Orlando Real Estate Voice

1. The bank is going to what to see your entire financial picture.  This means you will need to provide copy of back taxes, paycheck stubs, bank statements, personal financial statement, etc.  They will want to know what all your assets are.
2. The bank may want you to sign a promissory note for the difference, now it will most probably be at a hugely reduced amount and may include monthly payments.
3. When the bank gives the final approval of the short sale, they may request that the escrow close in as little as 30 days, sometimes sooner.
4. As the seller, you can not receive any proceeds from the sale.  Period.
5. Your Real Estate agents, and Title company, may have to work for reduced fees.
6. The banks are incredibly overwhelmed with short sales and many times a decision can take upwards of 90 days; however, recently the approval process has been streamlined at many lenders.
7. Your property may be foreclosed on during the short sale process because the bank can not process the short sale in time; however, if you have a strong agent they should be able to get the foreclosure postponed give me a call to help postpone any foreclosure dates.
8. Do not expect to receive any information on a regular basis.  There may be weeks that go by with no news from the lender.  This is perfectly normal.
9. The bank will want to get a BPO (broker price opinion) and/or an appraisal of your house.
10. Be patient.  This is the best policy.  Try to avoid being stressed out over something that you can not control.  If you have a well trained agent, you are in good hands.

If you have any questions, please don’t hesitate to contact me.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

If you have been contemplating short sales chances are you are familiar with the favorable tax treatment afforded by  real estate; the ability to use Capital Gains rather than earned income for property held longer than 365 days, 1031 exchange options and depreciation are just a few of the perks short sale investors have come to know and love. However, there are a few terrific tax benefits that are easily overlooked including these five frequently forgotten options:  

 1. Tax Deductible Travel. Not just around town but in almost any location where short sales are to be found. Meals, lodging, fuel charges and other common costs may reduce your tax burden. Consult with your CPA for specifics related to your individual situation.  

 2. Computers, Equipment, Cable Internet, Phone and Other Home Office Deductions. If you are following the Short Sales action plan then you already know it is possible to run the entire business from the comfort of your home. Home office deductions can add up fast especially when you calculate the percent of mortgage, homeowner’s insurance premiums and other items used to conduct business. Everything from cell phones (and service) to equipment is often able to be pre-rated.  

 3. Books, Training, Software, Educational and Investment Programs. Staying up to date on the latest and greatest information is a legitimate business expense so start saving those receipts.  

 4. Interest Paid on HELOC’s or Home Equity Loans. Not only is the mortgage, interest and other costs associated with the purchase of a short sale property deductible but  it is often possible to obtain a line of credit, HELOC or other form of home equity loan on a short sale property then write-off the interest portion of the payments.  

 5. Home Improvement Costs. Tools, supplies, travel and other costs associated with repairing or improving the property are also valid methods of reducing your tax burden when selling the home. Just remember, the IRS rarely allows investors to deduct their own time or labor unless established under an independent LLC or other entity so it often makes more sense to hire someone to do the work for you rather than attempt to go it alone. Run the numbers to determine if doing the work yourself makes financial sense – in most cases it doesn’t.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.