Author: Jenny Zamora

What Not to Do When Selling a House

Posted on by Jenny Zamora

Selling your home is a major life milestone. It can be complicated when you consider all the steps involved. Repairs, preparing the home to list, finding a buyer, home inspections, the closing process, and finally the move. The process is like no other financial transaction. But too often, sellers sabotage the sale of their homes by making avoidable mistakes.

Listing and selling your home is time-consuming and stressful. It may feel like an invasion of privacy. Strangers will come in and out of your home and poke around. They will criticize and make unnecessary comments in your presence. To top it all off, they will offer you less money than what you are asking for and ask for closing costs.

Listing mistakes can impact your finances and most importantly, the sale of your home. Little improvements can go a long way. A well-maintained exterior signals to buyers that the interior has been well maintained as well. Trim the trees, lay fresh mulch, hose down the walkways, pressure-wash the sidewalk, upgrade old light fixtures, or paint the front door.

These are some of the most common mistakes you should avoid when selling a home:

1. Not Hiring an Agent

Your Real Estate Agent will be a valuable resource in your quest to get the best possible price for your home. Helping you set a fair listing price, offer suggestions about staging, repairs, cleaning, and curb appeal that will pay off. Some choose to go the For Sale by Owner route to avoid paying commissions but don’t realize the support and guidance we offer.

A great agent has your best interests at heart. They will help you set a fair and competitive selling price for a quick sale. An agent can also help with the emotional part of the process. We interact with potential buyers and eliminate showings to those who only want to look at your property but have no interest in buying a home. Selling looks easy, but you need someone that understands the process forwards and backward.

Your agent will have more experience negotiating home sales. You will get more money than you could on your own. If any problems occur during the process, and usually do, an experienced agent will be there to handle them for you. We are familiar with all the paperwork involved in real estate transactions and make sure the process goes smoothly.

2. Setting an unrealistic price

You might have an idea of how much your home could be worth based on home sales in your community. Homes of similar size and features that have sold near you. These comparable sales referred to as “comps”, are what real estate agents use to recommend a listing price.

The challenge is that no two homes are ever the same. As agents, we need to account for each difference between homes to be accurate. This is called adjusting. Pricing your home too high can cause the listing to suffer.

The price you want and what the market will bring can be two very different things.

Whether you end up with more or less than your asking price will likely depend not just on your pricing approach, but also on whether you’re in a buyer’s market or a seller’s market.

In today’s market, Buyers are extremely well educated. They have all the historical data. Access to tax records. What you paid for the property and many times what you owe. A seller needs to understand they are dealing with a very educated party in the negotiation.

Over-pricing a home and having a listing on the market for several months, is never good. This might make a buyer think there is something wrong with the property.

3. Failing to make the necessary repairs

A long list of repairs can turn buyers off and potentially decrease the value of your home. Buyers expect the condition of your home to match the description on your listing.

Whatever improvements or upgrades are completed, make sure these are done right and by a professional. The objective here is to address evident issues, especially those that are likely to turn up during a home inspection.

Look for items that are broken, in poor condition, or can affect the safety, structure, or functionality of the home. Pay attention to things like appliances, carpet, light fixtures, dents, and scrapes on walls and doors.

4. Skimping on listing photos

Photos are one of the best marketing tools online. Professional photos create more interest in a property, more interest leads to more buyers.

If possible, hire a professional real estate photographer to get top-quality results. Don’t allow your agent to take a few snapshots on a phone. Good quality photos should be clear and taken during the day when there is plenty of natural light out.

Showcase your home’s best assets. Many buyers are looking for homes online these days and make their decision to fall in love with your home with pictures. Good quality photos will set your listing apart and help generate extra interest.

5. Not staging your home

Sellers often take lightly the power of furnishing and staging. All homes benefit from staging, whether they are studio condos, single-family homes, or lavish mansions. Staging is not decorating; it is placing neutral yet tasteful furnishings to draw attention to the features of your home. In some cases, you can get away with moving furniture around or adding a curtain or a painting. But sometimes, you may need to stage your home.

