Short Set

Short Set

What You Should Look For In A Buyer Of Your Orlando Short Sale Property

Orlando, FL – Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.

You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of successfully short selling your property.

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Here is what you should think about before you take your home off of the market.

1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.

The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.

2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.

3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender.

This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.

4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.

5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.

These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well.

Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection.

Helping someone avoid foreclosure is serious business. That's why we treat it as such.

What is an Orlando Short Sale? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

Thinking about short sale? I can help you short sale your property and never pay the bank another penny.

Contact me for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. You can find my contact information below.

Thanks for reading this, Gitta Urbainczyk P.A..

Orlando Short Sale Realtor. Orlando, FL Short Sales. Orlando Short Sales.

Copyright © 2011 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Gitta Urbainczyk P.A.'s personal views and do not reflect the views of Keller Williams Heritage Realty. This information is provided as a courtesy to our viewers to help them make informed decisions.

About the Author

Gitta is a Real Estate Broker / Associate at Keller Williams Heritage Realty.

Phone: (407) 330-2181. Email:gitta@gitta.com

View my Orlando Short Sale Blogs here.
For Orlando Short Sale Homes, click here.

HOW SET OFF SALE OF TRUCK IN SHORT TERM CAPITAL GAIN?

I have one commertial truck u/s 44AE.I have sold this truck and according to its book value(WDV) i have gained a profit of 20000.In other hand I have i have aloss of 100000 in share trading(stt paid) how it will set off in short term capital gain/loss?

Short Term Capital Loss (STCL) from sale of shares through recognized stock exchange or units of equity MFs with STT paid can be adjusted against any Short Term Capital Gains (STCG) or Long Term Capital Gains (LTCG).

HMT

The truth behind short sets