May 27, 2010 in Our Blog by Towns Realty

Investors and Short Sales – YES YOU CAN!

Florida’s Short Sale and Pre-foreclosure market does not leave the investor out when it comes to hardship.

A short sale is when you attempt to sell your house – and the purchase offer based on market values is less than what you owe on your mortgage. You are ultimately asking your lender to accept less than the amount due to release the lien on the property and in the best of circumstances release you from all liability.
This will depend mostly on your lender, the loss incurred and if a mortgage insurance company is involved.
When you think about hardship of average consumers losing their jobs, it is just the same for the average investor whose only source of income or the primary source of income is and was their investment properties.
With the massive inventory of vacant homes and condominiums in Orlando and the surrounding areas in Central Florida it is safe to say that investors are experiencing hardship as well. Lenders know this.

The typical rental home or condominium isn’t worth what it used to be, and it is a renters market out there. Condominium short sales and bank owned; are saturating the market, making it tougher and tougher to rent for what you owe, or come even close.
All short sale cases ( with hardship ) are workable, so don’t shy away from a short sale if the property you want to sell happens to be an investment property or a second home, these are all viable and workable short sales. Again, hardship is the key.

Towns Realty is a short sale specialist in Central Florida – Please give us a call to determine your options free of charge.