Have your agent, point out areas of your home that need attention. Declutter, clean thoroughly, add a fresh coat of paint on the walls, and get rid of any odors. This will help you make a good impression on buyers.

Generally speaking, the cleaner, less cluttered, your home is, the more appeal it can have. Even if you’re not hiring professionals, there’s plenty you can do yourself. Hide personal photos, knickknacks, and memorabilia. Tone down distracting decor and bright colors. Move anything that would divert attention from the most important thing a buyer should be focusing on, the Home.

Be a wise seller, call a professional!

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What to Fix Up When Selling a House

Posted on by Jenny Zamora

No two homes are ever alike. This means your home is going to have a unique list of repairs to deal with. So how do you find these repairs and what do you do next? Do you repair or leave it alone?

The process of getting a property ready to list can seem intimidating. There is a long list. Clearing the inside and outside clutter, cleaning the home. Organizing and throwing out the junk you have not seen in years.

We all know it is easy to miss a lot of the wear and tear that happens to your home over the years. But when you start thinking about selling, the state of your home becomes much clearer. A home is an investment, and regular maintenance helps keep your investment strong.

Buyers often look for homes that require few repairs and are ready to Move in! A little prevention can spare you from the pain of watching a buyer walk away. A deal can fall apart because the home inspector found issues the buyer is not ready to deal with after closing.

Welcome to the world of Fixing to Sell. Now, you cannot just throw the listing on the market and hope for a buyer. You must prepare, and presentation is essential.

Who wants to pour more $$$$$ into the house they are leaving behind? You do. The last thing you want is for your buyer to walk away from the sale over a jiggly toilet seat handle. Deals falling through due to repair issues happen more often than you think.

Best Repairs Worth Making Before You Sell:

1. Cosmetics

As a rule of thumb, cosmetic renovations are normally cheaper than structural renovations. Buyers buy with their eyes, so now is the time to go through the interior in detail. Are there dents and dings on the walls and doors? Scratched moldings or worn-out paint? Spruce up the inside with a fresh coat of paint. Pick light, neutral and on-trend colors. Fix minor cracks in the wall. Cosmetics usually involves things that are clear and not hidden like wiring or plumbing. Replace worn or stained carpeting. Replace any chipped or cracked floor tiles or refinish scratched or dented hardwood. Replace old drapes and window coverings. Change the linens in bedrooms and towels in bathrooms. Put some fresh flowers in the kitchen.

2. Exterior

Curb Appeal. The exterior is the first thing buyers will see, so you want it to look great! Replace missing fence boards, add sod if the yard is looking like it needs it, clean up any junk that may have accumulated in the yard or on the outside. Change the house number or letterbox to something new and fresh.
Make sure the grass is mowed and that weeds are taken care of. Plant some flowers in the beds to add color and make the place feel homier. Trim the palm trees and bushes and don’t leave any garbage around.

3. Kitchen

Do not do a complete kitchen renovation unless you know you can make your money back on the sale. You can make minor repairs that will make your kitchen appear more inviting. Paint if necessary. Change the hardware on the cabinets. Install new fixtures. Replace the countertops with something more appealing (granite and marble are not necessary). The price of solid surface materials has come down in recent years so it might be worth getting an estimate.
With the appliances, buyers are going to expect these to work. If the oven, dishwasher, refrigerator, or range are out of order or in awful condition, consider replacing them.

4. HVAC

Your heating, ventilation, and air conditioning system (HVAC) should be in good working order. It should be clean and free of leaks. Your thermostat should be operating properly. Hire an HVAC technician to complete a tune-up and change the AC filter. Make sure you get an assessment of your system’s condition.

Leaving repairs for a buyer is not a smart thing to do if you are looking to get the most money for your home. Now that you know what to look for. Have a pre-inspection done on your home, so you can fix the major issues before listing the property.

