For the first time Orlando short sales are becoming more popular than sales out of foreclosure. As a matter of fact, in Florida short sales have outnumbered bank-owned home sales since July.
Lenders are favoring short sales more and more these days, with good reason. Short sales have proven to be faster and more lucrative process than foreclosure. Short sales accounted for 24 percent of all home sales nationwide while foreclosure sales represented 20 percent.
• Taking a home to foreclosure is a long, drawn out process and can take up to a couple of years sometimes. Even then, there are soo many things that can go wrong if things aren’t processed correctly by the attorneys, which happens more often than you would think.
• Lenders can avoid paying a ton of money in legal fees. You can’t foreclose on a home without attorneys. I’ve seen attorney’s charge as high as $15,000.00 for 1 single foreclosure case.
• Better sales prices on Orlando properties. Statistics show that banks get higher and better offers when they short sale as opposed to the foreclosure sale. Many times it won’t even sell at the auction and it ultimately becomes the banks problem…Again!
In the end it’s all about the almighty dollar.
Lenders are finally realizing that Orlando short sales are a win for everybody. Mortgage companies are even offering large cash incentives to homeowners who agree to do a short sale. I’ve gotten some of my clients up to $20,000.00 back at closing from their lender. How’s that for a bailout plan?
Citizens Insurance is a Non-Profit state-run insurance company started in 2002 because of the fact that private insurance companies were leaving Florida due to the risk of hurricanes.
It used to be that when nobody else would cover your Orlando home or business, you could always go to citizens for a policy. So when citizens sent out a letter to their policy holders late last year informing them that they would no longer be covering carports, screen rooms, patios, pool cages or awnings- expensive items to get fixed – many people were alarmed…Including me.
Even Florida based home insurance companies that we thought were Florida’s future are selectively cancelling policies in higher risk zip codes.
Here are the hard facts
State Farm is planning on cancelling 125,000 Home owners policies in addition to the policies they’ve already cancelled
Nationwide is dropping an additional 60,000 home owners policies
The number of people that report that Homeowners insurance is too expensive is increasing by the day.
Newly formed home insurance companies just can’t keep up with all the policies being cancelled by the larger companies
It’s harder than ever for Floridians to find quality Homeowners Insurance at a reasonable rate.
Both Citizens and the Florida Hurricane catastrophe fund have reported their concerns about not having the cash needed to pay for a major Florida Hurricane.
Get involved Floridians!
As tax payers and voters, we can make a difference by getting involved. Let’s keep the pressure on the Florida legislative representative to make something happen that would bring more Insurance companies to Florida and keep are rates affordable.
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.
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.
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.
