Tag: orlando short sale realtors

Why Use A Short Sale Specialist?

Posted on by Jenny Zamora

Most Realtors in Orlando won’t touch a short sale file while others… even though they’ve never done a short sale… refuse to ask for help which can seriously hurt a homeowner’s chances at selling their home via short sale.

As the leading short sale experts in Orlando, we take on all short sale listings, even the ones that other agents want no part of. You see, it is one thing to process a short sale with just one lender but when you have to deal with multiple lenders and or liens attached it becomes a whole other ball game.

A short sale specialist should know everything there is to know about the process and everything else that goes into facilitating the entire transaction. The agent should be aware of everything from foreclosure postponement, lender guidelines, and the latest state short sale regulations. There’s no situation that should arise that’s is beyond your short sale agent’s comprehension.

Cash Back To Seller Programs

Even though your lender is accepting a loss on what’s owed to them, many times we’re able to get our short sale clients anywhere from $3,000 to $30,000 back at the closing for relocation costs. A short sale agent should be up-to-date on all the various cashback to seller programs offered by different lenders. If they aren’t aware of this it could cost the homeowner thousands of dollars when they need it the most.

How Does A Short Sale Agent Get Compensated?

In a typical short sale transaction, the lender pays the real estate commission from the sale price. Some agents will try to put a short sale processing fee on the CD [Closing Disclosure formerly as the HUD-1] but it must be approved by the lender. You should never, ever pay a real estate agent prior to doing your short sale. Only attorneys are legally allowed to charge an upfront fee to complete your short sale.

If you’re in a situation where you need to do a short sale on your home, be sure to hire a proven expert in order to give yourself the best chance at making the sale happen. For a free consultation with one of our Orlando short sale experts visit https://orlandorealtyconsultants.com or call 407-902-7750.

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Another Orlando Foreclosure Stopped In A Nick Of Time!

Posted on by Jenny Zamora

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.

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Short Sale Tax Relief Law Extended!

Posted on by Jenny Zamora

As I explained in a post I wrote back in November “Will They Extend the Mortgage Forgiveness Debt Relief Act?” There were thousands of distressed homeowners that weren’t sure if they would receive “short sale tax relief ” or if they would be forced to pay income tax on phantom income when they sold their home via short sale. For most people that are in this situation, this would have been financially devastating.

When the Mortgage Forgiveness Act of 2007 was put in place because of the nationwide real estate collapse, for three years it guaranteed people that they could short sale their homes and move on with their lives without having to worry about having to pay income tax on the difference between the full payoff and the short pay off. Then after 2010, they kept on extending it for one more year.

For some reason, however, in 2014 congress took its own sweet time and nobody was sure if it would be extended yet again. Many distressed homeowners chose to just let their homes be foreclosed on in fear of the possible income tax implications. Other underwater homeowners rolled the dice and did a short sale anyway and prayed that the government would eventually do the right thing.

The people that took that chance and did a short sale anyway, lucked out big time because in December congress finally decided to extend law and on December 19 the president signed off on it making it official.

Short Sales In 2015

Of course, the question for the next year will be…Will They Extend it for 2016? Again the answer will be the same as it was last year. We’ll just have to wait and see. Unfortunately, not knowing if it will be extended again is not only bad for underwater homeowners that desperately need a short sale but for the Orlando real estate market in general.

 

 

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Do You Need An Attorney To Short Sale?

Posted on by Jenny Zamora

Do You Need An Attorney To Short Sale? 407-902-7750 Video

There’s a common misconception among distressed homeowners that you need to hire an attorney in order to complete a short sale on your home. The truth is that you don’t need to hire an attorney in order to complete a short sale.  The lender does however require that a licensed real estate agent represent the seller in order for a short sale to be approved.

There are some cases where you would want to consult with an attorney such as;  if there’s title issues, the property’s in probate or if there’s a Bankruptcy involved, etc.

Now with that being said, most of the time you don’t need to hire an attorney to short sale your home.

One of the most popular reasons why people hire a short-sale realtor instead of an attorney is the cost. Attorneys can charge you thousands of dollars to do your short sale, whereas a licensed realtor does it for free.

Wouldn’t you rather save your money instead of turning it over to a lawyer?

A realtor only gets paid if the short sale closes, and they get paid by the lender,it doesn’t cost the homeowner a dime. Not only that, but most of the time we get you cash back a closing. We’ve gotten our clients anywhere from $3,00 to $30,000.00 back at closing.

There are currently thousands of Orlando homeowners that are looking for help with their situation. The process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home. This is why it’s crucial that you get help from a proven Orlando Short sale Expert.

We understand this which is why we are devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.

If you or someone you know needs help with a short sale. visit our website at https://orlandorealtyconsultants.com/short-sales/ or just give us a call at 407-902-7750 for a Free consultation.

 

 

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Short Sale With No Hardship

Posted on by Jenny Zamora

Short Sale With No Hardship – Video

Normally, homeowners that are no longer able to continue paying their mortgage are going through some kind of hardship such as job loss, decrease in pay or hours, health issues, divorce, mortgage payment increase,
even incarceration.

Sometimes.however, people need to sell their home not because of a hardship, but for other special circumstances like a job transfer, military deployment, etc. And, in most cases, for the reasons I just mentioned, lenders have been very accommodating to those that need to sell.
There is another reason however why homeowners want to short sale there home and that is simply to get out of a bad investment.
These homeowners know that they owe the bank way more money than the house will ever be worth and they just want to get that debt off their back and get on with their lives.
The can afford to keep making their payments… but they hate the idea of paying on a mortgage with a principal balance that is a lot more than their property is worth.

 

So, the question is…Can you short sale your home without being behind on your payments so that your credit doesn’t get damaged?

 

The truth is that there’s no way of knowing until you try. Some lenders are more flexible in that respect than others and the only way to know is to give it shot.
It’s important to be aware that many short sale lenders.are controlled by the guidelines of the investors that own the loan.
So while a loan may be serviced by Wells Fargo or B of A or whoever, the loan is actually owned by another entity.
and It’s that other entity that decides on accepting or declining your short sale.

From our own experience. Most investors do require that the sellers have missed mortgage payments, and others do not.

 

Unfortunately, you just don’t know how things will play out until you start the short sale process with the lender.

If you’re current on your mortgage but would like to short sale your Orlando property, call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/
One of our short sale experts will give you a free “analysis of your situation” so that you can find out what your options are and move forward with the knowledge that you need to make the right decision.

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