For other most common problem areas, you will need to hire a professional. Things like faulty wiring, drainage, roof problems, foundation problems, poor upkeep, and plumbing.

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Right Of First Refusal Explained

Posted on by Jenny Zamora

In my 16 years of being an Orlando Realtor, I’ve been asked by dozens of clients to explain what a right of first refusal is and how does it work.

When you are selling a house, you may encounter a situation where the sale is contingent upon the buyer selling the home they live in before buying yours.

So, is it a good idea to accept an offer like this? Accepting an offer such as this is OK as long as you include a “right of first refusal” aka “kick-out clause” contingency in the contract.

It’s pretty rare to get an offer with a home sale contingency, but it does happen occasionally and depending on the situation, sometimes it’s a good alternative.

What’s a right of 1st refusal?

Right Of 1st Refusal Explained

If your Orlando home has been listed for a while with little or no offers, you may be willing to make your terms more attractive to buyers. For instance, if a buyer came along and wanted your house but they can only afford it after they’ve sold their current home. Accepting an offer that includes a home sale contingency involves a bit of risk if you don’t structure the deal correctly.

When one of these offers is presented to one of my clients, I insist on including a right of 1st refusal clause in the contract or we don’t accept it. The purpose of this clause is to allow you to accept an offer like this while continuing to market your home to other interested buyers. You’re telling the buyer that you will continue to actively Market the home until the buyer completes the purchase.

Here’s how it works…

If a different buyer makes an offer on your home while under contract, you have to give the original buyer the option of eliminating the home sale contingency for the sale of their current home and purchasing your home within a pre-determined amount of time, usually between 24 and 72 hrs.

If the original buyer fails to buy your home within that time frame, then you have the right to sell your home to the second buyer.

Working as a top real estate agent in Orlando FL, I’ve closed several of these transactions successfully. Sometimes they worked out and everyone was happy and other times it didn’t work out for the buyer. In every instance, the seller was protected because we used the 1st right of refusal contingency.

What to Look For In A Right of 1st Refusal Clause

If you have your home listed with a realtor and you receive a purchase agreement with a kick-out clause, there are a few things to look for like the following:

  • How much is the buyer offering on your home?
  • How much time are they asking for to complete inspections?
  • How long are they asking for to obtain financing?
  • What is the closing date?
  • How long do they have to respond if you end up getting another offer?
  • Is their current home already being marketed for sale?… It better be!

Why Would A Buyer Accept A Kick-out Clause?

Many of you might be wondering why a buyer would even accept a clause like this when it puts them at a disadvantage. Think about it…anyone who makes an offer that’s contingent on selling their own home first is already in a bad position.

It’s human nature for people to view things from their perspective without thinking about it from the opposite side of the table. Think about it…If you were in a situation where you’re struggling to sell your home, you may get super happy to receive an offer like this one!

Understand, however, that a buyer like this is more than likely facing his or her share of struggles and the road to the closing table will probably be a bumpy one.

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Orlando Realty’s “Easy Exit” listing agreement.

Posted on by Jenny Zamora

When somebody lists their house with a real estate agent, they always worry that the agent won’t perform as promised and they will be stuck with them until the listing agreement has expired costing your home valuable time and exposure on the market.

Most real estate agents require you to sign listing agreements that have a cancellation fee of several hundred dollars when the homeowner wants to terminate the contract with the agent they hired to represent them.

It’s for this reason that I use an “Easy Exit” listing agreement. This takes the risk out of listing your house and having to worry about us not performing.

When you list your home through our INSTANT AMNESTY Listing Agreement, there’s no risk to the homeowner. We are so confident that you’ll be happy with the results that we get you that you can cancel your listing with us at any time and NO CHARGE! There is NO cancellation fee in our listing agreement.

• You can cancel your listing anytime.

• You can relax, knowing you won’t be locked into a lengthy contract.   

