clients is to send in your highest and best offer from the start. I\u2019ve had clients lose their dream house over a couple thousand dollars and every single one has wished that they would\u2019ve gone up that extra two or three grand.<\/p>\n

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\u00a0 Best Practices for Dealing with Orlando Short Sales\u00a0 Orlando Short sales are distressed properties in that sell, by mutual agreement between the buyer, homeowner, and the mortgage co, for less than what is owed on the property. If you\u2019re a seller and you need to stop an Orlando foreclosure on yor hoome,\u00a0 this a […]<\/p>\n","protected":false},"author":4,"featured_media":21731,"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":[7,5,6,17],"tags":[10,13,14,16,26,36],"class_list":["post-343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-orlando-real-estate","category-orlando-realtors","category-orlando-short-sales-2","tag-orlando-real-estate-2","tag-orlando-realty","tag-orlando-short-sale-expert-2","tag-orlando-short-sale-realtor","tag-short-sale-expert-orlando","tag-top-5-tips-for-dealing-with-orlando-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