3 Tips on Breaking a Florida Lease Contract Legally

Breaking a  Florida Lease Contract Legally- When it comes to Orlando real estate law, breaking a lease is completely legal in certain situations but you have to go about it the right way. If not, you could risk facing some pretty serious financial as well as legal consequences. You should also know that it is neither quick nor easy. There are laws in place to protect both lessors and leas-sees.

Before starting the process of breaking your lease here are a few things to think about.

1- Find out what your rights are– Read your lease option agreement thoroughly, knowing what you can or can’t do is hands down the most important part of breaking a lease agreement. Find out what the tenant laws are in your state, this is something that can easily be found by doing a simple Google search. Print out anything that can potentially pertain to your specific situation.

Sometimes agreements will require you to do something as simple as giving the landlord written notice that you want out. However, most of the time this approach will mean forfeiting your deposit and still having to pay on the remainder of the lease. This option doesn’t appeal to most people because it’s expensive. However, if you’re breaking your lease because of problems with maintenance something wrong with the property, then you have a much better chance of getting out at no additional cost, and depending on the situation you may be entitled to getting your deposit back.

2- Keep good records- If you’re in a situation where there are safety issues involved or the maintenance isn’t being kept up according to the agreement, then you’re most likely able to break your lease with no problem at all and without any financial repercussion. It is extremely important, however, that you keep records and collect any proof of the things that are happening to make you want to break your lease. For example: health code issues, lack of maintenance, safety issues, etc. You should take photos and gather any other kind of proof that you can. Health code and building code violations are public records and you should have no problem getting this documentation online.

Having proof is essential in case your landlord wants to settle things in a court of law.

3-Be nice- Once you find out where you stand legally and you’ve collected any proof that you will require to prove your case you should approach the landlord in a nice way if at all possible. Before sending out any letters to him of what your intentions are, try appealing to his compassionate side [if he has one]. Many landlords will appreciate the “heads up” and this can make things a lot easier on you. Because you are being polite in the situation, you may find that your landlord is willing to work with you and find another tenant or waive certain of your obligations.

Even if you’re able to settle things with your landlord amicably and he tells you don’t worry about giving written notice, you should still follow all the legal steps that are spelled out in the contract including any written notices, etc.

Are you looking for an Orlando rental property?  Visit us at Orlando Realty Consultants.com and search the Florida MLS like a pro.

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Back on the market! Orlando Short Sale | 14834 Oldham Dr.

We have the Approval Letter in hand! Last buyers unable to close.  Take advantage of this great Orlando Short sale property. Located in the very desirable University Estates, this gorgeous  2,357 Sq ft. 4 Bedroom 3 Bathroom home with a private pool is move-in ready! It has a spacious open layout and the neighborhood is loaded with great amenities for the whole family.

Close to shopping, restaurants and good schools in the area.

Here are just a few of this property’s great features

* Vaulted Ceilings

* Large master suite

* Solid wood cabinetry throughout

* Large formal Dining room

* Lots of natural lighting

* 2-car garage

* Screened in porch

* Wood Burning Fireplace

* Good School District

 

Great Amenities!

* Community Pool

* Gazebo

* Tennis courts

* Basketball courts

* Playground

Perfect location near UCF, Waterford Lakes Towne Center shopping and dining all with easy access to highway. Hurry Today! This home won’t last for long.

 For more info on this terrific property call us today at 407-902-7750 or visit us at OrlandoRealtyConsultants.com

Orlando Real Estate Broker

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Orlando Short Sale Negotiator confesses to using stall tactics

I’ve been doing short sales in Orlando since 2005 and something happened last week that has never happened to me before. I’ve been working on this Orlando shorts sale listing for the past 3 months. After negotiating with the bank we got the payoff approved at $192,000.00 and the buyers were ready to close. Each time I would get a hold of the negotiator he would say that I would have the approval letter the next day so I would then update my clients with the same update that was given to me. After hearing the same story from me day after day and week after week It got to the point where everyone thought it was all somehow my fault.

To make matters worse, the buyer got tired of waiting and walked from the deal, my client even talked about hiring another agent. The following day I received a call from the negotiator and I couldn’t believe what he told me. He actually told me that he was purposely stalling this particular file because he didn’t want it to close until the month of March. He explained to me that the bank can only handle a certain amount of loss per month and they had already hit their limit for the month of February. He then proceeded to explain to me how he was purposely stalling me by not providing me with the approval letter. When I heard this I felt like reaching through the phone and slapping him. That wasn’t possible so I did the next best thing, I gave him a piece of my mind.

All he had to do was inform me of what was going on from the start and everything would have been fine. The buyers would have had no problem at all waiting as long as they knew what was going on. After I vented my frustration with the negotiator I insisted that he personally call my client and explain the situation to him. Thank God everything is back on track and all is right with the world, we’re closing at the beginning of March.

Short sale negotiations can get complicated and can be extremely frustrating. If you’re in need of an Orlando short sale expert call me at 407-902-7750 for a free analysis of your situation.

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What happens when an Orlando Short Sales get approved for more than appraisal value?

When a buyer puts in an offer on an Orlando short sale property, that person believes that they are getting a great deal. Many times this ends up being the case and after several months of waiting…the bank approves the offer but don’t celebrate yet,…  there are still a few things that can make the deal fall apart.

The appraisal is a crucial and unavoidable part of this process. let’s say for instance that the bank approved your short sale offer of $100,000.00, the next step is to get your financing in line which means getting the property appraised, inspected, etc. The issue now is to get the property to appraise for at least the amount of the contract. If the property falls short on the appraisal, let’s say $95,000.00, then there’s a problem because your lender is not going to approve a loan for $100,000.00 for a house that just appraised for $5,000.00 less.

How and why does this happen?

Appraisers have to go off of recently sold properties only, not pending properties, or active properties. So even though the BPO may have come in at a higher valuation, the reason is that BPO agents have a bit more leeway on what comparables they are able to use. As opposed to appraisers, BPO reports may include active listings, pending listings, in addition to sold listings in order to determine true valuation.

Will the short sale lender adjust the approval price to match the appraisal price?

Most lenders will actually change their payoff letter so that the deal can go through. As a matter of fact, this is something that happens all of the time in our office. The only drawback is that it takes a bit longer because there’s a process which typically 2 to 3 weeks. It all comes down to how much of a hurry the buyer is in to buy the house. If the buyer is in a position to wait the extra time, then this actually benefits them because they get an even better deal than the original price.

Lenders like Fannie Mae for instance are less likely to lower the approval amount regardless of the appraisal value. I know what you’re thinking and I agree… It makes no sense.

What happens if the lender is unwilling to adjust the approval price?

There are a couple of different scenarios that may ensue if the lender doesn’t want to lower their payoff amount. One thing that can happen is that the buyer walks away and keeps looking for another Orlando short sale. Another way to get around this issue is if it’s a cash buyer that really wants the property. However, not too many people will purchase a property for more money than the appraised value unless it holds some kind of sentimental value for them.

Need help with a short sale? Call our office at 407-902-7750

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Apopka Short Sale | 2464 Pickford Circle 32703

Apopka Short Sale | 2464 Pickford Circle 32703- This is a Gorgeous Single family home located in the very desirable subdivision of Lake Heiniger Estates. It’s sits on an enormous over sized corner lot. The spacious kitchen is a house wife’s dream with solid wood cabinets, granite countertops and high end stainless steel appliances.

This home is in excellent condition and move -in ready.

Do you want to search for properties like a pro in just a few seconds?

visit us at OrlandoRealtyConsultants.com to see this or any of our other properties using our property search tool.

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