A short sale in Orlando is a real estate transaction where the sale price of a home is less than the full amount the homeowner still owes on the mortgage. Both the seller of the property and their mortgage company must agree to a short sale. Most lenders these days will agree to the terms of a short sale and also agree to release the lien they possess on the property.
Depending on what the lender agrees to, a short sale doesn’t guarantee that the borrower will be released from the obligation to pay the remaining balance on what’s owed on the loan AKA the “deficiency”.
This is why it’s extremely important that when you hire a Realtor to do your short sale, you don’t hire just any Realtor. Make sure you hire an Orlando Short Sale Specialist. This will ensure you have the best chance at success when doing your short sale.
By agreeing to do a short sale, lenders avoid a drawn-out and costly foreclosure and the homeowner can walk away free of their debt. Before deciding on a short sale, we recommend that you find out all the options that are available to you to see what works best for you.
Benefits of A Short Sale
Less Credit Damage Than Foreclosure When you compare the impact of foreclosure vs. a short sale on your credit, a short sale harms your credit much less than a foreclosure will. For example, you’ll be eligible for either Fannie Mae or Freddie Mac home financing after only two years following your short sale. However, after a foreclosure, it will take you at least 5 years to be eligible for the same financing.
This is because of the way the mortgage underwriting rules were changed after the financial crisis of 2008.
Cash Back To Sellers
Just about all short sales in Orlando are sold “as-is” which means you won’t have to spend a dime on fixing the place up. In addition, all lender fees, commissions, property taxes, etc. on both sides of the transaction will be paid for by the lender.
In most cases, we’re able to get our clients anywhere from $3,000 to $30,000 at the closing for relocation costs
A Fresh Start
A successful short sale gives distressed homeowners a clean break from their financial hardship. Over 50% of homeowners that opted for a loan modification instead, wound up going into default again and ultimately ended up doing a short sale. Loan modifications are usually modified to benefit the bank in the long term and most of the time you still end up paying the entire amount of what you owed in the first place.
The Sale Date Can Be Negotiated
If a homeowner is in active foreclosure, the lender together with the judge will eventually schedule a sale date of the home at the hearing. You should show up for this hearing with written proof from your Orlando Realtor that you are actively pursuing a short sale on your home. Have your Realtor go with you and provide an MLS printout of the listing, contract, as well as any communications you’ve had with your lender thus far. From my experience as a short sale realtor, they will almost always push the foreclosure sale date a maximum of 120 days giving you ample time to close the transaction.
Easier To Rent A House
Foreclosures, bankruptcies, and evictions are all red flags to landlords who will probably deny you as a renter. However, while your short sale is being negotiated, you’ll have plenty of time to find a rental to move into. Remember, landlords are creditors also and if they see that you’ve been proactive in doing the right thing in your situation rather than just letting your home gets foreclosed on your chances are much better for them to approve you for their rental.
If you or someone you know needs short sale services in Orlando FL, Call us at 407-902-7750 or visit our site. There’s never a charge for our services and most of the time we can get cashback to sellers.
If you owe more on your Orlando home than it can sell for, or you can no longer afford the mortgage payments, a short sale may provide a structured way to sell the property and avoid completing a foreclosure.
This guide explains how short sales work in Orlando and Central Florida, what lenders require, how long approval may take, the risks involved and the steps homeowners should take in 2026.
Quick Answer
A short sale occurs when a mortgage lender approves the sale of a property for less than the total debt secured by the home. Orlando homeowners generally consider a short sale when financial hardship and insufficient equity make a traditional sale impossible. The lender must approve the purchase price, expenses and settlement terms before closing.
What Is a Short Sale in Real Estate?
A real estate short sale happens when the proceeds from selling a property are not enough to pay the mortgage balance and other approved obligations in full.
Because the mortgage lender would receive less money than it is owed, the transaction cannot close without the lender’s written authorization.
The word “short” refers to the sale proceeds being short of the amount owed. It does not mean that the transaction will be completed quickly.
Simple Orlando short sale example
Suppose an Orlando homeowner owes $360,000 on a mortgage, but the home’s realistic market value is approximately $325,000.
