orlando foreclosure homes -

Searching for a foreclosure property in Orlando, FL

The home buying process can be as exciting as it can be scary… Especially when buying a foreclosure home in Orlando. Depending on if you plan on living in the home, selling it, or renting it out, you should be a critical buyer. There are several things you should consider before making your decision.

Finding the right Orlando neighborhood.

If you plan on living in the home, you should find a neighborhood that meets your family’s needs. Being in a good school district or being close to your job could help you decide. But, if you plan on renting it out, you’ll want to be in an area where it will rent out fast like near a college or university. Your real Orlando estate agent can advise you on finding the best area to meet your needs.

Determine how much you can afford to pay

It’s important to know how much you can afford to pay for a house before you begin your search. Keep in mind that when you’re buying an Orlando short sale home or foreclosure, you’re buying it in as-is condition. Chances are you’ll have to make a few repairs to make it livable. Unless you’re an experienced investor, I would suggest avoiding homes needing major repairs. By adding the cost of repairs to the sale price you’ll know how much the house will cost you.

Finding a Realtor that specializes in Orlando foreclosure properties

Not all Realtors in Orlando have experience with foreclosure properties or short sales. You must find an agent that specializes in foreclosure homes and short sales. By hiring the right agent, you will greatly increase your chances of finding the right property.

Facing Foreclosure in Orlando?

If you or someone you know have an approaching foreclosure sale date, you must take action! Whether you speak with us or some other Orlando foreclosure specialist, don’t wait. Time is against you and the faster you take action the better your chances of avoiding foreclosure.

Know your options…

Just because the bank has begun the foreclosure process or has threatened to, don’t panic! You have options… Depending on your situation there are some different options available to you.

Short Sale

A short sale is when your mortgage lender agrees to let you sell the home for less than what’s owed on the mortgage. They will only do this if the home is currently valued for more than what it’s worth or “market value”. You must also prove to the bank that you can no longer afford to pay the mortgage. You’ll have to submit a complete short sale package to your bank. The package consists of a hardship letter, 2 years of tax returns, and your financials.

Loan Modification

If you’re looking to keep the home and continue living in it a loan modification may be an option. This is when the lender adjusts the terms of your mortgage making the payment more affordable. In my experience, the modified terms are often worse than the original mortgage terms. The truth is you won’t know until you try.

Deed in Lieu

A deed in lieu is when you sign the deed over to the bank and they agree to stop the foreclosure. Having a deed in lieu of your credit is still far better than foreclosure.

File for Bankruptcy

As a last resort, you can always file for bankruptcy to avoid foreclosure. Consult with a local bankruptcy attorney to see if it could be an option for you.

Buying an Orlando Realty without a Realtor can Result in Disaster

Buyers loves to get a great deal on Orlando real estate and there’s nothing that I enjoy more than to provide my clients with terrific Orlando homes at great prices. However, If you you don’t want to use a realtor, there are other options available such as bidding online for properties going to foreclosure or searching craigslist for motivated sellers.

Bidding at the Orange County online foreclosure sale.

It’s true that you can find a good deal at the auction on an Orlando property. Although, if you don’t do your research prior to bidding, there’s a good chance that you could lose big.
A family was recently bidding in an online auction on a foreclosed home in the Orlando neighborhood of Meadow Woods. However, those bidders didn’t know they’re now on the hook for the previous owner’s mortgage.

The home went to auction on the Orange County Clerk’s foreclosure website, and someone bought their home for $16,000! What a deal right? Wrong!… the guy that bought the house online didn’t do his research until after he bought the house. It turns out that it was an HOA foreclosure and there was a mortgage attached for 200 thousand dollars. Can you imagine thinking that you just got the deal of a lifetime and then finding out that you inherited a $200,000.00 debt? It’s like, “Oh, my God. What have I done?”

People have this misconception about the online auction where they think bidding on foreclosures is a lottery ticket. The truth is, many people end up losing money bidding on foreclosures.

Before bidding, you need to do a title search.

One of the problems with trying to get a house online is all that you have to put in a lot work to be successful. Spending a hundred dollars on a tile search can save someone from making one the biggest mistakes of their lives. Doing a title search is just one of the things you need to do. It’s always a good idea to go to the house even if you can’t get inside. Most of the time you won’t be able to get in but you can at least get an idea of what the outside looks like.

Unfortunately, disgruntled homeowners that have been forced out because of a foreclosure can sometimes take out their frustrations by causing severe damage to the inside of the house. I’ve seen houses with well over $20,000.00 in damages caused by angry homeowners and their favorite sledgehammer or golf club.

The moral of the story is this; If you choose to find a property without the help of an Orlando Realtor, make sure to do your due diligence or you could end up losing money.

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Foreclosure Homes in Orlando FL