Category: Orlando Foreclosures

Rising Orlando Foreclosure Filings Can be Deceiving

Posted on by Jenny Zamora

There’s been a lot of buzz about the rising numbers of foreclosure filings in Orlando. The truth is that the increasing number Orlando Foreclosure filings can be deceiving.

It’s important to know numbers and statistics when you’re a Realtor, it’s even more important to know why things are playing out the way they are.

One of the main reasons that the number of foreclosure filings are at an all time high is because lenders had no choice but to put things on hold while this whole robo-signing fiasco got sorted out.
Now that the lenders and lawyers have had a chance to determine what was done legally or not, it’s back to business as usual for the lenders holding all those delinquent mortgages.   This should lead to a massive increase in inventory and I think we are leading into a “perfect storm” type scenario…In a good way.

This is actually a good thing for everyone involved. Think about it, the seller get’s to proceed with a loan mod or short sale so they can be relieved of their debt and move on with their life, the lender recoups a percentage of their money back, a buyer gets a great deal and an Orlando realtor closes another deal.
It’s a win win for everyone involved.

The fact is… As long as Orlando home prices and mortgage interest rates remain low. It will be a busy  year for Orlando Short Sale Realtors.

If you’re considering an Orlando short sale come in for a free consultation with one of our short sale specialists and get all of your questions answered with absolutely no obligation to work with us. You have everything to gain and nothing to loose.

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Why Pay an Attorney to Do an Orlando Short Sale, Get Help For Free!

Posted on by Jenny Zamora

Save your Money, Hire an Orlando Realtor

When it comes to lawyers doing Orlando short sales, the fact is most people just don’t need them. Foreclosure filings hit a lull in Florida during the last year. The robo-signing scandal caused many banks to put new Florida foreclosures on hold. That’s coming to an end, and we can expect filings to jump again as we’ve been seeing recently.  Orlando homeowners will be looking for help with their situation. The truth is that the process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home.  It’s tough to navigate the system alone and it’s crucial that you get help from a proven Orlando Real Estate Expert.

Here’s the good news: There is a lot of help available in Central Florida for free. That’s right. No charge. On the house, Gratis.
Organizations certified by the U.S. Department of Housing and Urban Development should be the first stop for people who have fallen behind on their mortgage or are worried they’re about to. These nonprofit companies are great resources for people who want to know if they qualify for a loan modification.

Your best option however,  is to speak with a Top Orlando Short Sale Broker.  Not only do they not charge anything to speak with you, but they often times will know a lot more about Orlando Short sales than an attorney will. Most of the time attorneys outsource their short sale files to Orlando Brokers anyway,  since by law, a Broker has to be involved in the transaction to represent the seller.

So why would you pay an Attorney upfront, or at all, when you can hire an Orlando Short Sale Expert for Free? If one of my clients had an extra $2,000 or $3,000 to throw around, I’d much rather see them put that toward their moving expenses, etc  than toward attorney fees.

When it comes to short sales there’s never a 100% guarantee that a broker or an attorney will produce the results that borrowers want. The difference is that Brokers won’t take your money in the process. As a matter of fact, they only get paid if they close the deal. How’s that for incentive?

It’s actually illegal in the state of Florida for companies to take money upfront in exchange for mortgage modifications. Lawyers, however, are exempt from that rule… Maybe my mom was right, I should have gone to law school.

Far be it from me to say that lawyers are never needed. Legal counsel is an important part of some foreclosure cases. But watching people plunk down thousands of dollars for help they can get elsewhere for free is just sad. It’s like seeing people suffer from the housing meltdown not once, but twice.

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Orlando Foreclosure Growth Pushing Down Home Values

Posted on by Jenny Zamora

Home values are being negatively affected by an increasing amount of foreclosures

Orlando Florida Foreclosure listings keep on growing, continuing to push down home values and casting a shadow over the efforts of local and state governments to stabilize and strengthen the housing market.

Orlando real estate experts say that the increase in foreclosure and short sales have caused home values to slide down even further. They said that home sellers are forced to reduce the sale price of their properties to be able to compete with discounted prices of foreclosed homes.  Sometimes   buyers are having to bring more money to the table because of the property not appraising.  Many times, a reduced property value could kill a sale.

Lenders will usually determine the loan amount based on either the appraised value or purchase price of the property, whichever is lower. In the event that appraisals come in at a lower amount than the purchase price, then either the buyer needs to bring more money to the table in order to obtain the financing or the seller will have to accept a reduction in the purchase price. Because of the volume of foreclosure houses and short sales, many homes listed for sale are priced well below the fair market value.

Although Orlando short sale experts say that home prices are showing some signs of stability. A great number of distressed foreclosure home and short sales still need to be closed and then cleared from banks’ inventory before the housing market could reach any kind of stability.

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