Category: Orlando Short Sales

Are Short Sales In Orlando Making A Comeback?

Posted on by Jenny Zamora

Short sales and REO properties in Orlando were once a big ugly stain on the real estate market reminding us all of the horrific market crash of 2007.

Savvy investors cleaned up as they bought properties left and right at massive discounts keeping them as rental properties or flipping them for a quick profit.

At one point in 2009 short sales and REO property sales accounted for more than 60% of all residential real estate sales in Orlando.

Since then however, the real estate market has made what many Orlando Realtors would consider a full recovery. Homes have been going up in value and new construction is once again in full swing throughout many areas of Central Florida. In the past couple of years, Orlando’s short sales have accounted for less than ten percent of residential real estate sales.

It’s become evident to us in the last quarter of 2015 that REO and short sale properties in Orlando are not at all a passing fad…not by a long shot. We’re only in the third week of 2016 and our company ORC has picked up 6 new short sale files!

Although it’s way too early in the year to check exact home sale statistics through the MLS, it’s obvious to us that short sales are once again on the rise.

Disclaimer: On this site, we only write about and discuss things that are happening or have happened within our own company, ORC. It’s never mattered to us what people are saying in the news or in local Orlando real estate forums because I’ve learned that a lot of information on the internet is inaccurate… what a shocker right!?  I believe that someone should only write about what they know about and what they’ve experienced in order to be considered credible.

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New Short Sale Listing In Chuluota, FL!

Posted on by Jenny Zamora

Call or text 407-902-7750 to see this home immediately!

Prepare to be amazed by this luxurious home in Chuluota, Florida, This gorgeous home has it all!

It’s a 6 Bedroom, 4 1/2 half-bath home in a high-end community.
It boasts a huge master bedroom with his and hers walk-in closet, his and hers vanities, a garden tub, and a custom oversized shower.

You can find high-end Tiffany Style Stained Glass fixtures throughout the home with stylish ceiling fans.

The large open kitchen is a thing of beauty featuring Corian countertops, solid wood cabinetry, a convenient island with sink, and a large walk-in pantry to accommodate large families with ease.

Custom-crafted rounded archways lead you into the large family room. A downstairs bonus room can be a full home office, game room, or even a man cave with custom built-in cabinetry and a cozy window seat.

Or if mom decides to move in, you can always use this spacious room as a mother-in-law suite.

The home has a complete security system with connectors in each window.

These homeowners spared no expense when it came to over-the-top upgrades which are too many to mention.

You will not find anything else like it in the community. All rooms are extremely big, the 3rd room upstairs has its own bathroom and all rooms have big closets.

Spacious loft area you have unlimited options, you can turn this into a game room, sitting area, movie spot, you get the idea…Let’s not forget the oversized backyard, fenced in with a beautiful brick wall, herb garden, and built-in extermination tubing system all around the house.

You are also minutes from schools, college, parks, bike trails, golf clubs, dining, shopping, and more.

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Don’t Let An Agent Do The Job Of A Short Sale Agent

Posted on by Jenny Zamora

I’ve heard it happen so many times, that a very good and well-respected agent was hired by the seller to short sell their home. The problem is that this agent was horrible at working with short sales and knew it!

This particular story made me very upset when I heard it. It was actually what we “short sale agents” refer to as a slam dunk… meaning a very easy deal as far as short sales are concerned.

It was a young couple that made a bad investment and they were now needing to complete a short sale on their home. The lender was SPS and there was only one lien to deal with. Short sale agents are accustomed to working deals with two to three liens sometimes. [as I said…this deal was a slam dunk!]

The couple researched top agents in Orlando and decided on a couple to interview. The problem was that they failed to include the keyword “short sale” in their search.

To make things worse, the agent accepted the listing anyway! Well, it wasn’t long after taking the short sale listing that the realtor realized she was way over her head. She had never experienced being bombarded by paperwork and other items that need to be addressed when completing a short sale.

Agents who aren’t used to the essential hardships of working with short sales will eventually start to flounder and give up… which is exactly what happened here.

