Category: Orlando Realtors

How To Extend Your COVID-19 Mortgage Forbearance

Posted on by Jenny Zamora

If you received a mortgage forbearance due to COVID-19, your payment suspension could be about to expire. If so, you must request an extension before the initial forbearance agreement expires. It’s important to know that a forbearance extension through CARES isn’t guaranteed. The CARES Act [aka] Coronavirus, Aid, Relief, and Economic Security (CARES) Act.
was signed into law on March 27th of 2020. If you aren’t sure, contact an experienced Orlando Realtor to assist you.

The act granted homeowners who were financially affected by the coronavirus a 6-month temporary suspension with no penalties. That means the first forbearance agreements began to expire at the end of October 2020.

The CARE Act also allowed for a 180 forbearance extension… as long as the homeowner requests before the initial agreement expires.

MAIN POINTS

  • The CARES Act provides up to 360 days of mortgage payment forbearance for homeowners with a federally backed loan.
  • The initial forbearance can be for up to 6 months with one 6 month extension.
  • You must request the initial forbearance from your bank as well as the extension. Neither one is automatic.
  • To apply for an initial forbearance or an extension, contact your lender.
  • Typically, forbearance freezes delinquency, which also stops foreclosure.
  • Most lenders offer COVID-19 related forbearance. For private lenders rules and conditions vary.

What Loans Qualify for Forbearance Under the CARES Act?

The CARES Act forbearance applies to mortgages backed by the federal government:

  • Loans insured by the Federal Housing Administration
  • Loans insured under section 255 of the National Housing Act.
  • Loans insured under section 184 or 184A of the Housing and Community Development Act of 1992.
  • Loans insured by the Department of Veterans Affairs.
  • Loans insured or made by the Department of Agriculture.
  • Loans insured by the Federal Home Loan Mortgage Corporations (Freddie Mac) or (Fannie Mae)

Apply For Your Extension Through Your Lender

If your loan forbearance is about to expire and you still can’t make the payments, contact your lender immediately. Check your mortgage statement for the contact information of your mortgage servicer.

Your lender should notify you before the expiration of your current forbearance. Don’t take a chance! If you’re not sure when your current forbearance expires then call your servicer to tell them you need an extension. If you’re unsure or need some help, feel free to contact us at https://orlandorealtyconsultants.com/ for immediate assistance.

Before you contact the lender, visit their website for any mortgage relief options available.

The CARES Act only requires that you request an extension and by law… you shall receive one.

Get It In Writing!

Although the law doesn’t require your forbearance request to be written, it’s a good idea to ask your lender for documentation detailing the terms of your agreement.

Things to keep in mind:

  • To get the extension, you don’t need to submit additional documentation. Only your claim to have a coronavirus-related financial hardship will be required.
  • During the time of your forbearance, additional fees, penalties, or interest will be waved.
  • You have the option to shorten the forbearance and continue to make payments at any time. Let your lender know of the change.

If you still haven’t asked for your mortgage forbearance, don’t worry… you may still be able to as long as the emergency declaration is still in effect. You can check with your local Orlando real estate agent to get informed.

What About Private Lender Forbearance Agreements?

If you have a mortgage through a private lender you’ll have to contact them and see what they’re offering. Because your lender will have their own set of terms and conditions, you’ll need to pay close attention to the fine print. For example, some private lenders may want you to pay a balloon payment for missed payments and interest.

During Your Forbearance

During the time of your Forbearance, while preparing for life after your forbearance expires, there are a few things you should be doing…

  • Maintain copies of ALL written documents pertaining to your forbearance agreement.
  • Check your monthly mortgage statements carefully to make sure there are no mistakes.
  • Pause auto-payments for your mortgage during your forbearance.
  • Carefully monitor your credit report for any errors and make sure your lender is reporting your status correctly
  • Prior to your forbearance expiring, be sure to have a plan in place with your lender for you to repay what you owe.

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Orlando Realty’s “Easy Exit” listing agreement.

Posted on by Jenny Zamora

When somebody lists their house with a real estate agent, they always worry that the agent won’t perform as promised and they will be stuck with them until the listing agreement has expired costing your home valuable time and exposure on the market.