After real estate commissions, title charges, property taxes, association balances and other closing expenses, the lender may receive considerably less than $325,000.
If the homeowner cannot bring enough money to closing to cover the shortage, the homeowner may ask the lender to approve a short sale.
The Consumer Financial Protection Bureau describes a short sale as a loss-mitigation option in which a home is sold for less than the outstanding mortgage debt.
Who must approve a short sale?
Approval may be required from several parties, including:
The primary mortgage servicer
The owner or investor behind the mortgage
A second-mortgage or home-equity lender
A mortgage insurance company
An FHA, VA, USDA or conventional loan program
A homeowners or condominium association
Judgment, tax or other lienholders
Every lien or secured claim affecting the property must be resolved before the sale can close.
Who May Qualify for a Short Sale?
A lender will generally consider a short sale when the homeowner has a documented financial hardship, cannot maintain the mortgage and does not have enough equity to complete a traditional sale.
Common financial hardships
Job loss
Reduced income or work hours
Divorce or separation
Medical expenses or disability
Death of a borrower or household income earner
Business failure
Unaffordable mortgage payment increases
Necessary employment relocation
Military transfer
Major property damage
Increasing insurance, HOA or property ownership costs
A hardship does not guarantee approval. The lender will normally evaluate the homeowner’s financial condition, the property’s market value, the expected sale proceeds and the lender’s likely recovery through foreclosure.
Do you have to be behind on mortgage payments?
Not always. Some lenders may evaluate a homeowner who is current on the mortgage but facing an imminent and documented hardship.
Eligibility depends on the mortgage investor, loan program and servicing guidelines.
Homeowners should not intentionally stop making payments simply to appear eligible for a short sale. Missed payments may cause late fees, collection activity, credit damage and foreclosure.
A short sale may not be necessary when:
The property has enough equity for a traditional sale
A loan modification would make the payment affordable
The homeowner can reinstate the loan
A repayment or forbearance plan is available
The homeowner can pay the shortage without creating further hardship
The lender will not release the mortgage lien on acceptable terms
Bankruptcy or another legal solution requires immediate review
How the Short Sale Process Works
Every mortgage servicer has its own requirements, but most Orlando short sales follow the same general process.
1. Review the property’s value and total debt
The first step is determining the home’s probable market value, mortgage payoff, liens and estimated selling expenses.
This review helps establish whether the property is truly underwater and whether a normal sale is possible.
The homeowner and Realtor should also review:
Foreclosure status
Upcoming court deadlines
Property condition
HOA or condominium balances
Second mortgages
Judgments and other liens
2. Contact the mortgage servicer
The homeowner should contact the mortgage servicer and request information about available mortgage assistance and loss-mitigation options.
The servicer may provide a short sale package, borrower assistance application or online submission portal.
The lender will usually require financial statements, income verification, bank records, mortgage information and a written explanation of the hardship.
An incomplete package is one of the most common reasons for delays. Missing signatures, incomplete statements and expired financial records can stop the review.
4. Price and list the Orlando property
The home should be priced according to current Orlando-area market conditions, comparable sales, property condition and buyer demand.
The list price should not be based on the mortgage balance. It should also not be intentionally set far below market value to attract an unrealistic offer.
The lender may order:
A broker price opinion
A professional appraisal
An automated valuation
An interior or exterior property inspection
If the buyer’s offer is substantially below the lender’s valuation, the lender may reject the offer or demand a higher price.
5. Obtain a qualified buyer
The homeowner may accept a purchase offer subject to third-party short sale approval.
A strong short sale offer should include:
A fully signed purchase contract
Proof of funds or mortgage preapproval
A realistic closing date
Clear short sale contingency language
Buyer acknowledgment of lender approval
Reasonable inspection and financing terms
The homeowner can accept the buyer’s offer, but only the mortgage lender can approve the shortage and authorize the release of its lien.
6. Submit the offer to the lender
The Realtor or short sale negotiator submits the contract, estimated settlement statement, buyer qualifications and homeowner’s financial package to the servicer.