• Enjoy the caliber of service confident enough to make this offer.
   In my 8+ years as an Orlando realtor, the few times that someone has wanted to cancel a listing agreement with me was because they decided to keep the house instead of selling, it has never been for non-performance. When it comes to real estate, my skills and work ethic are among the best in Orlando and I have the track record to prove it. My confidence comes from thousands of successful real estate transactions and thousands of happy clients. The fact that most of our business comes from referrals from past clients says it all.

Whether it’s a traditional listing or an Orlando short sale, I get the job done no matter what.

Tired of your realtor not performing and wasting valuable time on the market? Give us a try, you have absolutely nothing to lose. Visit us at https://orlandorealtyconsultants.com/ or call us at 407-902-7750 so that we can discuss your best options. Jenny Zamora Lic. RE Broker

Orlando Vacation Homes

 

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Florida Foreclosure Process

Posted on by Jenny Zamora

Going through a Florida foreclosure is not a pleasant experience. On top of that, you can get overwhelmed with dealing with the foreclosure process. There are legal timelines you must be aware of like court hearings and possibly eviction if you can’t stop the foreclosure.

These are the questions most commonly asked by homeowners struggling with foreclosure:

  • What’s the foreclosure process in Florida?
  • How much time does the FL foreclosure process take?
  • How long before they evict someone after a foreclosure?
  • Can I stop a Foreclosure in Florida?
  • Is FL a foreclosure redemption state?

Generally, a Florida foreclosure can be avoided if you know what you’re doing. In this post we’ll be discussing the foreclosure process in Florida and what you can do to stop foreclosure.

Foreclosure is a legal process where the mortgage lender of the home takes action to repossess the home or sell it at a public auction to the highest bidder. Once the foreclosure has been complete, the new owner or the bank has the right to evict anyone living there. 

Florida Judicial Foreclosure

That’s a fancy way of saying the courts decide the case. A Florida foreclosure must go through the courts and abide by timelines issued by the judge assigned to the case.

FL Lien Theory

In Florida, you own your property with a mortgage note. The deed is in your name and so is the debt attached to the home.

When the bank gave you a mortgage, they also filed a lien on the home. This is a recorded official document outlining the amount owed and your promise to pay them back. On the lien, the buyer is named as the owner of the deed and title to the property.

In some other states, the bank owns the home until the mortgage is paid in full.

Florida Foreclosure Law

If you find yourself struggling with foreclosure then knowledge is your best friend. Understanding the foreclosure laws in Florida will help you to make good decisions moving forward.

If you already have a foreclosure sale date you need to hire a foreclosure attorney to try and delay the proceedings.

Do you need help selling a foreclosure property in Florida?

The Phases of Florida Foreclosure

  • Pre-foreclosure
  • Foreclosure lawsuit
  • After the foreclosure sale

The thought of losing your home can be terrifying but it’s far worse if you don’t know how long it takes. Knowing how much time you have will help you when making a plan of action to stop the foreclosure.

Pre-Foreclosure: The amount of time from missing a mortgage payment until the bank files a lawsuit. Pre-foreclosure begins as soon as you miss your first mortgage payment. A Florida pre-foreclosure lasts anywhere from 3 to 6 months depending on the lender and the situation. You can extend or even stall pre-foreclosure by working with your lender on alternatives to foreclosure.

Pre-foreclosure is the perfect time to explore your options. If your home has no equity you may be a good candidate for a short sale. If you want to keep your home, you can ask about a loan modification. Another option if the home has equity is selling to a cash buyer.

What Happens When You Start Missing Payments?

Most lenders in Florida allow a 15-day grace period after missing a mortgage payment. Once the grace period is over, you will probably incur a late fee. At 30 days past due the bank may report you to the credit bureaus. After 30 days your lender will start reaching out more frequently. This is a good opportunity, to be honest with your lender and start a dialogue about your situation.

By the time you are 45 days late on your payment, you will be referred to the loss mitigation dept where a rep will be assigned to you.

