Category: News and Information

TOR 031: Closing Costs Discussed

Posted on by Jenny Zamora

Episode 31 Let’s Talk Closing Costs

Here’s a summary of today’s program. Just hit the play button!

So most people think that when selling a home, you subtract the real estate commission and mortgage payoff amount from the sale price and that’s what you walk away with.

Closing costs never even enter their mind, especially if it’s someone’s first time selling a home….

Then… once they get to the closing table, they almost have a heart attack when they find out that they have to pay part or most of the closing costs…Not a fun surprise

So you have to be ready…

Typical closing costs on a real estate transaction usually include property taxes, transfer taxes, mortgage taxes,  documentary taxes, recording fees, title insurance, …

Market conditions can also affect the way these fees are assigned…

Common closing costs to be paid by the seller and why…

Escrow fees

Title Insurance

Documentary taxes.

Recording fees

Mortgage taxes

Settlement fee.

Real estate broker’s commission

Pest inspection

Recurring closing costs

Things like mortgage interest on their loan, HOA fees, and hazard insurance are all the responsibility of the seller…

If you Still have questions about closing costs in a real estate transaction after listening to today’s episode, call our Broker Jenny Zamora, who’s also a listing specialist at 407.902.7750 she’ll be glad to help you out.

Anyone can submit a question or suggest a topic for the show, just go to our site, fill out the contact form and write a podcast in the subject line and we’ll do our best to talk about it on the show.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Selling Your Orlando Home? Avoid These 5 Common Myths!

Posted on by Jenny Zamora

Selling an Orlando Home? Keep Your Feelings In Check!

One of the biggest events in someone’s life is selling a home. It’s also a very emotional time for a homeowner knowing that they have to say goodbye to the place they’ve called home for so long. These feelings and emotions can tend to create state-of-mind in which the homeowner is no longer thinking clearly.

There are a lot of misconceptions or myths that exist about putting a home up for sale. Some sellers actually believe that selling their home will be super easy and there isn’t any preparation involved at all. Sellers that feel this way while their home is on the market never end up getting top dollar. They either end up settling for less money or just change their mind about selling at all.

Sellers that are aware of what it takes to make their home more desirable to buyers will be in a much better position to sell for a higher dollar amount.

After 12 years in the real estate industry, we know what it takes to sell your Orlando home for top dollar no matter what the situation.

We’ve come up with a list of the 5 most common myths about selling a home in Orlando

  •   Any Orlando Realtor Can Sell My Home

Let me start by asking you a simple question. If your nephew just passed his exam to become a real estate agent two weeks ago, would you trust him to sell your home? Or would you seek out an Orlando Realtor with years of experience and a proven track record? Hopefully, you picked option 2.

Picking the right real estate agent to represent you in the sale of your home is crucial. It’s also the 1st step in the route to a successful sale! One of the biggest myths in the Orlando real estate industry is that all real estate agents were created equal. This couldn’t be further from the truth and sellers who ignore this could end up losing thousands of dollars on the sale of their homes.

The truth is that every Orlando Realtor is different, and the way they market their listings is probably also different. Old schools realtors rely strictly on newspaper ads while other, younger agents, will only rely on social media and other online advertising.

So how do you know which realtor to choose? This is where knowing how to interview a real estate agent properly comes into play.

Sellers should ask certain questions when interviewing a realtor to sell their home. These are some basic questions to ask when determining which realtor is right for you.

  • How many homes have you sold within the past year?
  • What’s your marketing plan to sell my home if I give you the listing?
  • Are you a full-time real estate agent?
  • Can you provide me with references of your most recent listing clients?
  • All Homes In Orlando Sell Fast

Far too many people in this world rely on gossip to get their information. They’ll tell you about their neighbor down the street who sold their house in one day… for the full asking price! Stories like this are unrealistic and probably aren’t true.

The truth is that not all Orlando homes sell fast with little or no effort. If this were the case, Realtors would be obsolete and I would be doing something else for a living.

