Orlando Short Sales Overtaking Foreclosure Sales

Posted on by Jenny Zamora
short sales overtaking foreclosures
 For the first time Orlando short sales are becoming more popular than sales out of foreclosure.  As a matter of fact, in Florida short sales have outnumbered bank-owned home sales since July.
 
Lenders are favoring short sales more and more these days, with good reason. Short sales have proven to be faster and more lucrative process than foreclosure. Short sales accounted for 24 percent of all home sales nationwide while foreclosure sales represented 20 percent.
   

Top 3 reasons why lenders favor short sales over foreclosure sales

 
•    Taking a home to foreclosure is a long, drawn out process and can take up to a couple of years sometimes. Even then, there are soo many things that can go wrong if things aren’t processed correctly by the attorneys, which happens more often than you would think.
 •    Lenders can avoid paying a ton of money in legal fees. You can’t foreclose on a home without attorneys. I’ve seen attorney’s charge as high as $15,000.00 for  1 single foreclosure case.
 •    Better sales prices on Orlando properties. Statistics show that banks get higher and better offers when they short sale as opposed to the foreclosure sale. Many times it won’t even sell at the auction and it ultimately becomes the banks problem…Again!
 
In the end it’s all about the almighty dollar.
 
Lenders are finally realizing that Orlando short sales are a win for everybody. Mortgage companies are even offering large cash incentives to homeowners who agree to do a short sale. I’ve gotten some of my clients up to $20,000.00 back at closing from their lender. How’s that for a bailout plan?
 

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