Tag: short sale negotiator

Retired Couple Buy Their Orlando Dream Home!

Posted on by Jenny Zamora

Couple Finds Their Orlando Dream Home in Hunters Creek

Living in New York most of their lives this retired couple had had enough of the cold and ready to live out their golden years in “The City Beautiful”. After spending time with their nephew who lives in Hunters Creek FL, and after several months of searching in other Orlando neighborhoods they decided that Hunters Creek is where they wanted to live and they were finally ready to shift into buying mode for that specific area.

When a buyer is only interested in one specific area it can be both good and bad from the realtor’s standpoint. The good part is that it doesn’t take long to do a search for all the homes that are available for sale in the area. The bad part is that it usually takes longer to find the perfect home for someone who is only interested in seeing homes in such a relatively small area due to a lack of inventory.

However, it seems that these buyers were being helped by some kind of divine intervention. Just days into showing these retirees homes that were for sale I received a call from a Hunters Creek homeowner needing to sell their home quickly. These distressed homeowners were six months behind on their Wells Fargo mortgage and have exhausted all means of trying to keep their home.

They were in need of completing an short sale on their home and with an approaching foreclosure date, they needed to get it done A.S.A.P. After Googling “short sale experts in Hunters Creek FL”, they found our company and hired us to complete their short sale. The next morning we met with them at home to collect paperwork, get measurements, photos and everything else we needed to get the ball rolling with the short sale. Although the home needed some work I felt it may be a good fit for our retired couple from New York so I brought them to see it that same night.

They fell in love with the Lakefront home in Calabay Cove. My concerns over the needed repairs disappeared when I found out that the buyer was a handyman and actually loved the idea of having something to do! We explained to the buyers that a short sale can sometimes be a lengthy process but they were willing to stick it out in hopes of getting a great deal on their dream home.

Although it was a bumpy road like most short sales, after three months of negotiating with Wells Fargo we received the short sale approval letter and the buyers were able to close on the home just 10 days after we received the approval. The final short sale price that was agreed upon by the lender was $278,000.00. Considering that the full payoff on this 4 bd rm 3 bd rm home was $470,000.00 the buyers were elated to finally close on their dream home….. I must admit that it was also pretty nice to make a double commission.

 

 

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How Will A Short Sale Affect Your Credit?

Posted on by Jenny Zamora
short sale realtor orlando

How Will A Short Sale affect Your Credit?

Over the years I’ve gotten this question more time than I can remember. “How will a short sale will affect my credit?”

A short sale can have a lot less of an effect on your credit score than a foreclosure. But, it must be done correctly.

Short sales can happen if a lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale.

It’s important to note that not all lenders will agree to a short sale.

If your request is approved, your agent should ask your lender to report the short sale as “paid in full,” as part of the negotiation.

There have been reports that a short sale has about the same impact on your credit score as a foreclosure. However, from experience with our own clients, that’s never been the case.

Most of the time, sellers that have completed a short sale report that their credit score only dropped by 100 points or so, which can be easily fixed by any decent credit repair company.

The biggest advantage of a short sale, as opposed to a foreclosure, is that you will be able to qualify to buy another home within two years as opposed to five to seven years after a foreclosure.

I hope this video was helpful, If you still have questions, feel free to contact us at 407-902-7750 or visit us at https://orlandorealtyconsultants.com/short-sales/

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Banks Can Take Your Assets After Foreclosure!

Posted on by Jenny Zamora

Stop Foreclosure Before It Starts

Are you behind on your mortgage and worried that the lender might go after your other assets if your home gets foreclosed on?

Unfortunately, it can happen if you live in Florida. This scenario can occur in an instance where if the bank is unable to recoup the full amount of the loan especially if it’s a large loan.

With such a large number of Orlando foreclosures still looming many homeowners are wondering if their lender can garnish their salary or personal bank accounts.

The problems that can crop up from a typical foreclosure sale don’t usually occur until after the sale has taken place and the bank ends up with the short end of the stick.

Here in Florida lenders can go to the court for a “deficiency judgment” in order to try and collect the rest of the money that is owed after the foreclosure. With a deficiency judgment in their possession, banks can go after your personal assets like a car or a boat. However, if the asset isn’t yet paid off, then the lender will have to settle for the second position after the lender for the car or boat, etc.

Florida lenders don’t usually go after a person’s assets following a foreclosure sale especially if they don’t see much to tap into.The truth is that collecting judgments is extremely time-consuming and can be quite costly to the bank.

Banks will pay more attention to homeowners with homes that are worth millions of dollars because the larger the loan the bigger the loss. In these cases, the lenders will check the borrower’s bank accounts especially if the accounts are with the same bank. Depending on the situation, banks can move to freeze or garnish these accounts. Banks will also go after businesses that default on large commercial properties.

Just When You Thought It Was Over

There’s another risk that exists for smaller borrowers that may occur down the line. Many times, banks end up selling off these types of judgments to investors or collection agencies for pennies on the dollar. These agencies hire people that are dedicated to hound people any way they can for a settlement. Since judgments are valid for up to twenty years, it gives them more than enough time to come after the borrower for the balance due.

Avoiding A Deficiency Judgment

The best way to avoid a deficiency judgment is for people to deal with their mortgage problems head-on. take action! If a borrower has the chance to pursue a short sale with their lender then they should do it. Not dealing with the problem is the absolute worst thing that someone can do to themselves. It’s like having a financial ticking time bomb on their hands. Borrowers are soo much better off working with the bank as opposed to avoiding them.

