Category: News and Information

What if My Lender Doesn’t Agree to a Short Sale?

Posted on by Jenny Zamora


 

 

What if my Lender won’t agree to a short sale? | Video Transcript

Speaker:   “This is John Conde with Orlando Realty Consultants… I’m 44 years old and I’ve never had a cavity, However, today we’re here to talk about other alternatives to short sales.”
Speaker:  “First question…The gentlemen with the dark glasses”
Audience: “What if my lender doesn’t agree to a short sale?”
Speaker: “OK… so if your lender doesn’t agree to a short sale there are other options available to you. So why don’t we just go over a few of those options now? yes?…yes?

1-One option would be a “deed in lieu “, which is basically a voluntary foreclosure and all that happens is that you sign the property back over to the bank without going through the whole legal process involved with a foreclosure. You should be aware however that a deed in lieu will show up on your credit as a foreclosure.
Speaker:  Next question…Lady with the sandwich
Audience: “What about bankruptcy?”
Yes absolutely, bankruptcy is also an option to avoid foreclosure… There are 2 different types of bankruptcies.., chapter 7 and chapter 13… Now I’m not an attorney and therefore I’m not qualified to educate you on bankruptcy… However, we do have attorneys on staff that will be happy to sit with you for a free consultation, just call our office, OK

OK, now another option available to you, if you’re interested in trying to keep your house is a loan modification… Basically, it’s when we try and get the terms of your loan adjusted so that you can afford to keep your home…….  We try to do this by either getting your payment reduced or reducing the principal balance or both.
There’s a lot involved with doing a loan mod and if you’re interested in seeing if you qualify, just give us a call and someone from our staff will be happy to help you

Speaker:  Next Question?… the young lady with the Pomeranian
Audience: What happens if I just let my house go to foreclosure?

Speaker:  OK what if you just let it go to foreclosure… Well, I would highly recommend that you don’t take this approach because you are just giving up… and when you give up then you’re giving up all control of your situation and the bank can do what they want at that point.
And don’t think that just because you let it go to foreclosure, you will be free of that debt. Actually, the opposite will probably happen and the bank will slap you with a deficiency judgment for the difference between what you owe and what the property sold for at the auction.
So please if you find yourself in this situation…consult with a licensed real estate professional figure out what your best option is and take action… Thank YOU… I’m sorry I have to go… no more questions at this time.

IF YOU ENJOYED THE VIDEO ABOVE YOU WON’T BELIEVE WHAT HAPPENS

IN THIS ONE, JUST CLICK ON THE IMAGE BELOW  

Short sale Press Conference

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10 Things to ask your Estate Agent

Posted on by Jenny Zamora

Picking the correct estate agent is often determined by the questions that you ask and making sure to make the right enquires can place you in a far stronger position.

Those who wish to sell your home fast should make sure that they root out the lacklustre from the quality. This can ensure that they pick the right person for the job and the house is sold on their terms.

Time
Asking the estate agent how long they have worked in the business gives you a good idea of the basic quality that you can expect. You ideally want the people selling your home to be established, and though there are numerous great newcomers out there, do you want experience or a risk?

Price
The pricing of your home should be dependent on how quickly you want to sell it and how it will garner offers for your property. Talk to the estate agent of your ideal scenario and then ask him to price a home to that effect.

Sale Average
Understanding how long it takes to sell a property on average gives you a good idea of what to expect. Ask the estate agent what the average time for a sale in the neighborhood is.

Competition
There will most likely be competition out there, competing for the same market you are and asking the estate agent about this should herald a detailed answer. They need to know the competition to place your house in the running for a sale – so make sure they know some information.

Services
Ask the estate agent what price they would charge for the services at hand. Estate agents usually charge between 1-3% and this is often to be negotiated.

Qualifications
Ask the estate agent if they are qualified and if they are members of a professional group or union that represents them.

Viewings
Ask the estate agent if they will be present during viewings or if the home owner does them. It’s ideal to have the estate agent take care of this area as statistics show a higher likelihood of sale from a professional showing.
Advertisement
There are so many means of advertisement and you need to know that the estate agent is up with the latest trends and advertising information. Ask if they use social media, data bases and other modern day advertising mediums.

Fails
Asking the number of properties that follow through gives you a good idea of the chances you have for success. As a guide 20% is a good marker.

Contingency
Does the estate agent have a contingency plan if the home sale does not go through quickly? Are there things he can do to push it along should it seem to stick around the market? Ask, most good estate agents will have a plan B.

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Short Sale your home before defaulting on your mortgage

Posted on by Jenny Zamora

Short Sale your home before defaulting on your mortgage…More and more we are starting to see a trend in the world of Orlando short sales and that is,… lenders are increasingly more willing to approve short sales before homeowners actually default on their mortgage and fall into a pre-foreclosure situation. This is a huge deal for homeowners that have been wanting get out of their upside down mortgage and haven’t done so for fear of severely damaging their credit.

