Central Florida and Orlando Area Foreclosures and Distress Sales Y US Realty

Buying a Foreclosure

Distress Sales / Bank ForeclosuresDistress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a home. It's not easy for the average homeowner to find these deals, because you have to keep scouring the paper to see when one comes up. 

Buying this type of home is relatively easy as the banks generally will respond within 2-7 days to your offer. Once your offer is accepted all the normal contingencies will come into effect, you will have time to perform both a professional home inspection as well as a termite inspection to verify the condition of the property. The banks usually will require a 20-45 day closing period.

If you're the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you're automatically plugged in to the most current list of Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every day will save you a lot of research and running around.Here's how it works. Every Day, you will receive a FREE computerized report listing the current Foreclosure properties in your desired price range and location. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace.

You can request this free service by simply filling out the information on the form below including the specific price range and area you would like the "Foreclosure Daily Report" on. When you have completed the form just click the "Submit" button at the bottom.

Buying Short Sales

 

What is a short sale?  A Short Sale is a sale of real estate in which the sales proceeds fall short of the balanced owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a loss is better than going into foreclosure.

Short sales present a great way to buy property in Florida, some of the reasons;
  • Price, Price, Price. 
  • The property remains occupied until closing or shortly before, assuring that the property is being maintained and looked after. The bank will usually request the sellers to leave the property in good order as a condition to approve the short sale.
  • The buyer receives the all the same protections as in a regular sale or foreclosure property. (Inspection period, financing contingencies, etc)
There are however,  two main drawbacks in this type of sale;
  • As this sale needs third party approval (seller's lender(s)), it could take anywhere between 30 to 120 days to receive the "short sale approval" an indispensable document to close on the property. This time frame is affected by many factors, but the main two are; the seller's negotiating representative's experience and aggressiveness when negotiating with the lender(s) and  the number of loans on the property, (I've successfully negotiated properties with 4 different loans on it)
  • The fact that the sellers can accept your offer only to be countered by the lender(s) once they perform an appraisal on the property.

Even though, these items can present an obstacle, as your exclusive buyer's representative I will endeavor to guide you through this process as smoothly as possible. I will be pro-active rather than reactive, by preparing a Comparative Market Analysis before we submit an offer to verify that in fact our offer is in line with the current market price.

If you're interested in this type of properties please fill out our "Foreclosure Daily Report" and every Day, you will receive a FREE computerized report listing the current Foreclosure properties in your desired price range and location. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace.This FREE service every day will save you a lot of research and running around.Here's how it works. 
You can request this free service by simply filling out the information on the form below including the specific price range and area you would like the "Foreclosure Daily Report" on. When you have completed the form just click the "Submit" button at the bottom.
 
 

Calculators

Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.
 
Required
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
0.43%of Cost
Annual Property Tax:  $  
1.2%of Cost
Monthly Income:  $
Monthly Debt:  $
Optional
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $

Results 		  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:    
Loan Insurance ( %):
Total Loan(Mortgage) Amount:
 
Principal & Interest:    
Homeowners Insurance:    
Property Taxes:    
Condo Fees:    
Monthly Loan Insurance (%):    
Total Monthly Payment:    
 
Income Needed to Qualify for the Mortgage
 
Total Monthly Loan Payment:  
Total Monthly Debt Payment:  
Monthly Loan Insurance (%):  
Qualifying Income of % GDS Ratio:  
Qualifying Income of % TDS Ratio:  
 
What You Can Afford
We are using the % ratio.
Cost of House:  
Down Payment:  
Loan Value:  
Monthly Principal & Interest:  
Monthly Insurance:  
Monthly Property Tax:  
Monthly Condo Fees:  
 
Note: Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate)
Monthly Rent: $
   No. of Years you plan on keeping the home:
Annual Rental Increases:   %   Yearly Appreciation on the Home: %
Monthly Renter Insurance: $   Annual Home Maintenance: %
Savings or Investment Rate:   %  


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Foreclosures or REO's are homes that have been foreclosed on and are now owned by the lender. The banks of course are not in the business of owning homes and are happy to sell them to home buyers at a steep discount..

Short Sale is a home still owned by the seller (prior to a foreclosure). However the seller is attempting to sell the home for less money than is owed the lender. The lender/bank must approve the short sale for this to take effect, even after the seller has executed a contract for sale with a buyer.

At At Y US Realty we have the expertise to guide you through the process of buying distress properties as additional clauses and/or terms might be required in the contract as well as the use of additional bank generated and required forms. The purchase process on either a foreclosure or short sale property can be more complex and time consuming, however if done right the financial rewards can be great!.

 

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