Category: Orlando Realtors

What’s a short sale package? | Orlando Realtors

Posted on by John Conde

Orlando Realtors- What’s a short sale package?  Video Transcript https://orlandorealtyconsultants.com

Hello Everyone, my name is John Conde with Orlando Realty Consultants Y, Yo Hablo Espanol. Today I’m here to explain exactly what goes into a short sale package.

First question…The young man with the Puerto Rican Flag

Audience – “What makes up a complete short sale package?”

“Great question,… there are many different components that make up a complete short sale package and it’s crucial that your agent gets it right the first time around….    Now before we get into the details of a  short sale package it’s important to know why your bank is asking you for all of this documentation.”
“You see, you’re trying to prove to your lender that you can no longer afford to keep the property and you’re asking them to “pretty please” let me sell it for what it’s currently worth so that I can get out from under this huge debt that I owe you.”

“Next question…. Older Gentleman with the headphones”
Audience – “What’s a hardship letter?”

“OK a hardship letter is a letter explaining to the lender the story of why you’re in the situation that you’re in…. Now when you write a hardship letter,.. remember… this letter will be read by another human being so you really want them to feel compassionate about you and your situation…so keep that in mind when you’re writing it and the more details, the better.
Now there are some negotiators that have a very robotic approach to their job and it won’t make a difference at all, but it’s worth a try.”

Some other items that they will ask you for are things like
– 2 years of tax returns…bank statements…-financial worksheet …-paystubs, etc.

Audience -“What if you don’t want to give them your personal financial information?”

John Conde- “Well if you don’t want to give them you’re financial information then your short sale file will be closed and foreclosure proceedings will continue…and that holds true for all lenders. In my 8 years of doing short sales I’ve never had one where the lender doesn’t require the homeowners financial information. So that’s just the nature of the beast.”

OK folks, I have to go…if you have any more questions about what goes into a short sale package just contact our office… feel free to take a card, visit our website or just call us at the number at the bottom of your screen…. Thank you

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Four-point inspection vs. Full-home inspection

Posted on by Jenny Zamora

Different Home Inspections From A Realtor’s Perspective…

Every homeowners insurance company requires either a four-point inspection or a full-home inspection before issuing an insurance policy to the new homeowner. These inspections are designed to protect both the insurance company as well as the buyer by exposing any existing issues or damages prior to the sale of the property.

The four- point inspection focuses on four main areas of interest in a house

  *  HVAC (Heating, Ventilation and Air Conditioning)

  *  Electrical wiring and panels

  *  Plumbing connections and fixtures

  *  Roof

The reason why homeowner insurance companies require a 4 point inspection is to make sure that major components of the house are in good condition before they agree to insure it. This is especially true for older homes [25 yrs or more] since the chances of an older home having problems is much greater than a newer home. It’s for this reason that insurance companies have become increasingly reluctant to issue homeowner insurance policies. A good example of this would be a roof nearing the end of its life expectancy. Even though the roof isn’t leaking, you know just by how old it is that it won’t be long before it starts having problems.

 In this situation, the Insurance company would probably require the roof to be replaced before issuing the new homeowner a policy so that they can reduce their risk of liability that comes with a worn out roof. The same holds true for the electrical, plumbing and HVAC systems. If either of these items are in bad shape or poorly installed, then they could easily cause a fire or severe water damage to the house putting the insurance company at risk for having to pay for the repairs to be made to make it livable again.

The full-home inspection is a more complete inspection

A Typical Full-Home inspection includes:

*  Roofing- sheathing, shingles, flashing, vents, , trusses, etc.

*  Exterior/Interior – roof coverings, soffit, fascia, finishes, etc

*  Heating and Air Conditioning – ducts, temperatures, filters,

*  Electrical System – safety, GFI, wiring, breakers, receptacles, etc

*  Plumbing – supply, fixtures, water leaks, waste, etc

*  Appliances – Hot water heater, dishwasher, refrigerator, etc,

As you can see from this list, a full-home inspection is a much more in-depth process than the four-point. The inspector basically goes through the entire house with a fined tooth comb and reports anything that either may have a problem or which may cause a potential problem in the near future.  A good example of this is if there is evidence of past water damage, the inspector must determine if the proper repairs have been made or if the problem still exists.

The inspector should also check for potential safety issues like a  loose handrail, an electrical outlet installed to close to a sink, defective appliances, etc. This type of an inspection can sometimes take up to four hours or more to complete because of the amount of work that’s involved. Some defects are an easy fix, and once discovered, can be fixed before purchasing the home. However, when major issues are found, the buyer will usually try to get the seller to make the repairs prior to the closing.

After a home inspection in Florida, a written report is provided to the home buyer, lender, and seller. Minor or cosmetic defects might be overlooked by all.

It’s my duty as an Orlando realtor  to look out for my client’s best interest which is why I always try to encourage my buyers to order the full inspection as opposed to a four-point inspection. Sure, a full-inspection will cost more money but it could potentially save you thousands of dollars in repairs by detecting any problems with the house before signing a purchase contract. https://orlandorealtyconsultants.com/


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Who decides the value of a Short Sale?

Posted on by Jenny Zamora

Orlando Realtor –  Video transcript who decides the value of a short sale?

Hello, John Conde here with https://orlandorealtyconsultants.com/ , and today we’re here to talk about short sales

John Conde: OK first question?… The woman with the Orange hair

Audience: Who decides the value of a Short Sale?

John Conde: OK…great question and a crucial part of the short sale process.
The valuation of a short sale, as determined by the short sale lender, is probably the single most important factor of the transaction.    ….The way it works is; after we submit an offer to the bank, the bank will then order a BPO.. AKA [Brokers price opinion] on the property.

