Category: Orlando Realtors

The Truth About How a Short Sale Will Affect Your Credit Score

Posted on by Jenny Zamora

So exactly how will a short sale impact your credit score?  The short answer is a short sale can have less of an effect on your credit score than a foreclosure. But, it must be done correctly.

Should I do a short sale?

Short sales can happen if a lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale.

Firstly, it’s important to get legal and tax advice before making any decision. A real estate agent experienced in Orlando short sales can be of invaluable help to you as you negotiate with your lender. It’s important to note that not all lenders will agree to a short sale.

Although there are a few lenders that will agree to a short sale if the homeowner is current, most lenders won’t even consider a short sale unless the mortgage holder is at least 30 days behind on their payment.

What tips should I know for negotiating my short sale.

When negotiating a short sale it’s important to be aware that there is no guarantee that the lender will accept the short sale offer. You should also know that short sales can take several months to complete sometimes depending on who the lender is.

If the lender does not agree to a short sale there are other options available to the homeowner such as a “deed in lieu” which is basically a voluntary foreclosure in which you sign the property back over to the bank.

Other options include trying to negotiate a loan modification or filing for bankruptcy. If neither of these options work than the property will most likely be foreclosed on and sold at public auction to the highest bidder.

If your request is approved, ask your lender to report the short sale as “paid in full,” as part of the negotiation.

So what’s the impact on my credit score?

Many sources report that a short sale has about the same impact on your credit score as a foreclosure when the seller is in arrears; however, that’s not always the case.  With some short sales, sellers report that their credit score only dropped by 100 points.

The biggest advantage of a short sale is that you will be able to qualify to buy another home within two years as opposed to five to seven years after a foreclosure.

Talk to an Orlando real estate agent experienced in short sales to discuss the possibility of doing a short sale of your home.

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Do younger Orlando Realtors have an edge over “old school” agents?

Posted on by Jenny Zamora

More and more young people are choosing to become full time Orlando real estate agents as a profession.  Historically,  real estate has proven to be a great field to be in no matter what the market is doing.  The ones who are able to keep up with what the Orlando real estate market is doing and make changes to their business model accordingly, are able not only to survive in tough markets, but thrive in any market.

Young agents definitely have an edge in the technology department over the “old school” agents that try to resist technology. Being internet savvy is a huge advantage just because of the time you save. Although our office still maintains a paper file on every client, those files are a fraction of the size they used to be thanks to amazing real estate soft wares that are available today.

I’ve been an Orlando realtor since 2005 and I can tell you that technology, as it applies to real estate has come a long, long way in 7 years. One thing is for sure, agents that apply new techniques such social media marketing, maintaining an up-to-date blog, up-to-date website, SEO [Search Engine Optimization], etc. will be much more successful than the agents that do not. The cruel truth is that technology has completely changed the way realtors do business and you have to keep up with the trend or get left behind.

Being a Realtor is like having your own Business

Another reason why so many young people are flocking to the world of  Orlando real estate is the allure of having their own business. Real estate agents are independent contractors that are responsible for marketing themselves and finding their own clients or they don’t get paid.  It’s a great field for self motivated people because they basically have no boss and the sky’s the limit if they’re willing to put in the work. For young and eager agents this presents an opportunity of a lifetime. People that want to be nestled in an office everyday and do the minimum amount of work just to get by, will eventually find a better fit for themselves pursuing professions other than the ever changing world of Orlando real estate.

Helpful Tip on finding the right agent:

Just by typing in the agent’s name and city they work in,  you can find out anything and everything you need about an agent and what they are all about. A successful realtor will usually be all over the internet for they areas that they specialize in and if they aren’t, then you may want to move on to the next candidate.

 

 

 

 

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Another Great Orlando Short Sale

Posted on by Jenny Zamora

9797 PORTOFINO DR in ORLANDO

This is an Orlando short sale, that will be sold at a huge discount and will be a great deal for anyone wanting to live in this area.


Orlando Realty Consultants is proud to add  9797 PORTOFINO DR in ORLANDO to its list of breathtaking luxury homes. Built in 2003, this 2,476 sq ft. two-story single-family home is located in one of Orlando’s premier neighborhoods, Nonacrest!

A must-see! This is a Gorgeous 2 Story 3 Bedroom/3 Bath Home with a Bonus Room that can be used as a 4th Bedroom. The master Room is upstairs with a HUGE sitting area and Pond View. It’s Breathtaking.

 

With 3 bedrooms and 3 full bathrooms and large common areas, the open layout has an enticing flow to it. Exquisite solid wood cabinetry, exotic granite countertops, and top-of-the-line appliances all come together with amazing attention to detail throughout this gorgeous house.

Check out these features

* Huge master’s retreat with sitting area

* Wide open Kitchen

* Vaulted Ceilings

* Granite counter tops throughout

* Solid wood cabinetry throughout

* High end appliances and fixtures throughout

* Dining and great room designed for family gatherings and entertainment.

* Covered back patio

* 2-car garage

* Large pool with a spacious deck for backyard Barb-B-Que’s and pool parties

Easy access to schools, first-rate shops and restaurants, and close to Orlando’s top medical facilities

So much more a definite must-see!