Foreclosure Lawsuit

A foreclosure lawsuit in Florida begins with the bank filing a Summons, Complaint, and finally a Lis Pendens. A “Summons” is a legal notice of the foreclosure lawsuit and it orders you to appear before a judge at a certain time and day. You will also have 20 days to file your response.

The Complaint

The complaint puts in motion the legal and factual basis for the lawsuit. A foreclosure complaint describes the terms of the mortgage or promissory note, property being foreclosed on, the amount due, etc. Complaints will also specify the relief sought after by the lender.

The Lis Pendens

A “Lis Pendens” is a written notice that states the foreclosure lawsuit has been filed against your home. The purpose of this is to inform the public there is a lawsuit against the property. Banks are required to file and record the Lis Pendens with the local county in FL.

A Lis Pendens can be several pages long and must include: names of the parties involved, filing date of the lawsuit, property description, and relief being sought.

The Service of Summons and Complaint

Once the Lis Pendens has been filed, the bank must “serve” you with the complaint, summons, and Lis Pendens regarding the foreclosure lawsuit. This is usually done by mail or by a process server.

Responding to the Summons

Once you’ve received the summons and complaint, you have 20 days to file a response. You must file a response before the 20 days run out. If not, the judge may decide to fast-track the foreclosure sale date.  For example: “I’m currently working with my lender to do a short sale on my home, please allow me some time to do this so I can avoid foreclosure”

Once you’ve filed your answer, the judge may just put it to the bottom of his stack or set a date for a “Preliminary Hearing”.

The Preliminary Hearing

If by this time you still haven’t found an alternative to foreclosure, the process continues with a preliminary hearing. In the preliminary hearing, you tell the court what your plan is to avoid the foreclosure and the judge decides what happens next. If the judge sees that you’re being proactive by pursuing an alternative to foreclosure with the bank, you may be granted more time.

If you haven’t taken any action to correct the situation then the judge will probably set a foreclosure sale date.

Summary Judgment Hearing

In this hearing, the lender will present their case to the judge to rule in their favor. This is based on only the non-disputed facts so if something is wrong, this is the time to speak up. You have the chance to offer up any proof of why the foreclosure shouldn’t move forward.

Your lender might include the financial damages including mortgage balance and interest as part of a summary judgment motion.

Foreclosure Sale Date

The county court may set a foreclosure sale date after the entry of the summary judgment. At that time, it will be sold to the highest bidder or required by the bank to list as an REO property. Whoever the new owner is at this point will have the option to evict anyone living in the home.

Alternatives to Florida Foreclosure

If you want to sell the property to avoid foreclosure and walk away then doing a short sale may be the way to go. A short sale is when the bank allows you to sell the home for what it’s worth and not what it owes. So if you owe more than the home is worth, requesting a short sale is a great option.

Applying for a Short Sale

If you decide on a short sale, you’ll need to submit a complete short sale package. The short sale package generally consists of your financial information like pay stubs and bank statements, proof of hardship, letter explaining your situation. The lender will usually request 30 days for a short sale review.

Hiring Short Sale Realtor

If you wish to pursue a short sale on your property then you need a short sale agent. This is a real estate agent that specializes in short sales. A short sale is a much more complex process than a normal listing which is why most agents shy away from short sales. An experienced short-sale agent can step into your shoes and deal with the lender on your behalf.

Hiring the wrong Realtor can mean the difference between selling your house and being foreclosed on.

A short sale agent can also help you with:

  • Advising you on most current loss mitigation programs available
  • Completing and submitting the short sale package properly
  • Provide you with updates on your short sale review
  • Keep you up-to-date on court hearings and timelines

Loan Modification

A loan modification is when your lender adjusts the terms of your mortgage by reducing the payment making it more affordable to you. If you want to stay in your home and can afford a slightly lower payment, then this may be a good 1st option.

Deed-in-Lieu of Foreclosure

The transferring of ownership back to the bank instead of a foreclosure.

Filing For Bankruptcy

Courts issue an “automatic stay” on creditors (consult with your local bankruptcy attorney)

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