Short Sale Seminole County.

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What is the Short Sale Process in Orlando?

A short sale occurs when the mortgage loans, other liens, and closing costs, against a property, are greater than the proceeds from the sale, and the lender agrees to accept this lower payoff amount.

How do I qualify for a Short Sale?

You must be able to prove a financial hardship, which can be a loss of employment or income, divorce, relocation, job transfer, major illness and medical expense, or unexpected expenses. A short sale is for those who have to sell, not for those who want to sell. You must provide a hardship letter detailing the issues that brought you to this situation.

What kind of information do I have to provide?

A seller will have to provide a hardship letter that explains why you are in a hardship and gives details, and must be signed and dated. You will need to provide your last two months of bank statements, last two pay stubs, last two years of tax returns, last years W-2 form, a Third Party Authorization Letter, and a Financial Worksheet completed and signed.

Can I get any cash out of a short sale?

Qualified homeowners can get $3,000 back from a short sale to use for relocation expenses, as part of the Making Home Affordable Plan. The program,Making Home Affordable Plan expired on January 1, 2017

Is there any advantage to doing a short sale?

Your credit can recover from a short sale in less than two years, but a foreclosure or bankruptcy will take 7 to 10 years. A foreclosure will affect your credit far more in the long term and in some states the lender can seek a deficiency judgment and can come after other property or assets you own. Consult your accountant regarding any tax liabilities.

How long can I stay in the house?

You can stay until the closing. If you are facing foreclosure and you are actively working with your lender, you can sometimes get the lender to delay foreclosure which allows you to stay in the home for some time.

Are there other issues to be concerned about when trying to get short sale approval?

You need to be aware of anyone approaching you with something too good to be true. Unfortunately, there are unscrupulous individuals who may try to take advantage. Do not pay anyone up front fees to ‘negotiate’ your short sale. Do not sign a deed, power of attorney or anything that would transfer your ownership. Remember that anyone trying to purchase your home is looking for their own ‘best deal’ not yours.

Who can help negotiate a short sale?

There are many Realtors and Mortgage Brokers who negotiate and work short sales, but some lack the knowledge and experience necessary to properly execute one. You may also use your attorney to negotiate the short sale.

Learn more about Eugene Hoffman

Did you inherit a house you do not want. Does your house need repairs, fire damaged, have liens(IRS,HOA or code enforcement liens or in foreclosure)? 

I buy old houses, new houses, storm damage, sink hole properties. I buy nice home also. I buy neglected homes. I buy really nasty homes too.

If you have a property that you don’t want or need anymore, regardless of the condition, Let us make a fair all-cash offer on your house.

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