Category: Orlando Short Sales

Retired Couple Buy Their Orlando Dream Home!

Posted on by Jenny Zamora

Couple Finds Their Orlando Dream Home in Hunters Creek

Living in New York most of their lives this retired couple had had enough of the cold and ready to live out their golden years in “The City Beautiful”. After spending time with their nephew who lives in Hunters Creek FL, and after several months of searching in other Orlando neighborhoods they decided that Hunters Creek is where they wanted to live and they were finally ready to shift into buying mode for that specific area.

When a buyer is only interested in one specific area it can be both good and bad from the realtor’s standpoint. The good part is that it doesn’t take long to do a search for all the homes that are available for sale in the area. The bad part is that it usually takes longer to find the perfect home for someone who is only interested in seeing homes in such a relatively small area due to a lack of inventory.

However, it seems that these buyers were being helped by some kind of divine intervention. Just days into showing these retirees homes that were for sale I received a call from a Hunters Creek homeowner needing to sell their home quickly. These distressed homeowners were six months behind on their Wells Fargo mortgage and have exhausted all means of trying to keep their home.

They were in need of completing an short sale on their home and with an approaching foreclosure date, they needed to get it done A.S.A.P. After Googling “short sale experts in Hunters Creek FL”, they found our company and hired us to complete their short sale. The next morning we met with them at home to collect paperwork, get measurements, photos and everything else we needed to get the ball rolling with the short sale. Although the home needed some work I felt it may be a good fit for our retired couple from New York so I brought them to see it that same night.

They fell in love with the Lakefront home in Calabay Cove. My concerns over the needed repairs disappeared when I found out that the buyer was a handyman and actually loved the idea of having something to do! We explained to the buyers that a short sale can sometimes be a lengthy process but they were willing to stick it out in hopes of getting a great deal on their dream home.

Although it was a bumpy road like most short sales, after three months of negotiating with Wells Fargo we received the short sale approval letter and the buyers were able to close on the home just 10 days after we received the approval. The final short sale price that was agreed upon by the lender was $278,000.00. Considering that the full payoff on this 4 bd rm 3 bd rm home was $470,000.00 the buyers were elated to finally close on their dream home….. I must admit that it was also pretty nice to make a double commission.

 

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

ORC Closes Another Orlando Short Sale

Posted on by Jenny Zamora

  ORC closes another Orlando short sale. Jenny Zamora, Listing Specialist/short sale expert known for getting her listings sold in record time for top dollar has beaten the odds once again. Now…  I don’t write about every short sale listing our company closes [or I wouldn’t have time to write about other stuff] but I felt that this one is worth sharing.

This Orlando home was originally listed by an investment group that claimed to be short sale experts and promised to get the job done fast and efficient, and of course… free of charge. In reality, they were actually wholesale flippers that ended up dragging the homeowner into deep water.

The strategy of a whole sale flipper is to submit a low offer to the bank on a distressed home in hopes that the bank will accept the offer so that they can flip the deal to another buyer without having to close on it themselves. If it works, the flippers make a few thousand bucks the seller gets rid of their problem and everyone’s happy.

However, if the bank rejects the offer the homeowner is then left holding the ball. Once the wholesale flipper realizes that they can’t make money on the deal, they will typically move on to the next potential seller [or victim] at this point leaving the homeowner in a bad situation to fend for themselves.

Getting back to our story…The lender set a foreclosure date just 30 days away and the investment group bailed on her when they couldn’t get the short sale approved. After reading our online reviews, the homeowner came to us thinking that all hope was lost and her home would surely be foreclosed on.

After consulting with distressed homeowner, we accepted the file and Jenny Zamora went to work immediately on the short sale. By using all our marketing tools as well as blasting the property details to our network of active home buyers from around the world, she quickly got the word out and managed to get serious investor interested in the property for a price that lender was happy with.

By getting all necessary documentation to the lender quickly in an organized and efficient manner, they stopped the foreclosure process allowing ample time for the new buyer to close on the property. As a result, the lender issued a new short sale approval letter that gave the buyer 30 days to close on the property even though the buyer only needed 10 days to close. 

If you’re in need of completing a short sale on your Orlando home, please, please, please beware of so-called “short sale expert investors” that promise to save you from foreclosure. Be sure to research anyone you plan on working with extensively. Many of these companies are only out for their own financial gain at the expense of the homeowner. 

It’s important to know that unlicensed investors aren’t bound by a code of ethics nor are they subject to follow the same laws that licensed realtors are. An Orlando realtor is sworn to put the best interest of the homeowner first and if they don’t, they can be prosecuted and potentially lose their license.

 

Orlando short sale expert

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Will They Extend the Mortgage Forgiveness Debt Relief Act?

Posted on by Jenny Zamora

There are tens of thousands of distressed homeowners wondering the same things right now. Will Congress continue to help out consumers who are behind on their mortgages by extending the Mortgage Forgiveness Debt Relief Act of 2007 for one more year?

The act was put in place in order to help homeowners with underwater mortgages by forgiving the taxes owed on the difference between the short sale payoff and the full amount of the loan. Under the current federal tax law, the amount forgiven by the lender gets reported as ordinary income for the homeowner.


