Jerry LaRose, Realtor, Short Sale Expert Orlando, Florida Real Estate Expert

FYI, I received an e-mail today from a BOA negotiator and he says that the process has been updated to process short sales faster. Below is his version of the process. It looks the same to me. But for those of you that didn't know, here it is:

Lastly, please be advised our process has changed in order to provide faster service. There are three different teams who will be handling your file.
Front-End (PHASE 1) - Collect all necessary documents and verify that we have a file ready for negotiation. Every investor is different and may require more or fewer documents that others.
Negotiation (PHASE 2) - Review offer, appraisal and HUD-1. They will be the team who decides to counter, decline or submit for approval.
Closing - If the offer is approved, it will go to a closing team member which will help carry the transaction from acceptance to closing.

Best of Luck All,

***************************************************************************************

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 http://OrlandoShortSaleExpert.com or 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 or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee 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.

I am very happy and proud to announce that I have completed today ny certification in CDPE.

I have worked and closed dozens of short sales over the past 2 years and this training only enhances what I already know. I feel even more equipped in handling these short sales.

What is a CDPE?

A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact a CDPE in your area.

CDPEs don't merely assist in selling properties, they serve and help save their clients in need.

***************************************************************************************

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.

News You Need to Know for 2009 - FHA Short Sales Easier than Ever!

As if increased minimum wage laws and ultra-low interest rates weren't good enough, short sale investors will be downright delirious to learn about changes to FHA laws set to begin in 2009. On December 24th, 2008 the Department of Housing and Urban Development (HUD) released "Mortgage Letter 2008-43"... despite the inconspicuous title, this is a powerful boon to every short sale investor in the nation.

For those of you who somehow managed not to be engrossed by this less than climatic title, here are the major changes coming soon to a FHA/HUD foreclosure near you!

1. Elimination of the clause calling for 63 percent or greater property appraisal versus debt. Now properties can appraise at any value and still be eligible for the program.

2. Increased Net. Instead of the former 82 percent net based upon appraisal value the new limits will be 88 percent if sold with 30 days, 86 percent if sold within 60 days and 84 percent thereafter.

3. Increased Closing Costs on Short Sales. Although not a lot - FHA will now allow up to 1 percent of closing costs rather than the former zero.

4. Increased Seller Incentives. Again, although not a lot this will at least allow sellers a reasonable down payment toward a rental home by putting up to $1,000 in their pocket at closing.

5. Increased Lien Allocations. Junior liens up to $2,500 are now allowed - just one more tool that helps sweeten the pot for short sale investors interested in pursuing FHA/HUD homes.

6. Removal of Repair Limitations. This is one change that could potentially add up to thousands depending upon the required maintenance on the home. This opens the doors to many homes that would otherwise be ignored due to excessive damage.

7. Exceptions to Non-Owner Occupant Requirements. This is on a case by case basis but opens to the door to rental properties formerly excluded from the program.

To learn more or read the release for yourself visit:

http://www.brokencredit.com/wp-content/uploads/2008/12/fha-pre-foreclosure-short-sale-guidelines.pdf

***************************************************************************************

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.

Earlier this month, Illinois Senator Dick Durbin reintroduced legislation that would change the outdated bankruptcy code to allow at-risk homeowners to alter the terms of their mortgages in bankruptcy. He first introduced this bill in the fall of 2007, when experts estimated that nearly 2 million homeowners were at risk of losing their homes to foreclosure. Over the last fourteen months, that number has quadrupled. Today nearly 8.1 million homeowners - 16 percent of all homeowners - are at risk of foreclosure.

More details are on Senator Durbins website:

http://durbin.senate.gov/showRelease.cfm?releaseId=306679

About the author:

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.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

If you purchased or refinanced your Orlando area home in the past few years, and now need to sell, there is a good chance that you will either need to bring cash to closing or to conduct an Orlando short sale. If you find yourself in a position to do a short sale you will need to find an Orlando short sale real estate agent that specializes in short sales. Here are 5 Questions that you should ask your agent to see if he/she is qualified to conduct a short sale.