Most real estate agents require you to sign listing agreements that have a cancellation fee of several hundred dollars when the homeowner wants to terminate the contract with the agent they hired to represent them.

It’s for this reason that I use an “Easy Exit” listing agreement. This takes the risk out of listing your house and having to worry about us not performing.

When you list your home through our INSTANT AMNESTY Listing Agreement, there’s no risk to the homeowner. We are so confident that you’ll be happy with the results that we get you that you can cancel your listing with us at any time and NO CHARGE! There is NO cancellation fee in our listing agreement.

• You can cancel your listing anytime.

• You can relax, knowing you won’t be locked into a lengthy contract.   

• Enjoy the caliber of service confident enough to make this offer.
   In my 8+ years as an Orlando realtor, the few times that someone has wanted to cancel a listing agreement with me was because they decided to keep the house instead of selling, it has never been for non-performance. When it comes to real estate, my skills and work ethic are among the best in Orlando and I have the track record to prove it. My confidence comes from thousands of successful real estate transactions and thousands of happy clients. The fact that most of our business comes from referrals from past clients says it all.

Whether it’s a traditional listing or an Orlando short sale, I get the job done no matter what.

Tired of your realtor not performing and wasting valuable time on the market? Give us a try, you have absolutely nothing to lose. Visit us at https://orlandorealtyconsultants.com/ or call us at 407-902-7750 so that we can discuss your best options. Jenny Zamora Lic. RE Broker

Orlando Vacation Homes

 

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What Do Real Estate Agents Charge?

Posted on by Jenny Zamora

If you need to hire a real estate agent to help you buy or sell a house, keep in mind these real estate professionals get paid through a real estate commission. So how much does it cost and why? Can this be negotiated?

As a real estate agent in Orlando, FL since 2004, please let me explain everything you’ll need to know about real estate commissions.

How much are real estate commissions?

Instead of getting paid by the hour or weekly salary, real estate agents only get paid if the real estate transaction goes through.

Some brokerages will charge a flat rate for their services, most agents work off a percentage of the sale once the sale has gone through. The exact percentage can vary however, most real estate commissions are usually between 5 and 6% of the sale price. So on a $100,000 home, a 5% commission would be $5,000.

This might seem like a lot of money, but keep in mind that the real estate commission gets split between the listing agent and buyer’s agent. Also, real estate agents don’t receive a penny until the deal has gone through… a process that can take weeks and even months of work depending on the deal.

Who pays the real estate commission?

Usually, the seller of the home pays the entire amount of the commission for the service of both the listing agent as well as the buyer’s agent… unless the agent is representing both buyer and seller.

The two agents typically split the real estate commission 50/50. If a home sells for $100,000 at a 5% commission, each real estate agent will walk away with $2,500. However, this can also vary in certain situations such as if the listing agent was only offering 1% to the buyer’s agent. Everything in real estate is usually negotiable.

Dual Agency Explained

If the same real estate agent is representing both the buyer and the seller, the agent then becomes a “dual agent” and receives the entire amount of the real estate commission. That’s why listing agents love it when they also find the buyer in addition to representing the seller. [Talk about a huge payday!]

As an Orlando real estate agent, this has happened to me countless times. However, many real estate agents don’t like representing both parties because it puts them in the awkward situation of having to work for both the buyer which could at times become a conflict of interest.

What Exactly does real estate agent commission cover?

Homeowners certainly have the option of selling or buying their home “For Sale By Owner”, but when they find out the tremendous amount of time and work that it requires, they usually end up hiring a real estate agent. Real estate agents provide a whole wide range of services like; pricing the home correctly, marketing the home [on the Multiple Listing Service, social media, etc.] negotiations, and even guiding homeowners through the closing.

An experienced real estate agent can help you get top dollar for your home while handling all the stress that comes with selling a home. I can tell you from experience… good real estate agents earn their money!

Need proof? Check out these numbers… A recent National survey done in 2019 found that a typical FSBO home sold for $195,000 compared to $245,000 with the assistance of a real estate agent, according to the National Association of Realtors®.

That means that homes listed for sale with a realtor sold for $50,000 more than without an agent. Maybe that’s why a whopping 92% of homeowners used a real estate agent to sell their home.

Are real estate agent commissions negotiable?

