Orlando Short Sales: What Can Go Bad On A Short Sale When You Hire An Agent That Doesn’t Understand Short Sales?

February 28, 2011

Orlando, FL – It always amazes me when I hear the stories of agents who talk about horrible short sales are. “Don’t waste your time on a short sale”, they tell homeowners.

“They are a waste of time. The lenders won’t approve them and the process is horrible. The last short sale I worked on took 9 months”, they say.

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This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible. I am here to tell you that is not true.

The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.

Here is the closest comparison I can think of on why some agents hate short sales. Let’s say that you are a brand new driver.

You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car.

You aren’t successful at driving a car. Your friend is thinking about learning how to drive. “Don’t even think about driving a car. Driving just doesn’t work and it is impossible to get anywhere”, you tell them.

Is what you just said correct? Is driving a car impossible? No, it’s not! But, many agents make the same claim about short sales.

They have never studied and learned the process. They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn’t work.

Here is what they missed about short sales.

1. You need to be knowledgeable about the process. You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.

2. You have to stick with the transaction. You need to follow up with the short sale lender regularly. You can’t check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.

If they don’t get what they need, then they will close the file. If you agent isn’t checking in regularly, then the short sale file could be closed without their knowledge.

In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.

Ask the agent you are interviewing why they are important.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: Homeowner Takes On Lender And Wins!

February 26, 2011

Orlando, FL – According to the Philadelphia Inquirer, Patrick Rodgers of West Philadelphia was able to “file a foreclosure action against Wells Fargo.

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I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan modification in order to keep your home.

But, no one at the lender seems to care. It seems the big lenders are able to live in a protective bubble. They can foreclose on paid off homes and face no consequences.

If they average American did that, they would probably face jail time. So, it’s nice to finally see someone turn the tables on a lender.

Here is the story according to the Philadelphia Inquirer.

It’s not clear how this story will turn out, but right now Patrick Rodgers is living a pay-back fantasy probably shared by millions of struggling U.S. homeowners.

Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.

When Wells Fargo still didn’t respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.

And when the mortgage company didn’t pay – does something sound familiar? – Rodgers turned to Philadelphia’s sheriff.

The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff’s sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff’s costs.

Rodgers has even written his own headline: “Philadelphia homeowner ‘forecloses’ on Wells Fargo.”

Has he really? Not quite. But Rodgers, who lives in the city’s Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.

Before you leap to conclusions, let’s get a few things straight.

Rodgers isn’t unemployed, or a deadbeat. He’s a music promoter who owns Dancing Ferret Concerts – if industrial, electronic, or goth is your sound, maybe you’ve been to one of his gigs. He says he’s paid all he owes under the terms of his seven-year-old mortgage.

And there’s no reason to think that Rodgers’ house is “underwater” – worth less than he owes, in banker jargon that has sadly entered Americans’ everyday lexicon.

Actually, it was the value of Rodgers’ home that apparently sparked the dispute – not what he paid, or what it would fetch if he wanted to move, but what it would cost to fully restore the house if, say, it was struck by a meteorite and burned to the ground.

Rodgers owns a three-story, six-bedroom Tudor on a beautiful street not far from City Avenue. He paid about $180,000 for it in 2002, and for years handled his mortgage without dispute.

But in mid-2009, his insurer delivered troubling news: His homeowners premium would more than double, because Wells Fargo was insisting that he insure the home’s full replacement value – about $1 million worth of coverage, the insurer told him.

Rodgers loves his home, neighborhood, and adopted city – he moved here about 17 years ago, after growing up as a child of American parents in the Bahamas.

But he knew that he paid a fraction of what his home would command elsewhere, such as across City Avenue in Bala Cynwyd. That’s one advantage of living, as he says, “a short clip away from the wrong side of the tracks.”

In such situations, most lenders require a homeowner to insure for a total approximating a home’s market value – a good thing for large swaths of Philadelphia, where a home’s market value may have little relation to what it would cost to rebuild stone by stone or feature by feature.

All in all, I think it’s a great story. I’m sure a lot of homeowners fantasize about doing the same thing.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: The Average Homeowner Can Live 492 Days Rent Free

February 25, 2011

Orlando, FL – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn’t made a payment in 492 days. What’s even crazier is that those homes are still in the foreclosure process.

That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?

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In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.

If you are facing foreclosure, then I am sure that is good news. But, I’m sure you are wondering why it is so long. Let me explain.

The entire foreclosure system is backed up. There are several parts that make up the “foreclosure system.” The first part is the bank’s foreclosure departments

These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.

The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts.

The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.

This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.

Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home?

February 24, 2011

Orlando, FL – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)

Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.

It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?

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Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.

Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.

Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.

Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?

If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.

That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.

I just want to lay out the benefits and leave the decision up to them.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: One Upside To The Horrible Housing Market

February 23, 2011

Orlando, FL – If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.

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But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price.

In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices.

Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people.

Today the “average Joe” can afford to own a nice home. So at least someone is benefitting from the housing crisis.

But, where does that leave homeowners stuck with an upside down home? We will detail their options in tomorrow’s blog post.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty.

This information is provided as a courtesy to our viewers to help them make informed decisions.

What You Should Look For In A Buyer Of Your Orlando Short Sale Property

February 22, 2011

Orlando, FL – Short Sales can be tough. Many buyers don’t understand the process and think that since it is a buyer’s market, then they set the rules. That’s not the case.

