Orlando, FL (PressExposure) July 23, 2009 -- /1888PressRelease/ Short Sale vs. Foreclosure: A short sale is a better option than:Deed in lieu of Foreclosure, Bankruptcy, Foreclosure,
For many reasons. If you are behind on your mortgage, and do not feel you will be able to keep up with the maintenance, taxes, insurance and mortgage payments then a Short Sale may be the best option for you.There are several reasons a short sale may be a better option.
The first of which is that your lender would much rather know that you have taken the steps to help avoid more losses for them by listing your property for sale with a reputable agent.
The costs of foreclosure cost your lender more than just the loss in not receiving your mortgage payments. They must hire attorneys, pay court costs, and maintain the property after foreclosure ... all of this in addition to not receiving mortgage payments. Your lender will see your eagerness to try to ward off foreclosure by selling the property as a good faith act on your behalf. You will have tried to reduce their losses. This is a good thing. Especially in today's market value in a downward spiral.
When you list your property as a short sale, the most important factor is your Realtor, and the Short Sale Experience behind that Realtor.
A reputable agent should do their homework, and research the community, the lender who holds your mortgage and many other factors. It isn't just about selling a property any longer, It takes a very organized and experienced Agent with a Team of Knowledgeable Personnel to get it right. And Get it Right the First time.
What this means is the agent should review neighborhood data, to ensure they price the property according to what the market will bear.
If the property is priced too low you will undoubtedly receive bogus low ball offers, and getting your lender to even look at such an offer would be a hard task, plus it wastes valuable time, If a property is priced too high - you will have a hard time securing a purchase offer. The price of the properly is the most important factor in doing a short sale.
Short sale in Orlando, is very common, the short sale experts, are helping homeowners and stabilizing the real estate market.