Why Do Banks Approve Short Sales? Why Not Just Foreclose?

Simply, it’s usually better for the bank. Generally foreclosure homes take thousands of dollars in attorney fees to foreclose on, quite often are left neglected and left unattended for months on end and usually sell for less than a "short sale" would sell for. A “short sale” will usually have the home owner living in and taking care of the home up until the day of closing and because the home is often in better condition than a comparable bank owned property it will sell for more. Add that to the lack of foreclosure attorney fees and you can see why this would make financial sense for a bank left with limited options for a seller unable to pay their mortgage.

For more information on "short sales" please check out TheAistropTeam.com.

I'm Looking For a Home in a Community in Kissimmee with Tennis Courts. Where Should I Look?

For communities in Kissimmee with tennis courts definitely check out:

Kissimmee Bay

Remington

Lakeside

Indian Creek

Kissimmee Bay Tennis Courts

Click here to search for homes within these communities.

What does the bank do to research a seller’s wish to short sale?

Most banks go through a number of steps prior to approving a short sale for a seller. Firstly they will order a broker price opinion (or BPO) which is when a a third party real estate agent goes to the subject property, researches comparable sales and provides the bank with a current market value for the home. Based on the BPO the bank will be looking to net a certain amount from the sale. Offers that the bank receives for the home that are vastly under priced will not be approved.

Secondly the bank takes time to review the seller’s situation of hardship. Usually the bank collects tax returns, bank statements, pay stubs and complete financial worksheets from a seller along with a letter explaining the hardship. Hardship circumstances and reasons for an inability to pay include a reduction in borrower income, family sickness, unemployment, etc. Banks generally are reviewing files of sellers who are already a number of months behind in mortgage payments and would be destined for foreclosure should a short sale not be approved. A seller who shows tens of thousands of dollars in a bank account will most likely not be approved for a short sale as the bank will look for the seller to simply bring money to closing if they wish to proceed with the sale.

Check out TheAistropTeam.com for more information regarding "short sales".

I'm Looking For a Community on a Skiable Lake in Kissimmee. What Do You Suggest?

Look no further than sought after Kissimmee Bay!

Aerial View Private Boat Slip and Dock

Community amenities include:

• 700 Acre Skiable East Lake Toho
• Waterfront
• Private Boat Slip and Dock
• RV and Boat Parking
• Gated
• Golf Course
• Tennis Courts
• Basketball Courts
• Children’s Playground

Homes in Kissimmee Bay start at the high $200,000s. 

Contact us today for a FREE list of homes for sale in Kissimmee Bay.

Click here to search for your own list of homes for sale.

Why Does a Short Sale Take So Long To Buy?

As mentioned before the mortgage amount owed on the home for sale quite often far exceeds what the bank holding the mortgage will net from the sale. Because of this large discrepancy the bank often wishes to to take time to confirm that approving a sellers wish to short sale is the best option for the bank. Also, with so many sellers finding themselves in situations of hardship the short sale departments at the bank are often extremely backed up with files causing even longer times for approval.

I Have Dogs. Are There Homes For Sale With Dog Parks Nearby?

Absolutely! In fact the community of Remington in Kissimmee zip code 34744 has a dog park within the community! Homes in Remington were built in the late 1990s to mid 2000s and prices start just under $100,000.

Interested in homes close to this dog park? Click here and search for Remington subdivision homes.

How Long Will It Take To Close On a "Short Sale"?

There are many determining factors for the time it will take to close on a short sale. Basically a buyer should be comfortable waiting anywhere from 3-9 months. Short sales very rarely close within 30-60 days. 

What's a "Short Sale"? I've Heard The Term a Lot Recently.

Many sellers who bought their home in the mid 2000s, or bought earlier and re-financed during this time, will find themselves quite often owing, for example, $200,000 in a mortgage amount for a home that is now worth only $100,000. If a seller needs to sell they will most likely only be able to fetch around the  $100,000 that the home is worth leaving a $100,000 discrepancy between the mortgage amount and the sale amount. If the seller cannot bring the discrepant amount to the closing, is in a situation of hardship and needs to sell, this situation is what is termed a “short sale”. 

Specifically, a “short sale” is a real estate transaction where the proceeds realized from the sale will fall short of the mortgage balance owed on the property. That is where the “short” in “short sale” comes from as it is definitely not representative of the time it will take to close on one.

I'm Looking For a Home in a Gated, Short Term Rental Community. What's available?

There is a beautiful community by the name of Sunset Lakes located in west Kissimmee only minutes from Disney and popular US 192. This gated community boasts a community pool, playground and fishing pier. Fully furnished, pool homes start in the upper $100,000's.

Check out some photos:

Click here to search for homes for sale in Sunset Lakes.

Email us on iaistrop@aol.com to ask us to send you a free list of foreclosure properties for sale in Sunset Lakes.

