Category: Orlando Short Sales

Who decides the value of an Orlando Short Sale?

Posted on by Jenny Zamora

Are Orlando Short Sale properties being valued correctly?

The valuation of an Orlando short sale, as determined by the short sale lender, is probably the single most important factor of the transaction. The way it works is; we submit an offer  to the bank, then the bank will order a BPO [Brokers price opinion] on the property. This person will usually be a local realtor that will go out and take photos of the property, record any damages that need repairing and after they put everything together they will complete their “BPO report” [their opinion of what the property is worth] to send to the short sale bank or the agency that hired them.

At this point there are three things that can happen that will dictate what follows.

1- The BPO comes in at a fair number that everyone is happy with and we proceed to closing.

2- The BPO comes in too low and the bank insists on another one being  done. I hate when this happens because the 2nd BPO will almost always come in too high.

3- The BPO comes in so ridiculously high that the Orlando realtor has no choice but to insist that the short sale lender either order another BPO or walk away from the deal. [not on my watch]

Getting the Orlando short sale lender to order another BPO

Like an attorney presenting his case in court, it’s all about what you can prove to the lender.

We do this by preparing a report of our own called a CMA [comparative market analysis]. This report contains even more information than the BPO agent provided them with. Although reports can vary, from a two-page list of comparable home sales to a 50-page comprehensive guide, the length and complexity of the report depends on the Orlando realtor preparing it. What a CMA basically comes down to is a list of Active, Pending and Sold listings.
 
 Active Listings- Active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers.

Pending Listings-Pending sale homes are formerly active listings that are under contract. They have not yet closed, so they are not yet a comparable sale.

Sold Listings- These are homes that have closed within the past six months and are typically your best source for comparable sales.

In addition to preparing a CMA for the short sale lender we provide them with a contractors estimate for repairs, lots of photos and a detailed letter explaining our case and why our offer is what it is.

 
 
Here at Orlando Realty Consultants we take the Orlando short sale process very seriously because we know what’s at stake for everyone involved, especially the sellers that I am representing. I tell all my Orlando agents to treat these situations as if they were an attorney preparing for the case of a lifetime.

 

Jenny Zamora, RE Broker

 

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Orlando Realty Sales are Being held hostage by 2nd and 3rd lien holders

Posted on by Jenny Zamora

 Junior lien holders are taking Potential Orlando short sales hostage.

The truth is that bargaining with second and third-lien holders is tough and causes serious delays deals and even killing some Orlando short sales, even though banks embrace the whole Florida short sale trend in order to avoid costly foreclosures and help clear the market of homes that are worth less than the loans on them.

There are private mortgage collection firms out there that buy up distressed U.S. home- equity loans and other junior real estate liens, often for pennies on the dollar. If your 2nd lien was bought up by one of these companies, then chances are thatthey  will be much tougher to deal with than the original lien holder would have been.

The ever improving Orlando Real Estate market creates a great opportunity for these second lien holders to get a nice chunk of their money back. They are aware thatyou need them to cooperate with you in order to get the deal closed.  The problem is some of these junior lien holders get to greedy and the result is the deal falling through.

Orlando short sales are being held up by second liens

Almost 50%of all Orlando homes that enter into foreclosure have more than one lien attached. Any Orlando short sale realtor can tell you that short sales with multiple lien holders requires a lot more work to complete and typically can take longer to sell. You pretty much have to do twice or even three times the work depending on how many liens are attached.

It reminds me of a hostage situation “Give me the money or I’ll kill your deal”

 

Jenny Zamora, Lic Florida RE Broker

 

Orlando short sale expert

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Cash Deals Still Rule in Orlando Realty

Posted on by Jenny Zamora

Cash is Still King in Orlando Real Estate

 

“All cash deal” is one of my favorite phrases to hear regarding Orlando Real estate. Real estate deals that are purchased with all cash actually account for two thirds of all Orlando Florida residential deals closed. Cash deals are usually done by private investors or a group of investors that pool their cash together to buy investment homes to either rent out or flip.

The ”All Cash “ trend started in 2008 and in my opinion was great for the once “troubled” Orlando real estate market. Cash buyers took care of a lot of the inventory causing residential real estate prices to rise.

I have several Orlando Investors that I’ve been working with for several years. They are great to work with because already know what type of Orlando properties they are looking for and we’ve established mutual trust. So much so that they’ve purchased many of our properties site-unseen.

Of course cash buyers make lower offers  than retail buyers, but they make up for it in volume. The best part about selling a property to one of my investors… Guess who you think they will call when they are ready to sell it? That’s right, yours Truly.

Cash Deals are Dominating all Spectrums of  Orlando Realty

Cash buyers don’t discriminate against high end properties either. Orlando properties from below 100k all the way into the millions are being bought up buy Cash buyers. Educated home buyers are aware that when a you make a cash offer on a property that your offer will draw more attention than an offer for the same amount using traditional financing.

