Foreclosures in Winter Park FL

Foreclosures in Winter Park FL normally are very rare. Winter Park FL foreclosures are however still a great opportunity for those who keep an eye on the market and are prepared to purchase.

Homes For Sale In Winter Park FL

Only around 30 homes sold that were short sales or foreclosures in Winter Park Fl in 2019. I am creating this page because I expect that to change in 2020. Below is a short description on what a short sale is and what a foreclosure is and how to purchase them, or sell your home as a short sale. Full disclosure, I actually sold a home as a short sale that was my very own about 10 years ago. I recovered and so will you if you are considering selling your home as a short sale.

What a Short Sale is

Well first it is not a fast process. The term short is in reference to selling the home for less than what is owed on the home. The sale also has to be an arms distance transaction. That means a relative can not buy it and sell it back to you. When a home owner meets the current qualifications they apply for a short sale approval with their lender. Those qualifications may be being behind or not making your payment for 6 months just as an example. You may also qualify if your job moves you to another state or you lose your job. Either way get an attorney and a Realtor. The Bank will not let you sell without a Realtor.

Buying a short sale also takes a little more time for acceptance of your offer and for the closing process. If the bank gives you approval for a short sale get it sold as quick as reasonably possible. You do not have time to have a couple of sales fall through. If you are considering this call us as soon as possible.

Real Estate Owned (REO's) and Foreclosures

Both of these are very similar but may vary a little depending on the financial institution which is selling. You can normally expect additional forms and a longer approval process for your offer. You will know the number of foreclosures is going to be going up when home prices fall and unemployment goes up. A foreclosure will normally be on your credit report for 10 years. Buying a foreclosure is best when there are many available because the banks need to sell them to get funds. Contact us about any homes for sale but especially about foreclosures in Winter Park FL.