Author: Jenny Zamora

3 Ways Real Estate Agents are Better than FSBO’s

Posted on by Jenny Zamora


Top 3 Reasons It’s Better to List with A Real Estate Agent than For Sale by Owner

Selling a home without the help of an Orlando real estate agent might sound empowering to you at first and could save you a few thousand bucks on real estate commissions and fees. However, selling a home without a realtor is complicated and can be risky if you don’t know what you’re doing.

You should know going forward that there’s a lot of legal paperwork which will require your signature, so it’s important you know exactly what it is that you’re signing. If not you could end up either losing money or in some legal hot water… or both!

Although it seems like a daunting task to take on alone, it doesn’t mean you can’t do it. Homeowners claim the most effective marketing methods for selling “by owner” included yard signs, classified ads, and word of mouth.

Here are the 3 biggest challenges homeowners faced who went through the process of selling on their own…

Selling Price was Lower- Studies showed that Orlando homes in 2019 sold for 18% lower when sold as an FSBO as opposed to being sold by an Orlando real estate agent.

More Time on the Market- Homes listed by a Realtor sold 22% faster than homes sold “for sale by owner”. That’s an average of 19 days longer!

More Stress on the Seller- Some of the challenges sellers faced included deciding on the right price, not understanding the paperwork, and just finding the time to deal with the whole sales process. This can cause the average person a serious amount of stress if they’re not prepared to handle the common issues that come up in a typical real estate transaction.

Real estate agents have the experience and resources to handle any issues that may arise throughout the process. So if you’re still wondering whether or not you can sell your home on your own, the answer is yes but be ready to put in the time, work, and money required for a successful sale.

Selling a home is a complex process. An Orlando real estate agent will be there to help you at every stage of the journey from deciding on the price to marketing strategies to closing.

The Realtor Guarantee

You should know that all real estate agents are not the same. Only members of the National Realtors Association can call themselves Orlando Realtors. We subscribe to a very strict code of ethics and have unlimited access to all educational resources and training for both residential and commercial real estate. Realtors also should treat all parties to a transaction honestly and with respect.

Setting the Listing Price

Determining what the listing price will be is not only the first step in the process but also one of the most important. Your Realtor will have the knowledge and tools to come up with the fair market value of the property. They will look at competing properties in the area as well as repairs and upgrades. Your real estate agent may recommend some repairs or cosmetic work which will enhance the appearance of the home for potential buyers.

Marketing your Home

The next step is just as important as setting the listing price… marketing. Marketing your home to the right people as well as to other real estate agents through the MLS [aka Multiple Listing Service], social media, and email is crucial to a successful real estate transaction. Realtors have access to a wide range of tools and resources to properly market a property that unlicensed people don’t have.

If your real estate agent has a deep knowledge of your neighborhood, then they should know how and where to market your property to make the biggest impact. Sometimes they will already know other agents in the area looking for a home just like yours.

It’s Safer

When you sell a home “for sale by owner”, you’ll most likely end up showing your house to a lot of tire kickers who can’t afford to buy. Also, You have no idea who you’re allowing into your home which can be extremely dangerous.

Experienced Real estate agents will prescreen potential buyers to make sure they are serious and are approved for a loan before allowing anyone to see the home.

Negotiating the Deal

Your real estate agent will help you to evaluate offers and act as a middleman between you and the buyer. You will never have to interact with any buyers… or other agents. When you do accept an offer, inspections, appraisal, and possible repairs will follow before moving to the next stage. Your real estate agent will explain all the paperwork to you… understanding all the paperwork is crucial.

Moving Towards Closing

Between the initial offer and the closing of your real estate transaction, issues may arise… and probably will. Things like unexpected repairs that need to be completed for the buyer to obtain financing. Or maybe there are some issues with the title that need clearing up. Your real estate agent will be there for you to handle these issues and anything else that may arise before closing.

If there are legal issues your agent can’t handle, they should be able to refer you to a good real estate attorney.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Top 6 Turn Offs for Home Buyers

Posted on by Jenny Zamora


Selling Your Orlando Home? Avoid These Potential Buyer Turnoffs

To give yourself the best chance at selling your home for top dollar in the least amount of time, you need to make a good first impression because you won’t get another chance at this. In my experience as an Orlando real estate agent since 2004, I’ve heard just about every complaint you can imagine from potential home buyers. The crazy thing is that many times they complain about stupid little things which could’ve easily been avoided by the homeowner.

If you’re interested in selling your home for top dollar in the least amount of time, you should follow these tips to give you the best chance.

