Orlando Florida Real Estate Blog

In case you had not heard, on Tuesday the Federal Reserve lowered its key interest rate to 0.25% -- the lowest level ever "MSN". Several banks have announced they are lowering their rate to 3.25% in light of the Fed's
decision. Typically the prime rate is 3 percentage points higher than the fed funds rate "CNN MONEY". This will trickle down into mortgage rates soon resulting in historic low mortgage rates.

For you as a homeowner or an investor this means the time to buy is now.

In the words of Donald Trump, “Buy, Buy, Buy, now is the time to Buy” House prices are at there lowest and the fed just cut the rates. Pool your money, borrow from your family talk to your accountant, whatever it takes, get in the game now!”

Take a minute to give me a call, I am available discuss an approach that makes sense for you. Together we can make 2009 the year you move from working for your money to the year you start making your money work for you!

I look forward to hearing form you soon.

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.)

Getting a short sale package together can be a chore, but if done correctly it can yield you a huge return. Every mortgage company has slightly different requirements but they typically all ask for some of the same things.

The best way to find out exactly what they are looking for is to ask.

You first get an authorization to release information, which allows you to access the account. Once authorized you ask for the loss mitigation department and request their requirements for a short sale.

Typically, a package consists of the following:

- Authorization to release information

- An agreement of sale to purchase the property

- HUD 1 settlement statement estimate of closing costs

- Pay stubs

- Bank statements

- Budget sheet, including income and expenses

- Past two years tax returns

- Recent pay stubs

- Letter of financial hardship

Some mortgage companies will fax you exactly what their requirements are. Some will even include worksheets to fill in and sign. Either way, it is best to have the homeowner get these documents to you as soon as possible because they may be requested later on.

Every mortgage company will have different requirements for a short sale so each package will be different. Asking the negotiator assigned to the account is the best way to find out.

1. The bank is going to what to see your entire financial picture. This means you will need to provide copy of back taxes, paycheck stubs, bank statements, personal financial statement, etc. They will want to know what all your assets are.
2. The bank may want you to sign a promissory note for the difference, now it will most probably be at a hugely reduced amount and may include monthly payments.
3. When the bank gives the final approval of the short sale, they may request that the escrow close in as little as 30 days, sometimes sooner.
4. As the seller, you can not receive any proceeds from the sale. Period.
5. Your Real Estate agents, and Title company, may have to work for reduced fees.
6. The banks are incredibly overwhelmed with short sales and many times a decision can take upwards of 90 days; however, recently the approval process has been streamlined at many lenders.
7. Your property may be foreclosed on during the short sale process because the bank can not process the short sale in time; however, if you have a strong agent they should be able to get the foreclosure postponed give me a call to help postpone any foreclosure dates.
8. Do not expect to receive any information on a regular basis. There may be weeks that go by with no news from the lender. This is perfectly normal.
9. The bank will want to get a BPO (broker price opinion) and/or an appraisal of your house.
10. Be patient. This is the best policy. Try to avoid being stressed out over something that you can not control. If you have a well trained agent, you are in good hands.

If you have any questions, please don’t hesitate to contact me.

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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.