Orlando Real Estate - Blog

April 25th, 2009 1:29 PM

Ins and Outs of Orlando Short Sales

Experts urge buyers, sellers to be patient if they're involved in a short sale

Reading the classifieds, driving past homes and checking online, home shoppers likely have seen the term “short sale” – a buzzword if there ever was one in the tight housing market these days.

Short sales can be great deals: a seller doesn’t lose their home to the bank and a buyer gets a house for a low price. But in some cases, they flop: agreements come unraveled, buyers and sellers spend months on transactions that fall through, agents lose commissions and lenders are forced to foreclose.

Each transaction is different. Yet two things are clear. The short sale is rarely ever short, and it’s no guarantee of a sale.

Some people know all about short sales. “They have a pretty good idea what the property is worth,” says Walter Mueller, Realtor with Exit Realty Charleston Group. “A fair number tried to sell their property ‘for sale by owner.’ More often than not, they come with knowledge.”

Other house hunters and marketers don’t have a clue. And still others think they know a lot but don’t, which worries people such as Michael Scarafile, legal counsel for the Charleson area’s largest agency by volume, Carolina One Real Estate.

“We’ve got people walking in, thinking, “Short sales means ‘good deal,” Scarafile says. Maybe a particular short sale is the right move, but maybe not, he says.

No wonder short sales, nearly nonexistent a few years ago, are increasing in popularity and visibility.

The National Association of Realtors found that 45 percent of all home sales nationwide in fourth quarter 2008 were foreclosures or short sales. complete story

Source: postandcourier.com - Jim Parker


Posted by Orlando Realty Experts on April 25th, 2009 1:29 PMPost a Comment (0)

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