For the month of June, Orlando was once again included in RealtyTrac’s list of metro statistical areas with the highest foreclosure rate nationwide. The Orlando MSA was at the eighth position with 37,352 filings during the first half of the current year. The figure is equivalent to one foreclosure filing for every 24 households.

Compared to the first half of 2009, which recorded 37, 801 foreclosure filing and to the second half, which recorded 43,322 filings , the 2010 figure is about 13.8 percent less than the latter.

In Lake County, foreclosure filings declined by 35.3 percent for June to 705 versus 1,090 last year while Seminole County filings declined by 27.3 percent. On the other hand, Orange County foreclosures were up by 25.9 percent as well as Osceola County filings which were 24.1 percent more than June 2009.

Nationwide, Florida is at the number three position among the states with the highest foreclosure rate, with one filing for every 32 homes during the said period.

If you are a homeowner who is having mortgage payment problems and would not want to become one of the statistics, it is about time you consider an Orlando short sale. True, deciding on this option is probably not the easiest part but with the help of a short sale expert, the chances your lender will accept your proposal is better.

Having a short sale Realtor at your side will surely be advantageous especially if you consider the documents you have to prepare, the negotiations — not only with the lender but also with the buyer — and of course, the waiting game. You will certainly appreciate the experience and the skills your Realtor have acquired over the years when problems involving your Orlando short sale proposal arise.

Reference: http://orlando.bizjournals.com/orlando/stories/2010/07/12/daily32.html

According to a report from HousingWire, the number of Orlando Florida short sale homes has increased last month. In addition, most of the local real estate transactions came from both short sale and REO transactions.  For homeowners worried about their mortgage debt, it would seem exploring a short sale option is a good idea.

Ordinarily, you would not think about the risks involved in such transaction. But it would be better for you to know the worst that could happen in order to prepare yourself.

Here are some of the disadvantages of an Orlando Florida short sale:

1.       Time – Some short sale transactions can take several months to conclude. Why? There are the documents to prepare and negotiations with the lender and the buyer. When the approval from the bank does arrive, you have to close quickly in order to avoid losing the buyer’s interest.

2.       Selling Price – It is not unusual for lenders to not accept the short sale proposal because of the price. To avoid this, make sure you get a BPO and use the amount as basis for your selling price. This way, the lender will find it hard to refuse the short sale proposal.

3.       Communication – Negotiations between you, the buyer and the lender could break down leaving you to face foreclosure. Again, you will have to handle the short sale transaction skillfully and professionally in order for it to be successful.

Of course, you do not need to do this alone. We are short sale professionals who are more than willing to provide you with expert assistance and can easily address the issues mentioned above. Just keep in mind an Orlando Florida short sale is a much better alternative to foreclosure. All you need is to be patient and everything will work for the best.

As a homeowner, it is only natural for you to want to keep your home. But if circumstances are preventing you from keeping up with your mortgage payments, maybe it is time to consider an Orlando short sale.

Short Sale Defined

In simple terms, a short sale is an option explored by the homeowner if it comes to the point where he owes more in mortgage than what the property is currently worth in the market. Considering such situation, the seller/owner could try to find a buyer who is willing to buy the property, at a price that is less than the mortgage balance. A short sale will only be successful if the lender accepts the buyer’s offer and the seller meets all the requirements. The good news is that most banks would accept a short sale rather than initiate foreclosure proceedings.

Advantages of Short Sale

For owners with upside down mortgages, a short sale can offer the following benefits:

Avoid Foreclosure – This is the best reason for you to choose a short sale. You will be able to avoid the heartache that comes with your home being repossessed.

Protect Credit – With a Orlando short sale, you will be protecting your credit. There are lenders who do not report the transaction to the credit bureau and if they do, it would only appear on your report as “paid as agreed”. But, your FICO scores can drop between 50 to 130 points. Much better than 250+ points for a foreclosure.

Buying A Home Again – If you were never more than 30 days late on your mortgage payments chances are you will be able to buy a home again after 2 to 3 years. Compared to 7 to 10 years with a foreclosure.

To qualify for an Orlando short sale, the requirements include:

- Hardship letter which explains why the owner can no longer meet his mortgage obligations. Unacceptable reasons include relocation, undesirable neighbors and pregnancy.

– Property value has dropped and proven by a comparable sales report.

– Owner is in the mortgage default or nearing default.

– Owner do not have sufficient asset to cover the mortgage balance owed on the property.

– Presence of a buyer who is willing to make an offer.

If you are having trouble meeting all the requirements or negotiating with the lender, you can always look for help. There are short sale experts who have the knowledge and skill to ensure a successful Orlando short sale transaction.