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Showing posts from November 16, 2008

Orlando-based title-insurance company has tips for buying short-sale properties

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Jerry W. Jackson |Sentinel Staff Writer Charles J. Kovaleski, president of Orlando-based Attorneys' Title Insurance Fund Inc., has some advice for people interested in trying their luck at buying a home that's headed for foreclosure through a technique called a "short sale."

That's where a lender agrees to accept less than is owed when a property is sold.

The practice has been around for years but has accelerated in recent months, Kovaleski said, especially as nearly one in five U.S. mortgage borrowers owe lenders more than their homes are worth, according to a recent report by First American CoreLogic -- and nearly one in three in Florida.

For buyers interested in the short-sales market, there are deals to be had, but only if the consumer expends the effort to understand the process.

Here are some tips from Kovaleski, whose company, known …