Category: Orlando Realtors

Orlando real estate | Lease options, good idea or bad idea?

Posted on by Jenny Zamora

A lease option is a type of contract that is used in residential real estate. In a lease-option contract, a property owner and tenant agree that, at the end of a rental period for a property, the renter has the option of purchasing the property. Basically, the seller will ask for a sizable non-refundable deposit at the beginning of the agreement. If the tenant cannot close by the time stated on the contract, then the property owner has the right to keep the deposit. A lease option is different from a lease purchase, in that a lease-purchase binds both parties to the sale, whereas in a lease option the buyer has the option but the seller does not.

Most of the time people will only enter into a lease option when they aren’t able to qualify for a loan.  Typically, the rent amount will be a bit higher as well as the purchase price. Of course, the danger is that when the time comes to buy, you could change your mind or be denied financing, causing you to lose your money. It depends on how much risk the potential buyer is able stomach.

If you do enter into a lease option agreement, it’s important that the contract is looked at by a lawyer. Sometimes buyers are so desperate to get into a house and they don’t bother to read the fine print. Even though the seller is sitting in the driver’s seat, he can’t force you to sign an agreement that doesn’t benefit you. The number 1 rule in real estate is that “everything in real estate is negotiable”. This means that you don’t have to agree to the first offer put in front of you and you have the right to make a counteroffer.

As an Orlando real estate investor I’ve done several lease options over the years for people and they haven’t always turned out they were supposed to. I would say about half of the time, I ended up having to evict the tenant and keeping their deposit. On the positive side, for the other half of the people, it worked out great. They were able to buy the house that they wanted even after getting denied financing from the major lenders For these people the risk paid off to do a lease option because they were able to honor the contract.

So is a lease option good or bad? It depends on the situation, the most important thing to remember is to be realistic with yourself. If you’re not sure if you will be able to get financing at the end of your contract then I would say…Don’t do it!  You’ll be risking losing your deposit.

If you still have questions about lease options call us at 407-902-7750 or visit us at  OrlandoRealtyConsultants.com and schedule a free consultation with one of our real estate professionals.

Orlando Real Estate Broker

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Realty welcomes John Conde REALTOR | Orlando Short Sale Specialist

Posted on by Jenny Zamora

Orlando Realty Consultants, Inc., a leader in Central Florida real estate, has added short sale superstar John Conde to it’s team of real estate professionals. He is an enthusiastic go-getter with a genuine desire to help clients find the perfect place to call home and we are thrilled to have him on board. He’s also an amazing marketer using his Youtube channel TOP ORLANDO REALTORS to post fun and entertaining videos to deliver extremely valuable content about Orlando real estate to viewers.

From investor to Orlando realtor, John Conde REALTOR is no stranger to buying and selling residential real estate in Central Florida. He has been doing it successfully since 2004. He is now working as an Orlando real estate agent devoted to helping people that are facing foreclosure and financial hardship to find solutions to there real estate needs.

 

His vast experience as a real estate investor has enabled him to be familiar with of every aspect of the Florida real estate business and we feel very fortunate to have him join our elite team of real estate professionals. His specialties include: Orlando Short Sales, Luxury Homes, International Real Estate and Investment Properties with a tremendous amount of expertise in Social Media Marketing, International Bridging, Market Analysis, Sales, Negotiating and Consulting experience.

 

In order to navigate the complex decisions involved in Orlando’s real estate market today requires the guidance of a true professional, especially when your talking about short sales. He is committed to quality service with an emphasis on accountability, reliability, timeliness and enthusiasm. John’s goal is to take Orlando Realty Consultants to the next level through powerful online marketing strategies as well as traditional marketing exposure. He is as devoted to his work as he is to his family.

 

 

He is fluent in English, Portuguese and Spanish with a deep knowledge of many cultures around the world making him one of our preferred agents for international clients. A successful real estate transaction is built upon the strength of relationships and the experience of how to get things done. John is extremely well respected by his peers in the industry and has created invaluable relationships along the way with other professionals in the industry such as title companies, attorney’s, lenders, appraisers, builders, institutional investors and realtors.

 

About Orlando Realty Consultants

 

 

Orlando realty Consultants, Inc has been at the forefront of Orlando real estate for 8 years. With a team of top notch Orlando realtors in our stable, we are equipped to handle any type of real estate transaction.

 

For more information about Orlando Realty Consultants, call or visit www.orlandorealtyconsultants.com

Sell A house in Orlando

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Don’t be Embarrassed About Doing a Short Sale.

Posted on by Jenny Zamora

When the real estate market crashed, many people were left owing a lot more on their house than it was actually worth. Some also lost their jobs. It didn’t matter what income bracket they were in, the crash affected upper, middle and lower income families alike.

In other words, you’re not alone. So, there’s really no reason at all to feel embarrassed about doing a short sale. And, there is nothing dishonest about it, as some people feel; a short sale is merely a tool to help you take control of your financial situation, rather than letting your house go to foreclosure, which often has a more damaging effect on your credit rating.

How will people react if I Short Sale my house?

Friends and neighbors are no longer so quick to judge those who have “short sale” or “foreclosure” signs on their front lawns. Everyone appreciates that times are tough and we’ve all become more sympathetic to those who are struggling financially.