The lender reviews:
The homeowner’s hardship
The purchase price
The property’s market value
Estimated net proceeds
Requested closing expenses
Junior liens
Association balances
The homeowner’s income and assets
7. Negotiate the short sale terms
The lender may approve the offer, reject it, request additional documents or issue a counteroffer.
A verbal approval is not sufficient. The homeowner should receive and carefully review the lender’s written approval letter.
The approval letter should identify:
The approved buyer
The approved purchase price
The lender’s required net proceeds
The expenses the lender will allow
The final closing deadline
Whether the mortgage lien will be released
Whether the remaining balance is waived
Whether the lender requires a contribution
Whether relocation assistance is approved
A release of the mortgage lien does not always mean the lender has released the homeowner from personal liability for the remaining debt.
9. Complete financing and closing
After written approval, the buyer completes any remaining inspections, financing, appraisal, title and insurance requirements.
Short sale approval letters normally include a firm closing deadline. If the transaction does not close before the deadline, an extension or additional lender review may be required.
Short Sale Document Checklist
Exact requirements vary by lender, but Orlando homeowners should be prepared to provide the following:
Signed borrower authorization form
Mortgage assistance or loss-mitigation application
Hardship letter
Recent mortgage statements
Recent pay stubs or income verification
Complete bank statements
Federal tax returns, when requested
Profit-and-loss statement for self-employed borrowers
Monthly income and expense worksheet
HOA or condominium statements
Information about judgments and liens
Listing agreement
Signed purchase contract and addenda
Buyer’s proof of funds or mortgage preapproval
Estimated closing or settlement statement
Comparable sales and market analysis
Provide every requested page, including blank pages when the lender asks for a complete statement. Documents may need to be updated if they expire during the review.
How Long Does a Short Sale Take in Orlando?
A short sale may take several months from the initial preparation through closing.
Some straightforward transactions move faster, while files involving multiple mortgages, HOA liens, probate, bankruptcy, title defects or foreclosure deadlines may take much longer.
Many Florida short sales take approximately four to eight months, although no Realtor can guarantee a lender’s approval timeline.
Typical Orlando short sale stages and estimated timing
Stage
Typical activity
Estimated timeframe
Initial review
Evaluate property value, mortgage debt, liens and foreclosure status
Several days to 2 weeks
Document preparation
Gather and submit the homeowner’s financial package
1 to 3 weeks
Property marketing
List the property and obtain a qualified buyer
Varies
Lender review
Review hardship, offer, valuation and settlement terms
30 to 120 or more days
Negotiation
Resolve price, liens, expenses and approval conditions
2 to 8 or more weeks
Approval to closing
Complete financing, title, insurance and final requirements
2 to 6 weeks
What can delay a short sale?
Missing or expired financial documents
Multiple mortgages or judgment liens
Unpaid HOA or condominium balances
An unrealistic purchase price
A lender valuation dispute
A buyer who becomes unwilling to wait
Mortgage servicing transfers
Probate or divorce complications
Bankruptcy proceedings
Municipal or title liens
Delayed responses to lender requests
Who Pays the Costs in a Short Sale?
In many approved short sales, ordinary selling expenses are paid from the sale proceeds rather than directly by the homeowner.
However, the lender controls which expenses it will allow and may limit or reject certain charges.
Potentially approved expenses may include:
Real estate commissions
Title and settlement charges
Recording expenses
Florida documentary stamp taxes
Prorated property taxes
Approved HOA or condominium balances
Buyer closing-cost assistance
Limited repair-related credits
The lender may require the homeowner to contribute money or sign a promissory note as a condition of approval.
Florida Deficiency Judgments and Short Sales
A deficiency is the unpaid portion of the mortgage debt remaining after the lender applies the proceeds from the short sale.
A short sale does not automatically eliminate that balance.
Florida law may permit a mortgage lender to pursue a deficiency under certain circumstances. Homeowners should carefully review the approval letter and obtain legal advice when necessary.
The strongest outcome is generally an approval letter stating clearly that the lender waives or forgives the remaining deficiency and releases the homeowner from further liability.
