Tag: Orlando short sale realtor

Orlando Home Prices Increase Despite Fewer Sales

Publicado el por Jenny Zamora

There are fewer listings in Orlando than ever since 2005 according to a report released recently by the Orlando Regional Realtor Association.

The Orlando Real Estate market [Orange and Seminole counties] had 8,642 active listings for last month. There hasn’t fewer listings since September of 2005. With fewer homes competing for buyers, the median price went up from $115,000 in March to $116,000 in April.

“The overall median price has increased for three consecutive months, while demand has created inventory declines for the last 18 months” said Stephen Baker, chairman of the Orlando-based association. “Add in today’s prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes.”Both REOs and short sales have seen an almost 6% increase in sales prices over the past year while normal sales prices have decreased 2%. In April traditional sales account for about 45% of Orlando Real Estate’s overall sales. Just one year ago ago traditional sales made up about 1/3 of overall sales.
Although interest rates on a 30 year fixed mortgage have gone up slightly [4.02%], these rates are still among the lowest historically. In February interest rates were the lowest ever at 3.92%.

With a fewer amount of listings on the Orlando Realty market, this will obviously impact local sales volumes. In April, sales were down 3.4% as opposed to 4.5% one year ago. Orlando homes are also spending much less time on the market as opposed to a year ago with a higher sales price, about 95% of the asking price as opposed to a year ago when home were selling at about 91% of asking price.

What it all means to Orlando Real Estate Today?

After looking at all these statistics from recent and past Orlando home sales,  mortgage rates, etc., it can be a bit confusing about what it all means to Orlando Realty today if you’re not an experienced Orlando realtor.  In a nutshell, the Orlando Real Estate market is getting stronger and more stable everyday.

With all the cash incentives for Orlando Short Sales and with the mortgage relief act of 2007 still in play, it’s absolutely the best time to short sale your Orlando home.

For Orlando Home buyers, you can still get a great price on a home and take advantage of the lowest interest rates in history. Feel free to use our Orlando home search tool and in just seconds you will be able to see all the great properties in Orlando.
For traditional sellers who want or need to sell their Orlando home, they no longer have to worry about getting insulted with low ball offers. Find out what your Orlando home is worth here.

 

 

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Bank of America Increases Incentives for Orlando Short Sales

Publicado el por Jenny Zamora

 Bank of America Stepping up their game to help out Orlando homeowners

On Tuesday Bank of America Corp.  launched a nationwide program that offers increased relocation payments to delinquent mortgage customers that care able to qualify for short sales.

B of A  tested this program in Florida last year, offering payments of $2,500 to $30,000 to help homeowners re-locate. A short sale is when a lender allows a homeowner to sell a home for less than the amount owed on the mortgage.

When B of A bought out Countrywide Financial in 2008 the company inherited a bunch of bad loans and has been exploring new ways to work with delinquent homeowners outside of foreclosure. In March, the bank stated that it would offer a limited number of  homeowners facing foreclosure the option to lease their homes.
In the last 2 years Bank of America customers have completed 200,000 short sales and another 30,000 short sales in in the first quarter of this year.

Bank of America, which inherited loads of bad loans when it bought Countrywide Financial in 2008, has been exploring ways to work with homeowners outside of foreclosure. In March, the bank said it would offer a limited number of customers facing foreclosure the ability to lease their homes.
Since October, Bank of America has rolled out multiple initiatives to speed up short sales and to prevent foreclosures. Last month, it announced plans to approve some short sales in less than 20 days.
Part of the qualifying process is to work together with the bank to obtain a pre-approved sales price. Another pre-requisite is that the homeowner must start the short sale process by the end of 2012 and completed by Sept 26, 2013. Short sales are determined case -by-case, depending on the value of the home, how much is owed, etc.
The bank was also waiving the difference between the unpaid mortgage and amount of the short sale, which allowed homeowners to walk away without still owing the bank a big chunk of money.
Also, Florida homeowners who didn’t enroll in the test program can now apply for the new plan.
If you have a mortgage with Bank of America and you’re considering an Orlando short sale, now is the time to see what their willing to offer you. Set up a free consultation with an Orlando short sale specialist and find out your options

 

 

 

 
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Orlando Short Sales Soar as Home Foreclosure Sales Fall

Publicado el por Jenny Zamora

Short Sales Outnumbering Foreclosure Sales in a Big Way.

The Orlando foreclosure crisis is nowhere close to being over, but the light at the end of the tunnel is getting brighter every day. Orlando short sales are a win-win for everyone involved. Short sales [which occur when homeowners sell their homes for less than what they still owe], also close much faster than foreclosure sales, and they relieve lenders of the responsibility of maintaining vacant homes as well as not having to worry about the properties getting vandalized.

It makes you think,… with soo many benefits in it for the lenders the question is why weren’t they doing this the whole time?

 New Developments in Orlando Real Estate

There have been some changes made in the rules of Orlando short sales lately. For starters, lenders no longer have a choice. The Federal Housing Finance Agency announced this month that mortgage servicers will be required to review and respond to short sale offers within 30 days and make final sale decisions within 60 days.  All of this is supposed to take place in June of this year, meanwhile, lenders are scrambling to train enough staff to handle the demand for new short sale files.

A Win-Win Situation for Orlando Homeowners

By going the short sale route both the lenders as well as the homeowners win. Homeowners get to walk away from debt-free, the lender re-cooperates some of their money back and everyone gets to move on with life.

