Orlando Short Sales: Deed-In-Lieu of Foreclosure or Short Sale?

October 27, 2010

Orlando FL – Many people ask if they should do a deed-in-lieu of foreclosure and give their house back to their lender. A deed-in-lieu does have its benefits. Lenders like them because they speed up the foreclosure.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A deed-in-lieu is the equivalent to a “No Contest” plea in a criminal trial. You just give up on the foreclosure. If there is a foreclosure court case, the judge will still have to schedule a foreclosure sale.

Contrary to popular opinion, a deed-in-lieu does not automatically release you from the debt. This means that your lender could be pursuing you five years later, after you get back on your feet.

There is an application process. You will have to spend between 5 and 10 hours submitting paperwork to your lender before they will approve the deed-in-lieu. Yes, I think it’s crazy!

Why should you have to submit paperwork to make it easier for your lender to foreclose on your house? Doesn’t make any sense. That is why I recommend a short sale instead of a deed-in-lieu.

You get to avoid the humiliation of a foreclosure. In addition, most short sales allow you to stay in the home rent free for 3-6 months. And you can get up to $3,000 from HAFA.

That will help cover the cost to move and maybe even cover the deposit on a rental property. The other advantage with a short sale is that you will be able to buy another home sooner.

Because a deed-in-lieu acts as a foreclosure, you will not be eligible for a new mortgage for 5-7 years. With a short sale, you can be eligible to buy another house in 2 years.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 407-330-2181.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: 407-330-2181. gitta@gitta.com.

What do you recommend

View My homes for sale at www.greaterOrlandohomes.com .

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on Gainesville Short Sales: Deed-In-Lieu of Foreclosure or Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: “Why Do Some Short Sales Succeed When Others Don’t?”

October 26, 2010

Orlando FL – We recently talked to another agent about her short sale listing. (Some of the details have been changed to hide their identity) She had been working on this short sale for 6-8 months with no success. The original buyer offered 265k for the house.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The short sale lenders rejected the offer. The house ended up selling eight months later for 220k. Why did the short sale lenders reject the 265k offer, only to later on accept an offer for 45k less?

Because the person negotiating with the short sale lenders didn’t know what they were doing. Here’s what happened.

The first mortgage was owed $289,000. The 2nd was Bank of America, owed 60k. She submitted the 265k short sale offer to both mortgages holders. The first mortgage gives her an approval in a month. Bank of America never gave her an answer.

Here is the problem. Bank of America has no incentive to put time into this short sale file. Why? Because they are only getting $1,000. In a short sale, most 2nds will get a minimum of $3,000, and often 10% of whatever they are owed.

The first mortgage was greedy and wouldn’t offer enough money to Bank of America. As a result, they lost $40,000. Was that a smart business decision?

No. That’s a big loss for the short sale lender. To be honest, I would be embarrassed if I was that banker.

Here is what this agent should have done. She should have convinced the first mortgage to give Bank of America $3,000 to $7,000. Bank of America would have accepted the offer with more money.

Instead, the agent had to negotiate the short sale all over again. Not only that, but her sellers risk a bigger deficiency note. This first mortgage was one of the few mortgage companies not willing to release the deficiency.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 407-330-2181.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: 407-330-2181. gitta@gitta.com.

What do you recommend

View My homes for sale at www.greaterOrlandohomes.com .

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on why did this short sale fail is provided as a courtesy to our viewers to help them make informed decisions.

Lake Nona Luxury Real Estate Sales for September 2010 and What’s My Home Worth?

October 25, 2010

Lake Nona's Medical City

Lake Nona luxury real estate, is it selling?  Lake Nona without a doubt is a sensational development and will satisfy anyone’s luxury housing taste and it features some of the most opulent homes in the Orlando area. Also it has a fantastic location close to the Orlando International Airport and to the new Medical City being built close by.

Currently, according to the MLS, there are 37 luxury homes for sale in Lake Nona from the low $749,000 to the high $4,600,000, the median price is $1,895,000 and not one of these homes is in pending status. So far this year there were 11 sales from the price range of $535,000 to $3,375,000 and the median price of the sold properties was $1,297,000.

