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TOR 015: Orlando Realtors That Specialize

Hello everyone and welcome to our show where we talk to the experts about anything to do with buying and selling residential real estate in Orlando
On Today’s episode, we’ll be talking about real estate agents that specialize in a certain area or niche of the industry.

 
Buyer’s Agents- These agents specialize in finding homes for potential buyers. They know the area better than anyone and can help increase your chances of finding you the perfect home.  In addition to negotiating the best deal, they will be with you throughout the entire home buying process all the way to the closing.

Listing Agents- These agents specialize in listing properties in a certain part of town. Their job is to sell your property for top dollar in the least amount of time. They know how to price your home correctly right from the start and what it takes to get it sold.

Short Sale Agents- Short sale agents are a breed all their own. Top Orlando short sale agents possess patience, tenacity, and the extreme willpower to get the job done no matter what.

That’s the show for today, I hope this was helpful to someone out there. If you have questions about buying, selling, or short selling a house, we’ve got you covered.

Call us to meet with one of our specialists to discuss your options. There’s never a charge for our services!

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Calculating Net Profits At The Closing

Many people tend to focus too much on sale price when trying to determine their net profits from the sale of their home. They tend to overlook the long parade of commissions, taxes, fees, and other costs that could easily add up to 7 or 8% of a home’s sale price.

Homeowners that are selling an Orlando home for the first time can be especially clueless when it comes to the smaller details of a real estate transaction. After listing your home, your Orlando real estate agent should provide you with what’s called a “Seller’s estimated net proceeds worksheet”. This will give you an idea of all the different costs that will be deducted from your net proceeds when you close.

Although certain costs can vary from state to state, these are some of the main ones you will see along with their definitions.

Mortgage Balance:

This represents any mortgages attached to the property including first and second mortgages as any home equity lines of credit. The sum of these will be your mortgage payoff balance to be deducted from your proceeds.

Mortgage Payoff Fee:

Explaining Closing costs

In some cases, lenders may charge an administrative fee for paying off your loan.

Release of Liens Doc:

This will appear on the title search if you’ve ever had a judgment placed on your property by a contractor, a court of law, or a property tax lien. You must pay these off before you are legally able to close. Many times certain liens can be reduced or negotiated prior to closing.

Prepayment Penalty:

Some lenders will have a prepayment clause stating that if you pay off your loan early, you will be penalized. [as if they didn’t make enough money on you already]

State Recording Fees:

Any time you pay something off as it relates to your home, it needs to be recorded with the county in order to make it official. Title companies will pay these fees and pass on the cost to you at the closing.

Real Estate Commissions:

Typically, the real estate commissions for both the buyers and sellers agents, usually 5% or 6% will be split between the listing agent’s brokerage and the buyer’s agent’s brokerage. Each agent will then get paid by their own broker.

Notary Fee:

Most documents in a real estate transaction are required to be witnessed and notarized to make sure the docs are properly executed. The fee for this will also be deducted from the homeowner’s proceeds.

Escrow Fee:

When deposits and other sums of money are received by the title company for the purpose of funding the transaction, it all gets deposited into an escrow account to make sure it gets handled properly. The escrow fee is basically a charge for the service of accepting and disbursing the money to the individuals involved in the transaction.

Title Search:

Title companies perform a title search on properties to verify who the rightful homeowners are as well as look for any liens, judgments or anything else that may keep the transaction from closing. This is usually done at the very beginning of the transaction so that homeowners will have ample time to clear up any issues that may appear well before the closing.

Seller Concessions:

A seller concession could be where the seller of the property agrees to add a three percent concession for closing costs. This concession will then be added to the sales price to help pay for the buyers closing costs.

Home Repairs:

Any repairs that the seller agreed to make as part of the deal either through negotiations with the buyer or the lender.

The Home Warranty:

A seller will sometimes agree to pay the cost of a home warranty as an incentive for the buyer. This warranty offers a certain amount of protection for the new homeowners’ first year in the home.

If you’re looking to sell your Orlando home but aren’t sure exactly how much you’ll make on the sale, call listing specialist Jenny Zamora at 407-902-7750 for a free consultation or visit us at https://orlandorealtyconsultants.com/.

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Sell Your Home Fast By Updating The Kitchen And Bathrooms

When selling your Orlando home to retail buyers, they don’t want to update, touch up, re-carpet, repaint, etc.

They just want to move their things in and start enjoying that wonderful Orlando lifestyle.

If you have a limited budget for pre-sale improvements and aren’t sure where to spend it, my suggestion would be to update the kitchen and bathrooms above all. [Unless your roof is leaking or AC doesn’t work, then obviously these repairs would go to the top of the list]

However, If you need to sell your Orlando home for top dollar then make sure that your kitchen and bathrooms are looking tip-top. 

Make Your Kitchen Look It’s Best

For today’s picky home buyer the kitchen is absolutely the most important room in the house. This is a space where appearance and functionality are equally important. Homebuyers see the kitchen as a room with many functions such as food preparation, sharing meals, going through mail, or just hanging out with friends making frozen margaritas.

Independent studies have shown that 90% of potential home buyers said that the condition of a home’s kitchen is a huge consideration when deciding on whether or not to submit an offer on a home.

A full kitchen re-model usually doesn’t make sense when you get ready to sell unless the numbers are there and you know what you’re doing. Usually, all it takes is a bit of deep cleaning and up-dating to bring out the best in your current kitchen.