Hire A Short Sale Expert

It’s extremely important that the short sale payoff be recorded as a “full payoff”. To ensure that things are done correctly, enlist the help of a short sale expert. Find a short-sale realtor in your area that has a high closing ratio. Avoid realtors that aren’t experienced in the short sale arena or that have only done a few. Selling a home is one of the most, if not the most important transaction of a person’s life so it’s crucial that they find the best-qualified realtor for the job.

 

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Demystifying the Short Sale Process

Posted on by Jenny Zamora

 

For those buyers facing an imminent threat of foreclosure, a short sale is a viable option indeed. Through a short sale, the seller eliminates the debt burden that comes with his value- depleted property that no longer attracts enough of a sale price to pay off the loan in full. Scores of homeowners saddled with underwater properties have taken the help of short-sale negotiators to get a reasonable price for their homes in recent times. If you are looking for advice and information on Orlando short sales, read on. 

 

Getting the Short Sale Package Approved

 

This is the first step in your Orlando short sales process. Your lender needs to approve your sale of the property at a price that is less than your total debt due to him. To do this, he needs to be sure that you cannot afford to pay off his loan from other sources (e.g.: your savings).  The first step of the short sale is for you to present a short sale package to the lender. This package outlines an overview of your finances and your credit score along with a hardship letter and the home’s documents indicating the purchase price. Once the lender is convinced that a short sale is your best option, he approves the process.

 

Listing the Property

 

Now it is time to present the property in the best possible way so that you can attract the most number of buyers. Working with reputed Orlando realtors who are also experienced short-sale negotiators is a great advantage at this stage. The realtor has an understanding of the market and the skill to present your property as a good buy to prospective homeowners. Locate a realtor who has a deep insight of the current Orlando real estate market so that you can price your home right. The Orlando realtor will also ensure that your home appears in all the right listings so that it is highly visible in the marketplace.

 

Sell the Home and Get Rid of Your Debt


Once your home gets an offer you like, it is time to start processing the short sale. Your lender may require several documents to process the actual sale. Here too, an experienced Orlando short sale realtor can prove to be of immense help. Collect all the documents and present them to your lender for approval of the proposal. Once he gives his approval, the sale can be finalized and closed. In some situations, the lender may reject the proposal.

 

If this does happen to you, don’t give up hope. Ask your lender to give the reasons for rejection in writing. There may be some negotiations that you can do with the buyer/ lender with the help of your Orlando realtor to ensure that the proposal is tweaked to meet his approval.

 

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Top 5 Mistakes in Choosing a Short Sale Realtor

Posted on by Jenny Zamora

Choosing the right realtor to sell your home is something that you should take very seriously. The sale or purchase of a home is one of if not the most important transactions that a person will ever be involved in within their lifetime. So what if you’re in need of a short sale? Then you really need to be careful because short sale listings are a completely different animal than traditional listings. There is a lot more work involved with completing a short sale and that’s just the beginning. Realtors that specialize in doing short sales have to be highly skilled negotiators and have to possess a “never give up” attitude in order to be successful.

Following is a list of 5 things that homeowners should look out for when hiring a realtor to do their short sale.

1- Realtors that only work part-time- It’s hard enough to work a short sale as it is. Imagine if your short sale realtor had another job during the day when the lenders are working. Part-time realtors have no business working with short sales because it can take twice as long to get it done and when you’re doing a short sale, time is of the essence. Lenders can still continue with foreclosure proceedings even during the short sale process.

2- Realtors that outsource all the work- There are some realtors out there that don’t care for all the extra work that a short sale requires of them so they outsource their short sale files to a third party. I personally would never do this because I think it’s unethical and misleading to the homeowner. If a realtor is advertising themselves as a short sale specialist or expert then I feel that realtor should do all the work, not someone else. Don’t get me wrong, it’s important to have an assistant or processor in your office to help move things along, but this is very different than outsourcing the entire process to a third party. Also, third-party negotiators will add extra fees to a short sale which can cause the deal to fall apart entirely. Make sure to ask the agent if they are going to work on your file or will it be outsourced to another company.

3- Insist on weekly progress updates- Homeowners that are in pre-foreclosure are stressed out enough about their situation as it is. Imagine how much more stressed a homeowner will be if they have no clue about what’s going on with their house. It’s important that you make things clear with the realtor up front by getting them to commit to weekly updates with your file even if nothing’s happened on any particular week. If the realtor can’t commit to keeping you “the homeowner” in the loop every step of the way, then you shouldn’t hire them.

4- Check their track record- Research the agent to see what they’ve accomplished in their real estate carer lately. A good short sale agent should be working with several files at any given time. Also, find out how many short sales they’ve completed in the past six months or year. An agent that’s good at doing short sales should have at the very least, three happy clients that would be willing to tell you all about their experience with that agent.  If you’re their only short sale client then seller beware!

5- Interview Several agents before choosing one- There are a lot of great short-sale agents out there which means you can afford to interview a few before making your choice. Pick at least two or three that satisfy the checklist above and see which one you feel would do the best job for you according to your needs. Remember, this person is going to be handling the sale of your home from beginning to end. Make sure that you feel comfortable with them. Just because a real estate agent is great at doing short sales, it doesn’t necessarily mean that’s the best agent for you.

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