Do not assume that vague language provides a complete waiver.
Short Sale Tax Consequences in 2026
Mortgage debt canceled in a short sale may be treated as taxable income unless an exclusion or exception applies.
A lender may issue IRS Form 1099-C reporting the amount of canceled debt.
Federal mortgage-debt rules have changed over time. Homeowners should not rely on older online articles stating that all forgiven mortgage debt is automatically tax-free.
Speak with a qualified accountant or tax attorney before completing the transaction.
Orlando Realty Consultants does not provide legal, credit, accounting or tax advice.
Short Sale vs. Foreclosure
A short sale and a foreclosure can both result in the homeowner leaving the property, but they are not the same process.
A short sale is a negotiated sale involving the homeowner, buyer and lender. A foreclosure is a legal process used by the lender to enforce the mortgage.
Short sale and foreclosure comparison
Issue
Short Sale
Foreclosure
Who initiates it?
The homeowner voluntarily lists and sells the property
The mortgage lender files a legal action
Control over the sale
The homeowner participates in pricing, marketing and reviewing offers
The homeowner has limited control as the case progresses
Lender approval
Required before closing
The lender proceeds through the Florida court system
Public court action
A short sale alone does not create a foreclosure lawsuit
Florida foreclosure is a judicial court process
Deficiency risk
May be negotiated in the approval letter
May remain after foreclosure, subject to applicable law
Credit impact
May be significant, especially when payments are missed
Generally considered a major derogatory credit event
May help the homeowner avoid completing a foreclosure
Provides more control over marketing and move-out timing
May resolve an unaffordable mortgage
May allow negotiation of the remaining deficiency
The lender may approve normal selling expenses
Some programs may provide relocation assistance
Potential disadvantages
Lender approval is not guaranteed
The process can take several months
Extensive financial documentation may be required
The lender may counter the purchase price
Credit may still be damaged
Forgiven debt may have tax consequences
A deficiency may remain after closing
The property may need to be sold as-is
Alternatives to a Short Sale
A short sale is one form of mortgage loss mitigation, but it is not the only possible option.
Reinstatement: Paying the past-due mortgage balance and permitted charges.
Repayment plan: Spreading the past-due balance over additional monthly payments.
Forbearance: Temporarily reducing or pausing payments under a lender-approved plan.
Loan modification: Changing one or more mortgage terms to create a more affordable payment.
Traditional sale: Selling the property normally when sufficient equity exists.
Deed in lieu of foreclosure: Voluntarily transferring the property to the lender under approved terms.
Bankruptcy consultation: Obtaining legal guidance when broader debt or foreclosure issues exist.
The best option depends on the homeowner’s goals, property equity, mortgage status, financial hardship and foreclosure timeline.
Common Short Sale Mistakes
Waiting too long
Starting after a foreclosure sale has been scheduled leaves less time to market the property, secure a buyer and obtain lender approval.
Listing a property for sale does not automatically stop foreclosure.
Hiring an agent without short sale experience
A traditional listing and a short sale are not the same. The agent must understand lender packages, valuations, liens, approval letters and buyer retention.
Pricing the property incorrectly
Overpricing can prevent offers. Severe underpricing may result in a lender rejection or counteroffer.
The price must be supported by current Orlando-area comparable sales and the property’s condition.
Submitting an incomplete package
One missing signature or bank-statement page can delay the review. Financial documents may also need to be updated during the process.
Ignoring second mortgages and liens
The first lender’s approval does not automatically clear second mortgages, judgments, municipal liens or association claims.
Assuming the deficiency is forgiven
A lender’s agreement to release its mortgage lien does not necessarily mean it has waived the remaining debt.
Accepting an uncommitted buyer
A buyer who does not understand the short sale timeline may cancel before the lender completes its review.
Abandoning the property too early
The homeowner generally remains responsible for maintenance, security, utilities, insurance and association obligations until ownership transfers.
How Short Sales Work in Orlando and Central Florida
Mortgage lenders use national servicing guidelines, but the successful marketing and negotiation of an Orlando short sale depends heavily on local real estate conditions.
