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Avoid Seller’s Remorse

Posted on by Jenny Zamora

Just like buyers who get cold feet before pulling the trigger on buying a home, sellers can also feel remorse and have second thoughts about selling a home.

Seller’s remorse usually happens because the seller wasn’t really motivated to sell in the first place. These are homeowners who think they want to sell, but they don’t really have good reasons to follow through with it. 

Sometimes sellers will want to “test” the market, just to see how much a buyer would offer on their home.

If that’s all you’re really looking for, have your Orlando Real Estate Agent do a CMA for you rather than going through the charade of listing it to see what happens.

Real estate agents spend time and money when they list a home for sale. If the homeowner isn’t serious about selling, the agent loses all the time and money they’ve invested on something that was never going to happen in the first place and it’s just not right to do that to someone. Most of the time homeowners don’t do this on purpose.

Here’s an example using one of our own clients… We had a seller with a beautiful 5 bedroom 4 bathroom lake house in Windermere. They wanted to downsize because their three children had all moved out and it was just her and her husband.

In addition to being “empty nesters”, they were convinced that the Orlando Real Estate market was declining in value. They thought if they waited a few more years, the value would fall so low that they would lose their chance to make a nice profit.

I thought great!… These guys really are motivated to sell and the house is in a very desirable area.

So we launched our marketing campaign as we do for all our listing… videos, postcards, press releases, open house, etc.

Within just 4 days after listing the property, we were excited to present the couple with a full-price offer on the home!

Once we presented the offer, the wife panicked…. Suddenly the reality of it all hit her.

She decided she couldn’t part with the home where she raised her 3 kids at any price. It was all fun and games telling potential buyers all about the house as did the tour of the house, but when the time came to sign on the dotted line the sellers froze. This is a common reaction when a seller isn’t truly motivated.

How do you Prevent Seller’s Remorse?

Owners can prevent seller’s remorse by taking the time to really think through the entire process.

  • Have a plan,
  • Have a relocation goal
  • Have good reasons for selling.

Sit down with your real estate agent and discuss your wants and needs with them. Make a list of the pros and cons to selling, if the pros outweigh the cons, then sell! If it’s the other way around then don’t put it on the market.

If you’re worried about not being able to find another home to meet your needs in time, then you can sell on a contingent contract. This type of contract gives the seller a predetermined amount of time to find another home, and if they can’t find the right one then they aren’t obligated to sell.

If you’re wondering how much your Orlando home will sell for then gives us a call at 407-902-7750 and we’ll prepare a free Comparative Market Analysis for you with no obligation.

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Include These Contingencies In Your Home Offer

Posted on by Jenny Zamora

 

There are so many unknowns when buying a house which is why you should enlist the help of an Orlando Realtor.  Because once you’ve bought it then that’s it! You’re in it for the long haul.

Using contingency clauses in your home contract to purchase will eliminate some of the uncertainty of buying a house by outlining the conditions that have to be met before closing the transaction.

Mortgage Contingencies Protect The Buyer

The most common contingency in residential real estate contracts is a mortgage contingency. In a nutshell, it states that if the buyer can’t secure the financing he can back out of the contract.

You can keep the verbiage simple or get very specific with all the details like; stating the type of loan [traditional, VA loan, FHA loan, etc.] You can even state what interest rate you’d be willing to go up to.

A mortgage contingency in a contract is an absolute must when buying a home unless you’re paying cash for the home.

Mortgage Contingencies Also Protect Sellers

 

In the previous paragraph, we learned how a mortgage contingency can help a buyer. However, sellers are also protected by mortgage contingencies. Here’s how… If a buyer goes past the predetermined amount of time as stated in the purchase contract to obtain financing, the buyer is still obligated to buy the home or they will have to forfeit their earnest money deposit to the seller.

Sellers can also demand that the buyer must have their financing in place several weeks before the closing in order to prevent the buyers from backing out at the last minute.

Appraisal Contingency

Mortgage contingencies and appraisal contingencies go hand-in-hand. There are a couple of different ways appraisal contingencies are implemented. In one version it states that if the buyer is unable to get an appraisal that is at least as high as the selling price, the buyer can then back out of the deal if they wish. The other option they have is to ask the seller to lower the sale price of the home. At this point, the seller can either agree to the price reduction or back out of the deal.

Inspection Contingency

Inspection contingencies provide the buyer with a pre-determined amount of time to take care of all the inspections they want to be performed on the house [usually 3 to fourteen days] prior to the closing. If the inspections uncover any issues or problems with the home, then the buyer can either back out of the deal or try to get the seller to fix whatever issues are in question prior to the closing.

Depending on what state you’re in, there are many other possible contingencies you can add to the purchase contract such as home insurance and mold inspection contingencies.

Put Your Orlando Realtor To Work!

The main thing is to pay attention to the fine print. The way a contingency is worded is crucial, it’s not there for decoration. If you’re not careful, you could overlook deadlines, end up losing money, and even get sued.

You should never enter into a real estate transaction without hiring an experienced Orlando Realtor in your corner. An experienced realtor will walk you through the entire home buying process and will make sure that you are protected in every way possible.

