Category: News and Information

Orlando Realtors Helping The Millennial Generation

Posted on by Jenny Zamora

The Millennial generation refers to those who were born between the early ’80s through the late ’90s. This young group of individuals has already witnessed property values soar to extreme highs only to watch the bottom fall out in the Orlando real estate market as it did for the rest of the country. That’s probably why the majority of them have been reluctant to enter into homeownership.

Many Realtors in Orlando believe that 2015 represents a great opportunity for this generation of young buyers to enter the Orlando housing market as future homeowners.

4 Reasons Why Millennials Are Ready For Home Ownership

  • Lower Unemployment Rates- Much lower unemployment rates among this age group are just one of the indicators that they may be ready to buy.
  • Moving Out- With the economy getting stronger, more millennials are feeling more confident about moving out of mom and dad’s house and starting a household of their own.
  • Low Mortgage Rates- Government programs make it easier for 1st time home buyers by helping with the down payment enabling them to take advantage of some of the lowest mortgage rates in American History.
  • They Want To Own A House- ninety-three percent of this group of young adults said that one of their major goals is to own a home in the near future.

Orlando Realtors Need To Educate Young Buyers

It’s our job as Orlando real estate agents to look after our client’s best interests both young and old. However, It’s especially important in dealing with the younger generation, that we as real estate professionals take the time to educate these young buyers on what to expect from homeownership.

Many times the excitement of buying a new home can cloud a buyer’s thinking and things like maintenance expenses, utilities, HOA’s, insurance, and everything else that comes along with owning a home can get overlooked. That’s why it’s so important they are made aware of exactly what they’re getting into.

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TOR 020: Orlando Short Sale Buy Back

Posted on by Jenny Zamora

Hello and Welcome to the Top Orlando Realtor podcast, I’m your host John Conde with ORC, and

today I’m going to answer a question from one of our short sale clients who resides in Poinciana.

Jose asked if he can Buy his Home Back after we Short Sale it?

The answer is yes, but the transaction has to be done a certain way.

Orlando Short Sale, Can I Buy It Back?

[Episode Summary]

1- “Some cash investors specialize in doing short sale buybacks to the original seller….”

2- “There are ways that it can be done through your lender but you have to jump through some hoops….”

3-  “Making Home Affordable Program” now allows an investor or Non-Profit Organization to buy…. a property then lease it or resell it back to the original seller…”

* You have to qualify for a HAFA short sale first …

* Your bank still has to approve the sale of the property to the investor or non-profit…

* There’s absolutely no guarantee your lender will agree to this so…

4- “So what’s to stop an investor from doing this without the banks’ approval?… Nothing….”

5- “When doing a short sale buyback with an investor with or without the banks’ approval expect to pay….”

6- “Never… ever do this type of deal with friends or family….” [wait until you hear this story!]

7-  “A typical cash investor will want at least 3-5% of the purchase price….”

Feel free to submit any questions or topics you’d like to hear about by going to https://orlandorealtyconsultants.com/ and we’ll do our best to talk about it on the show.

Thanks for listening, see you next time

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Going Beyond The Title Search

Posted on by Jenny Zamora

Orlando Real estate agents have a responsibility to their clients to look out for their best interests in both finding the right house and also helping them through the rest of the process all the way to the closing.

Once the contract has been accepted by the seller, it’s typical for the realtor to provide the buyer with a shortlist of competent homes inspectors in the area. The buyer will usually have two weeks or so to get any inspections done, this is know as the inspection period.

In a standard real estate contract, the seller will be required to fix any issues that are found in the inspection report prior to the sale of the home. However, if the contract is an “As-Is” contract, the buyer may choose to either cancel the contract altogether or negotiate the price with the seller to reflect the necessary repairs.

While the inspections are happening, the title company will be doing things like a title search, getting a payoff letter from the bank, etc. However, just because your title company does the title search and it appears to be clear of liens, you may still end up with a lien on your property even after the transaction closes. A title search will only reveal liens that have been officially recorded with the county where the home is located.

There can be unrecorded charges on a home that can result in a lien such as an unpaid contractor bill, code violations, unpaid building permits, delinquent utility bill, etc.  Although these charges rightfully belong to the seller, they now become the responsibility of the new homeowner.

The Importance Of Municipal Lien Searches

Buyers would be wise to get a municipal lien search done in addition to the title search. A municipal lien search will uncover open permits, unpaid utility bills, code violations as well as any unrecorded liens. By going the extra mile and ordering a municipal lien search in addition to the title search, buyers will know exactly what they’re getting into.

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Sellers Confused About The As-Is contract

Posted on by Jenny Zamora

We’ve all heard the saying ” let the buyer beware” as it applies to someone buying an item at a garage sale or flea market. But oftentimes the “as-is contract” as it applies to Orlando real estate gets misinterpreted by the seller.