The Mortgage Forgiveness Debt Relief Act of 2007 expired last Dec. 31 and has yet to be renewed for principal reductions during 2014. These principal reductions can apply to loan modifications that were done by lenders, foreclosures, and short sales. Many believe that Congress will extend the law however if they don’t, hundreds of thousands of distressed homeowners will be hit with tax burdens that they may not be able to handle.

I’ve had several dozen Orlando homeowners that would’ve opted to do a short sale on their home but have filed for bankruptcy instead rather than hoping for Congress to renew the law. I believe that it’s for reason that we’ve seen a significant drop in Orlando’s short sales so far in 2014. The fact is that I can’t recommend for homeowners take a chance on a tax law that may or may not get renewed.

Let’s get back to the main question: Will the mortgage forgiveness act be extended?

The truth is that we just won’t know until it happens… or doesn’t happen. And for underwater homeowners that have received or plan on receiving a reduction on their principal balance, it’s going to be a stressful time until it all plays out.

Short Sale May Still Be The Best Option

Regardless of whether Congress decides to extend the law or not, a short sale may still be the way to go for some distressed homeowners. If you compare a short sale to a foreclosure, you’re still better off doing a short sale, and here’s the reason why. If a house goes to foreclosure, it will still sell for way below the full payoff amount and you would still be facing possible tax burdens. The difference is that by doing a short sale you would avoid having a foreclosure on your record and you will also have a chance at getting relocation assistance from the lender.

 

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Do You Need An Attorney To Short Sale?

Posted on by Jenny Zamora

Do You Need An Attorney To Short Sale? 407-902-7750 Video

There’s a common misconception among distressed homeowners that you need to hire an attorney in order to complete a short sale on your home. The truth is that you don’t need to hire an attorney in order to complete a short sale.  The lender does however require that a licensed real estate agent represent the seller in order for a short sale to be approved.

There are some cases where you would want to consult with an attorney such as;  if there’s title issues, the property’s in probate or if there’s a Bankruptcy involved, etc.

Now with that being said, most of the time you don’t need to hire an attorney to short sale your home.

One of the most popular reasons why people hire a short-sale realtor instead of an attorney is the cost. Attorneys can charge you thousands of dollars to do your short sale, whereas a licensed realtor does it for free.

Wouldn’t you rather save your money instead of turning it over to a lawyer?

A realtor only gets paid if the short sale closes, and they get paid by the lender,it doesn’t cost the homeowner a dime. Not only that, but most of the time we get you cash back a closing. We’ve gotten our clients anywhere from $3,00 to $30,000.00 back at closing.

There are currently thousands of Orlando homeowners that are looking for help with their situation. The process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home. This is why it’s crucial that you get help from a proven Orlando Short sale Expert.

We understand this which is why we are devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.

If you or someone you know needs help with a short sale. visit our website at https://orlandorealtyconsultants.com/short-sales/ or just give us a call at 407-902-7750 for a Free consultation.

 

 

Orlando short sale expert

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Alternatives To Foreclosure Exposed!

Posted on by Jenny Zamora

Foreclosure can be a devastating situation for homeowners as well as the surrounding neighborhood. Despite an improving economy in the Orlando, Florida area, it is important that distressed homeowners are fully aware of all the alternatives to foreclosure that are available to them. As a certified distressed property expert [CDPE], I try to ensure that homeowners in foreclosure have the latest most up-to-date information available so that they can make the most informed decision possible based on their situation.


Although lenders have the ability to start foreclosure proceedings after one payment is missed they will usually allow a homeowner to miss up to three mortgage payments before officially starting the foreclosure process. A short sale can substantially minimize the damage to someone’s future loan eligibility, credit rating, security clearance, and even employment with some companies.

It’s important to know that a foreclosure can stay on someone’s record for up to seven long years. Now more than ever, distressed homeowners should take every precaution available to them to try and protect their credit.

A short sale is the most popular way to avoid foreclosure and save your credit. However, there are several other alternatives available to homeowners wanting to keep their houses.

1- Deed in lieu- Basically a voluntary foreclosure where the homeowner signs the property over to the lender instead of going through the foreclosure process. However, you should be aware that a “deed in lieu” will still show up as a foreclosure on your credit report.

2- Loan modification- This is when a lender adjusts the terms of a loan making it more affordable to the homeowner so that they can remain in their home. Loan modifications can be tricky and many times even though the payment is reduced, the principal remains the same or even more. The best loan modification scenario is when the lender reduces both the principal amount of the loan as well as the interest.

3- Bankruptcy- Usually, a chapter 13 bankruptcy is the best way to save your house from foreclosure. It allows the homeowner to make up missed mortgage payments through a repayment plan and get back on track. A chapter 7 bankruptcy, while providing some temporary relief from foreclosure, usually won’t prevent the foreclosure of a home. The bad news is that having a bankruptcy on your record is just as bad as having a foreclosure.

Consult with a Certified Distressed Property Expert

A realtor with a CDPE designation has the knowledge and the tools to efficiently and ethically pursue alternatives to foreclosure, especially short sales. In addition to specialized training in dealing with distressed properties, CDPE agents are connected to an entire network of other professionals in this niche which allows them to remain up-to-date on the complex and ever-changing Orlando real estate market.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields