Orlando Short Sale, Foreclosure Assistance for Orlando and Surrounding areas

Orlando total short sales are at 5584 units, that it 50% of the total Orlando housing inventory.  So far 2224 units have only been sold in 2010, not a number we can be proud of with the inventory sitting at over 5000 units.  Are short sales getting any easier to process and close, not really, banks have hired a lot of new people and using new portals to process the short sales. However most of the new people behind the portals who make the decisions are very inexperienced and scared to make a wrong decision and the process is very lengthy and buyer get tired of waiting.  However rumor has it, short sales are the new wave of the foreclosure process to avoid the costly takeover of properties.  Please call me so I can assist you in case a foreclosure is in your future, as a seller or buyer. Thank you Gitta

Just walking away is not a way to go when you feel like not paying your mortgage because your value has declined or when you cannot pay your mortgage any longer according to a recent article in the © 2010 Sun Sentinel, Paul Owers. Distributed by McClatchy-Tribune News Service. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=240792 . There needs to be a proper process of disposing a property as well as closure between the parties .  Your lender  needs to be involved in the whole process.  Ignoring the lender and just shutting  off the phone and walking away, or deeding your property to an LLC, is not the way to go about a short sale. There needs to be a proper way of settlement between the lender and the seller, and a short sale process, could be this process.  So, if you are looking to short sale your property in any of these counties: Orange, Seminole, Volusia, Lake and Osceola County or in the cities of Altamonte Springs, Casselberry, Chuluota, Fern Park,  Forest City, Geneva, Heathrow, Lake Mary, Longwood, Oviedo, Sanford, Winter Springs, Apopka, Bithlo, Christmas, Gotha, Maitland, Oak Ridge, Oakland, Ocoee, Orlando, Hills of Plymouth, Rosemont, Sky Lake, Taft, Wedgefield ,Windermere, Winter Garden, Winter Park, Zellwood, Deland, Debary, Deltona, Orange City we maybe able to help.  I do not work for short sale flippers or investors who want to make an immediate financial gain on your distress because I feel this process does not pass my smell test and maybe considered fraud –check this out http://www.heraldtribune.com/article/20091115/ARTICLE/911151083.  A short sale of a property should meet a specific purpose and that is to help a distressed seller and the bank to dispose of the property which would otherwise fall into foreclosure and fetch a lower value at the end .

The number of short sales in Orlando is on the rise. In January 1,822 properties have come on the market which are short sales, 519 have closed since January 1^st. The average day on the market was 246 days and a total of 6,159 are still on the market, so we are looking at 11.8 months of unsold short sale inventory.

Giant Bank, Giant Struggle was the headline of an article in the Orlando Sentinel issue of March 5^th. I wonder when the banks after 4 years of this unbelievable mess of short sale processes ever get this high amount of inventory absorbed. There are plenty of short sale buyers here in the Orlando area but they get fed-up with the process and move on. In the meantime property values are falling while we wait for the banks to make a decision. By now they could have trained enough people to get it right. I don’t want to leave on a sour note. Compared to last year for the same period, we have seen a huge increase in closed short sale properties, from 152 properties to 519 a 315% increase. Any help in the short sale process go to www.GreaterOrlandohomes.com

 Orlando short sales, why do they move so slow. Maybe you have never seen this video. This is insane, you have to show this to everyone.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1080613

Why are short sales so slow, this video will exlain a lot.

 When I sold this short sale condo, a 2 bedroom 2 bath, 975 SQF  unit at 12544 FLORIDAYS RESORT DR # 211 located in  Orlando, on 10-07-2008 for the  price of $210,000 , everyone though this was a great deal.

 After all prices at the time were much higher and there were many short sales available, no bank owned properties. The average sold price for each condo at the  Floriday Resort ended up at $236,000 for 2008. However, banks reacted so slow to these short sales and decided to take many of them into foreclosure. Instead of accepting a higher short sale offer, they preferred raking up thousand of additional expenses in legal fees and selling them as a bank owned asset at a much later date, and therefore, the average price of all sold condos in FLORIDAYS RESORT for 2009 ended up at $160,878. That is a 31% drop in value, I wonder how many short sale  offers there were at a much higher price only to be denied, and were sold as bank owned assets at a much lower price. We are still facing the short sale dilemma today, waiting and delaying but hopefully somebody is waking up soon to stop this erosion on values. A bird in the hand is better than 2 in the bush, like they say.    

Ready to short sell your personal home or an investment property or buy a short sale; please reach out to your partner in Gitta at www.greaterOrlandohomes.com

.  We’re waiting right here in Orlando for your call at 407-330-2181

This short sale condo, 1247 sqf. 3 bedroom 2 bath fully furnished is looking for an owner.