This person will usually be a local realtor that will go out to the property, and after doing their research on recent sales in the neighborhood, will give the lender their opinion of what the property is worth.

Whatever, the BPO comes in at will be the negotiating point between the lender and potential buyer.

John Conde: Next question…

Audience: Does it matter if the house needs repairs?

John Conde: Yes, it does matter and that is something that they are supposed to take into consideration when giving their estimation of value.

So they do the BPO…Now At this point there are 3 things that can happen that will dictate what follows.

1… The BPO comes in at a fair number that everyone is happy with and we proceed to closing.
2… The BPO comes in too low and the bank insists on another one being done… It happens sometimes.
3…The BPO comes in so ridiculously high that the buyer threatens to walk.
Now when this happens, you will find out what your short sale agent is really made of….The agent can choose to do one of 2 things.

#1- Just accept what the bank says, let the deal fall apart and pray that a new buyer comes along
or
B- Do whatever it takes to prove to the bank, that the BPO agent got it wrong.
Now at our company, We do this by preparing an in depth report of our own… called a CMA which is also known as a comparative market analysis]. This report contains even more information than the BPO agent provided them with.

What a CMA basically comes down to is a list of Active, Pending and Sold properties in the area… and  the whole purpose behind this is to get the lender to order another BPO or if we’re lucky they’ll just use ours.

I hope this was helpful in answering your questions.  Remember…we’re here to help…it’s up to you to take the next step…Thanks for watching

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Do you need an attorney to complete an Orlando Short Sale?

Posted on by Jenny Zamora

Orlando short sale

Hello folks My name is John Conde with Orlando Realty Consultants and if you’re looking to hire an attorney… then you’re in the wrong place… We’re to talk about Orlando short sales and why you don’t need an attorney to complete a short sale.

John Conde: “first question please…yes,  the young lady with the dread locks”

Question from audience:  “Don’t you need an attorney to do a short sale?
John Conde: “The short answer is … No you do not.”
Now, there are some cases where you would want to consult with an attorney if there’s title issues or if the property’s in probate court, if there’s a Bankruptcy involved,  etc.
Now with that being said, When it comes to attorneys doing Orlando short sales, the truth is that most people just don’t need them.

One of the biggest reasons people go to a short sale realtor instead of an attorney is the cost.
Attorneys can charge you thousands of dollars to do your short sale, where an agent does it for free. The agent only gets paid if the short sale closes, and they get paid by the lender, it doesn’t cost the homeowner a dime….not only that, but most of the time we get you cash back a closing. We’ve gotten our clients anywhere from $3,00 to $30,000.00 back at closing… How’s that for incentive?
John Conde: “Next question?…..Yes sir with the top hat”

Question from audience:  “How does a realtor get paid from a short sale”?
John Conde: “Great question, as opposed to a lawyer that you have to pay upfront,… a real estate agent does not get paid unless the deal closes.
A  good short sale realtor is going to do everything in their power to make the deal happen. Or they don’t get paid… It’s that simple.
I would much rather see a homeowner keep that money to pay bills or put it into their savings instead of turning it over to an attorney.  Watching people throw 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”.
There are currently thousands of Orlando homeowners that are looking for help with their situation. And I’m not Gonna stand here and sugar coat things…. The process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home. This is why it’s crucial that you get help from a proven Orlando Short sale Expert.
We understand this which is why we are devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.
If you or someone you know needs help with a short sale…, visit our website or just give us a call for a Free consultation. our information is at the bottom of your screen. thanks for watching.

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The Days of Door Knocking for Leads are Over

Posted on by Jenny Zamora

When I first got involved in the Orlando real estate business in 2003, I was on a shoestring budget and hungry to make some money in this business they called real estate. At one of the first real estate boot camps that I attended, there was a guy named Dan Doran aka “Dan Doran the marketing man” and he was selling a course that was supposed to teach you about knocking on doors of people that are in the process of foreclosure. When I think about it, it was a scary thing to do. However, we just had our first son and we were determined to “make it” in the Orlando real estate business no matter what. So I went through Dan’s course a couple of times, made some cheat sheets that I could carry with me, and hit the ground running.

You see, when we first started this business, we didn’t have the budget to do massive postcard campaigns or any other kind of marketing for that matter. That was the beauty of door knocking… all you needed was an up-to-date foreclosure list and a tank full of gas. In those days I was a private investor and not a realtor which sometimes had its advantages.

Anyway, I started knocking on doors in a town called Pine Hills which happens to be a pretty rough part of town. I got all kinds of responses such as the door being slammed in my face, getting yelled at, and even getting a few death threats. Responses like; “Who are you and what do you want?”  or “We don’t want any, Go away!” were common responses and I was told that these responses would build my character. LOL! However, about one out of every 15 doors that I knocked on offering to help the homeowner,   I would get the deal! Wow, what a great feeling that was!  Then I would be soo happy that I seemed to forget about the 14 other people that I visited that told me to get lost.

These days, the thought of knocking on doors to get leads makes me cringe… Sometimes I find it hard to believe that I ever did it in the first place.

Orlando realtors are finally getting the “Big Picture”

Most Orlando real estate agents these days like myself,  are trying to focus more on their online presence above all else. The price of postage is expensive and most days people start their search with Google for everything anyway. Orlando realtors that don’t do any online marketing are really missing the boat when it comes to advertising in 2013. Our site at  https://orlandorealtyconsultants.com/ brings in about 90% of our listings with the rest being from referrals. We haven’t sent out a postcard or letter in over 2 years.

Sell A house in Orlando

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