Short Sales / Foreclosures

Short Sale and Foreclosure Buyer Options

Oviedo short sales can be a great opportunity for buyers to get a great price and value on a property. Some homes may be more distressed physically than others, but they're still offered at great rates.

Oviedo foreclosures and short sales do not make up the majority of the residential sales in today's market; however, in an economic downturn, we see that number increase. When buyers are searching distressed Oviedo properties, they learn fast that while these homes are priced below market value, the time and effort to make it worthwhile may not be worth it for some, while others may see it as a great investment.

Many want to know which properties they should pursue for a better investment: short sales or foreclosures. One of the obvious benefits of purchasing a foreclosure or short sale is the price — buyers typically receive a largely discounted price on a distressed property. The drawback is the need for repairs and replacements that can potentially be minor or major costs. Investors can typically expect to pay between 5–10% of the purchase price to renovate their distressed property.

Short Sale and Foreclosure Buying Process

The buying process for Oviedo short sales can be lengthy and often includes a short sale specialist who mediates the transaction with the lender and buyer, which may include fees charged to the buyer upon closing. In a short sale, the lender has the final say in approving the offer, as they are the ones incurring the financial loss from the original loan amount. Oviedo foreclosures can close within 30–45 days after approval from the bank, based on the buyer's financing, and typically average lower sales prices than short sales.

If you choose to pursue the purchase of a short sale or foreclosure, proceed with caution and make sure you can afford the repairs for renovating the distressed property — you can avoid pitfalls through thorough inspection of the property.

A short sale is a negotiated settlement between the lender and the borrower when a borrower is no longer able to maintain payments on the mortgage. The bank tries to sell the property to recoup some of the losses, usually at a large loss on their original investment.

A foreclosure occurs when the short sale has been unsuccessful and the bank has repossessed the property, listing it for sale without the previous homeowner's involvement. The cost of these properties is usually affordable due to the condition of the home — many repairs are typically needed to bring the home to livable condition, but these properties can make great investment homes or even primary residences.