Category: Orlando Realtors

6 Things that can Kill your Orlando Short Sale

Posted on by Jenny Zamora

The Clock is running Out on Orlando Short Sales


By now almost everyone is familiar with the term “Orlando Short Sale” that owns real estate in Orlando. In a nutshell… It’s when the bank agrees to take a substantial discount on what is owed on a delinquent mortgage.
Our office has been receiving a ton of calls and emails lately from sellers that are upside down on their mortgage all asking the same question. “ Are we still in time to do a short sale on our home without being taxed by the IIRS for the deficiency?” The simple answer to this question is yes, as long as you get it closed before 2013. However, there are many other things to consider besides the “Mortgage tax relief act of 2007”.
6 things that could kill your Orlando Short Sale

1-    The Bank refuses to take accept the short sale offer- These days this doesn’t happen that often. However, Some lenders are just not realistic when it comes to what the property is actually worth and they will just flat out refuse to do a short sale.
2-    Stubborn Homeowners Associations- In the state of Florida, HOA’s will be paid 1 year of dues if a property goes to foreclosure. However, for some reason, that I’m still trying to figure out, there are HOA’s out there that would rather let the property  go  to  foreclosure and collect a year of delinquent dues instead of collecting an amount that is  much more than that. It’s almost  like the HOA’s take it personal that a homeowner can’t pay and they want revenge!
3-    2nd mortgages not giving enough of a discount- When you do an  Orlando Short Sale on a  house that has 2 or more mortgages, the amount that you offer to that second mortgage holder as to be approved by the first mortgage holder. If the frst mortgage holder only wants the second to get $2,000.00 and the 2nd mortgage holder wants $5,000.00 guess what? That’s right… it’s a deal killer.

4-    The BPO Comes in Too High- Part of the process when doing an rlando  short sale is for the bank to order a BPO [Brokers Price Opinion]. Kind of like a mini appraisal, a BPO is usually performed by a local realtor that goes into the house and records details of the house damages, upgrades, etc. Based on all of this information the BPO agent will determine what they  think the house is worth. Unfortunately, I’ve had BPO’s done on properties where judging by their valuation of the property, they must have been either
5-    intoxicated or the more likely scenario, they want the property to get foreclosed on in hopes that they get the listing on the property from the lender as an REO listing.
6-    The buyers back out or are unable to close- Usually, you’ll know way ahead of time if you’re dealing with a legitimate buyer as opposed to a tire kicker because of a Deposit and proof of funds or a pre-approval letter. However, for whatever reason, a buyer will sometimes just not want to go through with the deal at the last second or their financing falls through. Unfortunately, It’s just the nature of the Orlando Real Estate business.

Hire an Orlando Short Sale Expert

If you’re in need of doing a short sale in Orlando, you should find an experienced short sale realtor to give yourself the best chance possible. Short sales can be tricky and hiring a good  realtor will the key to your success.

 

 

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More Senior Citizens Facing Orlando Foreclosure

Posted on by Jenny Zamora

Older Americans who own Orlando real estate are not immune to the foreclosure process

Many Americans that are 55+, grew up thinking that real estate in Orlando would only appreciate in value and that you need to own a house to be financially secure. That way of thinking was passed on from there parents and was shared by just about everyone else in that generation. Unfortunately, according to AARP Senior Americans got in just as much hot water as the younger generations.

The perception is that older Americans are more housing secure than younger people, but the truth is that millions of Americans that are over the age of 55 are carrying more mortgage debt than ever before, over three million of which are at risk of losing their homes.  And as of December 2011, approximately 3.5 million loans of people age 55+ were upside down, meaning that their home is worth less than the loan amount. From 2007 to 2011, a staggering 1.5 million + older Americans lost their homes to foreclosure.

Even though older Americans still have lower foreclosure rates than people that are under 55, they are increasing at an alarming rate.

Older Americans weren’t immune to the Orlando real estate boom and bust. They took out equity lines of credit when Orlando property values shot up, sold their homes for retail prices and purchased investment properties that floundered just like everybody else.