Water Stained Ceilings and Walls- Water stains on the ceiling can be a dead giveaway that you’ve had or still have a water leak which usually means roof or plumbing issues which can potentially mean serious repairs. If you have an active water leak, you should address it before listing your home. And if it’s already been repaired, then make sure you finish the job and paint over any previously stained drywall.

Whenever I assess a property for damage, the first place I look is the ceilings…

Bad Odors- Odors can sometimes cause a potential buyer to turn back around at the front door before they even enter the house. Cigarette smoke, cat urine, and anything else that stinks can be a potential deal killer. The problem with getting rid of odors is that sometimes the odors get embedded into the walls ceilings and floors which means you’ll probably need to replace the carpeting [you should be OK if you have tile] and repaint the walls and ceilings.

You should first try shampooing the carpets and cleaning the walls the best you can. If the odors are still there, then it may be time to repaint… then new carpets. I’ve found that new paint and carpet will eliminate even the worst odors.

Bad Lighting- There’s not much you can do about the natural lighting of your home other than making sure blinds and windows are opened allowing in as much light as possible. However, you should consider updating your existing lighting fixtures throughout the home if they’re outdated. You can get some nice fixtures for relatively cheap at your nearest Home Depot or Lowes.

Note: If you’ve already painted the inside, you may as well go the extra mile with some nice fixtures.

Outdated Bathroom- You may think you need to spend big money when updating a bathroom but it’s not true. Unlike a new kitchen, bathrooms can be updated relatively cheaply. Unless you have a massive bathroom with long countertops, an average bathroom can be updated with under $1000 depending on what needs to be done. I believe a new vanity, new fixtures, a new mirror, and a new toilet usually do the trick.

Too Much Clutter- This is an easy one to fix which is why I’m always surprised to see so many people get it wrong. I’ve had quite a few uncomfortable conversations with listing clients over the years about this. However, I wouldn’t be doing my job otherwise. Rooms with too much furniture can look smaller than they are. It’s also uncomfortable for potential buyers to walk through and imagine any kind of open space.

Tacky Decor– Talk about awkward conversations… Trying to tell a listing client their taste in home decor sucks is never fun. But again… I wouldn’t be doing my job as an Orlando real estate agent if I didn’t. Sometimes the best thing to do is keep it simple. Takedown those over-the-top curtains and decorations and allow the home to be seen without the distraction of your taste in home decor. Keep colors neutral and decor simple.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Can You Negotiate The Price of a Short Sale?

Posted on by Jenny Zamora

Short sale deals in Orlando can mean big savings for home buyers and investors who are experienced with the process. Short sales can be very time-consuming and require a lot more work than a regular sale, but if you’re willing to hang in there, you could end up with a fantastic deal on a home.

WHAT IS A SHORT SALE?

In case you don’t know, a short sale is the sale of a house whereas the mortgage company allows the homeowner to sell the property for an amount less than what’s owed on the note. Because of this, short sales are very popular for homeowners who are no longer able to afford to pay their mortgages. This also allows banks to get most of their money back and avoid taking a homeowner through an expensive foreclosure process.

A short sale is also much better for the homeowner because it allows them to avoid having a foreclosure on their record which is very damaging to your credit score. The short sale process can be beneficial not only for lenders and homeowners but also for potential buyers… if they’re willing to stay the course no matter what.

CAN YOU NEGOTIATE A SHORT SALE?

Short sales are all about back and forth negotiations, but they are anything but short. It can be a very time-consuming process and there’s never a guarantee that the lender will approve your offer. Lenders are not required to accept any short sale offer on any property. To negotiate a successful short sale, you must be familiar with the process.

MAKING AN OFFER ON A SHORT SALE HOME

These days, very few first short sale offers are accepted so don’t get your hopes up. Your ability to negotiate will have a lot to do with what the final accepted price will be.

Very few initial short sale offers are accepted, and for those that are,
there is a large amount of negotiation involved. Your ability to negotiate will often determine the final price that is accepted. Check out the following tips to help you put your best foot forward:

Look at the comps: You must know how much the house is worth so that you know you’re getting a good deal. You should enlist the help of an Orlando real estate agent to help you with this as they have access to the MLS and other tools. Submitting a lowball offer is the quickest way to get rejected while offering too much can cause you to lose money. That’s why having a real estate agent in your corner is vital.

Submitting the 1st Offer: Assuming the homeowner has already been granted permission to short sell their home, the negotiation process begins when you submit your first offer. If the property requires repairs, then you should include a contractor’s estimate with your offer. This is done to justify your offer and also lets the lender know the home needs work.