A condominium near Downtown Orlando should not be valued the same way as a single-family property in Hunters Creek, a townhome near UCF or an investment home in Kissimmee.
Local buyer demand, property condition, insurance availability, HOA finances and rental restrictions may all affect the transaction.
Central Florida issues to address early
HOA and condominium balances: Past-due assessments, attorney fees and association liens may exceed the amount the mortgage lender will approve.
Property insurance: Roof age, electrical panels, plumbing and other insurance issues may affect buyer financing.
Deferred maintenance: Serious repair problems may affect property value and loan eligibility.
Tenant occupancy: Leases, deposits and access may complicate investment-property sales.
Municipal liens: Open permits, code violations and municipal balances may create title problems.
Foreclosure litigation: Florida is a judicial foreclosure state, so homeowners should not ignore court filings or hearing dates.
Example of an Orlando short sale
Assume an Orlando home is worth approximately $315,000, while the mortgage payoff is $338,000.
The homeowner also owes property taxes, HOA charges and transaction expenses. Even an offer at full market value would not generate enough money to pay every obligation.
The home is listed at a market-supported price, and a qualified buyer offers $312,000.
The mortgage lender orders a valuation, reviews the hardship package and analyzes the proposed closing statement.
The lender may accept the offer, demand a higher price, reduce approved expenses or require a homeowner contribution.
If acceptable terms are reached, the lender issues a written approval letter with a final closing deadline.
This example is simplified. Actual outcomes depend on the mortgage program, liens, property value, lender and homeowner’s financial circumstances.
Short Sale Information for Orlando Buyers
A buyer may be able to purchase a short sale property at a competitive price, but a short sale is not automatically a bargain.
The mortgage lender will compare the offer to the property’s market value and may counter an offer it considers too low.
Orlando short sale buyers should:
Obtain mortgage preapproval before making an offer
Confirm whether the seller has started the lender process
Understand that third-party approval is required
Budget for property inspections
Expect the property to be sold as-is
Keep financial documents current
Review contract deadlines carefully
Remain flexible about the closing date
Complete full title and insurance due diligence
Lender approval does not replace a home inspection, appraisal, title examination or insurance review.
What Orlando Homeowners Should Do Next
Locate your latest mortgage statement.
Obtain an estimated mortgage payoff.
Determine the home’s realistic current market value.
Identify every mortgage, HOA balance, judgment and lien.
Contact the mortgage servicer about loss-mitigation options.
Do not ignore foreclosure notices or court deadlines.
Consult an experienced Orlando short sale Realtor.
Speak with legal and tax professionals when appropriate.
Keep the property maintained, secure and insured.
The earlier the homeowner reviews the numbers and deadlines, the more options may remain available.
Frequently Asked Questions About Short Sale Information
What is the most important short sale information for a homeowner?
The most important point is that the mortgage lender must approve the transaction because the sale proceeds will not pay the secured debt in full. Homeowners should understand lender requirements, timelines, deficiency terms, tax concerns and foreclosure deadlines before proceeding.
Do I have to miss mortgage payments to qualify for a short sale?
Not always. Some lenders consider homeowners who are current but can document an imminent hardship. Eligibility depends on the mortgage investor and loan program. Do not intentionally miss payments without understanding the consequences.
How long does an Orlando short sale take?
Many short sales take approximately four to eight months, although the timeframe varies. Multiple liens, missing documents, lender valuations, buyer financing and HOA claims can extend the process.
Can a short sale stop an Orlando foreclosure?
A lender may delay foreclosure while reviewing an approved loss-mitigation application, but simply listing the property does not automatically stop a foreclosure case or scheduled sale.
Will I owe money after a Florida short sale?
Possibly. The remaining mortgage balance is known as a deficiency. Whether the lender waives, forgives or preserves that debt depends on the written approval terms and applicable law.
Will a short sale affect my credit?
Yes. A short sale and related missed mortgage payments may negatively affect credit. The exact impact depends on how the lender reports the account and the homeowner’s overall credit history.
Can I complete a short sale if my Orlando home needs repairs?