There is a multitude of variables that factor into the amount of time and effort it takes to sell a home in Orlando. Like if a home is situated across from a public landfill, it’s highly likely that it will take more time, effort, and creativity in finding a buyer that doesn’t mind the smell of garbage twenty-four-seven as opposed to a home in a quiet neighborhood with a waterfall and rainbow in the backyard. Although this example is extreme… you get the idea.

The point I’m trying to make is that your home may take some time to sell. So don’t get discouraged if your home’s been on the market for 3 weeks and still hasn’t sold.

  • Overprice The Home So You Have Plenty Of Room To Negotiate

I’ve seen homeowners make this mistake over and over again… A homeowner will price their home unrealistically high thinking that they are leaving themselves some wiggle room to negotiate a fair price. DON’T DO THIS!

When a house is priced correctly from the start, it will generate a ton of interest, especially in the first few days of it being on the market. This tends to create a multiple offer situation and maybe even a bidding war…That’s what you want!

  • No Need To Have The Home Looking It’s Best

By pricing a home too high you’ll get a lot less interest and some buyers won’t even go see it thinking that the home is out of their price range. Consult with your Orlando real estate agent when it’s time to determine a listing price.

If you’ve shown as many Orlando homes as I have, you’d know the difference between showing a home that’s “show ready” and one that isn’t and how it affects a potential buyer.

A seller that takes the time and effort to make sure their home is looking its best before listing will surely come out ahead of a seller that doesn’t make the same effort. It’s like the old saying “you only get one chance to make a 1st impression”. Whoever made up that saying was probably a listing agent because it definitely applies to the residential real estate industry.

Preparing a home for sale isn’t that hard to do and doesn’t even cost that much. There are so many little things that you can do to your home that could mean the difference between getting an offer… or not getting an offer.

Here are a few basic tips to get your home ready for sale:

  • Fresh paint
  • Clean all surfaces
  • De-clutter
  • Ensure all light bulbs are working
  • Remove excessive personal items
  • Zestimates Are Accurate

A Zestimate is an auto-generated home valuation from the popular website Zillow.com. This site as well as many other sites that are similar provide homeowners with what they think their home is worth within seconds….that’s right,…seconds not even minutes!

The problem with these sites is that the home valuations that they provide are never accurate. These are not local sites… So how can a company based in California give me accurate information about how much my house is worth in Orlando?!… They can’t!

Sellers that believe these auto-generated value estimates get a rude awakening when a local Orlando real estate agent prepares a CMA [comparative market analysis] for them and it’s $15,000 less than their “Zestimate” and sometimes even more!

If you are looking to sell your Orlando home, don’t allow yourself to be guided by these popular myths and misconceptions people spread about selling a home.

Consult with an experienced Orlando realtor so that you have the knowledge to move forward intelligently and sell your home for top dollar!

For an accurate valuation on your home, GET A FREE CMA PREPARED BY A TOP ORLANDO REALTOR

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

5 Mistakes To Avoid When Selling Your Orlando Home

Posted on by Jenny Zamora

When putting your Orlando home up for sale, avoid these common mistakes that can cost you valuable time and thousands of dollars!

If you need to sell your Orlando home, it’s important that you know what not to do so that you can avoid any unnecessary hang-ups throughout the sales process.

Your goal should be to sell your home quickly for the highest dollar amount. In order to accomplish your goal, you have to avoid these common mistakes.

From our own experiences at ORC, You’re about to find out what not to do when selling your Orlando home.

1- Pricing It Too High

Setting the listing price too high on a home is probably the most common mistake made by homeowners wanting to sell. This is completely understandable, especially if a homeowner has lived in the home for many years and has poured their own blood, sweat, tears… and especially money into it! Sometimes this causes the homeowner to think they have the nicest home on the block…even if it isn’t.

Pricing your home too high is a mistake that can cause you to lose valuable time and money.

The truth is that potential buyers couldn’t care less about how much work or how much money you’ve spent on the house. They just want to buy a house at a fair price.

Don’t go about setting the price on your own. Enlist the help of an experienced Orlando realtor to decide on a realistic price for your home. If you find that the price they suggest is too low to meet your needs, you should consider waiting for the market to go up a bit.

2- Choosing the Wrong Orlando Realtor

sell my orlando home

There are literally thousands of active real estate agents in Orlando. You should be aware that only a small percentage of them are actually well qualified to sell your home.