Call to make your appointment, You DO NOT want to miss out on this Great opportunity! BANK-APPROVED PRICE!!

Are you currently searching for your Central Florida dream home?  Look no further just click on;  search Orlando Luxury real estate and you”ll have access to all the properties listed on the Florida MLS. Within just a few clicks of your mouse, you’ll be searching out Florida real estate like a pro.

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Orlando Short Sales…anything but short

Posted on by Jenny Zamora

Short Sales…. Long time

For potential buyers short sales can mean either getting a great deal or going through a very frustrating ordeal. by first impression a short sale implies a getting good deal on a home, kind of like a house as being on sale “houses 30% off! “. However, you should know what’s involved with buying a short sale before making an offer.

A short sale is when the lender agrees to take less than the amount owed in order to get the property sold as opposed to taking it through foreclosure. Before the lender agrees to anything, there’s a whole process that the seller needs to go through and get approval before the bank even agrees to entertain any kind of offer. This process involves the seller getting together an entire package of docs to their lender

Short Sale Docs Required from the Seller

1-Hardship lettter

2-Financial statement or profit and loss [if self employed]

3-Last 2 years tax returns

4-Recent Paystubs

5-Bank statements

6- Listing agreement

7- Purchase and Sales agreement

As you can see from the list above the seller has their homework cut out for them and some sellers aren’t the most organized people which means, just getting this list of docs together could take weeks. Once the package is complete, it is then submitted to the short sale lender.  If you think that’s it… you’re wrong, this is just the beginning. The lender will usually find a few things wrong with the package no matter how well it was put together, something will need to be in a different format, typo o the HUD, missing addendum, etc. it’s always something.

The next thing that will happen is the lender will order a BPO [brokers price opinion]. This is usually a local agent that is hired by the lender to give their opinion of what the property is really worth. Whatever this amount comes in at will be the negotiating point. That means that if your offer is much lower than the BPO amount, the bank will counter your offer until you come to an agreement. Unfortunately, some agents don’t like the extra work involved in going back and forth with the lender to get the best deal possible, so they just stick with the first amount that the lender countered at.

Hopefully, the agent handling the listing is an Orlando short sale specialist, if not it could be a very frustrating experience for both the buyer and the seller.

Buyers that need to buy fast

If you’re a buyer that needs to get into a house quickly for whatever reason, then you probably want to steer clear of short sales. Just because you’ve submitted a fair offer on a property, it doesn’t mean that you’ll get it. Not only that, you may be waiting for a month or 2 before even getting a response on whether your offer was approved or not. My suggestion is to find an Orlando realtor that specializes in the area that you want to live in and tell them what your time frame is. If you can’t find a good deal right away, maybe you should rent for six months. This will allow you more time to find the great deal you’ve been looking for.

Buyers that are in no hurry to buy

If you have all the time in the world to find a great deal on Orlando real estate, then short sales are definitely worth looking into. Find a realtor that is an Orlando short sale specialist in the area that you’re interested in living in. Meet with the realtor and let them know what kind of property you’re interested in buying and where. The agent should provide you with a list of short sale and REO properties in the area that meet your criteria. After you get your list, tell your agent immediately which ones you would like to see and go see them A.S.A.P. Orlando real estate is hot right now and good deals don’t last for very long.

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Tips for home buyers regarding Orlando short sales

Posted on by Jenny Zamora

Buying an Orlando short sale?  Don’t do it alone

Whenever you’re considering the purchase of Orlando real estate, you should always consult with an experienced and licensed real estate professional. This is especially true when you’re talking about buying an Orlando short sale because there are soo many things that can go wrong. It’s true that you can get a great deal on an Orlando property by purchasing a short sale but you need to be aware of what you’re getting into before committing to anything.

By consulting with an experienced short sale realtor, you will be able to eliminate all the guess work and be confident in your decision making.

Here are some informational tips that you may find helpful when purchasing a short sale

1- You have to be patient- If you need to get into a house quick, an Orlando short sale is probably not a good option for you. Short sales can sometimes take several months to complete. New guidelines that have been put in place by the U.S. Treasury Dept, now force lenders to respond much faster to short sale offers. However, it still takes much longer than a traditional sale.

2-Don’t put all your eggs into one basket– Just because you have an offer on a short sale, it doesn’t mean that you should stop looking at other houses. It’s not against the law to have offers on more than one property as long as you inform the other parties when one of your offers gets accepted.

3-Get the house inspected– Most Orlando short sale properties are sold as-is. For this reason it’s important to get a home inspection done by a professional home inspector especially when it’s an older home. If issues come up in the inspection you may be able to negotiate the price down even further.

4-Make sure your financing is ready– As an Orlando short sale realtor, I will not submit an offer to a lender unless the buyer shows me either proof of funds or a pre-approval letter that can be verified. Be sure that you have your financing in order even before you go house shopping. This way you know what price range you can afford and you will avoid any surprises.

 

 If you still have questions about buying an Orlando short sale feel free to contact us for a free consultation. We are Orlando short sale specialists and have been helping people buy and sell Orlando real estate since 2005.

 

 

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