The Short Sale Agent: Hopefully the listing agent that’s doing the short sale for the seller has some experience processing short sales. If not, then you might be headed for trouble, and unfortunately, there’s nothing you can do about it because it’s up to the seller to choose the listing agent.

The BPO aka [brokers price opinion]: After the offer’s been submitted, the lender will order what’s called a BPO. This is usually performed by a local real estate agent of the lender’s choosing to determine what the fair market value of the home is. Whatever this number comes in at will usually determine what the lender is willing to accept. However, sometimes [most of the time] this number will still be a bit higher than it should and so the negotiations begin…

The Counter Offer: If your first offer was accepted, either you offered too much or you are really lucky! Hopefully, it’s the latter…but not likely. Most of the time, the 1st offer will be rejected and the lender will either… tell you how much their willing to accept or they may tell you to submit your final highest, and best offer. At this point, you should tell your realtor to do the comps again before submitting your final and best offer. How the short sale agent handles this will have a lot to do with your chances of success.

Short Sale Tips From a PRO

In my career as an Orlando Real Estate Agent, I’ve completed thousands of successful short sales in Orlando and throughout the state of Florida. I can tell you that processing and negotiating a successful short sale requires skill, experience, tenacity, and most of all patience. To give yourself the best chance at getting a deal, here are some tips:

  • Work With An Experienced Short Sale Agent: Whether you’re looking to buy a short sale or do a short sale on your own home, you should do so with the representation of a real estate agent experienced in short sales. Take your time in finding the right agent as this part is crucial to your success.
  • Have Your Funding in Place: Sometimes lenders will only give you 2 weeks to close on an approved short sale property. You should have your financing in place before you even start submitting offers.
  • Start The Loan Process Early: While not always the case, some banks will offer a small closing window to those looking to secure a short sale (sometimes as little as two weeks). Those that have yet to secure funding may find that the window is too short. Therefore, it’s a good idea to get the ball rolling on financing as soon as possible—perhaps even before the file is sent for final review.
  • Follow up, Follow up, Follow up: Be sure to maintain constant contact with your real estate agent to be aware of what’s happening with the file.

Summary

Short Sale

Short sales in Orlando have served as some of the best deals since 2007 and still do so today, although it’s a bit more competitive now in 2019. However, if you’re willing to put in the work and stay the course, it could mean a big payday for you!

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

How Much Will it Cost to Sell my House?

Posted on by Jenny Zamora


A recent shortage of homes for sale in Orlando, FL gives sellers an advantage in the current housing market. However, many sellers don’t that a real estate transaction will cost them thousands of dollars.

Paying a real estate commission and other associated costs can total up to 10% of the sale price of the home. Realtor commissions are negotiable and other fees can fluctuate slightly with the real estate market. Sellers should be prepared to pay their fair share of the numerous costs involved in selling a home.

Following is a general overview of the various costs to sell a house.

Real Estate Commissions

The commission paid to a real estate agent or agent is by far the biggest fee a seller will pay. The typical real estate commission paid will usually total about 5 to 6 percent, usually divided among 2 real estate agents unless only one agent was used in the transaction. That means if you sell your home for $300,000 you could end up paying up to $18,000.00 in commissions. Typically the commission is split between the buyer’s agent and the listing agent and is almost always paid by the seller.

The good news is that real estate commissions are negotiable [especially in a hot market] and this is something that you should discuss with your real estate agent before you sign the listing agreement.

Some homeowners will try to sell their homes on their own to avoid paying real estate commissions. This usually isn’t a good idea. Real estate agents have a lot of responsibilities in a real estate transaction including:

  • Showing the home to perspective buyers
  • Negotiating price
  • Reviewing the real estate contract
  • Scheduling inspections
  • Walking you through closing

So be prepared to do all of these things yourself if you decide to sell on your own.

House Repairs

If you want to sell your home for top dollar, make sure your home looks as good as possible before showing it to potential buyers. There are quite a few things you can do to enhance your home’s appearance without spending a lot of money. Some fresh paint and a bit of landscaping can go a long way. You should also make sure that the inside of the home is clean, de-cluttered and all the mechanical components are working properly.

If your home needs some updating in the kitchen and bathrooms, it might be investing if your budget allows for it. Depending on the surrounding homes in the area, an updated kitchen and bathrooms can raise the value of a home significantly.

If the home inspector [hired by the buyer] discovers there are problems with the house like a leaky roof or outdated plumbing, you’ll most likely have to make those repairs to close the deal.