You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don’t then you dramatically reduce your odds of successfully short selling your property.

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Here is what you should think about before you take your home off of the market.

1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.

The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.

2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.

3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender.

This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.

4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.

5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.

These are what we have determined to be necessary for a successful short sale. If you don’t have a serious buyer then you are wasting your time and your agent’s time as well.

Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can’t get a loan or back out after the inspection.

Helping someone avoid foreclosure is serious business. That’s why we treat it as such.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: Is This A Reasonable Offer From A Short Sale Property Buyer?

February 21, 2011

Orlando, FL – Some buyers think that since it is a buyer’s market, then they can make any crazy demand of a seller. And they can’t understand when the seller isn’t excited by their low-ball offer.

Here is an example of a recent story where this happened. A buyer makes an offer on a short sale.

1. The buyer puts no money in deposit for the home. In other words, they have about zero risk. (Meanwhile, the seller is still risking foreclosure.)

2. They are putting $150,000 down on the property, but won’t bother putting any more than $1,000 in escrow and only after the short sale is approved.

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3. They are only allowing 30 days for short sale approval. (News flash: Most short sales take an absolute minimum of 60 days to be approved.)

4. They are demanding the seller take the property off the market and not accept backup offers.

Is this a little one sided or what? If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin in the game.

If not, then you dramatically reduce the odds of successfully short selling your property.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Realtor.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: What is a BPO?

February 18, 2011

Orlando, FL – If you have been reading about short sales, then you have probably heard the term “BPO” and wondered what it meant.

BPO stands for Broker’s Price Opinion. A Broker’s Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.

That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value.

The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest comparable sales.

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The more recent a sale is then the closer of a comparable it is considered to be. The same goes for properties that are close geographically (in the same neighborhood is preferred) and close in size and number of bedrooms or baths.

Most agents are not appraisers. Because an appraiser’s license is required to appraiser properties they give their opinion of the value. Now, I’m sure you are wondering, ” Why do the lenders use these rather than an appraisal?”

Here is why. Many people think they are more accurate of a valuation than an appraisal. Agents are more in tune with exactly what a property can sell for.

After all, whatever opinion of value they put for a property is usually supposed to be backed up later by a sale for that price. That causes agents to be more accurate with their valuations.

That accuracy is why the lenders use their valuations rather than an appraisal.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Realtor.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

Would Dave Ramsey Love An Orlando Short Sale?

February 17, 2011

Orlando, FL – You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.

Dave is a zealot for the debt free life. “You don’t need to see the inside of a restaurant unless you are working there”, he will tell people in financial trouble that call his show.

What does Dave recommend people do to get out of debt? Reduce spending, eat at home, pay off high interest debt first, etc.

Here is why I think Dave would love a short sale. A short sale is a great way to reduce debt. Where else can you wipe out $100,000, $200,000, and even more in debt? That will make up for eating a lot of rice and beans.

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Do you have a house that is underwater to the tune of $50,000 or more? Try a short sale. It’s a great way to erase all that upside down debt.

You can rent another home for 2-3 years until the market has bottomed out. Then, you can buy at the bottom. Not only will you save on a lower house price.

You will also save on the interest over the life of the loan. Did you know that on the average 30 year mortgage, you pay as much in interest as you pay for the house?

If you wiped out $100,000 in upside down debt, then that means you actually wiped out another $100,000 in interest. I think Dave would be proud.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Realtor.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

Orlando Short Sales: Could The Realtor You Hire Kill Your Short Sale?

February 16, 2011

Orlando, FL – The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon.

If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several years.

If you are thinking about short sales, make sure you hire a competent, experienced short sale expert. A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.

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We’ve made it our business to know what we are doing. But, we see many agents that have no clue about short sales (or the short sale process) listing short sales.

This gives short sales a bad name. Many agents have been involved in short sales where the listing agent didn’t know what they were doing.

Because of that the short sale wasn’t successful and that agent and their customer wasted time. In the future they are going to think twice before showing a short sale. This hurts other short sale sellers.

It really gets on my nerves that people who don’t know what they are doing can ruin it for everyone else. If you are thinking about short selling your home, make sure you hire a competent, experienced short sale agent.

(A competent, experienced agent will be successful at 80-90% of all the short sales they take on.)

Here are a few of the things that agent should avoid.

1. Submitting multiple offers to the short sale lender. Only the best offer should be submitted. A confused mind says no. Most short sale negotiators have between 50 and 200 short sale files on their desk.

To ask them to weigh the benefits of 3 short sale offers on just one of those 50 files is probably more than their brain can handle. No, I’m not saying their brain is stupid.

It’s just that a human brain can only handle so much information before it stops working.

2. Realtors submitting incomplete paperwork to the short sale lender. There is a method to follow. Every good short sale realtor understands stacking order, and the importance of easy to read paperwork.

3. Submitting low offers to the lender. All this does is waste time. If a lender is not likely to accept the offer, then don’t waste 45-60 days negotiating it with them.

Get an offer at (or near) fair market value and submit that to the short sale lender. That helps avoid wasting everyone’s time.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Email me at gitta@gitta.com. Or, if you prefer, you can call me at (407) 330-2181.

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

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

Phone: (407) 330-2181. Email: gitta@gitta.com.

What do you recommend?

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

Orlando Realtor. Orlando, FL Short Sales. Orlando Realtor.

Copyright © 2011 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 Gitta Urbainczyk P.A.’s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

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