57% of all my Orlando listings closed this year have been all cash. Buyers know that in order to get the best sales price possible cash is the best incentive that you can offer. No one  likes to have to wait around for a potential home buyer to go through a long drawn out approval   process where at the end of the day may or may not close. Also, lenders have a very strict inspection guidelines which are proven deal killers.

 

 

Orlando Investment Homes

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Is your Orlando Realtor a part time Real Estate Agent?

Posted on by Jenny Zamora

Many Orlando Realtors have second jobs

The Income and business of Orlando Realtors is said to be growing after many years of decline, according to the 2012 national association of realtors member profile the median income of a realtor rose 2.3% to $34,000.00 in 2011, which is the first overall gain in over nine years. Licensed brokers typically earned $48,400.00 in 2011, while the median for a sales agent was $27,200.00.

My first reaction when I read this was shock and disbelief. Then I realized that many Orlando realtors only work part time as realtors. Agents that earn such a low income from buying and selling Orlando real estate have other obligations and other employment that has nothing to do with being an Orlando Real estate agent.

In my opinion, there is no way that you can be an Orlando Real Estate Broker part of the time and be successful. To be a successful Orlando realtor you have to absolutely love what you do. And if you don’t love it, guess what, your clients will know.

Personally, I can’t see myself doing anything else but being an Orlando Real Estate professional. I love Orlando and I love helping the people of Orlando with all their housing needs both Sellers and Buyers, especially distressed sellers that need are in need of an Orlando Short Sale Expert. There’s no greater satisfaction in this world than to know that you’ve helped someone to get out of a huge problem and get on with their life.

If you love being an Orlando Realtor, you’ll never work a Day in your Life

NAR [National Association of Realtors] members that have been in business for 16 years or more are averaging $50,200.00 per year…[16 years!!?]. To be a broker for 16 years and only making $50,200.00 doesn’t make much sense to me either. If you put all all of your effort into being a great Orlando realtor for that many years you should be making a much larger yearly income.

I think what happens to some agents is that they start losing their love for being a top realtor and they just stop trying their best. Once this happens in any occupation it starts getting to the point that you actually start hating your job and just kind of go through the motions as opposed to doing your job with passion and enthusiasm.

I personally have had agents working for me that I’ve seen this happen to. It doesn’t mean that they were bad people, it just means that they weren’t cut out to be a top Orlando real estate agent. Life is just too darn short to do something that you really don’t like to do.

Top Orlando Brokers and Agents

Orlando real estate Brokers and agents putting in over 60 hours per week earned around $81,000.00 per year with only 17% of realtors earning over $100,000.00 per year. These are the go-getters that put 100% of themselves into what they do and love every minute of it.

Being a super successful Orlando Realtor means living your life at a frantic pace and it seems you are being pulled in a hundred different directions because everyone wants a piece of you… It truly is a Great feeling!

 

Jenny Zamora, Lic Orlando RE Broker

 

 

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Orlando Realtors Getting Creative trying to get New Listings

Posted on by Jenny Zamora

Orlando Real Estate agents are trying anything to lure new sellers and get the listing.

It’s no longer enough just to send out a few thousand post cards and wait for the phone to ring. These days Orlando real estate agents are getting more and more aggressive when it comes to marketing to new sellers. This is not only the case with Orlando realtors, real estate agents across the U.S. are doing their best to lure sellers into giving them the listing.

Some Orlando realtors host happy hours a local bars in hopes of picking up a new listing while others comb through public records to find out who has lived in their home for more than 10 years and may be ready for a change in scenery.  Bank owned properties that were once hitting the market like wildfire are on the decline. In the first quarter of this year, foreclosure filings were at their lowest level since 2007.

Orlando Homeowners are waiting it out

The once plentiful sea of available Orlando Real Estate is drying up fast, but Orlando sellers aren’t budging. Sellers know if they wait out the slow rise in home prices, that they can sell their home for more than it’s worth at present, leaving them closer to the original price they paid or at least closer to what remains on their mortgage. Some homeowners are even hoping to make a nice profit when they sell their Orlando property.

Marketing Orlando Realty Consultants

Here at Orlando Realty Consultants we have just about all the business we can handle from referrals. We get referrals on a daily basis from either past clients that we’ve helped, other realtors that need help with a short sale and even banks that we’ve established good relationships with over the past 7 years.

Like most successful Orlando Brokerages, we started by using traditional methods of marketing for buyers and sellers such as postcards, newspaper ads, etc. but it just got to the point where we just didn’t need to do it anymore. As a matter of fact, the only form of marketing that we do is this blog which is attached to our website, and it was never intended to be about marketing for more clients.  I started writing a blog so that people could easily get valuable information about Orlando Real Estate, which happens to be be one of my passions.

 

Jenny Zamora, Lic Orlando RE Broker. Ask me anything, I’m here to help.

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