As my first ever real estate teacher used to say all of the time “everything in real estate is negotiable”. Although a 5% to 6% commission is the norm here in Florida, there aren’t any state or even federal laws that set commission rates.

This means that if you want to sell your home, you can certainly ask your real estate agent to reduce their commission however, they aren’t obligated to do so.

One thing to consider is this: Your listing agent must pay for marketing your home from the commission they receive after the closing, less commission could mean a lower marketing budget for your home which could mean more time on the market.

With that being said, it won’t hurt to ask your agent to lower their commission. Most real estate agents won’t be offended [who cares if they are?] and the worst they can tell you is no. If you are tight on the numbers, you may ask them to charge you a flat fee for helping you list the home, communicate with buyers, and write the contract, but you won’t get a full service from the agent or brokerage with a flat fee. Most agents don’t offer a flat fee listing agreement, so you’ll have to shop around a bit, and be prepared to do some of the heavy lifting yourself.

Buying or selling a home will probably be one of the largest financial transactions of your lifetime, so make sure to find an experienced real estate agent that you can trust to do a great job. This isn’t the time to hire your nephew who just got his license 3 weeks ago…

Other Things You Should Know About Real Estate Commissions

Every detail about an agent’s real estate commission must be outlined in the listing agreement [contract] that you signed when you hired the agent. A typical listing agreement should also state how long the agent will represent you. Usually, a listing agreement in Florida lasts between 90 to 120 days.

As the home seller, you want a real estate agent who will fetch you the highest and best sales price and the terms you want, but the best real estate agents aren’t cheap. Like the old saying goes with most things in life… you get what you pay for.

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Should I Stage My Orlando Home Before Selling?

Posted on by Jenny Zamora


Is it Worth the Hassle to Stage My Orlando Home?

Shakespeare once said that “all the world’s a stage”… this also includes the house you want to sell for top dollar.  As a Realtor in Orlando, I can’t tell you enough how much of a difference it can make to set the stage before revealing your home to the world.

Unless you’re an interior designer, staging a home is not a do-it-yourself type of task. Staging involves hiring professionals with talent and skillsets for interior design. A good stager will give your house a makeover that will make you think twice about selling. By using temporary furnishings and décor, your house will get more than its share of “oohs… and aahs…” from potential buyers doing their walk-through.

Quality staging is not like an insurance policy by any means and there’s no guarantee that your home will sell for more money because of it. However, It is a great and powerful marketing tool. Great staging should present your home in its most flattering light and will keep you at the higher end of the comps in your area. Have you ever heard of the saying “dress for the job you want, not the one you have”? When selling a house… when want it to be dressed to the 9’s to get the price you want.

Staging helps potential buyers to visualize what their life could look like living in such an elegantly decorated home.

Staging Leads to Great Listing Photos

Great photography is a must when marketing your home for sale. By having pics of a staged home instead of an empty or messy home, you’ll increase your chances of finding an online buyer 10 fold. Especially these days the majority of home buyers start their search by looking through online listings before hiring a Realtor in Orlando, FL.

Before Hiring Stagers Consider This

In addition to being Realtors, we are also Orlando real estate investors, we’ve bought and rehabbed many houses over the years. I can tell you from my own experience that staging does help. Like… a lot. There’s always one or two buyers that ask if they can also purchase the furniture and decorations.

But don’t just take our word for it. Recently, a survey from the NATIONAL ASSOCIATION OF REALTORS® revealed that:

Almost 80% of buyers’ agents claimed staging makes it easy for the buyer to imagine the property as their future home. It’s kind of like helping the buyer to dream it to achieve it so your real estate agent can make the sale.

40% of Orlando listing agents say that a staged home spends a lot less time on the market compared to an empty house. For you the seller, time saved could mean more money in your pocket and being able to move out sooner. Listing agents also claimed that staged homes will fetch a higher dollar amount… between 6-10%!

Some listing agents in Orlando will offer staging services to their clients but most of the time you’ll have to hire someone and pay for the staging yourself.

Professional home stagers will usually charge according to how many rooms you want staging. We pay roughly $700 per month when we stage a 3 bedroom 2 bathroom house which includes everything from the furniture to décor.

What about staging the house yourself?

