Prestige Title LLC has been working with realtors, sellers and short sale negotiators for the past two years to successfully close properties where the lender (seller's mortgage company)
agrees to accept a payoff on the property that is less than the amount of the current mortgage balance.
The home short sale market has evolved because of the types of loans made to investors and homeowners - primarily adjustable rate mortgages (ARMs). These ARMs started out at a low teaser rate, then
increased the maximum allowed at the change date. As a result, the mortgage payment increased beyond what was affordable for the homeowner to pay.
Another reason this market has grown so much recently is due to the fact that properties in Central Florida have decreased in value over the last 4-5 years. As a result, homeowners can owe more on
their property than what it is currently worth.
One more aspect of this market is the high unemployment rate currently being experienced in Florida and throughout the nation. Many of these homeowners have lost their jobs over the last few years.
Closing a Home Short Sale
To close a property that is considered a "short sale" requires many hours of working with the negotiators. There is a voluminous amount of paperwork that is submitted to the seller's lender to be approved.
We have experienced timeframes of contract to closing from 4 months to over a year. The system is being improved as time goes on. Bank of America and several other lenders have gone to a computer system
which is allowing the data to be reviewed in a much shorter timeframe. We hope to continue to see this improve.
As a Florida title company, our goal in working with realtors and homeowners is to make the short sale process as seamless as possible. We pride ourselves on our efficiency in working with the realtor, homeowner, buyer's lender and short sale lender.
For further information about short sale properties:
Contact Mary at: email@example.com or
425 Alexandria Boulevard, Suite 1000 (click for map)
Oviedo, Florida 32765
Toll Free: 866-365-1123
Title insurance provider for Central Florida / Greater Oviedo area, including Carillon, Tuscawilla, Twin Rivers, Alafaya Woods, Kingsbridge,
Stillwater, Waterford Lakes, Avalon Park, University Estates, Dunhill. Real estate closings for Orlando, Baldwin Park, East Orlando, Thornton Park, Winter Park, Winter Springs