“How long do we have to wait to qualify for another mortgage” is the question concerning people who’ve had a foreclosure, short sale or bankruptcy. The loan types for the new loan will differ in amounts of time to heal credit scores based on the event.

The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it’s important that the person be current on all payments and maintains a history of good credit.

A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.

We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between. Call us at (407) 467-5155 for lender recommendations.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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By: PAtZaby.com

Buying a property through a short sale can be financially beneficial. But, as a real estate buyer, you need to go into the process understanding your market! That means having a knowledgeable realtor and attorney.

A homeowner is “underwater” with their mortgage when they owe more than the value of their home. The term “short sale” comes from the situation where the proceeds from a sale are less than, or “short” of, the amount of debt.

Lenders are motivated to allow a short sale when they perceive it will create more net income than a foreclosure. Sellers are motivated because it puts them in more control of timing, and causes less damage to their credit than foreclosure.

For the buyer, a short sale means a purchase price that is discounted from the normal sale price. However, the market situation with short sales is very specific to your state and your market. Here are some trends across the country…

25% of US homeowners with a mortgage are underwater. That is 10.7 million homes! That percentage is down from 28% in September 2012. It is important to note that 8.3 million of those homes are on the edge of being underwater with a LTV ratio of 90%-110%. The other 2.4 million have an average LTV ratio of 125%.

A primary factor helping that downward trend is a decline in investors’ interest in short sales. A decline in investors buying at discount means prices are moving upward. Increasing prices means increases in value, which means increases in equity for the homeowners.

However, according to RealtyTrac.com it will take years, not months, for the 125% LTV owners to recover enough equity to allow them to sell. That means the short sale opportunities for buyers will be available for a while.

As a buyer of a short sale, be aware the process takes time. All parties have many more documents to review and approve. Your due diligence will take longer. And the process leading to a closing will take longer.

Make sure you are working with a Realtor and an attorney who have experience with short sales in your market. One way to qualify a Realtor is to know they are trained as a Certified Distressed Property Expert (CDPE). That means they have specific training in streamlining short sales. It is not mandatory, but it is a valuable credential.

At least, make sure your Realtor and attorney have actual experience with short sales. Go into the process with a lot of patience.

Information courtesy of Orlando Realtor Teri Isner, Orlando Avenue Top Team.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Orlando Short Sale:

815 Cheetah Trail, Apopka FL 31712
MLS# O5010852

Short Sale! Don’t miss this 3bedroom, 2 bath home with a spacious back and side yard. You’ll delight in the stone wood burning fireplace in Living Room. The entire home is tiled. The Trane A/C (inside/outside units) was replaced in January 2002. All new duct work done in 2007.  No HOA fee. French doors open to your gigantic backyard, featuring a 10x10x4 Koi pond with goldfish.  If gardening is your favorite past-time then you are in luck as there is plenty of room, shade and sun in the backyard for your vegetable and flower gardens. Also, plenty of room to park your RV next to the house behind a passion/jasmine-vined trellis.

Learn more about 815 Cheetah Trail and other Orlando real estate.

Lakeside Living At It’s Best – Orlando Short Sale

Incredible Price!!

1222 Lake Blue Circle, Apopka FL 32703

Short Sale! 3 bedroom, 2.5baths with gorgeous views of the lake. The Master Bedroom is located on first floor with 2 additional bedrooms upstairs. Beautiful hardwood floors and Eat-in Kitchen. Enjoy lake views from either your screened in porch or open balcony off the 2nd Bedroom. Come take a look today inside – this is truly a diamond in the rough. With a little TLC and updating this would be a wonderful place to call home. Conveniently located off of 436 in Apopka this would make for an easy commute downtown. There are plumbing issues but at this price it is worth viewing this water front home – Call today for a look inside! At this price don’t procrastinate be an investigator and call for details. Community features include a fenced lake front playground next to tennis courts and spacious community pool with picnic area and very low quarterly HOA fees. Lakeside living meant to be enjoyed!

Learn more about 1222 Lake Blue Circle and other Orlando homes for sale.