By the time the sellers realized that the Orlando realtor they hired was completely lost on how to get a short sale approved, it was too late! The auction date was too close and the property was sold to the highest bidder. Now the sellers lost their home to foreclosure, still owe the bank a lot of money and they would’ve been eligible to get up to $10,000 back at the closing for relocation assistance if the property closed.

All of this happened because the agent thought they could easily do a short sale even though they’ve never done one before!

Attention Orlando Real Estate Agents!

Don’t accept a short sale listing, unless you know what you’re doing! It’s not OK to play with someone’s biggest investment and potentially their biggest loss. Short selling a home for someone is serious business and if you’re not experienced at doing short sales, at least be honest about it. Sellers should be allowed to make decisions about what realtors they choose to short sale their homes based on facts, not fiction.

As real estate agents, we all have our strengths and skills and it’s important for both you as an agent as well as a potential client to know what they are. If you find yourself struggling with a short sale listing in Orlando and don’t know how to proceed, give me a call at 407-902-7750. I’ll be glad to help you out!

As Orlando real estate agents, we took an oath to do what was in the best interest of our clients. Sometimes that can mean stepping aside and letting the experts handle it.

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TOR 022: Loan Modifications Exposed!

Posted on by Jenny Zamora

Loan modifications have helped tens of thousands of Orlando homeowners to keep their homes in recent years. However, with Loan Modifications, you have to be aware of the fine print and know exactly what you’re getting yourself into.

Sometimes…terms of a loan mod are much worse than the original mortgage. They just try to sugarcoat it to make it look good.

Here’s a recap of today’s episode. Hit the play button to get the full scoop!

 5 things you should watch out for when negotiating a loan modification:

 1-“Your lender’s in charge of the loan, which means they have the option of dropping all penalties against you. Don’t be bullied….. “

2- “This may sound funny but it happens. Sometimes lenders try to get you to agree that if they lose the original loan docs, you must assist them in reproducing them….”

3- “Don’t agree to step by step rate increases or balloon payments…..”

4- “Don’t agree to payments you can’t afford. The whole purpose for doing a loan mod is….” 

5- “Don’t agree to an interest rate that can automatically adjust based on an index over which… “

” An Orlando Short Sale maybe your best option!”

  “By doing a short sale you’ll be free of your lender forever, and you can get enough cashback from the sale to get a fresh start.”

“If you’re interested in getting more information about loan modifications or short sales call us or visit our site to set up a free consultation”

“we’ll meet with you to discuss the details of your situation to come up with a plan of action that works best for you.”

“I hope this information was helpful to someone out there. If so, please take a moment to write a review and rate the show on i tunes, it would be greatly appreciated.”

“Please keep those questions coming, just visit the ORC site to submit a question or topic and we’ll do our best to talk about it on the show.”

“Thanks for listening everyone, we’ll see you next time!”

 

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TOR 020: Orlando Short Sale Buy Back

Posted on by Jenny Zamora

Hello and Welcome to the Top Orlando Realtor podcast, I’m your host John Conde with ORC, and

today I’m going to answer a question from one of our short sale clients who resides in Poinciana.

Jose asked if he can Buy his Home Back after we Short Sale it?

The answer is yes, but the transaction has to be done a certain way.

Orlando Short Sale, Can I Buy It Back?

[Episode Summary]

1- “Some cash investors specialize in doing short sale buybacks to the original seller….”

2- “There are ways that it can be done through your lender but you have to jump through some hoops….”

3-  “Making Home Affordable Program” now allows an investor or Non-Profit Organization to buy…. a property then lease it or resell it back to the original seller…”

* You have to qualify for a HAFA short sale first …

* Your bank still has to approve the sale of the property to the investor or non-profit…

* There’s absolutely no guarantee your lender will agree to this so…

4- “So what’s to stop an investor from doing this without the banks’ approval?… Nothing….”

5- “When doing a short sale buyback with an investor with or without the banks’ approval expect to pay….”

6- “Never… ever do this type of deal with friends or family….” [wait until you hear this story!]

7-  “A typical cash investor will want at least 3-5% of the purchase price….”

Feel free to submit any questions or topics you’d like to hear about by going to https://orlandorealtyconsultants.com/ and we’ll do our best to talk about it on the show.

Thanks for listening, see you next time

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