It’s important for sellers to know that “as-is” doesn’t mean that they’re allowed to withhold any adverse information about the property from the buyers. As a matter of fact, homeowners failing to disclose any know defects or issues that can affect the value and safety of a house are in violation of Florida law. Sellers can be held liable for withholding important information even if it’s an “as-is” contract.

“Let the buyer beware” doesn’t apply to real estate sales. Sellers who are caught trying to cover up known defects or issues with  their house will absolutely be prosecuted and the buyer doesn’t even need to prove it was fraud…It’s called strict liability and it’s taken very seriously in the state of Florida.

If a buyer of residential real estate isn’t informed of negative issues about the home by the homeowner, then the has the right to not only rescind the deal, but they can also sue the seller for money damages that resulted from failure to disclose. This holds true whether it was done intentionally or not!

Florida law stat 689.261 was passed to make sure that buyers are made aware of important regarding the purchase of a home.

What Sellers Don’t Have To Disclose Is Sometimes Even Worse

Over the years there’s been much controversy about certain things that don’t need to be disclosed to a buyer regarding a property. For instance, did you know that it’s not required to disclose a murder, death, suicide or even if the prior occupants had the AIDS infection? This is something I’ve never agreed with.

Personally, I would absolutely want to know if someone was murdered or committed suicide in a home that I planned on moving my wife and children into. Which is why as an Orlando Realtor, I disclose every single detail that I know about a home whether it’s required or not.

Think about it…Would you move your family into a home if you knew that a triple homicide and suicide was committed? I didn’t think so. What if your kids found out that someone was beheaded in their bedroom? They would probably never go into that room again and you’d be sharing your bedroom with them until you either move out or they go off to college.

Concerned buyers should always do some extra research before submitting an offer on a home. Deadly crimes can be easily researched online through police websites, newspaper sites and other resources.

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7 More Things To Consider Before Buying A House In Orlando

Posted on by Jenny Zamora

Buying a home can be a very exciting time for you and your family. Emotions can sometimes try and take over clouding your better judgment.
These emotions can be compared to falling in love in the sense that you can easily overlook some major flaws. As the saying goes… “love is blind”. Then once your mind is set, that red-faced little kid can try and overcome you. “I want it, I want it, I want it!” Don’t let him… he doesn’t pay the bills and once he’s gone, you’ll be the one left holding the bag!
There are many things you need to consider other than the way the home looks and makes you feel. Working with an Orlando real estate agent will help keep your emotions in check.

 

Here are 7 things to consider before making an offer On an Orlando property

1. Visit the home at different times of the day-
Neighborhoods can have different looks depending on what time of day it is. If you visit during morning hours most people will be at work and kids will be at school making it appear to be a quiet and peaceful neighborhood. By driving by again in the evening, you’ll get an idea of how peaceful or noisy it really is when all the other residents are home doing their thing. Is there a school nearby?

Nearby schools can cause major traffic issues at certain times of the day. Trust me, you don’t want these things taking you by surprise after you move in.

2-Talk to the neighbors-
This is a great way to find out the pros and cons of the area. Is it made up of mostly renters? homeowners? Has anyone been murdered on this street lately? etc.

3- Find out if there’s a Homeowners association-
Depending on the person this could be a good thing or bad. Some people like to have the right to paint their house deep purple and park their tow truck in the driveway. Others…not so much. If there is an HOA, find out how much you’ll be paying.

4- Get A home inspection-
Unless the house you’re looking at buying is brand new, it will have some wear and tear and maybe in need of some repairs. You want to make sure to have the home inspected by a good home inspector. Your Orlando real estate agent should be able to recommend a good one.

It’s important to know what needs to be fixed not only for safety but for negotiating a lower sale price. Some sellers may want to make the repairs themselves while others will prefer to lower the price leaving the repairs up to the buyer.

5- Ask for property tax records-
It’s important to be aware that in some areas property taxes can fluctuate according to appraisal values. That means if the home values go up in that area so will your property taxes. Ask your Orlando realtor to provide you with tax records on the property for the past several years.

6- Ask to see utility bills-
You may love the lake view, glass walls, and vaulted ceilings of the modern homes, but keeping your house cool on those warm summer Orlando days can cause you to exceed your budget. The same goes for watering that humungous lawn every two days. Remember, these are bills you’ll be paying every single month forever until you move or pass away.

7- Get realistic repair estimates
If the house needs some repair work done, don’t just shoot from the hip and guesstimate. Get repair estimates from a few contractors in the area. Unless you’re buying the property with the intent of rehabbing it for an investment, stay away from homes that need major repairs.

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