Short Sales - Foreclosures Alternatives

It can be extremely stressful for home owners who can’t afford to keep up with mortgage payments. Many people find themselves in this frightening situation. With home prices falling in some areas, the owner may find themselves in a situation where they owe more for the home than it will sell for in the current real estate market. So if this happens, what is the owner to do? One option may be to sell the property as a Short Sale.

What is a Short Sale?
A Short Sale in real estate occurs when the proceeds from a property sale are insufficient to pay all sale related cost and to satisfy all liens encumbering the property, and the mortgage lender agrees to discount the loan balance due to an economic hardship on the part of the mortgagor.

What are the benefits of a short sale?

• For the home seller:
  Its simple, you walk away from the closing free and clear in most cases. Since the lender basically forgives the balance of the loan to facilitate the sale of the property and mitigate their losses, you are on your way to repairing your credit and getting on with your life.
• For the mortgage lender:
  In many cases the Short Sale will result in a smaller financial loss than foreclosing. Since the property typically deteriorates as the owner falls behind and enters foreclosure, the lenders prefer to get the property sold as soon as possible.

How do I arrange a Short Sale?
You should contact a real estate agent with experience in handling Short Sales. Since agents experienced in Short Sales deals with these matters on a regular basis, they will know exactly what to do and they will be able to shortcut this cumbersome endeavor.

Need a Short Sale Expert?
Phil Coffaro and Team YourOrlando.com are experts in real estate Short Sale. Please feel free to contact us if you need assistance.

Fore more information on foreclosures in Orlando and the surrounding Central Florida area, see below.

Avoid - Stop Your Foreclouse | Pre-Foreclosure Sales | Short Sales | Foreclosure Resources
Greater Orlando real estate information | Orlando MLS