Doing a short sale is usually the best option for people. Statistics just from our own office indicate that 90% of the time homeowners choose the short sale route after consulting with one of our Orlando short sale specialists and all the options have been explained to them. With all the incentives being offered by lenders these days, it just makes the most sense in most cases.
With lenders being much better equipped to process short sales now, it’s absolutely the fastest way for borrowers to walk away from their distressed properties. Also, credit repair is much easier to achieve when you’re dealing with some late payments on your record as opposed to a foreclosure.

Cash for Keys for some homeowners.

For many homeowners, banks are offering cash incentives for the homeowner to agree to a short sale. We’ve gotten our clients from $3,000.00 up to $20,000.00 back at closing. This is a tremendous help for homeowners in making the transition into a new homeless financially painful.

Short Sales are better for Orlando neighborhoods.

Banks are terrible property owners, foreclosed homes often stay vacant for months and even years, meanwhile, the home deteriorates due to lack of maintenance. To make things worse, vacant houses might as well have targets painted on them in certain neighborhoods. Thieves go after things like fixtures, appliances, copper pipes, etc. Banks are unknowingly cannibalizing their own assets with foreclosures.
Short sales put new owners in vacant homes much faster than foreclosure sales.  This is good news for Orlando neighborhoods that have been hit hard by the mortgage crisis. New homeowners are typically pretty excited about being new homeowners and the first thing they usually do is work on the curb appeal of their new home. Many times this creates a domino effect and before you know it, surrounding neighbors will also want to improve their curb appeal.


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Orlando Realty’s Weekly MLS Market Report

Publicado el por Jenny Zamora

Orlando Realty’s Weekly Report for Home Buyers and Sellers

Below are the numbers for properties sold and newly listed properties in Orange County for the past 7 days as well as the numbers from the week prior. By looking at this report it’s evident that the Bienes raíces en Orlando market is steadily stabilizing. Orlando short sales are overtaking foreclosure sales and the demand for Orlando Realty is more than keeping up with the inventory coming on to the market.

 Our research is done by our Los mejores agentes inmobiliarios de Orlando using Florida’s Multiple Listing Service.

Orange County from 5/4/2012  through 5/11/2012.

*  Number of Short Sale Properties Listed –                       106             [ 5/27 thru 5/4  –  83]

*  Number of Short Sale Properties under contract-       207              [ 5/27 thru 5/4  –  187 ]

*  Number of REO Properties [Bank Owned] Listed –     113              [ 5/27 thru 5/4  –  384]

*  Number of REO Properties under contract-                  112              [ 5/27 thru 5/4  –  126]

*  Number of Regular listings (By Owner)-                         213            [ 5/27 thru 5/4  –  205]

*  Number of Regular listings under contract-                 243              [ 5/27 thru 5/4  –  203]

*  Total Homes Sold in Orange County-                             244             [ 5/27 thru 5/4  –  397]

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Orlando Home Buyers Having to come out of pocket to settle with HOA Bullies

Publicado el por Jenny Zamora

Homeowner Associations have gotten tougher and tougher to negotiate with over the years. It used to be that an Orlando homeowner trying to short sale their house wouldn’t have to worry about paying their delinquent HOA dues until the closing date. Not only that, but they would also settle for a fraction of what is owed to them, usually about 10% or less in most cases. Those days are long gone!

 

Orlando Homeowners Associations have become the bullies of the block

What we’re seeing more and more is that the HOA’s are trying to bully Orlando realtors as well as the homeowners into getting the entire amount of what is owed to them. If they don’t get their way, they take to property to foreclosure regardless of what the lender is doing. HOA’s are fed up with being put on the back burner every time and now they’re taking it personal. They are also very aware of the law, HOA’s are entitled to get one year of past dues if the lender takes the property to foreclosure. They also know that it’s much easier for them to foreclose than a bank [no proof of ownership necessary, no issue with robo-signed documents ]. A completely different animal than a bank foreclosure.

Once they get the property into their possession, they rent it out. HOA’s know that even though it costs them a couple grand to foreclose on the homeowner, they are now able to rent rent the property out and recoup some of the loss. Many times they are able to make thousands of dollars just because the lenders take so long to foreclose.

Orlando Buyers are Having to Come out of Pocket to Pay Delinquent HOA dues

I personally think it’s ridiculous that an HOA would foreclose on a homeowner because of a few thousand dollars in past dues. Unfortunately, there is nothing that can be done about it, especially when they’ve already hired an attorney to handle all negotiations. I can tell you there’s nothing more frustrating than having an Orlando short sale 90% complete and the only thing holding up the deal is settling with the HOA. All your negotiating with the lenders is done, they’ve both given you payoff letters, and they’ve also given you 30 days to close. The only thing left to due is get the HOA to give you a discounted payoff letter and you’re golden.

The problem is that they want either the entire amount or an amount that is very close to full payoff! Unfortunately, if they don’t budge, then either you figure out a way to get them their money or the deal falls through. As an experienced Orlando realtor I will take a cut on my commission just so the deal will go through. Most of the time however, this isn’t enough for them. Sellers usually can’t afford to come up with any money, and the only ones left that can make the deal happen are the new buyers. Even though that debt has nothing to do with them at all, we have to make them aware that if they don’t pay it, they don’t get the house.

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