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Vacation Home Sales In Central Florida

Posted on by Jenny Zamora

There’s never been a better time to invest in short-term luxury vacation home rentals in Central Florida!

Each year Central Florida has over 65 million visitors because of World Class Attractions Gorgeous weather and of course that luxury resort experience.

The demand for short-term luxury rental homes in Central Florida is at an all-time high and continues to grow at an astronomical rate.

World-class golf courses and private water parks are just a fraction of the outstanding amenities offered by these amazing resort properties

Right now, developers are offering tons of buyer incentives as well as free upgrades.

By promoting only the very best resort communities in the area, we can offer our investors a solid return on their investment

On-site property management companies take care of everything for you and ensure that your home is rented out for as long as you want it to be.

ORC works with buyers and sellers from around the world helping our clientele to make smart real estate investments in the luxury vacation home market.

get started now by visiting http://buyrentalhomesorlando.com/ or call 407-902-7750 for a free consultation.

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Avoiding Buyer’s Paralysis

Posted on by Jenny Zamora

You’ve been searching for homes with your Orlando Realtor for the past year and for one reason or another, you haven’t been able to pull the trigger on any of them. You just let one great home after another slip away from you always find a reason why it’s not the one for you.

So why can’t you make the decision to buy?

Believe it or not, your subconscious mind could be sabotaging you. Buying a home is a huge financial decision and the stress that comes along with it can overwhelm you to the point where you’re constantly second-guessing yourself which can lead to paralysis in decision making.

Making the wrong decision here can result in serious financial consequences for you and your family. With all these things weighing on you, it’s easy to see why it’s so difficult to commit to buying a new home.

Do you really need to buy a home?

It’s important to consider why you’re wanting to buy a new home in the first place. Do you need a new home because of a growing family or maybe you’re downsizing to a smaller one?

Are you transferring to a new job in another state? Are the payments too high? All of these are legitimate reasons for buying a new home.

However, if you’re house shopping because you’re bored of the home you live in or you really have no reason to move at all, then you may want to think about if it’s really worth the stress of going through the home buying process just because you think you need a change. Maybe a kitchen remodels or a paint job will do the trick for you.

However, if you’ve been home searching for a while, then it’s probably because you really need to buy a home for a good reason. There are many benefits to owning a home like providing your family with a stable and safe environment, tax breaks, rising real estate value, etc.

Fear of Spending More Thank You Can Afford

The leading cause that keeps people from committing to a home purchase comes down to money. Ever since the market crash of 2007 many people worry that the same thing will happen again…real estate prices will be cut in half and they’ll be stuck paying much more than they should be on a home.

No one can predict what the Orlando real estate market is going to do in the future. However, there several things that you can do to minimize your risk of purchasing a home.

First of all, don’t let other people tell you how much you can afford to pay for a home. Lenders will try to get you approved for the highest dollar amount based on your income. Real estate agents will try to convince you to buy a bigger and better home now so that you don’t have to upgrade in a few years. Only you know what your financial situation really is and only you should be the one to decide on how much you can afford to pay for a home.

Make sure that your employment situation is stable enough for homeownership. Also, be sure that you can handle any major repair that comes along with owning a home without emptying your savings account like replacing an AC unit or a roof which can easily end up costing tens of thousands.

If you’ve already been pre-qualified for a mortgage, it means that you’re already looking at homes at the top of your affordability range. Just because you’re already approved for a certain amount, it doesn’t mean that you need to find a home to match the most you can afford. If at all possible, you should stay lower than what you are approved for. If you’re able to scale it back just a bit, I can almost guarantee that your stress level will also decrease.

Tell Your Orlando Realtor How You Feel

Make sure to let your realtor know how you’re feeling and want to decrease your house buying budget a bit. BTW, If they get upset or try talking you out of it then it’s time to find a new realtor. Remember, your real estate agent works for you, not the other way around

Don’t Fear The Future

Fear is one of the most powerful human emotions and its primary purpose is to keep us out of trouble. However, unreasonable fears are exactly that…unreasonable and they have no place in the real world. Common sense, research, and professional advice will help you to overcome legitimate fears like committing to a payment you can barely afford.

A good way to combat fear is to think about the very worst-case scenario in a situation. If you can still handle dealing with the worst thing that could happen [in your mind], then you’re probably ok to proceed. Chances are that whatever happened in your mind will probably never happen in real life.

No one can predict the future. So you have to be prepared to handle whatever may happen. If you’re still feeling paralyzed about buying a home, take some time to really evaluate your situation. Use the suggestions provided in this article to help you figure out what your next move should be.

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TOR 026 : Title Insurance, What’s It For?

Posted on by Jenny Zamora

Last week one of our buyers asked me what exactly title insurance was for and why did they need it. So I thought it would make a good topic for the show.

There’s a stack of paperwork that has to be completed before it all becomes official and you get the keys to your new house.  Today we’re gonna talk about it and hopefully, you’ll have a better understanding of exactly what role title insurance plays in a real estate transaction.

Play this episode of Top Orlando Realtors Podcast to find out the in’s and out’s of title insurance.

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