According to our records we found that in 2012 about 20% of our short sale files, were deals where the lender had not yet filed for foreclosure against the homeowner. A few of them were deals where the homeowner wasn’t even behind on their mortgage. I for one am praying that this trend continues…for everyone’s sake. It just makes good sense,… if the homeowner is trying to be honest with the bank by letting them know that they will be defaulting before they actually default, why shouldn’t the bank use this information to move things along faster before they start losing money?? It’s a win win situation for everyone involved. The homeowner avoids damage to their credit and the lender avoids losing big money by getting a head start on the whole process of getting the house sold. They don’t have to worry about the mortgage falling behind for more than a few payments and even more importantly,… they don’t have to shell out thousands of dollars in attorney’s fees to start the foreclosure process.

Also, by allowing these “almost distressed” homes to change hands much faster will most likely put them in the hands of new homeowners who have loans they can actually afford, which means they are more likely to be able to afford and maintain the property and these people will be more motivated to be responsible homeowner.

Most Lenders are still not seeing the “Big Picture”

Although some lenders are seeing the light when it comes to getting short sales done before waiting for the homeowner to default, the truth is that most lenders are just not having it. They have a strict set of guidelines that they follow to a ” T “, and there’s just no changing their minds…believe me I’ve tried. Dealing with these lenders can be frustrating, but it’s just part of being a short sale realtor.

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Orlando Short Sale | 4715 S. Texas Ave. unit B

Posted on by Jenny Zamora

Check out this investment property for a buy and hold or buy and flip.  Orlando Short Sale | 4715 S. Texas Ave. unit B Orlando, Fl  32839. This is a 976 sq ft. condo with 2 bedrooms and 2 bathrooms located in the gated community of Millennium Palms. With a rehab cost of under 5k, this will be a sweet investment for a savvy investor.

Features:

*Open layout

*Granite countertops throughout

*Stainless steel appliances

*Community pool

*Community playground

*Good school district

This property is located close to shopping, restaurants, and entertainment and walking distance to public transportation. For more information on this or any of our other properties. Visit our site at https://orlandorealtyconsultants.com/

Orlando Real Estate Broker

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3 Tips on Breaking a Florida Lease Contract Legally

Posted on by Jenny Zamora

Breaking a  Florida Lease Contract Legally- When it comes to Orlando real estate law, breaking a lease is completely legal in certain situations but you have to go about it the right way. If not, you could risk facing some pretty serious financial as well as legal consequences. You should also know that it is neither quick nor easy. There are laws in place to protect both lessors and leas-sees.

Before starting the process of breaking your lease here are a few things to think about.

1- Find out what your rights are– Read your lease option agreement thoroughly, knowing what you can or can’t do is hands down the most important part of breaking a lease agreement. Find out what the tenant laws are in your state, this is something that can easily be found by doing a simple Google search. Print out anything that can potentially pertain to your specific situation.

Sometimes agreements will require you to do something as simple as giving the landlord written notice that you want out. However, most of the time this approach will mean forfeiting your deposit and still having to pay on the remainder of the lease. This option doesn’t appeal to most people because it’s expensive. However, if you’re breaking your lease because of problems with maintenance something wrong with the property, then you have a much better chance of getting out at no additional cost, and depending on the situation you may be entitled to getting your deposit back.

2- Keep good records- If you’re in a situation where there are safety issues involved or the maintenance isn’t being kept up according to the agreement, then you’re most likely able to break your lease with no problem at all and without any financial repercussion. It is extremely important, however, that you keep records and collect any proof of the things that are happening to make you want to break your lease. For example: health code issues, lack of maintenance, safety issues, etc. You should take photos and gather any other kind of proof that you can. Health code and building code violations are public records and you should have no problem getting this documentation online.

Having proof is essential in case your landlord wants to settle things in a court of law.

3-Be nice- Once you find out where you stand legally and you’ve collected any proof that you will require to prove your case you should approach the landlord in a nice way if at all possible. Before sending out any letters to him of what your intentions are, try appealing to his compassionate side [if he has one]. Many landlords will appreciate the “heads up” and this can make things a lot easier on you. Because you are being polite in the situation, you may find that your landlord is willing to work with you and find another tenant or waive certain of your obligations.

Even if you’re able to settle things with your landlord amicably and he tells you don’t worry about giving written notice, you should still follow all the legal steps that are spelled out in the contract including any written notices, etc.

Are you looking for an Orlando rental property?  Visit us at Orlando Realty Consultants.com and search the Florida MLS like a pro.

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