Tag: John Conde realtor

Top Orlando Realtors Press Release | Short Sales

Posted on by Jenny Zamora


Top Orlando Realtors Press Release VIDEO

This just in…Top Real estate brokerage, Orlando Realty Consultants has just saved another Orlando homeowner from foreclosure by completing a short sale on their home!

In addition to saving this family from foreclosure and protecting their credit, they were able to get the homeowners $8,000 back at the closing for relocation costs with no deficiency judgments.

These short sale experts have shattered all records when it comes the number of short sales closed. … At this point I can only tell you that it’s in the thousands.

Orlando Realty Consultants consists of some of the top professionals in the Orlando real estate industry and have been in business since 2005.

They have a reputation for selling Orlando homes for top dollar in the least amount of time.. No matter what the Price, Condition or Situation

Jenny Zamora owner and Broker for the company claims that if they can’t sell your property in 30 days or less, they will buy it themselves!  Now, that’s quite a statement.

Anyone in need of selling their Orlando property for top dollar in the least amount of time is urged to contact them at 407-902-7750 or visit https://orlandorealtyconsultants.com/
Hang In There Orlando!

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Orlando Real Estate Still On The Upswing

Posted on by Jenny Zamora

Although Orlando real estate still has one of the more affordable housing markets in the US, it’s evident that the price of residential real estate in “The City Beautiful” is steadily on the rise.

In the month of May, home buyers in Orlando spent an astounding 18% to 20% of their income on the mortgage payment. I don’t know about you, but this sounds really high to me. Especially, when you consider that at the height of Orlando’s low point in 2010 [after the big crash of 2007] buyers were only spending 10% to 12% of their income on the mortgage payment. What’s wrong with people??!!

Have you ever heard the joke about how Johnny’s dad wouldn’t buy him a $200 bike because of an $80,000.00 mortgage. Although it would be perfect to include in this post, I can’t write about it here because of the adult content that it contains, but if you’re over 18, you should Google it!

There’s nothing wrong with people [for the most part] per say. It’s that they have no choice but to do what needs to be done in order to provide food and shelter for their families. If that means having to spend a nice chunk of their income to keep a roof over their heads, then so be it! We can only do what the market permits us to do.

Check out these numbers; the median home price in Orlando back in 2010 was $1000,000 and just 2 months ago [June 2014] it was up to $165,000. I’m not sure what that exactly means but… Holy Cow! That’s a big increase! 

Orlando Real Estate Market Keeps On Growing and it Shows No Signs Of Slowing.

Even with this huge increase, affordability levels are still relatively low when you look at historical averages. This means that we’re not done growing yet, even if mortgage rates go up a point. Here’s how it works; If mortgage interest rates would go up a point, let’s say from 4% to 5% on a thirty-year mortgage, it would mean that homeowners instead of spending 18% to 20% of their income on a mortgage payment, they would be spending 20% to 22% on their mortgage. According to RealtyTrac this also includes property taxes.

Consider Renting Over Buying

Orlando is said to have one of the most affordable housing rates for buyers in the nation. However, for renters it’s ranked as one of the LEAST affordable places to live in the US… Hold on to your hats! Renters in Orlando spend an average of 34% of their income on paying the rent! Now that’s crazy right?…  Not always.

There are many advantages to renting as opposed to buying a home in Orlando. Here are a couple of advantages of renting over buying.

You don’t have to qualify for a mortgage- Probably the worst part of buying a home is qualifying for it. Unless you have impeccable credit and have never missed a payment in your lifetime, chances are whatever lender you try to get a mortgage with will make you jump through more hoops than a show dog with no guarantees that you get approved. If you rent a home, this is a non-issue and you don’t have to worry about plopping down 20% at the closing table

There’s no commitment- When you commit to a mortgage, you agreed in writing to pay back the entire amount of the loan to the lender or they reserve the right to foreclose on you putting your credit and probably your spouse’s credit at risk. When you rent, you’re only committing to the term of the lease and you can easily pack up and move on. This is why renting is especially attractive to people who are uncertain of there future because of a new job or some other circumstance that would cause them to have to move.


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Avoid Orlando Short Sale Fraud

Posted on by Jenny Zamora

Avoid Short Sale Fraud!

The mortgage industry is once again experiencing an increase in short sales. Since 2012 the number of short sales with Freddie Mac has gone up substantially. This rising trend will leave the Orlando real estate market a target for short sale fraud.

What’s A Short Sale

A short sale can happen when a homeowner can longer pay the mortgage on their property and the lender allows them to sell the home for a discount of the principal balance owed to the bank or investor. Banks are willing to do this because they can avoid taking the property through a costly foreclosure process.

Homeowners benefit by avoiding a foreclosure on their credit which can last up to 7 years as opposed to a short sale which stays on your credit for an average of two years. Many times homeowners are eligible for relocation costs from the lender. This amount is usually around $3,000.00.

What’s Short Sale Fraud?

Without trying to sound like an attorney, short sale fraud can basically be described as deceitfulness or trickery when directly related to a short sale transaction. Fraud can appear in many different ways during a short sale and on both sides of the transaction.

