Tag: short sales

Inspiration Through Short Sales

Posted on by Jenny Zamora

 

Inspiration can be found anywhere and it’s all up to the individual and what he or she is inspired by. It can be found on a slow walk on the beach or even traveling 90 miles per hour on a speed boat.

 

Something that’s always inspired me has been helping people. Maybe it’s the mother in me, but whether it’s helping my sons put on their soccer cleats or helping someone to short sale their home and avoid foreclosure, the biggest reward for me is seeing that look on someone’s face when they’ve accomplished something that they thought to be impossible.

 

 
Sometimes it’s easy to get derailed from what’s really important in life. One minute you can be in a great mood just driving down the road then an impatient driver cuts you off or you get a flat tire. Then, all of a sudden your in a bad mood and frustrated and you allow it to ruin part or even the rest of your day.

 

 

When you look at the big picture, instances like these are just little obstacles that are part of everyday life and making them out to be anything more is just a waste of your time and energy. So don’t sweat the small stuff!

 

 
Working as a short sale realtor in Orlando, I’ve had clients get discourage and frustrated about how long it’s taking their lender to process their short sale, or if it will even get approved! They have to live with a sense of uncertainty about what the outcome will be which can be mentally draining. Although their frustration is warranted, it’s a complete waste of time and energy to worry about what’s out of your control.

 

 
Having completed thousands of short sales over the years, I’ve become a counselor for distressed homeowners in helping them to deal with the emotional side of the process. Potentially losing your home can be stressful and even mentally crippling, especially when you have a family that’s depending on you to keep a roof over their head.

 

 
A real estate agent’s role in completing a short sale is basically a middle person between the seller and the short sale lender. If a seller takes their own sweet time in sending me documents that the bank is requesting yesterday, then they’re only hurting themselves. In this case procrastination is the homeowner’s worst enemy.

 

 
I try to get my clients to maintain a positive outlook on the situation and focus on the desired results, which is to complete the short sale on their house and avoid having a foreclosure on their record and even get them a few thousand bucks back from the bank at the closing. Keeping a positive attitude throughout the process will only make things easier and help to reach their goal.

 

 

Although short sales are never guaranteed, if you have the right team fighting for you, then at least you’re giving it your best shot. If you or someone you know need help with an Orlando short sale, give me a call 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sale-experts/

 

Orlando short sale agent

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TOR 002: Will My Lender Come After Me For The Balance After A Short Sale?

Posted on by Jenny Zamora

In this episode, Lucille from Metrowest asks if her lender will come after her for the remaining balance of the deficiency between her full payoff amount and what the property sells for if she decides to short-sell her home. 

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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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When Short Sales Fall Short

Posted on by Jenny Zamora

There are no guarantees in life and when it comes to negotiating Orlando short sales, this is especially true. Although lenders have come a long way in terms of approving more short sales, easing up on their guidelines, and even offering cash incentives to homeowners that are willing to cooperate, there are still when can fall apart. These are some of the most common reasons why short sales fall apart.

 HOA Bullies and Short Sales

Delinquent HOA fees are one of the biggest reasons for a short sale not getting approved. Many times the lender in 1st position will only allow the homeowners association to receive 12 months of payments as a settlement. Unfortunately, sometimes delinquent HOA fees can be in the tens of thousands of dollars and they would rather let the home go to foreclosure than to take such a big hit. And If you can’t get either side to budge then the deal will not happen.

 

Stubborn Junior Lien Holders

The 1st mortgage holder in a short sale is always in the first position with the exception of tax liens. Typically, all lenders will only allow a fraction of what is owed to be paid to junior lien holders like 2nd and 3rd mortgages. The problem is that not all second lien holders are willing to negotiate and if they are willing to take a discount, it’s still not enough to please the 1st mortgage holder. Unlike HOA liens that will be paid 12 months of fees if the house goes to foreclosure, a junior lienholder could potentially end up with nothing if the house goes to auction.

Bad BPO’s

A BPO aka “brokers price opinion” is a report completed by a local broker or realtor who comes out to the home and gives their opinion of what the home is worth. The BPO then becomes the starting point of the negotiations between the listing agent and the short sale lender. It seems that lately there’s been a rash of bad BPOs. When the BPO value comes in too high then the home will be overpriced and have little or no chance to be sold. If this happens, then your only chance of making something happen is to convince the bank to order another BPO.

 

 Lenders In Denial

After all the progress that’s been made in the short sale industry, there are still lenders out there that choose to remain stubborn about accepting short sales. It makes absolutely no sense to me at all. For some reason, lenders have trouble realizing that if they don’t negotiate, they end up losing a lot more money than they need to. They have to pay attorneys big money to take a property through foreclosure and if it does get sold at public auction, it ends up selling for much less than what’s owed anyway!

 

 

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The Quiet Short Sale | By ORC

Posted on by Jenny Zamora

A short sale on your home can be frustrating, intrusive and sometimes even embarrassing. At Orlando Realty Consultants [ORC] we’ve developed a process for people who need to do a short sale, but don’t want the whole neighborhood knowing about it.  We like to call it…” The Quiet Short Sale”. The quite short sale works much different than an ordinary short sale. To begin with, there are no “for sale” signs or lock boxes anywhere on your property. This will save homeowners from having to explain to their neighbors why they’re selling their home.

The key is getting the lender’s authorization to leave the short sale listing off of the MLS. We’re able to do this because over the years we’ve developed great relationships with all the major lenders so most of the time we get this authorization granted to us without any problem at all. By leaving your home off of the MLS, it will dramatically cut down on the number of unqualified buyers, nosy neighbors and tire kickers trying to come in and out of your home.

We work with hundreds of investors from around the country that make selling an Orlando home easy and painless. Only qualified buyers will find out about the property through target marketing systems that we use to successfully market all of our Orlando properties.

Also, every time we show the property, it will be by appointment and it will be by one of our licensed team members so you don’t have to worry about strangers walking throughout your house.

We will also work with your lender to get you the maximum amount of money back at the closing to help you get into your next home. Our clients usually receive anywhere from $3,000.00 to $30,000.00 back at the closing of the transaction.

Over the years we’ve helped thousands of Orlando homeowners short sale their homes and move on with their life.

We look forward to helping you with your short sale transaction. For more information contact our offices in Orlando at 407-902-7750.

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