The number of Short Sale homes in Orlando Florida is on the rise. There are many reasons to consider short sales and Orlando Florida. Orlando is an amazing city and of course our climate is spectacular. Short sales are a great way to potentially purchase a home below it's market value.
First let us understand the use of the term short. The word short here refers to selling a home short of the amount due on the loan and not taking a short amount of time. Selling the home quickly is not what is in mind. If you expect to close in 6 weeks that is likely not going to be the case.
Short sales require Real Estate professionals. The bank uses trained staff, attorneys and requires sellers to use Realtors. Be patient, get professional assistance and you may end up with a great home and a deal. The seller is the person behind on their payments but the bank approves the selling price.
Well it is not as easy as you may think. Some potential qualifying factors are being forced to move out of the area or state you reside in, being behind on your payments and being able to show why you are behind. Some lenders want you to be 3 or 6 months behind in making your payments. You will also have a limited amount of time to sell the house.
Tax implications are a distinct possibility. You can perform a short sale with just a Real Estate professional. However there are a lot of attorneys who specialize in assisting people who wish to short sale their home or perform a deed in lieu. I personally suggest retaining one and speaking with your accountant. You will still need a Realtor to handle the sale and we can easily work with your attorney.
First know that if the bank is distressed, or has a lot of homes it needs to sell that you are likely going to be able to get a better deal. One of the main challenges is dealing with a seller who actually is not familiar with the process and does not have anyone giving them good advice. So they see a low offer as a offense or start off with the price of their home to high.
Contact us if you are looking to purchase one of these homes. We are very familiar with this process and helped many clients. We know what to ask and suggest when the time is appropriate. Hopefully you are well on your way to a successful purchase of one of the short sale homes in Orlando FL.