There were no sales in September according to the MLS in Lake Nona. The average day on the market for sold homes was 607 days.  So why are homes in such an exquisite development with such a fantastic location selling so slow? Well the answer might be in the median sales price. What buyers are telling me so far this year, they are only willing to pay $1,297,000 for the median priced home and the listed median priced home in Lake Nona is $1,895,000 so according to my humble opinion and my calculation the homes are $588,000 higher priced or 46% more than buyers are willing to pay.

Here is another glaring statistic, last year during the same 10 month period homes in Lake Nona sold for 74% of asking price, so far this year the median price is selling at 80% of asking price which is certainly an increase but still 20% less and there might be the reason why resale homes are selling so slow.

There is the buying opportunity for buyers making offers in Lake Nona, this is the starting point, so give me a call or go to www.orlandoluxuryhomes4sale.com and let’s make an offer because you cannot beat the location and the future for this area is just looking sunnier every day.

Heathrow Luxury Real Estate Sales for September 2010

Heathrow Luxury Real Estate

Is Heathrow luxury real estate selling? Well, during the month of September no  luxury homes over $500,000 sold in Heathrow. The median home sale price was $289,000 the high price was $320,000. This is a decrease in luxury homes sales in Heathrow compared to September 2009 where 2 luxury homes sold. So far this year 19 luxury homes have sold in Heathrow compared to last year, where there were 16 luxury homes sold. Luxury home prices in Heathrow have increased from $180.00 per sqf. in 2009 to $202.00 in 2010. There are currently 39 luxury homes for sale in Heathrow,  3 are short sales and 1 REO property. Out of the 39 luxury homes in Heathrow only 6 are currently pending for sale.

Ready to buy your luxury home? Please go to www.orlandoluxuryhomes4sale.com and start your luxury home search.  For foreclosure assistance go to www.orlandoshortsalesrealtor.com.

How To Negotiate A Wells Fargo Short Sale

Orlando FL – Wells Fargo is one of the largest lenders in the US. They are the second biggest short sale lender we work with. The Wells Fargo Loss Mitigation Department is much better to work with than lender’s loss mitigation departments.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Wells Fargo has two loss mitigation departments. One is located in Fort Mill, South Carolina. The other is located in Milwaukee, Wisconsin.

Here is what we do to negotiate a short sale with Wells Fargo.

To start a short sale with Wells Fargo, we first call 1-877-216-8448. We ask the representative what the short sale fax number is. That is where we fax the entire short sale package.

In my experience, these phone and fax numbers are often changed with little notice. That is why I call to check. The current fax number to send paperwork to is 1-866-969-0103. That has been the correct number for a long time.

In addition I will need authorization from to speak to your lender on your behalf. You fill out and sign a form giving me that authorization. I will fax that to Wells Fargo’s Authorization Fax. That number is 1-866-917-1877.

Once the short sale is approved by the owner of the loan, then Wells Fargo will want all parties to sign Wells Fargo’s Specific Addendums. They are the following.

Arms Length Addendum. This simply states that there is no funny business going on and this is a normal “Arms Length” sale. In other words, you aren’t selling the home to your best friend for a low price, or anything similar to that.

Closing Date Extension Addendum. They want the buyer to sign this and agree to close within 30 days of the short sale approval.

Listing Addendum. This is an addendum they want the seller and the listing agent to sign. It gives Wells Fargo a little more protection on the short sale.

Contract Addendum. This is another addendum they want the buyer and the seller to sign. It simply lays out how a Wells Fargo Short Sale works for the buyer and the buyer agrees to those terms by signing the addendum.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at gitta@gitta.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 407-330-2181.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Orlando Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Gitta Urbainczyk P.A..

Gitta is a Real Estate Broker at Keller Williams Heritage Realty .

Phone: 407-330-2181. gitta@gitta.com.

What do you recommend

View My homes for sale at www.greaterOrlandohomes.com .

Gitta Urbainczyk P.A. specializes in loan modification assistance and short sales in Orlando Florida Orlando Loan Modification Help, Orlando Short Sales. Orlando Short Sale Realtor Short Sale Realtor. Orlando FL Short Sales. Orlando Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty . This information on How To Negotiate A Wells Fargo Short Sale is provided as a courtesy to our viewers to help them make informed decisions.