If you’re on a tight budget, then hiring a professional may not be an option for you. If this is the case, check out some Youtube video tutorials on the subject to help guide you. If you have a friend or relative with really nice décor in their house, you may want to ask them for some staging ideas.

Declutter and clean at the very least

No potential buyer is going to enjoy walking through a messy or dirty house. Take the time to declutter and clean it like it’s never been cleaned before. Move some furniture into the garage if you have to, organize household items out of sight, and remove anything that makes a room look smaller. You should also change out any burnt light bulbs and have the carpets shampooed.

Keep the closets neat and organized

Make sure they can see the space, buyers always want to check out the closets. Remove some things if you need to rather than having that “stuffed full” look. Consider putting away personal items like family photos, religious pieces, and maybe some artwork to make the house look more neutral.

Only focus on rooms that count the most

You don’t have to stage your whole house to impress buyers. We find that staging rooms where people spend the most time will make the biggest impression on buyers. Staging the kitchen, Living room, Dining room, bathrooms, and Master bedroom is more than enough to make a buyer take notice.

Don’t forget to stage your yard

Curb appeal is super important for getting potential buyers through the front door. Make sure your yard looks the best it can. A freshly cut yard, manicured bushes, and some colorful plants can make a huge impact on buyers and set the stage for what the inside looks like.

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9 Reasons Why Some Homes in Orlando Sell Faster

Posted on by Jenny Zamora

Why is it that some homes in Orlando sell faster than others?

Have you ever wondered why some homes in Orlando sell much faster than others when they appear to be similar in the same neighborhood? The most obvious three reasons would be location, size, and condition. However, beyond that, some other factors can affect why some Orlando homes sell faster than others.

Great Curb Appeal- Top Realtors in Orlando say that the curb appeal of a home is the number one factor determining the amount of time that a home stays on the market. So if you’re selling a home in Orlando be sure that the front of your house looks the best that it can. Sometimes all it takes is a freshly cut lawn, manicured hedges, and a few colorful plants.

Homes ready to move-in- homes that are in “move-in ready” condition and are marketed as such usually sell much faster than homes in need of repair. Although there seems to be a million Orlando real estate investors buying fixer-uppers right now, the number of retail buyers is much higher.

Local School Districts- Homes that are located in A-rated school districts not only sell faster but also sell at a premium. For a young family, there’s a tremendous amount of value to them knowing that their kids will be going to the best schools. There’s it’s been researched that 1 in 5 Orlando home buyers would pay an additional 6 to 10 percent above their housing budget to be in a good school zone.

Professional Photography- As an Orlando realtor, it still baffles me how many listings I find on the MLS with horrible photos. If you want to sell your Orlando home fast for top dollar, make sure your agent uses top-quality photographs. Sometimes times, especially with our international buyers, people buy homes that they’ve never seen and all they have to go on is the photos. Also, homes in Orlando end up selling for more money when they have quality photos as opposed to homes with amateur-looking photography.

Have it staged elegantly staged- Homes that are tastefully staged sell 73% faster than homes that aren’t staged. If you can’t afford to have your home staged, you should at least make sure it’s decluttered and cleaned so it looks the best that it can for potential buyers.

Setting the listing price correctly- Homes that are priced at market value or just under have been proven to sell much faster than overpriced homes. Consult with your Orlando realtor to determine the correct listing price before putting it on the market.

10-Reasons-To-List-with-An-Orlando-Realtor

Hiring a top Orlando Realtor– Buy hiring an experienced Orlando real estate agent who knows your community like the back of their hand, you’ll not only sell your home faster and for more money, but you’ll have the peace of mind knowing there’s a licensed real estate professional in your corner looking out for your best interests. Be sure to check an agent’s reviews and track record before hiring them.

Video and virtual tours- One thing we do with every one of our listings is to create a unique video showcasing the property. We do this because everyone loves watching videos and we share it on social networks, on the blog as well as the website. We’ve also found it to be a great sales tool to show potential buyers.

Home features- In addition to being an Orlando realtor, I also invest in Orlando real estate, mostly to buy and resell. I can tell you from experience that homes with certain upgrades like granite countertops, upgraded fixtures, and quality flooring. However, you shouldn’t over-invest in these upgrades unless you know you’ll get a return on your investment.

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