MLS# O5018370 8865 WARWICK SHORE XING, ORLANDO FL 32829 $$$ 211,120 $$$

Exterior Front	Entrance
Living Room	Breakfast Nook
Kitchen	Kitchen
Den/Family/Great Room	Master Bedroom
Master Bath	Other
Patio/Deck	Exterior Back

Walking up to this 4 bedroom, 3 bath home, you'll begin to notice the extra details from brick pavers to the covered front porch. Step inside, and you'll be even more amazed with the grand entry and spacious formal living and dining room with views of the screened patio, backyard, and wooded view beyond. Pass through the archway to your breakfast nook and large kitchen with center island open to the family room, all with the same gorgeous view. Your upstairs loft offers private bath and vaulted ceilings. Located on a cul-de-sac in a quiet gated community in Vista Lakes, shopping and dining options are just minutes away. Make this your home today!

For the latest status on this property and many more in the Orlando area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. U.K callers dial: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted.

Visit www.hunterscreekhomevalues.com or www.hunterscreekhomesforsale.comfor information on all properties for sale in Hunters Creek Orlando.

A 948-acre master-planned community with about 2,300 residences, Vista Lakes is located just minutes away from Orlando International Airport, downtown Orlando, major employment centers such as Lee Vista Center and Central Florida Research Park, and Orlando area attractions.

With sparkling lakes, spacious parks, and other amenities, Vista Lakes is yet another collection of subdivisions offering a mixture of townhouses, condominiums, and single-family homes.

The resort-style Residents’ Club offers a two-story waterslide, junior Olympic lap pool, tot lot, party pavilion, and two tennis courts. Nearby Amhurst Park boasts a soccer field, softball field, fenced dog run, and covered pavilion. Vista Lake Park — adjacent to the 80-acre Vista Lake — is a great place to walk, bike, paddle a canoe, or spend the afternoon fishing.

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

Because the payoff of a loan will be ‘shorted’ by a significant amount, the mortgage lender must approve a Short Sale. Handled properly, the likelihood of successfully selling your house as a Short Sale is high. Once the Short Sale is behind you, you can often get on with your life with hardly a backward glance.

A Short Sale is nothing more than putting your house up for sale in the usual manner, waiting for a qualified buyer just like any other home seller would, facing a few extra hurdles, filling out additional paperwork, waiting a bit longer for the closing to take place, and finally moving out and moving on.

Real benefits come with selling your house as a Short Sale. Among them are: 1) substantially reducing or completely eliminating financial liability, 2) minimizing damage to your credit rating, 3) emerging from bad credit quicker than you would with a foreclosure, and 4) having a sense of satisfaction that you’re taking care of the problem proactively and responsibly.

Short Sale approval with GMAC and Bank of America in 53 days.

Location: Vista Lakes Village Orlando Fl

• Listed with Tutas Towne Realty on May 18th at $275,000.

Liens:

• 1st Mortgage with GMAC with a balance of $420,000

• 2nd Mortgage with Bank of America at $63,000

Terms:

• Purchase price of $200,000

• Bank of America agreed to accept $5,000 (8% of the balance owed).
  

• GMAC agreed to accept $179,500 (43% of the balance owed).

• The Seller is not bringing funds to closing and is not signing a promissory note.

• The real estate commission is 6%.

Challenges:

• Rental property
  

And there you have it. Another successful Short Sale approval from Tutas Towne Realty. 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

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These smart homeowners didn’t have to lose their house to foreclosure. Instead, they hired a real estate agent to help them sell their house as a Short Sale.

By finding a ready, willing, and able buyer, they were able to stop foreclosure proceedings in their tracks and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they’ll be able to purchase a new home with a conventional mortgage.

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

• Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
• Have no choice but to sell their house
• Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

• Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
• Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making their Short Sale claim.
• Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
• Lender Approval - After the lender has received everything, they will order an Appraisal or Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to also contact an attorney and/or tax accountant.