Yes. Many short sale properties are sold as-is. However, serious roof, electrical, plumbing or structural problems may reduce the home’s value and limit buyer financing options.
Who pays the real estate commission in a short sale?
The lender commonly approves the commission as an expense paid from the sale proceeds. The lender may limit the amount it will allow as part of the final settlement.
Can the homeowner receive money at closing?
A homeowner usually cannot receive undisclosed sale proceeds when the lender is accepting less than the mortgage debt. Certain lender programs may approve relocation assistance, but it must be disclosed and authorized in writing.
Do I need a short sale Realtor in Orlando?
An experienced short sale Realtor can price and market the property, organize the lender package, communicate with the mortgage servicer, manage buyer expectations and help negotiate approval terms.
Get Short Sale Help in Orlando and Central Florida
General short sale information cannot determine whether your property has enough equity, whether your lender will approve a short sale or how much time remains before foreclosure.
Orlando Realty Consultants helps Central Florida homeowners evaluate their options, prepare short sale packages, market distressed properties and communicate with mortgage servicers throughout the approval process.
We can help you evaluate:
Your estimated property value
Your mortgage shortage
Current Orlando real estate conditions
The documents required by your lender
Possible HOA, lien and title complications
A realistic listing strategy
The lender’s final approval terms
Call Orlando Realty Consultants at 407-902-7750 for a confidential short sale consultation.
Serving Orlando and Central Florida. Se habla español.
This is the story of Veronica from Hunters Creek, FL. I’m not using her real name or address because this short sale is still being processed. However, the fact that we’ve stopped the foreclosure sale a total of five times in the past two years I felt was worth writing about.
It’s the typical short sale stuff you hear from lenders. “We didn’t get the file”, “the financials need to be updated”, “the BPO came in too high”, “we’re still waiting to hear from the investors”, you name…on this file, we’ve heard them all.
This case, however, came with a bit of a twist at the end of the year. In December of 2014, everything was set to go, the bank had everything they needed including a solid offer for the price that they wanted. With a foreclosure sale date of January 20, 2015, there was more than enough time to get this one closed and put it behind us.
Out of nowhere, the bank decides that there isn’t time for them to process the short sale and they proceed to close the file!!? WTF? are the only three letters that make sense here. Any realtors that specialize in Orlando short sales know exactly how frustrating this can be, especially after putting so much work into something.
Although I’m not an attorney, after making hundreds of visits to the courthouse, sometimes I feel like one. My client was so disgruntled with the bank that she was ready to call it quits and just let the property go to foreclosure. I asked my client to allow me to give it one more try and asked her to write to the judge requesting a postponement and explain her side of the story. The judge immediately agreed and granted a hearing the following week. Since my client had to work on the day of the hearing, I just had her sign a power of attorney so that I could speak to the judge on her behalf.
Being that we had already stopped the foreclosure sale on four separate occasions, I was a little worried to be perfectly honest. I guess the lender’s attorney assumed this would be a slam dunk and didn’t even bother to show up! This made things a bit easier for me to explain my case to the judge. It took some explaining but after working on this file for over 2 years, I wasn’t about to go down without a fight.
After hearing the entire story, the judge decided to postpone the sale date once again! He granted us another three months to get the deal closed, March 12, 2015, which also happens to be my birthday! Although we only need a few more weeks to close it, it’s nice to know we have time to spare.
Working as an Orlando short sale realtor since 2004, I have countless stories like these. If you’re looking for someone to help you avoid foreclosure and the short sale of your home, give me a call at 407-902-7750.
Have you ever bought something on the spur of the moment then later on you ask yourself.. “what was I thinking? I don’t even like or need it”. In most cases, you can usually return the items like an expensive shirt or an ugly painting as long as you have the receipt. However, if you paid cash and bought it from someone’s trunk in a parking lot, then you’re probably stuck with it.
Unfortunately, you can’t do this when you buy a home which makes the home buying process even more stressful. Purchasing a property is a big deal for any family. Not only is this is the place they will call home for years to come but is probably the biggest or one of the biggest investments of someone’s lifetime.