It’s deliberate misrepresentation or omission of a fact or circumstance that would convince the lender to go through with a transaction that a lender would not approve if they were aware of all the facts.

 

Some Examples Of Short Sale Fraud

1-The buyer of the short sale property selling or “flipping” the property immediately after the closing. This type of transaction can also be referred to as a “double” or “simultaneous” closing and can sometimes involve the use of two separate title companies.

An example would be if the seller or borrower owed $150,000 on a home that is only worth $100,000. The short sale lender accepts an offer of $75,000 from the realtor or facilitator. The buyer will then have a buyer lined up for $95,000 and both transactions close on the same day and the facilitator pockets the difference thus increasing the lender’s net losses.

2-The borrower’s hardship was fabricated for the purpose of getting the short payoff approved.

3- The short sale facilitator purposely damages the property in order for the BPO [brokers price opinion] to come in lower than it would if the property hadn’t been damaged.

 

Preventing Short Sale Fraud

The best way to avoid any type of fraudulent situation when it comes to a short sale transaction is to research thoroughly research the short sale realtor before listing your house with them. Ask for references, Google them, and check out any reviews that may have been posted. These days it’s even recommended to check out someone’s Facebook page to get some insight into what kind of person they are.

It’s also a good idea to avoid getting involved with facilitators that are unlicensed or if they want you to use a realtor that is controlled by them.

 

Orlando short sale expert

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Protect Your New Orlando Home With A Home Warranty

Posted on by Jenny Zamora

Protect Your New Orlando Home

So you’ve purchased your first Orlando home, it’s wise to consider a home warranty and how they will give you piece of mind. No one expects for things to go wrong as soon as they move in to their new home, unfortunately many times that’s exactly what happens. As an Orlando real estate agent I always inform my clients about the benefits of a home warranty. Sometimes homes sit vacant for extended periods of time and like with everything else that doesn’t get used for a while, different components of a home such as AC unit, water heater, etc. can start to give you problems after not being used for a while.

Home Warranties Are Sometimes Included In The Sales Price

By investing in a home warranty, you can feel better about encountering unexpected problems with your new home. Many times the Orlando listing agent or seller will include a home warranty as part of the purchase price as an incentive. 

Something like an AC unit can set you back several thousand dollars right out of the gate. However, with a quality home warranty you have the piece of mind that all you will be paying is he deductible which is usually in the range of $60 or so. This to me is a no-brainer, your home warranty just paid for itself 20  times over with just one use!

In general a home warranty will cover your appliances, Central AC, plumbing, electrical, the roof as well as several other items. The warranty company will send out an inspector to ensure that all of these items are in good working condition prior issuing your home warranty.

It’s important to note that home warranties are very different than home insurance and cover different things. The best thing to do in order to make sure that you’re buying your warranty from a reputable company is to research them online and read the reviews that were written about each company. Once you’ve researched a hand full of them, you’ll be ready to make an educated decision.

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When Short Sales Fall Short

Posted on by Jenny Zamora

There are no guarantees in life and when it comes to negotiating Orlando short sales, this is especially true. Although lenders have come a long way in terms of approving more short sales, easing up on their guidelines, and even offering cash incentives to homeowners that are willing to cooperate, there are still when can fall apart. These are some of the most common reasons why short sales fall apart.

 HOA Bullies and Short Sales

Delinquent HOA fees are one of the biggest reasons for a short sale not getting approved. Many times the lender in 1st position will only allow the homeowners association to receive 12 months of payments as a settlement. Unfortunately, sometimes delinquent HOA fees can be in the tens of thousands of dollars and they would rather let the home go to foreclosure than to take such a big hit. And If you can’t get either side to budge then the deal will not happen.

 

Stubborn Junior Lien Holders

The 1st mortgage holder in a short sale is always in the first position with the exception of tax liens. Typically, all lenders will only allow a fraction of what is owed to be paid to junior lien holders like 2nd and 3rd mortgages. The problem is that not all second lien holders are willing to negotiate and if they are willing to take a discount, it’s still not enough to please the 1st mortgage holder. Unlike HOA liens that will be paid 12 months of fees if the house goes to foreclosure, a junior lienholder could potentially end up with nothing if the house goes to auction.

Bad BPO’s

A BPO aka “brokers price opinion” is a report completed by a local broker or realtor who comes out to the home and gives their opinion of what the home is worth. The BPO then becomes the starting point of the negotiations between the listing agent and the short sale lender. It seems that lately there’s been a rash of bad BPOs. When the BPO value comes in too high then the home will be overpriced and have little or no chance to be sold. If this happens, then your only chance of making something happen is to convince the bank to order another BPO.

 

 Lenders In Denial

After all the progress that’s been made in the short sale industry, there are still lenders out there that choose to remain stubborn about accepting short sales. It makes absolutely no sense to me at all. For some reason, lenders have trouble realizing that if they don’t negotiate, they end up losing a lot more money than they need to. They have to pay attorneys big money to take a property through foreclosure and if it does get sold at public auction, it ends up selling for much less than what’s owed anyway!

 

 

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