About Oviedo's Live Oak Reserve

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. This report is valuable for estimating current market values in the designated community or subdivision.

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.

Once farmland given over to celery and citrus crops, the city of Oviedo, located northeast of Orlando in Seminole County, is now a thriving bedroom community where residents enjoy a wealth of recreational pastimes including nature walks, bird watching, butterfly spotting, hiking, fishing, biking, airboat rides, and horseback riding.

Rounding out the available activities are an 18-hole golf course, 3 aquatic facilities, an outdoor skate park, and concerts and football games at the nearby UCF Arena. Add one of the best school systems in Central Florida, easy access to 2 international airports, quick drives to the beaches and theme parks, and Oviedo makes for the coolest hot spot to live, work, and play.

Properties have been listed and sold by various MLS members. Data drawn from the My Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.

• A divorced couple where she moved back to her hometown and he must live with his parents until another job comes along.
• A single woman who lost her job and, after sending out hundreds of letters and resumes, is going back to school to pursue a different career.
• A married couple who purchased an off-campus townhouse for their college son, only to learn shortly after his graduation that the husband would have to hit the pavement in search of another job and that the townhouse—no longer needed by the son—is a liability.
• A growing family where the wife lost her job and the husband was forced to relocate to another state.
• A couple who split up, each to go their separate ways and rebuild their lives, but not before losing their house.
• A family with busted dreams in which he was laid off and had to look for employment in another state and she had to give up a good-paying job to follow.
• A woman who, after facing a series of life-altering calamities including illness, accident, and divorce, will have to lose her home of nearly 20 years.
• A divorced mom facing bankruptcy and the loss of her house.
• Another woman facing divorce and searching for a home not too far from the children’s dad.
• A young woman who found love and marriage with a man in another town, had to rent out her house when she couldn’t sell, only to lose her job, watch her new husband lose his job as well, and have to deal with non-paying tenants.
• Recent newlyweds where she lost her teaching job and he was forced to take a major cut in pay.

I don’t see a deadbeat among them. Do you?

The sprawling subdivision of Live Oak Reserve was developed by Engle Homes. Properties offer large square footage, nice lots (many ¼ - ½ acre with conservation and pond views), and complete community amenities, including tennis, parks, and an aquatic/recreation center. Driveway pavers, lush landscaping, preserved greenbelt areas, and innovative architecture make Live Oak Reserve popular with many homebuyers. Some residents have bought more than once, moving up from the earlier models built during the initial phase to larger homes built in the latter phases. Easy access to the Greeneway (417) Tollway, UCF, and Oviedo Marketplace.

Properties have been listed and sold by various MLS members. Data drawn from the My Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.

The sprawling subdivision of Live Oak Reserve was developed by Engle Homes. Properties offer large square footage, nice lots (many ¼ - ½ acre with conservation and pond views), and complete community amenities, including tennis, parks, and an aquatic/recreation center. Driveway pavers, lush landscaping, preserved greenbelt areas, and innovative architecture make Live Oak Reserve popular with many homebuyers. Some residents have bought more than once, moving up from the earlier models built during the initial phase to larger homes built in the latter phases. Easy access to the Greeneway (417) Tollway, UCF, and Oviedo Marketplace.

Properties have been listed and sold by various MLS members. Data drawn from the My Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.