Orlando Short Sales Increasing because of Financial Incentives

Banks are finally starting to come to the realization that it’s much cheaper to pay off delinquent borrowers as an incentive to short sale their Orlando house than it is to take them through the foreclosure process. I think it’s about time they saw the bigger picture.

Bank of America as well as a few others are currently testing incentives from $5,000-$25,000 here in Florida to see if they should be expanded to more states.  JP Morgan Chase went national with incentives of up to $35,000, and Wells Fargo’s incentive ranges from $3,000-$20,000. If that’s not incentive then I don’t know what is.

These incentives are saving lenders big money compared with the expenses involved in completing a foreclosure. In Florida, where foreclosures go thru the courts, 50% of loans in foreclosure are more than two years past due. No one knows how long they will keep offering these incentives or what determines which sellers will qualify.  You can have two similar sellers, and one might receive the incentive and the other may not receive it.

One thing is for sure though, if you’re looking to do an Orlando short sale, right now is the best time to short sale your house. Never before in history have banks ever been so cooperative and generous to borrowers who have fallen behind on their mortgage.

Here’s more good news… You don’t have to pay the mortgage while the short sale process is happening.  That’s right you stay in the house for free until the short sale is complete.

If you’re considering an Orlando Short Sale on your house,  contact us for a free consultation with one of our short sale specialists and find out exactly where you stand. You’ll be glad you did.

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Rising Orlando Foreclosure Filings Can be Deceiving

There’s been a lot of buzz about the rising numbers of foreclosure filings in Orlando. The truth is that the increasing number Orlando Foreclosure filings can be deceiving.

It’s important to know numbers and statistics when you’re a Realtor, it’s even more important to know why things are playing out the way they are.

One of the main reasons that the number of foreclosure filings are at an all time high is because lenders had no choice but to put things on hold while this whole robo-signing fiasco got sorted out.
Now that the lenders and lawyers have had a chance to determine what was done legally or not, it’s back to business as usual for the lenders holding all those delinquent mortgages.   This should lead to a massive increase in inventory and I think we are leading into a “perfect storm” type scenario…In a good way.

This is actually a good thing for everyone involved. Think about it, the seller get’s to proceed with a loan mod or short sale so they can be relieved of their debt and move on with their life, the lender recoups a percentage of their money back, a buyer gets a great deal and an Orlando realtor closes another deal.
It’s a win win for everyone involved.

The fact is… As long as Orlando home prices and mortgage interest rates remain low. It will be a busy  year for Orlando Short Sale Realtors.

If you’re considering an Orlando short sale come in for a free consultation with one of our short sale specialists and get all of your questions answered with absolutely no obligation to work with us. You have everything to gain and nothing to loose.

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Make Your Orlando Home Appealing to Buyers

Give Yourself the Best Chance at Selling your Orlando Home

If you’re trying to make your Orlando home a bit more appealing for a potential buyer, then there are some things that you should consider.  First of all, not everyone has the same taste as you and so that’s why you should keep it simple when staging your home to be sold.


Never leave things out like family photos, personal keepsakes, and treasured belongings. All of these items should be safely packed away which very often creates open space. Everyone loves open space, it makes the home feel bigger and people can get a better feel for the layout.


Believe it or not Orlando home buyers often make a decision within just seconds of seeing your home about whether or not they want to buy it. So remember that and picture your home through the eyes of your potential buyers. What impression do you get in the first 30 seconds?


Sometimes a neighbor can help you out with this. If you do ask someone to give you an honest opinion about the first impression they get of your home, don’t take it personal if they don’t like some of your choices as far as decorating, just listen.


Here’s a List of easy things you can do to increase your chances of getting a contract on your Orlando property

•    Remove all loose clutter inside and out.  When you walk up do you see children’s toys scattered across the front lawn or throughout the house? Get rid of it something as simple as clutter can be a deal killer.