Painting- Slap on a fresh coat of paint to brighten up those dingy walls. Painting is relatively cheap and is the easiest way to revive any room in the house. Stick with neutral colors so that buyers don’t get turned off.

Countertops- If you have old school Formica countertops or old outdated tile, think about putting down some new tile. It’s pretty inexpensive and makes a world of difference in the overall appearance of the kitchen.

Fixtures- Get rid of that old chrome faucet that you’ve had for the past 10 years and replace it with something new and stylish. Consider the appliance colors when choosing a new fixture.

Cabinets- Getting new cabinets will add several thousand dollars to the cost but there are other alternatives. Staining your old cabinets a different color or even painting them white will give them that brand new look, especially if you change out the hardware as well.

Bake cookies- If you do an open house, bake some cookies so that potential buyers can not only see the functionality but smell it as well. BTW, do not use this technique in the bathrooms… LOL!

Bring Out The Best In Your Bathrooms

Almost as important as the kitchen to potential buyers, bathrooms should never be overlooked when trying to sell your Orlando home for full market value. Although bathrooms are much cheaper to remodel when compared to kitchens, you could still end up spending more than you have to if you don’t make a plan.

Replace the toilet- Unless you can make your existing toilet look brand new, replace that old toilet. Nothing is a bigger turn-off than an old and tired-looking toilet. Don’t give it a second thought, just get rid of it and leave the sticker on it so buyers know that it’s new.

Cabinetry- Just like the kitchen, you may be able to re-stain or paint if needed to give it that brand new look.

Fixtures- If your fixtures look worn out and tired, replace them. It doesn’t cost much and makes a huge difference in appearance. The same holds true for the light fixture.

Warning: By following the advice outlined in this blog post, you could fall back in love with your home and end up changing your mind about selling!

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Should You Get An Appraisal Before Listing Your Orlando Home?

Having an appraisal done on your home before you sell can put you way ahead of the game. It will also help you to avoid pricing your home incorrectly which could result in a much longer stay on the market. Or worse… selling your home for less than what it was truly worth.

For a relatively small investment of around three to four hundred dollars, some homeowners will have an appraisal done on their home prior to putting it on the market.

It’s always wise to have your Orlando real estate agent do a comparative market analysis [CMA] on the house you’re about to sell. However, although a CMA can be pretty accurate as well as a great pricing tool, an appraisal is an independent and unbiased opinion that can be a great reinforcement in supporting the price you’ve set on the home.

It’s never a good practice to set your price higher than you know that your house is worth and slowly lower it until it sells. These days this approach can hurt you as many buyers search for homes according to the listing price they can afford. A home shopper has no way of knowing that you’re actually willing to go much lower on your listing price and if you don’t meet their price criteria, they won’t give your house a second thought. Also, if your home sits on the market for a long time with several decreases in price, potential buyers may think there’s something wrong with it and that’s why it’s not selling.

Appraisals go quite a bit deeper than any CMA report. Appraisals take into consideration everything from the features that a home possesses to the proximity to schools and shopping centers. Appraisals should also include precise data about the current status of the local real estate market which will provide realistic expectations when selling their home.

Appraisals can also utilize a cost approach which is useful for determining the price of a new home that is built to the same specs as an existing property. This is especially helpful for newer homes hitting the market by letting sellers know what competition they’re up against on the new-construction scene.

What’s Included In The Appraisal Report?

An appraisal report can range in length from three or four pages to over a hundred, depending on the comprehensiveness of the report. It will include details about the house, neighborhood details, and a list of comparable properties in the same area. An appraisal should also contain an accurate evaluation of the area’s local real estate market conditions in addition to any major problems that exist with the subject property that may affect its value.

How Is An Appraisal Completed?

Appraisals are basically an opinion of value that is determined by comparing your home with other similar homes that have recently sold. Once the appraiser has completed a preliminary report, he can then factor in upgraded features as well as needed repairs to come up with an even more accurate determination of value on your property.

How To Read Your Appraisal Report.

Your primary concern should be the negatives found in the report. By focusing on the items that have had a negative adjustment on your home, you can come up with a checklist for things you may want to fix or update if it’s within your budget.

Should You Get An Appraisal Done Before Listing Your House?

Although it may be a good idea to get your home appraised before listing it for sale, it’s not a must. By hiring an experienced Orlando listing agent, you can get all the information you need to list your home accurately for free. A good listing agent will provide you with more than enough information on comparable properties, and market conditions and many times will be more familiar with an area than an appraiser will.

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TOR 014: Orlando Short Sales, What Happens To My Credit?

Hello and Welcome to the Top Orlando Realtors show where we answer questions from consumers about buying and selling residential real estate in Orlando, FL. If you’re a first-timer, welcome… and if you’ve been here before, great to have you back.
OK, this question comes from Allison in the Celebration area. Allison asks….”How will a short sale affect my credit score?”
This is a very popular question when someone wants to do a short sale. Having good credit is a big deal for people so it only makes sense that you’d want to protect it.
For listeners that don’t know what a short sale is…. a Short sale is when your lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale., which means the bank takes a loss. Here are some topics covered in this episode.

How an Orlando Short Sale Can Affect Your Credit

  • Usually, a homeowner must be in default in order to get approved for a short sale.
  • It’s much better to have a short sale on your credit than a foreclosure.
  • Foreclosure can stay o your credit for up to ten years or more.
  • Having a short sale on your record can usually be removed within two years.
  • Hiring an experienced Orlando Short Sale realtor will help you when it comes to negotiating with the bank.

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