bank: Buyer Beware at Auction
- 10/04/12 02:27 AM
We’ve all heard the saying, “If it sounds too good to be true, it probably is.”Whoever coined that phrase probably attended their fair share of foreclosure auctions.The Orlando Sentinel published an interesting article chronicling the painful lessons a couple experienced when participating in a recent auction. They had “won” the auction and received a home for $16,000 in cash. What they weren’t aware of was their winnings also included a hefty $250,000 mortgage.It is an unfortunately common scenario. First-time auctioneers or those inexperienced with the process buy out an HOA foreclosure, not knowing that a much larger bank foreclosure is looming … (0 comments)
bank: Do I have to miss a mortgage payment to do a short sale?
- 08/19/11 07:59 AM
I get asked this question a lot: "Do I have to miss a payment on my mortgage to qualify for a short sale?" The short answer is maybe, but probably not. It's a very common misconception that you MUST miss a payment to qualify for a short sale, or that in order to qualify for a short sale you need to miss several mortgage payments. It simply isn't true. I have successfully closed and negotiated hundreds of short sales and most of them never missed a mortgage payment at all. Why damage your credit if you don't have to? My number … (9 comments)
RE/MAX Exclusive Collection is a boutique real estate office located in College Park in Orlando Florida. Michael Kara, broker, has over 15 years of experience and closes more pro-consumer short sales than any other Realtor in Orlando.
We’ve all heard the saying, “If it sounds too good to be true, it probably is.”Whoever coined that phrase probably attended their fair share of foreclosure auctions.The Orlando Sentinel published an interesting article chronicling the painful lessons a couple experienced when participating in a recent auction. They had “won” the auction and received a home for $16,000 in cash. What they weren’t aware of was their winnings also included a hefty $250,000 mortgage.It is an unfortunately common scenario. First-time auctioneers or those inexperienced with the process buy out an HOA foreclosure, not knowing that a much larger bank foreclosure is looming … (0 comments)
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