•    Make sure your yard and landscaping looks as good as it possibly can. Overgrown trees ,  shrubs and grass are eyesores and it’s the very first look that they get at the home.

•    I think it’s always good to get a fresh paint job when selling a home. It makes a huge impact and is relatively inexpensive to do. If painting is not an option, at least touch up any spots that are chipped wore out or can’t be cleaned.

•    Remove any furniture that is causing the house to look smaller or that is in the way when you show a potential buyer your home. Most of the time less is more when it comes to bulky pieces of furniture that can absolutely change the look of a room.

•    Add artwork to long hall ways. You don’t have to buy artwork that costs thousands of dollars but, if your home has long hall ways, it’s nice to break up the monotony with some tasteful artwork. Use contrasting shades and hues to coordinate with the flooring. When you’re shopping for the artwork or borrowing it from a friend or your real estate agent or homestager, if possible bring swatches of the carpet or flooring and wall paint to match the artwork colors.

•    Make the kitchen a focal point. Whether they cook or not, the kitchen is of primary interest to many buyers. Winning over buyers with an appealing kitchen can often convince them that they must have the home. Make sure your appliances are clean, sparkling, and working. Return on investment in the kitchen is usually high and worth every penny, and more, you put into it.

•    The bedroom needs to look like a bedroom. It sounds funny, but many people use their bedroom for other things such as an office or storage. Boxes or newspapers are scattered or stacked in a corner. There’s no “ah” or sense of relaxation with that kind of room. So even if that’s how you’ve been living, understand that’s not how you should show a home.

Making your home more appealing means seeing your home through the eyes of your potential buyers. When you start receiving more offers than you know what to do with, you’ll be glad you did.

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Jenny Zamora, Lic RE Broker

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Orlando Real Estate Market on the Road to Recovery

 

When you examine the current Orlando real estate market  a few things are undeniable. The most important fact, there has been a huge decline in Orlando home prices since 2006. Secondly, the foreclosure inventory is still incredibly large. The third factor is that interest rates remain low.
There are two potential ways to look at these things. You could look at these facts and say that we are in weak real estate market and an economy that’s struggling. Orlando Real estate investors however,  will look at this scenario and see dollar signs

Currently, Orlando home prices sit around 35% below the peak price of 2006 and is starting to show some signs of a recovery. Foreclosure properties and REO’s are the biggest reason for lower than normal home prices. Even if you’re not in a distressed situation, that’s who you’re competing with. This will not change until there’s a demand for more inventory.

Here in Orlando, real estate is already showing significant signs of recovery. Banks are moving short sale files along a lot faster than they used to and inventory is moving.

There are many real estate analysts that say that we haven’t hit rock bottom yet. However, I believe differently. I think we hit bottom in Orlando about six months or so ago and we’re already on the comeback trail. I don’t think we’ll ever see what we saw in 2006 nor do I want to see inflated home prices.

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Orlando Short Sales Defining our Market

    If you’re an Orlando short sale realtor, you’ve noticed that banks are moving short sale files along much faster than was the case a year, or even six months ago.  Although our company has an unusual 100% closing ratio on Orlando Short sales, most brokers close about half of their short sale files, which still isn’t bad considering all the work that’s involved. Not to mention everything that can go wrong throughout the process if you’re not experienced in the Orlando short sale arena.

   Even though short sales can take anywhere from 2 months to a year from contract to close, people are willing to wait.  Sellers that live in the house that they need to short sale have a huge advantage because they can continue to live in their house rent free until the short sale is completed. This really helps families relieve some financial stress, and ultimately translates into the homeowner being in a much better position financially when it’s time to move.

Potential Orlando home buyers also don’t mind waiting because they know that the payoff will be worth it if they are willing to stay in there and play the game. I believe that right now is the perfect time to buy an Orlando Home. The market is starting to stabilize but you can still get a good deal on an a great Property.  This time next year people who were going to buy Orlando Real Estate and never did are going to be kicking themselves.

 

 

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