 The biggest difference here is that if you’re under 55 and lose your house to foreclosure, you still have time to get back on your feet through hard work and perseverance. Older Americans don’t have this option because the truth of the matter is that time is not on their side. When I think about Older people losing their homes to foreclosure, it literally brings tears to my eyes, it’s just really sad.
 
For generations, home ownership has been a safety net in retirement, the report notes. Equity that built up over decades could be tapped for medical bills, supplement fixed incomes or help transition into an assisted living facility. If a senior needs to transition to an assisted living facility but can’t sell his house to get the money to pay for it, then that’s a huge problem.

Gail Matillo, director of elder housing for the Florida Department of Elder Affairs, recommends seniors call a local aging resource center if they are having trouble with house payments. The statewide hot line is 800-863-5337.

If you are in need of an Orlando Short Sale, call us for a free consultation.

 

 

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Homeowners Insurance Prices discourage people from buying Orlando Real Estate

Posted on by Jenny Zamora

Florida Homeowner Insurance companies are having a negative effect on Orlando Real Estate Sales

 

Even though the real estate market in Orlando is recovering in leaps and bounds, homeowners are not happy about the high price of Florida homeowners insurance. As a matter of fact, for some potential home buyers, it’s proven to be the  straw that broke the camel’s back.
 
 There are still great real estate deals in Orlando, but even if the price of  the property is affordable as well as  property taxes, etc., the homeowners insurance in some cases can be almost as much as a mortgage payment. That’s insane!
 
 

Citizens Insurance raising it’s premiums on Florida Homeowners

 The main reason for the high cost of homeowners insurance in Florida is the recent increase that Citizens has made to it’s premiums. Many times this will cause potential real estate deals to fall through or even worse, it puts the new homeowner in a position to fail because he went over budget, and potentially cause him to default on his payments.
 
 The state run Citizens claims that the had no choice but raise the premiums because they are supposed to be a last resort for people and now they are covering many more homes than the program was designed for. That’s not all, if massive hurricane were to hit Florida and deplete all the company’s reserves, all Floridians would get taxed thus hurting the state economy in a big way.
 
 
 Read the fine print when Buying Orlando Realty

When it comes to buying Orlando Real estate, there’s more than just deciding which homeowners insurance company you’re going to commit to. You have to read the fine print and be aware of everything that you’re committing to. So many first time home buyers  end up in hot water because the fail to understand exactly what they’re signing. Then there is another type of buyer, the type that wants to get into that new house so badly even though deep down they know that it’s beyond there budget.

That’s why you need an experienced Orlando realtor to walk you through the complexities of buying a home in Orlando. I personally will not allow a client to make what I know will be a bad decision for them. As Orlando real estate agents, we have an obligation to look out for the best interest of our clients and help them in any way that we can when it comes to buying or selling Orlando real estate.

 
 
Jenny Zamora. Lic. RE Broker

 

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6 Reasons why you should invest in Orlando real estate

Posted on by Jenny Zamora

“The City Beautiful” a great place to invest in real estate

Orlando is undoubtedly one of the most frequently visited places in the United States. The demand for real estate in Orlando is constantly on the rise. In fact, in recent times Orlando has witnessed an immense growth in the world of real estate. Moreover, the instability of the stock markets has made people turn to real estates for investment as well as a mode of income.

Though Orlando real estate provides a vast avenue for fruitful investment opportunities, Orlando foreclosures have also been on the rise. You’ve got to keep in mind the mortgage refinance rates as well when considering going for real estate investment.

However, in spite of everything else it remains a fact that Orlando isn’t known as ‘The City Beautiful’ not for nothing. Read along to find out the reasons why you should invest in Orlando realty.

1. Orlando’s scenic beauty – It’s a known fact that Orlando is a place that boasts of breathtaking sceneries, natural beauty, lush green surroundings, and blue lakes. This opportunity of nestling into the depths of such natural beauty is a major temptation.

2. Conducive climate conditions – Orlando is a place known for its warm and humid subtropical climate. This is a huge factor behind the real estate boom. If you’re coming from up north, then this is a major reason why you’d want to consider buying a home here in Orlando. Its weather will provide a welcome change for you.