When choosing an Orlando listing agent make sure that they are experienced in your area, have been around for a while, have a good reputation, and are able to provide you with references from past clients.

Always be sure to interview several agents before making your final decision. This will give you the best chance at hiring a top Orlando Realtor.

3- Disregarding Noticeable Repairs

Some repairs are so painfully obvious that they should be completed before putting your home on the market in order to get the best price. Sometimes it’s hard for a homeowner to know what those repairs are because after a while, they just don’t see them anymore. It’s a good idea to ask your real estate agent to help you with this.

In addition to the obvious cosmetic repairs, make sure that you address any other more serious repairs that may not be so obvious. If you let the home inspector find it before you fixed it, expect the buyer to ask for a price reduction. Having your home look its best will definitely reflect in your sale price.

4- Not Keeping It Ready for Showings

This can be a serious issue when the home is owner-occupied. I’ve seen potential buyers get so turned off by a messy house that they don’t even want to do a full walk-through. This is bad and completely avoidable.

It’s best to keep your home clean and de-cluttered while it’s listed at all times. Hire a professional cleaning service if necessary. You may also want to consider renting a storage unit for large and bulky personal items so that buyers can walk through and experience the space and beauty your house has to offer without being distracted by clutter and dirt.

Also, if you have pets, make sure they are out of the house or crated at the very least during showings

5- Making It Hard To Show

When a homeowner is proud of their home, they sometimes feel the need to be present during showings so that they can tell the buyer all about their home as well as answer any questions. However, this can make potential buyers uncomfortable about walking through your house.

The best thing to do here is to have your agent do their job and show the property for you. Take a walk or go to the neighbors’ house while your house is being shown. The less involved you are in the showings, the more likely you are to get an offer.

When you decide to sell your home, you’re setting course on a journey with the destination being a successful home sale. Throughout this journey, you must remain patient and ready to do whatever it takes to make the sale. By following the advice of your Orlando realtor, you’ll be sitting at the closing table with a smile on your face in no time at all!

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

6 Things Orlando Realtors Should Be Doing For Sellers

Posted on by Jenny Zamora

Is Your Orlando Listing Agent Doing Their Best For You?

As Realtors in Orlando, we have an obligation to our clients to do everything in our power to make the home selling process as smooth as possible.

We are the ones they are counting on, the home selling professionals. Most sellers expect their agents to be trustworthy and ready to fight to get the highest dollar amount for their homes. They also expect their agent to resolve any issues that may arise during the process….and there will always be issues…

The typical Orlando homeowner knows very little about the home selling process which is why it’s our job as listing agents to guide and educate our clients as things progress.

Agents that are lazy and only do the bare minimum usually don’t last long in this business because it doesn’t take long for the word to get around that they’re horrible agents to work with.

On the other hand, however, agents that do an outstanding job for their clients will enjoy repeat business and referrals because of their reputation as hard workers.

Some home sellers understand that not all agents are created equally. The problem is there are entirely too many agents that just plop a sign in the front yard and cross their fingers hoping for a buyer. Homeowners deserve better than this.

Orlando homeowners reading this article should try to understand that like in most industries there are the “movers and the shakers” just like there are the ones that just plug along doing the bare minimum. As far as businesses go, there’s an 80-20 rule which means that 80% of the work is done by 20% of the people. The same holds true for Orlando real estate.

This information translates to one thing… you have to choose your agent wisely because there’s a lot of room for disappointment. So how do you go about picking the right Orlando real estate agent to represent you? You have to understand what a listing agent should be doing for their clients.

The following is a guide to understanding what you should expect from your listing agent.

1- Pricing A Home Correctly From The Start-

It’s crucial to get this step right from the very start. A good realtor will start by preparing a CMA [comparative market analysis] and use it as a tool in determining the listing price of your home.

Avoid agents that promise to get you a much higher price just to get the listing. Agents that use this tactic are in violation of the Realtor code of ethics. This will also end up costing you valuable time on the market and If the home is priced too high, you will eventually have to lower the sale price anyway.

