It is sad but so very true, more homeowners today are facing foreclosure on their homes. It is happening to good people more and more each day. One of the primary problems contributing to the issues is; if you purchased a home in 2005 or 2006, chances are you owe more on our home than what it is worth today. After several months trying to attract a buyer, the typical seller falls behind paymnets and the forclosure process begins.
There is a much better solution to the problem which is a much better option. It is refered to as a "short sale". This is the process where a negotiated settlement is made between the lender that holds the mortgage and the seller for a third party buyer usually facilitated by a professional such as a realtor or attorney. Many mortgage companies would rather sell the property for less than what is owed to them rather than going through the entire foreclosure process. Basically, it is a win win situation for both parties.
The mortgage company wins since they avoid the expense of the forclosure process. The seller wins because they avoid the negative stigma on their credit and they can continue to live in the home until the short sale process is complete. The buyers get a home at a great price.
There is no extra fees for the service to provide a short sale through a real estate agent. If you or someone you know is facing a forclosure, talk to a realtor perhaps about the details of your case.
All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
The source of the listing data is as follows:
My Florida Regional MLS (updated 8/22/17)
What Seniors Need to Know Before Purchasing a New Home
Purchasing a home can throw curve balls your way at any age, but the potential pitfalls can be magnified when the one doing the purchasing is a senior. Plenty of seniors, however, are able to finance a new home, move, and live comfortably in their new setting. Here are some of the things you must know before diving in headfirst. Read More
Karen is featured again in the premier REALTORS in Orlando Magazine
Whether you’re trying to buy or sell real estate, getting the best deal—especially in these challenging times—means finding an agent who possesses savvy and know-how and gets results. On these pages are some Central Florida agents who have demonstrated those skills.
Orlando magazine’s list of “Hot 100’’ real estate professionals is in alphabetical order and compiled from several sources. We consider data on sales volume, value of sales, number of sales, number of listings and value of listings. Read More