February 8th, 2012
Click the link to view.
http://www.postlets.com/repb/7019283
Short Sale! Agent has CDPE and experienced with short sales. Gorgeous large home with TWO MASTER SUITES! Lots of living space in this home with one master down and another master suite upstairs with enormous bonus room. Fantastic two story space in the living and dining area with two way staircase from both the family room and foyer. Beautiful kitchen with gleaming cabinetry, tons of storage and plenty of bar seating for casual dining. Cozy breakfast nook is framed by a bay window with a water view. Lovely screened lanai overlooks spacious lawn…nearly 1/4 acre. This home sits on a small cul de sac with little traffic. List Price may not be sufficient to pay the total of all liens and costs of sale and the sale of property at full listing price may require approval of sellers’ lender(s).
Posted in Uncategorized | No Comments »
November 26th, 2011
This is a short sale in North Shore at Lake Hart, on the golf course in fabulous Lake Nona! Four bedrooms, 2 baths and extended screened patio overlooking North Shore’s beautiful golf course…watch the sunset! Short sale file is complete, just waiting on a contract. Call today for a private showing of this home!
You’ve heard about the Lake Nona Medical City…opportunities to purchase under $200,000 are very limited now as the market continues to gain steam and prices are inching upward. Wonderful schools include Moss Park Elementary, Lake Nona Middle School and Lake Nona High School.
North Shore at Lake Hart is a beautiful gated golf course community on the shores of shimmering Lake Hart. Convenient to the Orlando International Airport, the beaches, Disney and downtown Orlando.
9804 Palmetto Dunes Ct., Orlando, FL. 32832
http://www.postlets.com/repb/6647429
To search Lake Nona area homes, please visit our website at www.LightTeamRealty.com Call Jim (321-418-5513) or Carey at (321-297-4330) or email us for a complete list of the best deals in East Orlando, Narcoossee, Lake Nona and Moss Park!
Tags: 32832 homes, 32832 short sales, First Time Home Buyers, Lake Nona, Lake Nona High School, Lake Nona Homes for Sale, Lake Nona Real Estate, Lake Nona Realtors, Lake Nona Realty, LNHS, Narcoosee Area, Orlando Real Estate, Real Estate Bargains, Real Estate Special Incentives
Posted in Foreclosures, Lake Nona, Lake Nona High School, Lake Nona News, Lake Nona Real Estate, Neighborhoods | No Comments »
November 15th, 2011
Short Sale vs. Foreclosure
| ISSUE
|
FORECLOSURE
|
SUCCESSFUL SHORT SALE
|
| Future Fannie Mae Loan
(Primary Residence)
1 |
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com
|
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage within 2 years (see page 2 for LTV ratios).
|
| Future Fannie Mae Loan
(Non Primary)
2 |
An investor who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com
|
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed investment mortgage within 2 years (see page two for LTV ratios).
|
| Future Loan with any
Mortgage Company
|
On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed-in-lieu thereof in the last 7 years?” This will affect future rates.
|
There is no similar declaration or question regarding a short sale.
FHA – If current at the close of short sale, a homeowner may apply for an FHA loan immediately. If homeowner is late before close of short sale closing, will be eligible for FHA loan after 3 years.
3 |
| Credit Score
|
Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
|
Only late payments on mortgage will show, and after sale, mortgage is normally reported as “paid as agreed,” “paid as negotiated,” or “settled.” This can lower the score as little as 50 points if all other payments are being made. A short sale’s effect can be as brief as 12 to 18 months.
|
| Credit History
|
Foreclosure will remain as a public record on a person’s credit history for 7 years or more.
|
A short sale is not reported on a persons credit history. There is no specific reporting item for “short sale.” In most cases a loan is typically reported “paid in full, settled” or “paid as negotiated.”
|
| Security Clearances
|
Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police or security officer, in the military, in the CIA, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated.
|
On its own, a short sale does not challenge most security clearances.
4 |
| Current Employment
|
Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.
|
A short sale is not reported on a credit report and is therefore not a challenge to employment.
5 |
| Future Employment
|
Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
|
A short sale is not reported on a credit report and is therefore not a challenge to employment.
6 |
| Deficiency Judgment
|
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
|
In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.
|
| Deficiency Judgment
(amount)
|
In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.
|
In a properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency
|
CDPE 2011
If you are struggling to make your payments under the load of other debts or loss of income, consider selling your home as a short sale rather than let it go to foreclosure. The chart above from the Certified Distressed Property Institute, outlines the short sale alternative verses foreclosure and how both options may affect you. If you have questions about listing your home as a short sale, we are here to help. We have successfully helped many families get out from under the burden of mortgage debt higher than the current market value on their home. Please give us a call….we sincerely care and have the resources and experience to help.
To search Lake Nona area homes, please visit our website at www.LightTeamRealty.com Call Jim (321-418-5513) or Carey at (321-297-4330) or email us for a complete list of the best deals in East Orlando, Narcoossee, Lake Nona and Moss Park!
Tags: 32827 foreclosures, 32827 short sales, 32832 foreclosures, 32832 homes, 32832 short sales, Lake Nona, Lake Nona Real Estate, Lake Nona Realtors, Orlando Real Estate, Real Estate
Posted in Foreclosures, Lake Nona, Lake Nona Real Estate | No Comments »
November 13th, 2011
LAKE NONA’S MOST EXCLUSIVE LUXURY HOMES FOR SALE!=== (Lake Nona, FL)
Lake Nona offers exclusive luxury within minutes of Medical City. Amazing homes, amazing deals! Contact Carey or Jim to schedule an appointment today!
VIEW LAKE NONA’S MOST EXCLUSIVE LUXURY HOMES
Lake Nona Golf Front, Lake Nona Lake Front or Wooded Views…Now is the time to capitalize on rock bottom prices. The home you have dreamed of…in the fantastic Lake Nona High School District and minutes from OIA and Lake Nona’s Medical City! Call The Light Team at Keller Williams Realty Lake Nona, we are your Lake Nona Community Specialists!
Tags: Lake Nona, Lake Nona High School, Lake Nona Luxury Homes, Lake Nona Real Estate, Lake Nona Realtors, Lake Nona Realty, LNHS, Narcoosee Area, Orlando Real Estate, Real Estate, Real Estate Bargains
Posted in Lake Nona, Lake Nona High School, Lake Nona Lake Front Homes, Lake Nona Lakes, Lake Nona Real Estate | No Comments »
November 13th, 2011
LAKE NONA’S FASTEST SELLING HOMES!=== (Lake Nona, FL)
These homes are the most desirable and fastest selling homes in Lake Nona near Medical City! Low interest rates and great prices make this the right time for you to purchase. Contact Carey or Jim today to schedule an appointment!
VIEW LAKE FASTEST SELLING HOMES
Tags: 32827 foreclosures, 32827 short sales, 32832 foreclosures, 32832 homes, 32832 short sales, Bank Owned Homes, First Time Home Buyers, Lake Nona, Lake Nona High School, Lake Nona Homes for Sale, Lake Nona Real Estate, Lake Nona Realtors, LNHS, Orlando Real Estate, Real Estate Bargains
Posted in Foreclosures, Lake Nona, Lake Nona High School, Lake Nona Real Estate | No Comments »