How Quickly Can I Close on a Traditional Sale? I Don't Have Time To Wait For a Short Sale.

When offering on a traditional sale property a response time from the seller and seller’s agent is typically 1-3 days. Following that a closing can happen usually anywhere between 10-45 days depending on buying financing.

Traditional Sale

A traditional sale is what most people who have previously bought property are used to. Either the home is owned out-right (meaning there is no mortgage owed) or the seller owes less on the mortgage than fair market value. 

For more information check out TheAistropTeam.com

What's For Sale That Is A Golf Course Community with Lots of Amenities?

Looking for a home that's on a golf course and has an abundance of community amenities? Look no further than Remington subdivision in Kissimmee. Homes in Remington start right around $100,000 and for the mid to high $100,000's you can purchase a home with a pool! Some of the amenities include:

Swimming Pool
Tennis Courts
Basketball Courts
Volleyball Court
Children's Playground
Dog Park
Walking Trails
Fitness Center

Click here to search for current homes for sale in Remington!

Can I Make a Lower Offer on a Bank Owned Property?

Typically with bank owned properties the price is extremely attractive and sometimes considerably below market value. This allows banks to receive a numerous offers for them to be able to review. Because there are often multiple offers on bank owned homes, the home can often end up selling for higher than the asking price. 

I'm Looking For A Lake Front Property with Acreage In Kissimmee. What's For Sale?

How about almost an acre of lake front property with 75 feet of lake frontage! This property boasts a boat lift and a boat dock and is in the heart of Kissimmee.

4911 Lake Cecile Drive, Kissimmee, 34746

$239,500

3 bedrooms, 2.5 bathrooms

Circular driveway

Built 1991

2,473 heated square feet

Please text "7774911" to 79564 for directions, details and more photos!

Call 321 443 7535 to schedule an appointment to view inside! 

So I Won’t Have Previous Liens on my Property?

Before purchasing any home the title company involved in the purchase will complete a title search of the property. This title search will reveal any and all liens against the property. These liens could include HOA arrears, delinquent utility bills or unpaid taxes. All of these liens will be cleared off the title before your purchase is complete. Additionally to put your mind even more at ease title insurance is issued by the title company that protects you against financial loss from defects in the title.

There Seem to Be a Lot of Bank Owned Properties in Bad Condition, Are There Any Move-In Ready Homes For Sale These Days?

It is true, there are a great deal of distressed properties on the market these days. Currently in Kissimmee about 46% of the homes for sale are short sales with another 10% being foreclosure properties. Often these distressed sales can be neglected and need work before a new owner is able to move in. Check out below for a beautiful home in central Kissimmee that is so move in ready it comes with all the furniture!

2115 Emperor Drive, Kissimmee, 34744

$225,000

4 bedrooms, 3 bathrooms 

2,069 htd sq ft

1/2 acre lot

Text "7772115" to 79564 for directions, details and more photos! Call/text 321-443-7535 to arrange a showing.

How Long Does it Take to Purchase a Bank Owned Home?

The time frame for response from the seller (bank) once you have submitted an offer on a bank owned property is typically between 2-7 business days. During this time the bank could be reviewing your offer along with other offers to determine the offer with the best terms and conditions. The offer price is not the only thing considered. Additional considerations will be cash vs. financing, the down payment amount, time needed to close, stipulations for inspections and any request for closing cost assistance, just to name a few.  

If your offer is chosen as the best offer you will then most likely be able to close within two weeks if you are purchasing using cash and 30-45 days if you are financing the purchase. Please bare in mind that because you are purchasing a home that was acquired through means of foreclosure there can sometimes be outstanding liens that may take longer than the 30 days to clear off the title. This has, on occasion, caused delays to the closing.

Click here to search for bank owned properties

Are There Homes For Under $150,000 with a Large Kitchen?

The answer is yes!


Lovely 3248 Lorimar Lane is priced at $140,000, is located in Saint Cloud and has a HUGE kitchen! Check out the photos below.

Call or email us for an appointment today! Irena: 321-443-7535.

Are All Properties Only Feet Away From Each Other Or Are There Some Properties Out There with Acreage?

Looking for a home with 1/2 an acre of property? Look no further. Beautiful home in Saint Cloud with a 1/2 acre lot!

1985 Jan Lan, Saint Cloud, 34772

$215,000

3 bedrooms, 2 bathrooms

1/2 acre lot

Text "7771985" to 79564 for directions, details and more photos!

Call 321 443 7535 to schedule a showing!

What’s a Bank Owned Property?

A bank owned property is a property owned by a lending institution, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. It is a property that has been obtained by means of foreclosure, also known as repossession, and is also known as a repossessed home, REO property or foreclosed home. A property is repossessed because the mortgage payer has ceased to pay the mortgage payments on the property.