How Will a Short Sale Affect My Credit?

This post is not going to go into all the different factors involved in the credit scoring. You should not be asking your Short Sale Agent this question to find the "correct" answer. You should ask this question to get an honest answer. The honest answer is that they don't know. There is no way that they could know. However, the sooner you get your Orlando area short sale under contract and negotiated with your lender the better off you will be. If you ask this question and get any one of these responses, then proceed with caution:

• It's not as bad as a foreclosure
• It's worse than a foreclosure
• It will affect you about 100 points

There is no way that anyone can predict exactly how a short sale will affect your credit. Odds are that the agent doesn't even know your current credit score anyway. There is a good chance that you don't know your current credit score. The point is, your credit score is a complex and it is based on many different factors.

The one tangible thing that a Orlando area Short Sale Real Estate Agent should tell you is that if you want to buy a home in the future, Fannie Mae has incorporated under-writing guidelines that favor short sales over foreclosures.

If you have a short sale in your credit history, Fannie Mae will make you wait a minimum of 2 years before becoming eligible for one of their loans. If you have a foreclosure, you must wait a minimum of 5 years. Be wary of any agent that makes bold claims about what will and will not happen to your credit score.

How Many Short Sales Have You Completed?

The purpose of this question is not to seek out Mr. Top Producing Real Estate Agent. The purpose of this question is to test the waters about a basic level of experience in doing short sales. To be safe, you probably want to find an agent that has completed at least five or more short sales. More is better.

Short Sales can be a long and drawn out process. They can be frustrating. There have been many one time Orlando Short Sale Agents. It is too much of a roller coaster ride for many agents to handle. In addition, short sales require administrative support that far exceeds a normal transaction.

Do You Have Any Administrative Assistance?

This goes hand in hand with the above question. Getting an acceptable short sale file together is an exercise in patience in diligence. Keeping in constant contact with the lender is a whole additional job function that must be conducted. The entire process of the short sale incurs much more overhead than a traditional 30-45 day real estate transaction. It's not just the length of the process, it's the documentation and communication required to nurse the transaction.

If your Orlando Short Sale Real Estate Agent is a one man band, then a good follow up question is, "How many short sale files are you currently working on?" Look for signs of over-load. I work about 30-40 files at a time and I have a full time Loss Mitigation Negotiator. We employ an outside service, Florida Real Estate Negotiator, LLC that assists with negotiating of the files. Also look for someone that has experience and has successfully negotiated a minimum of 5-6 short sales.

How Long Will the Short Sale Process Take?

For me, and average short sale takes 90-120 days from the day that we execute a contract. Some have been done much quicker and some take much longer.
The point of this question is just an honesty check. Be wary of any agent that makes the process seem easy and painless. Anytime that you ask a bank (or anyone for that matter) to lose money, you can guarantee that they won't make it easy. Short Sales are no different and you should shy away from anyone that tells you otherwise.

Will I have to Sign a Promissory Note if I do a Short Sale?

This is probably the best question to ask your Orlando Short Sale Real Estate Agent. Many distressed home owners wonder if a deficiency judgment will be filed against them when they sell short. Others wonder if they will be forced to sign a promissory note. Many eager agents may make false claims about their abilities to negotiate with the bank. It is true that a good negotiator is more likely to get a bank to work in your favor than a bad short sale negotiator, but be wary of those that "guarantee" it.

As a Orlando Short Sale Real Estate Agent, I cannot make any claims about what the lender will or will not do. Sometimes they act rationally, and sometimes they don't. More often than not, I get them to see it my way, but not always. Any agent that claims 100% success has either done very few deals, or is lying. Period. Furthermore, during a short sale negotiation, the bank doesn't "do" anything to you. It's a negotiation. If you don't like the terms of the agreement, then you don't sign.

Just remember, if you are facing a short sale don't feel that you don't have a choice in selecting an agent. Many distressed sellers feel so bad about their situation that they just want help....from anyone. Short Sale Real Estate Agents earn commissions. They get paid for success. Interview them accordingly. Good Luck.

About the author:

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.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)