short sale: 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)

short sale: Florida is Third Highest Foreclosure State - 08/17/12 12:46 AM
Despite decreasing numbers of late mortgage payments across the nation, there are several areas in the country where foreclosures are still occurring with record numbers.RealtyTrac reported that July was the third month in a row where figures showed an increase of foreclosure rates. This has been an unfortunate reversal in what had been up till then a year of steady decreases.In particular, foreclosures seem to be happening in several key markets throughout the United States. Florida claimed the number three spot in states with the highest foreclosure rates, averaging about one in every 352 housing units. Only Arizona, with one in … (0 comments)

short sale: Never Give Up with Short Sale Lenders! - 10/21/11 06:00 AM
When helping people complete a short sale, I'm exposed to each person's personal life to understand the hardship one may have endured to be forced to sell their home.  Some people choose to short sell because it's a smart move financially, but some are forced to sell because of hard times.  During the weeks of learning each person's situation, we become close to our new friends and share their emotional roller coaster ride.
One disclaimer before reading on:  the problems described here are rare and happen less than 1% of the time.  Don't read this and think that these circumstances are … (0 comments)

short sale: Bigger ISN'T Better: A Case Study on My Team vs. Orlando's Biggest Firms and Brokerages - 10/05/11 09:26 AM
I'm writing this blog for two reasons:  First, I want to brag about just how good my team is at processing short sales.  Second, I want to stress that the big law firms and real estate brokerages (the ones with all the TV commercials and billboards) are not always better.
A Winter Park family was referred to me recently by another Realtor who just recently cooperated on a purchase of one of our short sales.  She enjoyed how smoothly our transaction went; so much so, that she suggested us to a family friend of hers.
The friend she referred over to us … (0 comments)

short sale: Short Sale Success Story! - 10/05/11 08:38 AM
Short Sale Success Story:Save your credit, short sale your property, and get paid to do it!
Many people feel trapped by their home because they know the value has dropped below the mortgage amount, but they don't want to miss a payment for fear of credit damage.  Most homeowners feel that since they are able to make their payments, they wouldn't qualify for a short sale, nor government incentives.
Recently, a family in the 32828 zip code reached out to us because I helped a friend of theirs and they wanted my opinion on selling their home, due to the fact that relocating … (2 comments)

short sale: Cash for Doing a Short Sale - It's a Win/Win/Win - 09/22/11 07:00 AM
My company has been touting the success of the HAFA program quite a bit lately; the homeowner gets out of the upside down toxic asset mortgage, gets a full release of deficiency and even gets cash at closing.  What could be better?
Even better news came across my desk today though: apparently several lenders are getting on board the cash incentive train also, according to this article in today's New York Times.  This news comes at a great time, because there are still so many people out there who want to sell their home but think that they can't, or think that … (0 comments)

short sale: HAFA Short Sale Approved in 23 Days - WHOA! - 08/30/11 10:09 AM
I'm holding the approval letter in my hand!
Typically, a short sale approval takes anywhere from 45 to 60 days, and when the file has to go through the rigerous HAFA portion of the process, it can take an ADDITIONAL 30 to 45 days.  However, the HAFA program is such a great thing for our sellers that it's worth the extra time.
My short sale team just got a Bank United short sale approved - WITH HAFA - in 23 days.  We will be closing at the end of September and the sellers will get $3000 at closing for moving expenses.  Don't … (3 comments)

short sale: 195 Cedarwood Drive ~ Ski and Wakeboard in Your Backyard! - 08/25/11 09:06 AM
195 Cedarwood DriveMaitland FL 32751Waterfront * Hardwood Floors * Completely Remodeled

The 100-foot lakefront doesn't get any better than this!  The adjoining lot is a deeded access neighborhood boat ramp.  The lake allows skiing, swimming, fishing and other water sports, and even features a slolam ski course in the middle!
  
The home is located in South Seminole County, so you have the advantage of being in the highly sought-after Seminole County schools but still being very close to Winter Park and Orlando.  It's close to major highways for easy commutes and plenty of shopping and dining.

The … (0 comments)

short sale: 8494 Ridgewood Avenue #4302 in Cape Canaveral - Ocean View Condo! - 08/24/11 04:23 AM
8494 Ridgewood Avenue #4302Cape Canaveral ~ Canaveral Sands CondoOcean View * Granite Countertops * 1316 Sq. Ft$184,900

This is a truly beautiful third floor condo unit with an awesome South side view of the ocean from the balcony.

The interior of the unit has several upgrades and both bathrooms have been updated.  The unit features granite countertops, porcelain tile, hurricane proof sliding glass doors, all new kitchen appliances, a new washer and dryer, the works!

The condominium complex has great ammenities also such as a heated pool, ocean views and close proximity to shopping, dining, and beachfront activities.
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short sale: 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)

short sale: Michael Kara- Specialist in Short Sales - 04/11/11 07:19 AM
Kara Homes & Associates - Orlando's Premier Short Sale Specialists
Michael Kara, who specializes in short sales and short sale negotiation, was able to get the seller of this home a full release and satisfaction from the lender. The seller never missed a payment, so their credit was spared. The seller purchased another home within 30 days of closing on this short sale. If you’d like more information on Orlando short sales, contact us at 407-447-2829 or visit KaraHomesOrlando.com
(2 comments)

 
Michael Kara, Central Florida Short Sale Expert (RE/MAX Exclusive Collection)

Michael Kara

Central Florida Short Sale Expert

Orlando, FL

More about me…

RE/MAX Exclusive Collection

Address: 3107 Edgewater Drive #1, Orlando, FL, 32804

Office: (407) 447-2829

Email Me

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.


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