1.  4126 BREAKVIEW DR # 301, ORLANDO - $99,000

2.  4126 BREAKVIEW DR # 401, ORLANDO -$99,000

Located in the “The Isles at Cay Commons” close to Disney. These are never lived in units on the 2^nd and 3^rd floor in this great gated community.

Family Room

Main Building

Entrance

Ready to short sell your personal home or an investment property or buy a short sale; please reach out to your partner in Gitta at www.greaterOrlandohomes.com

.  We’re waiting right here in Orlando for your call at 407-330-2181

15 more short sale properties came on the market today in Orlando. The average price of new short sale properties today was $152,000. 5 were condo short sales and 9 were single family home short sales. The short sales were listed in some of the following subdivisions,

• Hunter Creek

• Signal Hill

• Sanctuary at Bay Hills Condo

• Signal Hill, Hunter Creek

• Vista Legs Village

Ready to short sell your personal home or an investment property or buy a short sale; please reach out to your partner in Gitta at www.greaterOrlandohomes.com .  We’re waiting right here in Orlando for your call at 407-330-2181 

  “I have a, well personal,  question.” That’s how the conversation starts out from a growing number of Orlando property owners who contact Gitta’s Real Estate Team.  That “personal” question is usually about how they should proceed when they can no longer afford to keep up with a mortgage.  As we start to talk, the question becomes more specific.  It concerns three options. “Here in Orlando, should I just walk away, do a foreclosure, or short sell?” First of all, we at Gitta say we’re sorry anyone has to face this kind of decision.  Secondly, we say we aren’t legal experts or accountants.  Third, we share our experience with these options.   Overall, for those whose mortgage obligations have been impossible and cash flow dwindling, an Orlando short sale might be the superior option.  Here are some of the reasons:

 Ø      If you use a reputable real estate representative such as Gitta, you have an advocate.  We take on the job of negotiation, demonstrating your inability to pay, showing that the value of the property is significantly less than the outstanding mortgage, request forgiveness of the debt, and find an appropriate buyer at the appropriate price.  You are not alone.  Gitta is your partner in Orlando real estate.

  Ø      There are now laws and procedures and more emerging which help short sales be processed faster.   Ø      Every party in the loop, ranging from the bank to the Orlando community to you, can be a winner.

What are the steps you should consider?  Research this option on the Internet and with your lawyer and account.  It’s a major step. 

Contact us for the list of basic documents.  If you are unemployed or self-employed, you will also need that documentation.  Be prepared to wait for a decision.  No, there is no guarantee you will be able to transact a short sale.  And, please reach out to your partner at Gitta at www.greaterOrlandohomes.com

.  We’re waiting right here in Orlando for your call at 407-330-2181

Orlando short sales are now 54% of the entire housing inventory and growing. As of January 21^st, a total of 5991 homes, condos and townhomes are in a short sale position versus a total housing inventory of 11,055 properties, 3,290 of the short sales are single family homes, 2,710 are condos and or town homes. The subdivision with the highest luxury short sales homes are in Emerson Point in the Metro West area of Orlando. You will find some sensational deals on the water right across from Isleworth. Call Gitta’s team to buy any of these short sales at 407-330-2181. To get a more detailed short sale report go to www.greaterOrlandohomes.com

Orlando – Orange county combined short sales for 2009, according to the MLS were 2512 properties, the average price was $165,373, and the days on the market were 165. The highest priced property which sold as a short sale was 11710 LAKE BUTLER BLVD, WINDERMERE, it was listed originally for $8M and sold for $3M, what a great deal. From 2008 to 2009 short sales increased by 1841 units, from 671 in 2008  to 2512 in 2009. While this is a spectacular increase in short sales in 2009, in comparison to the 7451 short sale inventory currently on the market it is a rather small amount and this is where the problem is. Banks are still sitting on the inventory for months, indecision and bureaucratic days in processing them is driving buyers away and property values further down, instead of getting them off their books and maintain property values. A short sale property which is on the market for $125,000 now will be worth less in 2010 and also is keeping the housing inventory up. Orlando short sales are also competing against 2085 bank owned properties and 5083 non distressed properties, so the short sale inventory is 50% of the combined none distressed and bank owned housing inventory. 2010 will not show an improvement in regards to short sales and the overall real estate market will continue to suffer; more distressed homes will come on the market because of the Option ARM mortgages adjusting in 2010, 2011, 2013 which will have a significant impact on the upscale housing market. The highest priced short sale in Orlando is 5539 EMERSON POINTE WAY, ORLANDO, FL, marketed by Mainstreet Realtors a 5700 lakefront property built in 2007 located in the EMERSON POINTE subdivision located in the Bay Hill area of Orlando. If you are in need of short selling your property, I have done over 50 short sales so far, please go to www.1-2-3-foreclosurestopped.com and I can help in the selling of your property.