Category: Orlando Foreclosures

As the Unemployment Rate Falls, Orlando Real Estate Sales Improve

Posted on by Jenny Zamora

Orlando Realty sales improve partly because of less unemployment

 

 

The unemployment rate in the state Florida dropped one tenth of a percent in May. That is the lowest we’ve seen it since 2008. It makes perfect sense that this is having a positive effect on state tax collections, and Florida real estate transactions are leading the way. With less unemployment  things are moving forward again. Not just in the Orlando real estate market, but across everything else the board.

 

Florida banks are lending money again.  This not only helps people get loans to buy property, but since the beginning of 2012 financial institutions have created fifty seven hundred new jobs in Florida.  In fact, Florida’s financial institutions account for 1 out of every 10 new jobs created in Florida since the first of the year.

 

The fact that pending sales in Florida are up thirty five percent is proof that people are back in the market ready to buy. It’s a fact that if your making enough money to pay your bills and support your family, your happy.  If you’re happy you will spend more money and feel good about it, it’s just human nature. This is why the Orlando market is improving at the rate that it is. People feel like the recession is behind them and there is hope again. Fact: the #1 cause of divorce in our country is financial problems. I’m not certain but I would guess that the divorce rate in Florida overall has also dropped together with the unemployment rate.

 

Foreign nationals Purchasing 1 out of every 6 Orlando Properties

 

With Orlando Realty prices being what they were, foreign nationals are making some serious home purchases. Whether it’s for a vacation home or to move in as a primary residence to escape the cold once and for all. Orlando Real Estate is a hot commodity for people oversees. I have been working with some English investors for several years now which have purchased at least a dozen Orlando properties from us since 2008.

 

New Construction in Orlando Still Suffering

 

Although we’re seeing dramatic improvements in the Orlando real estate market lately, new construction still remains one of the hardest hit areas in Florida’s economy, losing about 20,000 jobs within the last year. Orlando Real estate Developers are going to have to come up with some even bigger incentives in order to compete with the rest of the market.

 

Jenny Zamora, Lic RE Broker/ Orlando Real Estate Expert

 

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Buying Orlando Real Estate without an Agent Can Prove to be Costly

Posted on by Jenny Zamora

Buying an Orlando Realty without a Realtor can Result in Disaster

 

Buyers loves to get a great deal on Orlando real estate and there’s nothing that I enjoy more than to provide my clients with terrific Orlando homes at great prices. However, If you you don’t want to use a realtor, there are other options available such as bidding online for properties going to foreclosure or searching craigslist for motivated sellers.

Bidding at the Orange County online foreclosure sale.

It’s true that you can find a good deal at the auction on an Orlando property. Although, if you don’t do your research prior to bidding, there’s a good chance that you could lose big.
A family was recently bidding in an online auction on a foreclosed home in the Orlando neighborhood of Meadow Woods.  However, those bidders didn’t know they’re now on the hook for the previous owner’s mortgage.

The home went to auction on the Orange County Clerk’s foreclosure website, and someone bought their home for $16,000! What a deal right? Wrong!… the guy that bought the house online didn’t do his research until after he bought the house. It turns out that it was an HOA foreclosure and there was a mortgage attached for 200 thousand dollars. Can you imagine thinking that you just got the deal of a lifetime and then finding out that you inherited a $200,000.00 debt?  It’s like, “Oh, my God. What have I done?”

People have this misconception about the online auction where they think bidding on foreclosures is a lottery ticket. The truth is, many people end up losing money bidding on foreclosures.

 

Before bidding, you need to do a title search.

One of the problems with trying to get a house online is all that you have to put in a lot work to be successful. Spending a hundred dollars on a tile search can save someone from making one the biggest mistakes of their lives. Doing a title search is just one of the things you need to do. It’s always a good idea to go to the house even if you can’t get inside. Most of the time you won’t be able to get in but you can at least get an idea of what the outside looks like.

Unfortunately, disgruntled homeowners that have been forced out because of a foreclosure can sometimes take out their frustrations by causing severe damage to the inside of the house. I’ve seen houses with well over $20,000.00 in damages caused by angry homeowners and their favorite sledgehammer or golf club.

The moral of the story is this; If you choose to find a property without the help of an Orlando Realtor, make sure to do your due diligence or you could end up losing money.

 

 

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Certified Distressed Property Experts and Orlando Real Estate

Posted on by Jenny Zamora

What is a Certified Distressed Property Expert [CDPE]?

It means that an Orlando Realtor with the CDPE designation is someone that is supposed to understand the complex and ever-changing issues in today’s Orlando Real Estate market. The agent should have knowledge of foreclosure avoidance options available to homeowners. A CDPE can provide solutions, specifically short sales, for homeowners facing market hardships.

Many times Orlando homeowners make the mistake of trying to do things on their own when they’ve fallen into foreclosure. This is always a bad idea because when someone is in financial distress, they’re just not thinking clearly, especially with the emotional burden of potentially losing their Orlando home to foreclosure.

Speaking with a realtor that is CDPE certified, also known as an “Orlando Short Sale Expert” is by far the best course of action to take. First of all, it doesn’t cost you a cent to consult with an Orlando realtor [if a realtor ever tries to charge you for a consultation, turn around and walk away], so you have absolutely nothing to lose in this regard. CDPEs have the tools, knowledge, and experience to help homeowners figure out the best solutions for their specific solution through the execution of an Orlando short sale or loan modification.