3. Housing inventory provides you with more choices – There’s been a steady increase in the real estate housing inventory as well. As a potential investor, you’d find the luxury villas and condos as interesting real estate developments that provide attractive investment opportunities.

4. High demand for luxury homes – Real estate has seen a rise in demand with more and more luxury homes in Orlando being constructed. These are rented out as long-term or short-term vacation properties. Since tourism is high in this area, hence these luxury homes actually render a profitable option for the investors. Due to the rising demand for vacation homes, many investors are keen to buy them. Then they lease this property out to the tourists for a certain span of time.

5. Orlando has some major tourist attractions – SeaWorld,  Walt Disney World  and Universal Studios are some major tourist attractions. These attractions contribute to the curent real estate boom big time. Proximity of a property to these tourist attraction spots also add to the investment value of it.

6. New constructions are on the rise– There’s been a spurt in the growth of apartment complexes and condominiums. Moreover, resort properties are being renovated and fitted with extra amenities. These provide you with an added incentive for you to invest in property out here.

As a home buyer you have a lot of reasons to actually invest in Orlando real estate. With the help of our website you can Search Orlando properties like a pro in the comfort of your own home. Within seconds you’ll have a list of great Orlando properties for sale complete with listing price, photos and every other detail you want to know about the property.

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Orlando Real Estate, the new 401k for retirees

Posted on by Jenny Zamora

Orlando real estate is once again a good investment for retirees

After the huge real estate bubble, we experienced between 2000 thru 2006, we all learned a painful lesson in 2007 when the market tanked. It’s just not normal for Orlando real estate prices to double over the course f only seven years. When the market crashed, Orlando’s real estate prices dropped to 50% of where they were and in some areas of Orlando, it was even more than that.

What I have been seeing more of recently, however,  is that people are considering Orlando realty as a good investment for retirement once again. Here in Orlando, the bottoming process has already happened and prices have been on a steady rise. There is still a long way to go before we see a normal housing market, however, historically low mortgage rates are helping the market by making the cost of ownership more affordable, assuming that the potential buyer can qualify.

Sensing this opportunity, many are jumping into the rental market to boost retirement savings and income. There are however several important factors to consider when buying an Orlando property for the purpose of receiving a steady stream of income.

 5 Tips for potential Orlando Landlords

1- Make sure that you buy at the right price- This is where working with an experienced Orlando realtor will pay off big. Make sure your agent shows you the recent comparables in the area. Chances are that you won’t find anything at 30% market value unless it needs work done, but you should be able to buy something at fair market value, which is OK if you’re thinking long term.

2- Forget about flipping- The days of flipping houses for a huge profit are gone for the most part and you shouldn’t go into this thinking that you will be able to sell your investment property for twice what you paid for it in six months, it’s just not going to happen.

3- Take advantage of Historically low mortgage rates- Even if a potential home buyer is able to purchase an Orlando Investment property, I always suggest to them that they should consider getting a mortgage. With historically low rates right now, it’s a great opportunity for potential investors if they can qualify.

4-Consider hiring a property management company- Being a landlord can be a great source of income if you’re up to the task. However,  I must warn you that it’s not for everyone. Landlords have to deal with not only the maintaining of the property, but they have to be available to tenants at a moment’s notice in case of emergencies. This is why you should consider hiring a property management company right from the start. You should work this expense into your budget before even buying your investment property so that you will know if the numbers make sense.

5-Get familiar with Orange county eviction laws- If you become a landlord for any amount of time you can expect to have a deal with an eviction or two [at least]. It’s very important that your rental agreements are solid and that you do background checks on ALL of your tenants no matter how nice you think they are. It may cost you a few extra bucks to get a quality tenant into your house but I can tell you from experience that paying a bit more upfront to do things correctly will save you time, money, and headaches in the long run.

It’s important for people considering Orlando real estate as retirement income to remember what the goal is. The goal is for the owner to be mortgage-free and to collect a steady stream of income on a house that’s free and clear.

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