It’s distressing for people who have always had good financial habits to suddenly find they are unable to keep their mortgage payments up-to-date. If you find yourself in a precarious financial situation due to the housing crash, doing a short sale may be the answer. No one wants to be burdened with a huge debt that is difficult to keep up the payments on.

What will my lender do if I need a short sale?

While some lenders are approachable, allowing homeowners to re-finance or negotiate new terms that will allow them to make regular payments again, other lenders aren’t so flexible, leaving you with only three choices;

  1. pay up on the spot,
  2. face foreclosure or
  3. do a short sale.

If the latter is what you’re faced with, a short sale will help you to keep your dignity while you sell your home and make a fresh start.

Who can I turn to for help?

An Orlando real estate agent who is experienced in short sales, like those here at Orlando Realty Consultants, will help to make the short sale process as smooth and painless as possible. We are trained and knowledgeable about all aspects of a short sale and can answer any questions you may have about selling your home in this way.  There is no need to feel embarrassed about calling us as we work with folks every day who are going through the short sales process.

Call us at 407-902-7750 to discuss your options, we are certain we can help.

 

stop foreclosure

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Great News for Orlando Short Sales!

Posted on by Jenny Zamora

Mortgage Forgiveness Debt Relief Act of 2007 has been Extended

The mortgage debt relief act has officially been extended for another year. This is a law that exempts those who are in a foreclosure or short sale situation [primary residences only] from having to pay federal income taxes on the deficiency balance of their mortgage after the transaction is complete.

This law was passed back in 2007 right when the Florida real estate market crashed. The main purpose of the law was to allow people to complete the short sale on their home and not be taxed on the deficiency as if it were income. This is a huge incentive for homeowners that are upside down to short sale their home.

I know many people have been holding their breath as the ending of the Mortgage Forgiveness Debt Relief Act of 2007 would have signaled a harmful blow to the real estate industry. Well now they can breath a sigh of relief, the Mortgage Forgiveness Debt Relief Act is now set to expire on January 1, 2014 and only applies to only a primary residence. Most homeowners that were on the fence about doing a short sale on their home would have probably chosen to file for bankruptcy as opposed to working something out with the lender.

Here’s an example of exactly what this means; Let’s say that a struggling homeowner sells their home for $100,000 and they owe $175,000, they are not taxed on the $75,000 that the bank had to write off. This is great news for homeowners that are struggling. Prior to the Act, homeowners were taxed on the forgiven debt, known as debt discharge income. If this act wasn’t in place, even people that have lost their homes to foreclosure would be taxed on the deficiency balance between what the house owed and what it sold for.Unlike any other liens or judgments, I.R.S. liens will follow you for the rest of your life and if you try to avoid paying them off, the I.R.S. will garnish your wages.

 Orlando Realtors are Thrilled that “the Act” was extended

For realtors like myself that specialize in doing Orlando short sales, this great news. It means that short sales are still going to be the best way to go for struggling homeowners who can no longer afford to pay their mortgage. I would imagine that BK attorneys were hoping that the act wouldn’t be extended so that more homeowners would have opted for filing bankruptcy as opposed to short sale. at the end of the day, it’s a win win for all parties involved in the transaction.

Sell A house in Orlando

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Real Estate | Location vs. Lifestyle

Posted on by Jenny Zamora

There are so many things to consider when you’re shopping for a new home. When it comes to Orlando real estate there are three words that just about everyone thinks of,  location, location, location. We’ve been taught that location is the only thing that should matter when choosing a home. However, for many people, this is not the case. For these people,  It’s not so much where they live but rather how they live. New generational values have changed and people are increasingly more concerned with how a home will work for their lifestyle than what neighborhood they live in.


When meeting with a new home buyer, It’s important to find out what kind of hobbies or past times they enjoy and whether they want to be near the beach, a golf course, retirement community, etc. A buyer might not be so impressed with the house you just showed them but you if informed them of all the nearby amenities that the community offers that house may have just gotten a whole lot more attractive to them. It may come down to a nearby bike path or a lake for fishing and kayaking to turn that house into their dream home.

 Maintaining a home should be a big factor in your decision to buy

Consumers are becoming more aware of the cost of maintaining a home in addition to the mortgage. When choosing a home buyers need to be aware of all the additional costs that are involved in the community such as homeowners association fees,  yard maintenance, etc. These costs can add up to be a substantial amount of money. After the market crash of 2007, it seems that people are much more aware of not getting in over their heads financially.

The size of the home also makes a huge difference in maintenance costs. Buyers are more willing to move into a smaller home especially when they can enjoy nearby social and recreational amenities.

Sometimes It makes more sense to rent

Many younger adults prefer to rent over buying for financial reasons as well as lifestyle reasons. Young people today are used to having subscription-based technology services. This same concept makes sense to them when renting a house. They can subscribe to a rental home for a while then move on. By renting, they don’t have to be concerned about things like qualifying for a mortgage or having to get the house sold if they want to move to another area.

If you’re looking to buy or rent a home in Orlando, please visit our site and search the MLS like a pro.

Realtor in Orlando, FL

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields