Category: Agentes inmobiliarios de Orlando

Great News for Orlando Short Sales!

Publicado el por Jenny Zamora

Mortgage Forgiveness Debt Relief Act of 2007 has been Extended

The mortgage debt relief act has officially been extended for another year. This is a law that exempts those who are in a foreclosure or short sale situation [primary residences only] from having to pay federal income taxes on the deficiency balance of their mortgage after the transaction is complete.

This law was passed back in 2007 right when the Florida real estate market crashed. The main purpose of the law was to allow people to complete the short sale on their home and not be taxed on the deficiency as if it were income. This is a huge incentive for homeowners that are upside down to short sale their home.

I know many people have been holding their breath as the ending of the Mortgage Forgiveness Debt Relief Act of 2007 would have signaled a harmful blow to the real estate industry. Well now they can breath a sigh of relief, the Mortgage Forgiveness Debt Relief Act is now set to expire on January 1, 2014 and only applies to only a primary residence. Most homeowners that were on the fence about doing a short sale on their home would have probably chosen to file for bankruptcy as opposed to working something out with the lender.

Here’s an example of exactly what this means; Let’s say that a struggling homeowner sells their home for $100,000 and they owe $175,000, they are not taxed on the $75,000 that the bank had to write off. This is great news for homeowners that are struggling. Prior to the Act, homeowners were taxed on the forgiven debt, known as debt discharge income. If this act wasn’t in place, even people that have lost their homes to foreclosure would be taxed on the deficiency balance between what the house owed and what it sold for.Unlike any other liens or judgments, I.R.S. liens will follow you for the rest of your life and if you try to avoid paying them off, the I.R.S. will garnish your wages.

 Orlando Realtors are Thrilled that “the Act” was extended

For realtors like myself that specialize in doing Orlando short sales, this great news. It means that short sales are still going to be the best way to go for struggling homeowners who can no longer afford to pay their mortgage. I would imagine that BK attorneys were hoping that the act wouldn’t be extended so that more homeowners would have opted for filing bankruptcy as opposed to short sale. at the end of the day, it’s a win win for all parties involved in the transaction.

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Orlando Real Estate | Location vs. Lifestyle

Publicado el por Jenny Zamora

There are so many things to consider when you’re shopping for a new home. When it comes to Bienes raíces en Orlando there are three words that just about everyone thinks of,  location, location, location. We’ve been taught that location is the only thing that should matter when choosing a home. However, for many people, this is not the case. For these people,  It’s not so much where they live but rather how they live. New generational values have changed and people are increasingly more concerned with how a home will work for their lifestyle than what neighborhood they live in.


When meeting with a new home buyer, It’s important to find out what kind of hobbies or past times they enjoy and whether they want to be near the beach, a golf course, retirement community, etc. A buyer might not be so impressed with the house you just showed them but you if informed them of all the nearby amenities that the community offers that house may have just gotten a whole lot more attractive to them. It may come down to a nearby bike path or a lake for fishing and kayaking to turn that house into their dream home.

 Maintaining a home should be a big factor in your decision to buy

Consumers are becoming more aware of the cost of maintaining a home in addition to the mortgage. When choosing a home buyers need to be aware of all the additional costs that are involved in the community such as homeowners association fees,  yard maintenance, etc. These costs can add up to be a substantial amount of money. After the market crash of 2007, it seems that people are much more aware of not getting in over their heads financially.

The size of the home also makes a huge difference in maintenance costs. Buyers are more willing to move into a smaller home especially when they can enjoy nearby social and recreational amenities.

Sometimes It makes more sense to rent

Many younger adults prefer to rent over buying for financial reasons as well as lifestyle reasons. Young people today are used to having subscription-based technology services. This same concept makes sense to them when renting a house. They can subscribe to a rental home for a while then move on. By renting, they don’t have to be concerned about things like qualifying for a mortgage or having to get the house sold if they want to move to another area.

If you’re looking to buy or rent a home in Orlando, please visit our site and search the MLS like a pro.

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The Truth About How a Short Sale Will Affect Your Credit Score

Publicado el por Jenny Zamora

So exactly how will a short sale impact your credit score?  The short answer is a short sale can have less of an effect on your credit score than a foreclosure. But, it must be done correctly.

Should I do a short sale?

Short sales can happen if a lender agrees to accept less than the amount owed against the home because there is not enough equity in it to pay all costs of the sale.

Firstly, it’s important to get legal and tax advice before making any decision. A real estate agent experienced in Orlando short sales can be of invaluable help to you as you negotiate with your lender. It’s important to note that not all lenders will agree to a short sale.

Although there are a few lenders that will agree to a short sale if the homeowner is current, most lenders won’t even consider a short sale unless the mortgage holder is at least 30 days behind on their payment.

What tips should I know for negotiating my short sale.

When negotiating a short sale it’s important to be aware that there is no guarantee that the lender will accept the short sale offer. You should also know that short sales can take several months to complete sometimes depending on who the lender is.

If the lender does not agree to a short sale there are other options available to the homeowner such as a “deed in lieu” which is basically a voluntary foreclosure in which you sign the property back over to the bank.

Other options include trying to negotiate a loan modification or filing for bankruptcy. If neither of these options work than the property will most likely be foreclosed on and sold at public auction to the highest bidder.

If your request is approved, ask your lender to report the short sale as “paid in full,” as part of the negotiation.

So what’s the impact on my credit score?

Many sources report that a short sale has about the same impact on your credit score as a foreclosure when the seller is in arrears; however, that’s not always the case.  With some short sales, sellers report that their credit score only dropped by 100 points.

The biggest advantage of a short sale is that you will be able to qualify to buy another home within two years as opposed to five to seven years after a foreclosure.

Talk to an agente inmobiliario en Orlando experienced in short sales to discuss the possibility of doing a short sale of your home.

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Do younger Orlando Realtors have an edge over “old school” agents?

Publicado el por Jenny Zamora

More and more young people are choosing to become full time Agentes inmobiliarios en Orlando as a profession.  Historically,  real estate has proven to be a great field to be in no matter what the market is doing.  The ones who are able to keep up with what the Orlando real estate market is doing and make changes to their business model accordingly, are able not only to survive in tough markets, but thrive in any market.

Young agents definitely have an edge in the technology department over the “old school” agents that try to resist technology. Being internet savvy is a huge advantage just because of the time you save. Although our office still maintains a paper file on every client, those files are a fraction of the size they used to be thanks to amazing real estate soft wares that are available today.

I’ve been an Orlando realtor since 2005 and I can tell you that technology, as it applies to real estate has come a long, long way in 7 years. One thing is for sure, agents that apply new techniques such social media marketing, maintaining an up-to-date blog, up-to-date website, SEO [Search Engine Optimization], etc. will be much more successful than the agents that do not. The cruel truth is that technology has completely changed the way realtors do business and you have to keep up with the trend or get left behind.

Being a Realtor is like having your own Business

Another reason why so many young people are flocking to the world of  Bienes raíces en Orlando is the allure of having their own business. Real estate agents are independent contractors that are responsible for marketing themselves and finding their own clients or they don’t get paid.  It’s a great field for self motivated people because they basically have no boss and the sky’s the limit if they’re willing to put in the work. For young and eager agents this presents an opportunity of a lifetime. People that want to be nestled in an office everyday and do the minimum amount of work just to get by, will eventually find a better fit for themselves pursuing professions other than the ever changing world of Orlando real estate.

Helpful Tip on finding the right agent:

Just by typing in the agent’s name and city they work in,  you can find out anything and everything you need about an agent and what they are all about. A successful realtor will usually be all over the internet for they areas that they specialize in and if they aren’t, then you may want to move on to the next candidate.

 

 

 

 

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Another Great Orlando Short Sale

Publicado el por Jenny Zamora

9797 PORTOFINO DR in ORLANDO

This is an Orlando short sale, that will be sold at a huge discount and will be a great deal for anyone wanting to live in this area.


Orlando Realty Consultants is proud to add  9797 PORTOFINO DR in ORLANDO to its list of breathtaking luxury homes. Built in 2003, this 2,476 sq ft. two-story single-family home is located in one of Orlando’s premier neighborhoods, Nonacrest!

A must-see! This is a Gorgeous 2 Story 3 Bedroom/3 Bath Home with a Bonus Room that can be used as a 4th Bedroom. The master Room is upstairs with a HUGE sitting area and Pond View. It’s Breathtaking.

 

With 3 bedrooms and 3 full bathrooms and large common areas, the open layout has an enticing flow to it. Exquisite solid wood cabinetry, exotic granite countertops, and top-of-the-line appliances all come together with amazing attention to detail throughout this gorgeous house.

Check out these features

* Huge master’s retreat with sitting area

* Wide open Kitchen

* Vaulted Ceilings

* Granite counter tops throughout

* Solid wood cabinetry throughout

* High end appliances and fixtures throughout

* Dining and great room designed for family gatherings and entertainment.

* Covered back patio

* 2-car garage

* Large pool with a spacious deck for backyard Barb-B-Que’s and pool parties

Easy access to schools, first-rate shops and restaurants, and close to Orlando’s top medical facilities

So much more a definite must-see!

Call to make your appointment, You DO NOT want to miss out on this Great opportunity! BANK-APPROVED PRICE!!

Are you currently searching for your Central Florida dream home?  Look no further just click on;  search Orlando Luxury real estate and you”ll have access to all the properties listed on the Florida MLS. Within just a few clicks of your mouse, you’ll be searching out Florida real estate like a pro.

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