THERESA RUTHORLANDO REALTY PROFESSIONAL GROUP2816 E. RobinsonOrlando, FL32803Phone: 407-619-2089Cell: 407-619-2089Fax: 407-339-1242
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Web: TRuth.mfr.mlxchange.comTHE BEST RESULTS
In this changing and volatile market, let me assist you and make your next transaction as smooth and as easy as possible. If you are buying or selling, the market has changed dramatically in the last few years, making the process even more difficult and lengthy. I stand ready to inform, assist and direct you with each step of the transaction, saving you time and money along the way!!OUR CHANGING MARKET
If you are like most people, you have a lot of questions about the different types of listings on the market today. I would like to take a few minutes and give you a brief description of the 'special listings' you might encounter in your home search, and the special challenges associated with each one.The Short Sale - This is where the seller appeals to the bank to accept an amount which is lower than the balance of the loan for the property. It can take up to as much as 4 months and upwards to 6 months(and at times even more), to get an approval. The bank will continue to take contracts, and at their discretion can 'bump' your contract out if another contract comes in that is more favorable to them than your offer. Note: If the listing information states that the bank has already APPROVED the short sale, the process is a much shorter one to get an acceptance on an offer and to move forward to closing on the property.
Foreclosure is where the seller can no longer make the payments and the bank begins the process of foreclosure in order to take back ownership of the property.
REO or Bank Owned is where the bank has already taken back ownership of the property. This type of listing usually is a much quicker process than that of the short sale.
SELLING YOUR HOME
If you are a Seller in today's market, there are a few things to keep in mind. First, if you are interested in short selling your property, most banks will not even begin the discussion with you until you have missed at least two payments. After this point, there is a negotiation between the seller and the bank as to exactly what they will accept. The difference of what was owed and what is paid, is what will be outstanding on your credit. (This is different than a foreclosure where the entire amount of the loan goes against your credit if you default.) I am here to serve you, and walk you through this lengthy process with your lender! (Note: There could be tax liability to the difference in a short sale and what is owed on your home!)
For those people who are selling their homes and it is not a distressed sale, keep in mind that due to SO many short sales and REO's, the selling price of your home will be dramatically affected. The appraisal process has changed and tightened up as well (using only the last 2 months - instead of 6 months - of sales, and including ALL short sales and REO's regardless of condition in their analysis).
Due to the current market conditions, the sale of your home could take several months and for some longer, depending on pricing the property correctly (remember, the appraisal done for the current buyer will reflect everything in the neighborhood - short sales and REO's), condition, and location.
SERVICE YOU CAN TRUST!!