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Understanding Short Sales
In these tough economic times, many homeowners find themselves in precarious situations with regard to mortgage debt. The loss of a job can certainly destroy the ability to make mortgage payments for many, and the short sale is one solution to selling a home that can no longer be maintained financially. A short sale is essentially when a lender (the bank or mortgage company) accepts less than what is owed on the home. However, this is not always an option. If a home is in tip-top, move-in condition inside and out, the homeowner has a good chance of opting for a short sale. This does not guarantee, however, that either seller or a lender will accept a short sale. Often, it makes more sense for a lender to foreclose. A house in excellent condition will command a higher dollar and both the lender and seller know this. When the seller is many months behind in house payments and is unable to catch up, they are often forced into a short sale situation. The lender has the option of selling at either market value or as a short sale.
When in question, a potential buyer should seek counsel as well as financial advice from a qualified accountant when considering the purchase of a short-sale investment. A realtor will help you get through the maze of short-sale terms. In many cases, it’s a “buyer beware” market, but you can avoid most of the pitfalls. You and your realtor are the key to a successful short sale.
A short sale can be a great opportunity for a buyer who is not in a hurry to purchase a home. Often, it takes considerably longer to purchase a property via short sale, and there is no guarantee that the lender will follow through with a buyer. The lender can accept other (usually higher) offers months into a contract placing a current offer in jeopardy. However, in today’s economy, a short sale is still an excellent choice for purchasing a second home, an investment property, or a fixer-upper to be re-sold. Opportunities abound for a buyer looking into a short sale.
When a person has found a short sale they wish to purchase, it is important to contact the lender as soon as possible. Your real estate agent can handle this for you. Remember, this is not the same as purchasing a home from a seller who just wants to move. First, you’ll want to find out whether there are other offers pending. Then, you will need an estimated closing statement. This will show the sale price you expect to pay and all the costs of the sale and any other fees that you would be required to pay. Make sure there are no liens on the property. Your real estate agent will prepare this for you. You can also have your lawyer present at closing or have them review the closing papers.
As a final note, if the seller is to receive cash from the sale, then this is probably not a short sale. Your realtor will be available for any questions you may have.
We are a full-service realtor and your home purchase is very important to us. Give us a call at (407) 330-2181. We will help you find the home of your dreams, a vacation home or an investment property. This is the time to buy. Whether it’s a short sale, a foreclosure
See more properties for sale below
$17,900.00
($31.00/sqft) | Orlando Single Family For Sale
1 beds, 1 baths, 572 living sqft |
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| MLS #S4689718 | 1008 Willie Mays, Short sale; approval of the seller''s lenders(s)... | 1008 Willie Mays
Orlando, FL 32811 |
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Price reduced $2,000.00 since 12/27/11, NOW $17,900.00 | Short Sale; approval of the seller''s lenders(s) may be conditioned upon the gross commission being reduced, any reduction of the gross commission will be apportioned or split between listing and cooperating brokers.Take advantage of this bargain ...
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Top Features: short sale, for sale
, Subdivision: Washington Park Sec 2
, Lot SQFT: 5998sqft
, Built in 1961
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$75,000.00
($64.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1176 living sqft |
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| MLS #O5081044 | 9915 Piney Point, Home Short Sale, For Sale, Orlando, 3 beds, Piney Woods Point | 9915 Piney Point
Orlando, FL 32825 |
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Short Sale & 3er Party Approval is required! LOCATED IN AN EXCELLENT AREA CLOSE TO AIRPORT, DOWNTOWN ALL THE MAJOR HIGHWAYS AND CLOSE TO EAST WEST EXPRES. NICE NEIGHBORHOOD, CERAMIC TILES IN KITCHEN, LIV RM, DIN RM, BATHROOMS AND HALL. SUBDIVISION ...
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Top Features: short sale, for sale
, Subdivision: Piney Woods Point
, Lot SQFT: 6211sqft
, Built in 1988
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$72,600.00
($49.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1473 living sqft |
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| MLS #O4999314 | 4818 Fort Lee, Home Short Sale, For Sale, Waterview, Stonebridge Ph 1, 2 bathrooms | 4818 Fort Lee
Orlando, FL 32822 |
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Short Sale. ***BANK APPROVED PRICE!!!*** This home is located on a serene conservation lot with PANORAMIC WATER and NATURE VIEWS.This home features an open and airy kitchen with tons of cabinet space and a breakfast bar which opens into the ...
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Top Features: short sale, for sale
, Waterview, Pond
, Subdivision: Stonebridge Ph 1
, Lot SQFT: 11438sqft
, Built in 1994
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$98,000.00
($61.00/sqft) | Orlando Single Family For Sale
4 beds, 2 baths, 1614 living sqft |
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| MLS #S4687506 | 8606 Baylor, Pool, Home For Sale, Short Sale, University Shores Unit 3, Short sale | 8606 Baylor
Orlando, FL 32817 |
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Price reduced $12,000.00 since 10/26/11, NOW $98,000.00 | Short Sale
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Top Features: short sale, for sale
Has a pool
, Subdivision: University Shores Unit 3
, Lot SQFT: 9401sqft
, Built in 1973
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$99,000.00
($57.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1 half baths, 1740 living sqft |
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| MLS #S4687592 | 11811 Whispering Tree, Traditional, Pool, 2.5 bathrooms, Short sale. 3/2.5, 2 car... | 11811 Whispering Tree
Orlando, FL 32837 |
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Price reduced $100,000.00 since 7/30/11, NOW $99,000.00 | Short sale. 3/2.5, 2 car garage , corner lot, inground pool with complete privacy. 2 story outdoor shower with privacy. fenced pool area.
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Top Features: short sale, for sale
Has a pool
, Subdivision: Whisper Lakes Unit 6
, Lot SQFT: 8467sqft
, Built in 1987
, Style: Traditional
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$92,700.00
($78.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1183 living sqft |
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| MLS #O5061181 | 1866 Blue Fox, Pool, Contemporary, Cypress Springs Unit 3 Ph 1, Short sale. lovely... | 1866 Blue Fox
Orlando, FL 32825 |
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Short Sale. Lovely 3/2bath is a Great starter home located in the beautiful Cypress Springs Neighborhood.This home features a open floor plan,tile,carpet and large kitchen. The master bedroom has walk in closest leading into the bathroom.This ...
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Top Features: short sale, for sale
Has a pool
, Subdivision: Cypress Springs Unit 3 Ph 1
, Lot SQFT: 6150sqft
, Built in 1990
, Style: Contemporary
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$199,900.00
($66.00/sqft) | Orlando Single Family For Sale
4 beds, 3 baths, 1 half baths, 3024 living sqft |
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| MLS #O5085828 | Autumnwood At Cypress Spgs 2, Home Short Sale, For Sale, 3.5 baths, Short sale. |
Orlando, FL 32825 |
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Short Sale.
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Top Features: short sale, for sale
Has a pool
, Subdivision: Autumnwood At Cypress Spgs 2
, Lot SQFT: 7599sqft
, Built in 2003
, Style: Contemporary
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$240,000.00
($71.00/sqft) | Orlando Single Family For Sale
5 beds, 3 baths, 3372 living sqft |
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| MLS #S4690027 | Wyndham Lakes Ests Unit 1, Orlando, Home For Sale, 5 bedrooms, Short sale. listing... |
Orlando, FL 32824 |
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Short Sale. Listing agent is a CDPE (Certified Distressed Property Expert) for a smoother short sale process. Listing price may not be sufficient to pay the total of all liens and cost of sale and sale of property Beautiful well maintained ...
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Top Features: short sale, for sale
, Subdivision: Wyndham Lakes Ests Unit 1
, Lot SQFT: 7200sqft
, Built in 2006
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$125,000.00
($64.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1956 living sqft |
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| MLS #O5071852 | 3403 Chatsworth, 3 BR, Pool, 2 baths, Orlando, Shortsale welcome to bryn mawr! ... | 3403 Chatsworth
Orlando, FL 32812 |
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Price reduced $25,000.00 since 11/5/11, NOW $125,000.00 | *shortsale*welcome to bryn mawr! fantastic floor plan with newer windows, newer kitchen with silestone countertops. pristine pool and low maintenance yard. addtional room downstairs with an open closet truly makes this a 4 bedroom. large ...
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Top Features: short sale, for sale
Has a pool
, Subdivision: Bryn Mawr Unit 7
, Lot SQFT: 6009sqft
, Built in 1985
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$134,900.00
($68.00/sqft) | Orlando Single Family For Sale
3 beds, 2 baths, 1992 living sqft |
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| MLS #O5085995 | 925 Pinar, 5 BR, Pond, Orlando, Pond, Pool, Short sale. golf community. wood... | 925 Pinar
Orlando, FL 32825 |
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short sale. GOLF Community. WOOD floors,remodeled kitchen w/silestone counters, resurfaced Pool with wet bar on patio. Partial golf course view. Backs up to POND. renovated in ''05-''06 w/ new plumbing, pavers. BUYERS PLEASE NOTE: home is in ...
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Top Features: short sale, for sale
, Waterfront, Pond
, Waterview, Pond
Has a pool
, Subdivision: Rio Pinar Ests 1st Add
, Lot SQFT: 18140sqft
, Built in 1969
, Style: Ranch
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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 2/22/12)