In today’s competitive housing market where you have bidding wars on a very limited amount of inventory, it’s easy to get caught up in the frenzy of wanting to be the one to “win” the home. Sometimes new homeowners will start to have serious regrets about the huge purchase they just made just days or maybe even hours after the closing. Oh No! What Have We Done!?
There are several things a potential home buyer can do to avoid going through buyer’s remorse…
Look at several properties that meet your criteria.
Even if you love the first home your realtor shows you it would be wise to visit several homes that meet or come close to meeting your criteria. Sometimes you think that you’ve found exactly what you’ve been looking for then you go see another home and you like it even better!
Don’t fall in love until the negotiations are done!
From my own personal experiences, I know this is a hard one to do but it must be done. Let’s say you put a fair offer on a home that you really like. Then after a few rounds of offers and counteroffers, the price has gone up another $30,000 more than what you can spend.
If you’ve already fallen in love with the house, then you are done…your mind will find a way of justifying the price increase and you’ll probably do whatever it takes to get the house even though you can’t really afford it.
Keep your best poker face throughout the negotiations. Tell your realtor what your budget is and stick to it! You’ll be glad you did.
Go see the home several times.
You should go and see the home several times before buying. Seeing the home only once before buying is a sure fire recipe for buyer’s remorse. Go through the home slowly and methodically, Open every door and window, walk through every room and leave no stone unturned.
I also suggest visiting the home at night for a another perspective. Don’t be afraid of bothering you realtor. Your real estate agent is getting paid to do their job, so make them earn it.
Make sure you have an inspection contingency.
Your best insurance is to make sure that there’s an inspection contingency in the contract. Some agents call it the “buyers remorse” contingency and it allows you to get out of the agreement if there’s a serious issue with the property you didn’t know before making your offer.
Hire An Experienced Buyer’s Agent
Enlisting the help of a realtor that is experienced in the area that you want to purchase in it will make your home buying experience much easier and even pleasurable. Let your agent know about any concerns or questions you have about a particular property or situation.
A good realtor will help you navigate through the entire home buying process as well as advise you of what to watch out for.
The School Board of Orange County may just cause all residential construction in the area to halt indefinitely. The board wanted to erect a new relief high school at the County Road 535, on Beck Property and was denied permission for the same by Orange County.
The School Board and Orange County entered into a dispute in the last week of February, when the Board shelved the impact fee payments of a developer, Windermere Development Co., of the west Orange County area indefinitely.
School Board tables impact fee payment
The payment, amounting to $27,000 was due on February 25, to be paid to the board as impact fees for the development of project Canopy Oaks – a 59-units residential complex to be built by Mason Simpson and his development company Windermere.
Orlando realtors hold the proximity of Canopy Oaks to the site where the new relief school is supposed to be erected, one of the primary reasons for the dispute. It was confirmed by the School Board later when a board member revealed that the board wanted to wait for the disputes over its petition in the circuit court.
The board had filed the lawsuit in December 2013 and insiders say it may take up to a year to reach a settlement. Joie Cadle, member of the board said the West Orange High School was already crowded and needed a relief. The lack of a proper relief plan was one of the reasons why Cadle and other members of the five-school board voted in favor of tabling the impact-fees payments.
Is the School Board trying to jeopardize construction in Orange County?
Cost of the Canopy Oaks project has been projected around $30 million and Orlando real estate industry-insiders are worried about the longer-term impacts of such a decision by the board. With Winter Garden regulators halting the processing of Canopy Oaks project’s engineering application, Mason Simpson stands to lose some big bucks.
According to Nathan Cross, the president of the Home Builders Association of Metro Orlando, the situation is more grim than what realtors in Orlando have been contemplating. According to him, Lake Nona and West Orange were the only two places conducive for new construction projects in the Orange County and the School Board essentially cut down one of the them, for at least a year.
Chairman of the School Board, Bill Sublette, however, has something else to say. Sublette, who voted against shelving the impact-fee payments, says the board doesn’t intend to stop construction projects in Orange County. The board just wants to halt the project till the location of the new relief school is finalized.
The circuit court is scheduled to meet in April for mediation on the lawsuit.