Ordering A Home Inspection

As a seller, ordering a home inspection on your home is up to you, and it usually costs around 300-400 dollars. Some homeowners are willing to make this investment because they want to identify and fix any potential problems with the home before the buyer’s inspection is performed.

Ask your Orlando real estate agent whether or not they recommend you order your inspection. As the homeowner, you are obligated to disclose any material defects to the buyer if not corrected.

Staging Your Home

Unless you know what you’re doing, I recommend hiring a professional staging company to stage the home. A good home-stager can do amazing things with furniture and some simple home accessories. The best part is that you don’t have to buy anything. They have their furniture and decorations which they will come and pick up once you sell the home.

Retail buyers should be able to envision what a house can look like at its full potential when they walkthrough. In addition to some fresh paint and updating, it might be worth the investment of staging the home. If you’re living in the home, be sure it isn’t cluttered with too much furniture or junk. You should also make a habit of keeping the home spotless while it’s being marketed. This way you’ll be ready for any surprise showings.

Staging is a great tool for selling homes. We’ve been buying and selling fixer-upper homes in Orlando for a very long time and I can tell you from experience that a properly staged home will sell faster than one that isn’t staged every time!

Professional home stagers usually charge according to the home’s size and how many rooms you want to have staged. For example, if I’m selling a 4 bedroom home, I may only have 1 or 2 of the bedrooms staged and leave the rest of them empty.

Paying Utilities

If you don’t reside in the home you’re selling, be sure to keep the utilities on while it’s being sold. It can be a big turn-off for potential buyers to walk through a home with no ac or lights. It can also cause the buyer to wonder if everything’s working properly.

Paying off the Mortgage

The first thing that gets paid from the sale of your home is the remaining amount on your mortgage. Unless it’s a short sale transaction, Your mortgage payoff should be less than what your sale price is.

If you’re selling one house and buying another? Make sure to find out how much you can afford before buying.

Closing costs

Depending on what you’re able to negotiate, closing costs are generally the responsibility of the buyer. If you’re selling your home in a buyers market, you may be asked to kick in for closing costs as well.

These fees include homeowners association costs, property taxes, attorney fees, transfer taxes, title insurance, etc. Altogether, closing costs can range from between 2% to 4% of the sale price.

Capital Gains Tax

If you sell a home for more than you paid for it, it’s considered a capital gain and may need to report on your federal tax return. However, many homeowners are eligible to exclude up to 250k of capital gain and 500k for married couples who file jointly.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

48 Ways to Speed up an Orlando Home Sale

Posted on by Jenny Zamora

Accurate Home Evaluation- Contact an experienced Orlando Realtor to walk through and give you some ideas about what needs updating, repaired, or removed.

Repair damaged walls- patch and paint.

Replace damaged or cracked floor tiles.

Lubricate any squeaky doors.

Repair any sticky windows.

Repair any leaky faucets or toilets

Re-caulk sinks and tubs

Repair or replace any broken windows or screens

Replace nobs on cabinets [if needed]

Update your lighting fixtures [if needed]

Update blinds [if needed]

Replace faucets and showerheads, [if needed]      

Paint the interior in neutral colors

Paint exterior doors and window trim

Paint shutters

Repaint exterior [if needed]

Brighten- Remove heavy window treatments that block light

Wash all windows thoroughly

Increase the wattage of light bulbs

Replace dark lamp shades

Depersonalize- Remove family photos

Store knickknacks and trinkets

DE-CLUTTER Thin out the books on your shelves

Empty kitchen counters

Place out-of-season clothing in storage

Rent a storage unit to store unneeded items

Organize the pantry

Organize closets

Organize basement

Organize garage and shed

CLEAN- Clean all interior surfaces

Wash windows and doors

Air out and clean in cabinets and under sinks

Power wash exterior of house and sidewalks

Clean outdoor furniture

Clean porch lights of cobwebs 

HIDE SIGNS OF PETS- Remove pet smells

Hide pet food and bowls

Take pets for a walk during showings or send them to daycare during open houses

STAGE INSIDE- Reduce the amount of furniture in each room

Organize furniture to create seating areas and give each part of the home a purpose

Place fresh cut flowers around the home during showings

PRUNE AND LANDSCAPE Remove dead plants

Prune or replace overgrown shrubs

Fill open spots with seasonal flowers

Add fresh mulch to beds

STAGE OUTSIDE- Make sure the front porch/entryway is clean and inviting

Use outdoor furniture to create inviting spaces

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields