About Oviedo's The Sanctuary

These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they hired a real estate agent to market their houses on the My Florida Regional Multiple Listing Service (MLS).

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.

The Sanctuary in Oviedo, FL, was developed by Crosswinds & Engineered Homes, who incorporated many upgraded features and distinctive architectural details into their houses, among them brick pavers, multi-faceted roofs, balconies, pillars, and dome and tray ceilings. Find in The Sanctuary a large community center complete with clubhouse, fitness center, meeting rooms, and pools.

The Sanctuary is divided into two parts, one containing smaller homes and standard lots and the other boasting larger homes with premium lots. The two phases are separated by a daycare and Lawton Chiles Middle School. The Sanctuary also offers playgrounds, basketball and volleyball courts, a soccer field, and tennis facilities, making it one of the most popular communities in Oviedo.

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 Sanctuary in Oviedo, FL, was developed by Crosswinds & Engineered Homes, who incorporated many upgraded features and distinctive architectural details into their houses, among them brick pavers, multi-faceted roofs, balconies, pillars, and dome and tray ceilings. Find in The Sanctuary a large community center complete with clubhouse, fitness center, meeting rooms, and pools.

The Sanctuary is divided into two parts, one containing smaller homes and standard lots and the other boasting larger homes with premium lots. The two phases are separated by a daycare and Lawton Chiles Middle School. The Sanctuary also offers playgrounds, basketball and volleyball courts, a soccer field, and tennis facilities, making it one of the most popular communities in Oviedo.

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.

Sales in 2009 are the strongest they’ve been since 2006, up a very respectable 33% year-to-date compared to last year. If this trend holds, sales for full year 2009 are projected to increase a whopping 49%.

Data drawn from the My Florida Regional Multiple Listing Service.

The Sanctuary in Oviedo, FL, was developed by Crosswinds & Engineered Homes, who incorporated many upgraded features and distinctive architectural details into their houses, among them brick pavers, multi-faceted roofs, balconies, pillars, and dome and tray ceilings. Find in The Sanctuary a large community center complete with clubhouse, fitness center, meeting rooms, and pools.

The Sanctuary is divided into two parts, one containing smaller homes and standard lots and the other boasting larger homes with premium lots. The two phases are separated by a daycare and Lawton Chiles Middle School. The Sanctuary also offers playgrounds, basketball and volleyball courts, a soccer field, and tennis facilities, making it one of the most popular communities in Oviedo.

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