2- Marketing The Home-

Your listing agent should be an online marketing expert. It starts by taking some great pics of the home. By having a lot of quality images of your home, we can create awesome content to advertise your home via their website, blog, video, social media, press releases, postcards, and of course the MLS.

A top listing agent will also have automated systems in place to leverage their marketing efforts.

3- Good Communication-

A homeowner should be kept in the loop about everything that’s happening with the sale of their home. Far too often we get complaints from our listing clients saying that “the agent we used to have would never call us or was impossible to get a hold of when we had a question”.

A good real estate agent should keep in constant contact with their listing clients. Whether they have an offer to present or not, agents should provide you with at least a weekly update on what the status is with your home. There is no excuse for poor communication and sellers have the right to know what’s going on with their home at all times.

4- Qualifying Buyers-

A good listing agent won’t waste your time with buyers who have no chance of qualifying for a home loan. It’s your realtor’s job to make sure that all potential buyers are pre-approved.

5- Negotiating Terms-

Everything in real estate is negotiable and a good agent, when warranted, won’t hesitate to counteroffer with a number that favors their client. They will also negotiate contingency and closing dates when necessary.

Top Orlando listing agents will go above and beyond to fight for the best terms for their clients. This is what realtors get paid for. Great real estate agents will always, always put their client’s best interests before their own.

6- Closing The Deal-

There are a lot of moving parts involved with selling a home. With so many little details, your agent should be instrumental in getting all the loose ends tied up for you. The less work you have to do, the better. This is a good indication that your agent is on top of things.

The Orlando Listing agent that you choose to sell your home should put your needs before their own, even if it means they make less money. By referring to this article when choosing the right agent, you’ll have a much better understanding of what to expect from your real estate professional.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Hiring an Orlando Home Inspector

Posted on by Jenny Zamora

Congratulations, you’re almost there! Your Orlando Realtor has just informed you that your offer has just been accepted. But wait!…. You’re not done yet.

It’s time to get your home inspected by a professional home inspector to make sure the house you’re about to buy doesn’t have any major defects that could end up costing you a small fortune down the road.

A typical home inspection should include the thorough inspection of the following:

  • Central AC system
  • Exterior and interior plumbing
  • Electrical system
  • Roof
  • Foundation
  • Insulation
  • Floors, walls, ceilings
  • Appliances
  • Termites

 

Once the inspection is complete, the inspector will then write up a detailed report about their findings as well as recommended repairs to correct the problems that were found. Once you have the report, you can then negotiate the repairs with the seller to either subtract the cost from the sale price or determine some other way to fix the problems.

Whenever making an offer on a home, it’s super important to have a contingency clause in place. Here’s why…. If your home inspector finds $20,000 worth of needed repairs and the seller refuses to pay or subtract it from the sale price, then you have the right to rescind the offer.

That’s why paying a few hundred bucks for a home inspection is well worth the investment.

 

How Do You Find A Good Home Inspector in Orlando?

You can start by asking your Orlando Real Estate agent. Your agent should be able to provide you with a list of credible home inspectors in the area. And just like when you’re hiring a real estate agent, don’t just pick the first one you come across. Speak to a few home inspectors from the top search results and be sure to check their online reviews.

 

Here are a few questions you should ask a home inspector before hiring.

  1. What exactly is covered in your inspection? Make sure the inspection report provided will meet all applicable requirements from your lender.
  2. How many home inspections have you completed? Try to hire someone with at least a few hundred inspections under their belt.
  3. How long have you been inspecting homes? It’s recommended to hire someone with a lot of experience.
  4. What’s your area of expertise? The answer should be residential.
  5. How long will the inspection take? The inspector should take at least 2 hours to perform a thorough inspection of your home.
  6. What’s the price of the inspection? A typical home inspection should cost somewhere between $300-$500 depending on the size of the home.
  7. Will you provide me with a written report? Ask to see a sample report to make sure you understand it.

 

 

In addition to these interview questions, you should be present for the inspection if at all possible. By shadowing the inspector and asking questions, you’ll gain a lot of valuable information about the home and probably some great maintenance tips as well. If the inspector has a problem with you being there, then it’s time to find a new home inspector.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields