Most 'new' communities were hit hard with Foreclosures since 2007 and many Home Values are still 'upside down´. Almost all Listed properties for sale that were purchased from 2005 to 2007 are worth less today and are now offered as 'Short Sales' to buyers. The term Short Sale means the Seller negotiates a sale with their Bank´s approval to accept less than the Mortgage amount owed. Some properties are now on offer whereby Sellers are advertising their properties at discounts of up to 50% less than what they paid a few years ago.
Although the most upscale Florida Communities such as Celebration, Lake Butler Sound, Bay Hill and Windermere have weathered the storm quite well, we are still seeing incredible price reductions particularly in the Luxury Market where some $2 Million Homes are now on offer for as low as $1.3M.
Mid Priced Homes that were once valued at $700k in 2005 are now offered from $500k+. Small Condos in Celebration, ChampionsGate and Orlando have dropped to the sub $100k range and buyers are now coming forward with strong cash offers. Although Short Sales can take several months for the Banks to process and grant full approval and Close, many buyers and Investors are prepared to wait in order to buy their new home or Investment at a good discount.
We can show you all genuine deals and advise you if the Listed price is below or above market value. If you need financing to make a purchase, you must first be fully pre qualified by a Lender before presenting an offer - we can help ensure your Loan meets approval with our experienced Mortgage Brokers. All Cash offers must be backed up with 'Proof of Funds' in the form of a Bank Statement or similar proof.
When a Homeowner stops making their mortgage payments for a given period and a Short Sale is not negotiated in time, the home can eventually be Foreclosed on by the Lender and is then typically offered for sale as a Bank Owned Property (REO).
Foreclosed properties offered by Banks are sought after deals as the Banks do not want to hold onto properties for long and can make much quicker decisions in accepting an offer as compared to a Short Sale offer. Since the turnaround last year, almost all Bank Owned Properties are experiencing immediate offers or 'Multiple Bids' by interested buyers who make offers in the first two weeks of being Listed. The Banks use this renewed interest as leverage and seek to achieve the 'highest and best offer' by allowing all the interested buyers to outbid each other.
Let us guide you through the many choices available and ensure you are fully informed regarding all Short Sale Pre Foreclosure Homes or Bank Owned Properties.
Our office also specializes in the Listing of Complicated Short Sales and have been instrumental in helping many 'upside down' sellers to be free of their debt and all the stress associated with a Genuine Hardship and inability to continue making monthly mortgage payments. We have successfully processed dozens of Short Sale Listed Homes resulting in full Approvals and in most instances the Sellers were granted a full waiver of all deficiencies by their Bank.
We work directly with all parties in every Short Sale and Bank Owned property from the Seller to the Buyer, Title Agent, Loss Mitigation Department, Bank Negotiator, Attorneys and Home Owner Associations. Ask us before Listing your home if you qualify for a Short Sale and the scope of work involved and timeframes – we have worked with all Major Lenders from Bank of America to Suntrust Bank, Chase, Wells Fargo, Fifth Third Bank, NationStar, Regions Bank and many Independent Banks throughout the US.