Are you considering an Orlando Short Sale?

If you’re currently looking for an Orlando Short sale Expert, make sure to select an agent that possesses the CDPE designation to make sure that you have a trained professional to address your specific needs.  CDPEs have an obligation to go above and beyond for their clients in need and you shouldn’t settle for anything less.

It’s not just about the CDPE Designation…

With all of that being said about CDPEs, it’s important to also consider the amount of experience the Orlando agent has had as a CDPE and what is their success rate with short sales in Orlando. This is something that is easily researched online or even better… ask your potential agent to show you proof of how many short sales listings they have and also ask them how many short sales they’ve closed in the past 6 months.

Another great option that may save you some time is just Google Orlando Short Sales and see what comes up. The top three results that come up should give you a great starting point. Like most people in the world today, I use Google for just about everything.

You want an agent that’s aggressive and doesn’t take no for an answer. Working with short sales is tough and you need an agent that is willing to go toe to toe with the bank for you. Unfortunately, this kind of tenacity and work ethic is something that is difficult to teach, realtors either have or don’t have.

Ask me anything, I’m here to help.

Jenny Zamora, Lic RE Broker.  Certified Distressed Property Expert

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New rules set to improve turn around time for Orlando Short Sales

Posted on by Jenny Zamora

 Orlando Short Sale Process should be much faster with new rules in place

With the new rules regarding short sales taking effect this month, federal regulators are hoping to streamline the entire Orlando short sale process from beginning to end for residential properties.

The new regulations which will regulate both Fannie Mae and Freddie Mac,  forces the agencies to give short sale buyers a yes or no answer within a 60 day time period. The rule is supposed to go into effect on the 15th of this month.

The rules also force the agencies to respond to initial requests for short sales within 30 days of receiving a buyer’s offer. For Orlando realtors, this is great news! No longer will they be able to take their own sweet time to respond, which sometimes meant waiting  a couple of months to see if they even considered the offer. And most of the time the buyer would get frustrated and walk away from the potential deal.

What is an Orlando short sale?

For those of you who don’t know, a short sale is when a lender agrees to accept a contract price for less than what is owed on the mortgage.  Orlando Real Estate values have dropped an average of 35 to 45 percent since 2007 leaving many homeowners with more debt than their home is worth.

Orlando short sales are very popular right now. It’s the perfect solution for the sellers, the buyers, Orlando realtors and the lenders. Lenders get to recoup some of their money back, Sellers are able to get rid of an enormous debt and avoid Orlando foreclosure, Buyers get a great deal on an Orlando property, and it gives realtors an opportunity to earn their money. Any Orlando short sale realtor can tell you that negotiating a short sale is no walk in the park

I believe that with the new short sale rules in place will benefit the entire Florida housing market.

Lenders prefer short sales because they are much more efficient than foreclosures. Although many homeowners have become casualties of lengthy and unpredictable time frames that it takes to process a Florida short sale.

We’ve closed thousands of Orlando short sales over the years and I can tell you from experience that unless you’ve worked with certain lenders before, there’s no way of knowing how it’s all going to play out. We’ve worked some that have taken 60 days from start to finish and some that have taken two and a half years to complete.

 

Ask me anything,   I’m here to help

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Bank of America Increases Incentives for Orlando Short Sales

Posted on by Jenny Zamora

 Bank of America Stepping up their game to help out Orlando homeowners

On Tuesday Bank of America Corp.  launched a nationwide program that offers increased relocation payments to delinquent mortgage customers that care able to qualify for short sales.

B of A  tested this program in Florida last year, offering payments of $2,500 to $30,000 to help homeowners re-locate. A short sale is when a lender allows a homeowner to sell a home for less than the amount owed on the mortgage.

When B of A bought out Countrywide Financial in 2008 the company inherited a bunch of bad loans and has been exploring new ways to work with delinquent homeowners outside of foreclosure. In March, the bank stated that it would offer a limited number of  homeowners facing foreclosure the option to lease their homes.
In the last 2 years Bank of America customers have completed 200,000 short sales and another 30,000 short sales in in the first quarter of this year.

Bank of America, which inherited loads of bad loans when it bought Countrywide Financial in 2008, has been exploring ways to work with homeowners outside of foreclosure. In March, the bank said it would offer a limited number of customers facing foreclosure the ability to lease their homes.
Since October, Bank of America has rolled out multiple initiatives to speed up short sales and to prevent foreclosures. Last month, it announced plans to approve some short sales in less than 20 days.
Part of the qualifying process is to work together with the bank to obtain a pre-approved sales price. Another pre-requisite is that the homeowner must start the short sale process by the end of 2012 and completed by Sept 26, 2013. Short sales are determined case -by-case, depending on the value of the home, how much is owed, etc.
The bank was also waiving the difference between the unpaid mortgage and amount of the short sale, which allowed homeowners to walk away without still owing the bank a big chunk of money.
Also, Florida homeowners who didn’t enroll in the test program can now apply for the new plan.
If you have a mortgage with Bank of America and you’re considering an Orlando short sale, now is the time to see what their willing to offer you. Set up a free consultation with an Orlando short sale specialist and find out your options

 

 

 

 
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