Advise for Orlando Short Sale Sellers

1. Your credit score may fall 100 points or more.

2. You may be asked to sign a note or take a new loan for the amount of the short fall.

3. The lender may get a judgement against you for the amount of the short fall.

4. You may have to pay income taxes on the amount of the shortfall - it could be taxed as income to you.

5. Understand that you will have to prove that you cannot pay. Similar to how you qualified for the loan, but now you have to prove that you cannot afford this loan. What's changed/

6. Understand that big discrepancies or a big gap between your income/assets used to obtain the loan may indicate mortgage fraud, unless employment or expense circumstances have drastically changed.

7.You will need to get in writing from the lender that they will approve your contract for a lower payoff.

8. Some lenders won't talk to you until you're behind in payments on your mortgage.

9. Make sure you and your realtor disclose everything to the buyers on the front end.

10. Contract must contain ad addendum stating that the sale is contingent upon approval by the seller's lender of a reduced loan payoff.

11. Property should be sold "AS-IS" to make it as simple as possible for the lender.

12. The home should be listed for sale close to market value at first and the price reduced over several weeks, showing the lender that you tried to sell higher and no one bit on the higher price.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.