orlando real estate: Kissimmee FL. short sale home over 4,000 sq.ft. $400,000 - 10/10/08 08:54 AM
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orlando real estate: Keen's Pointe Short sale in Windermere FL. $500,000 - Pre-Foreclosure, Short Sale - 10/10/08 08:53 AM
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orlando real estate: East Orlando Fl. Short Sale Property for sale $239,900 Hurry! Won't Last at this price - 10/10/08 08:52 AM
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orlando real estate: MetroWest area Orlando Home For Sale $259,900 NOT a Short Sale - 10/10/08 08:50 AM
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orlando real estate: Conway Acres short sale - Orlando Fl. $119,900 - 10/10/08 08:49 AM
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orlando real estate: Avalon Park Townhome Short Sale Orlando - 10/10/08 08:48 AM
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orlando real estate: Ocoee Short sale - Home for sale Crestwood commons, Pre-Foreclosure - 10/10/08 08:47 AM
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orlando real estate: Orlando FHA News Alert Regarding Seller Paid DPA - 09/20/08 06:20 AM
The House Financial Services Committee adopted H.R. 6694, legislation designed to reauthorize and reform down payment assistance programs that the Bush Administration banned in July.
A last-ditch effort to head off the Oct. 1 ban on the use of seller-funded down-payment assistance with FHA-backed loans is picking up steam as a compromise bill that would mend rather than end the practice of down payment assistance.
HR 6694 would allow qualified borrowers with credit scores of 680 or above to use seller-funded down-payment assistance on FHA-backed loans. Borrowers with scores between 620-680 will be subject to risk-based pricing and higher insurance premium … (4 comments)

orlando real estate: Merrick Landing at Summerport Short Sale Home for sale, Windermere Florida - 09/18/08 04:42 PM
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orlando real estate: Buyer Advise for an Orlando or Windermere Fl. Short Sale - 09/15/08 03:34 PM
Buyers: 1. First understand that this process may take 90 days after you've submitted your offer. Don't go into a short sale if you have a specific timeframe that you must have the home closed. 2. Understand that there are no guarantees in a Orlando short sale. 3. The lender may require more cash or a higher price up to the actual moment of closing. 4. The lender will most likely not allow the seller to pay any of your closing costs or give allowances for repairs. Typically, all deals are "AS-IS". 5. There is likely no certainty of the final … (1 comments)

orlando real estate: Baldwin Park Short Sale Orlando Fl. $559,900 - 09/06/08 03:13 PM
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orlando real estate: Kissimmee Fl. Short Sale over 4000 sq.ft. $425,000 - 09/06/08 03:12 PM
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orlando real estate: East Orlando Fl. Short Sale Property for sale - 09/06/08 03:11 PM
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orlando real estate: Apopka, Fl. Short Sale Property For Sale - 09/06/08 03:09 PM
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orlando real estate: MetroWest area Condo Orlando For Sale $169,900 Short Sale - 09/06/08 03:08 PM
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orlando real estate: Conway Acres short sale - Orlando Fl. - 09/06/08 10:52 AM
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orlando real estate: Tax Consequences on your Orlando, Windermere Fl. Short Sale - 09/06/08 10:47 AM

1. First and foremost I would always recommend anyone considering a short sale in the Orlando area to talk to your tax advisor first.
2. I posted in my FAQ's on short sales the following:
Is the seller going to get hit with a tax bill or a 1099 if you do a short sale?
Upon successfully closing a short sale, lenders will always report a loss to the IRS and issue a 1099. However, the Mortgage Forgiveness Act of 2007 was signed into law on 12-20-07 and is now official, effectively getting rid of the question "will I be … (0 comments)

orlando real estate: Orlando Short Sale Sellers considering a short sale - 09/01/08 11:01 AM
1. Your credit score may fall 100 points or more.
2. You may be asked to sign a note or take a new loan for the amount of the short fall.
3. The lender may get a judgement against you for the amount of the short fall.
4. You may have to pay income taxes on the amount of the shortfall - it could be taxed as income to you.
5. Understand that you will have to prove that you cannot pay. Similar to how you qualified for the loan, but now you have to prove that you cannot afford this … (2 comments)

orlando real estate: Bridgestone, MetroWest area, Orlando FL. home for sale $269,900 - 08/30/08 03:36 PM
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orlando real estate: Do I Qualify for a Short Sale in Orlando? How about my Luxury home in Windermere Fl.? - 08/27/08 08:13 AM

Do I qualify for a Short Sale? Do You....
Owe more on your Orlando area property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc? Have difficulty covering your expenses each month? Not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank? Are You Having Trouble Making The Payments? Are You....
Feeling the stress mounting with each missed payment and phone call from your bank? Have difficulty covering your expenses each month? Getting confused as … (0 comments)

 

Jerry LaRose

Orlando, Windermere FL. Real Estate, ABR, GRI,...

Windermere, FL

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Keller Williams Classic Realty

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