Tag: foreclosure assistance

Certified Distressed Property Experts and Orlando Real Estate

Posted on by Jenny Zamora

What is a Certified Distressed Property Expert [CDPE]?

It means that an Orlando Realtor with the CDPE designation is someone that is supposed to understand the complex and ever-changing issues in today’s Orlando Real Estate market. The agent should have knowledge of foreclosure avoidance options available to homeowners. A CDPE can provide solutions, specifically short sales, for homeowners facing market hardships.

Many times Orlando homeowners make the mistake of trying to do things on their own when they’ve fallen into foreclosure. This is always a bad idea because when someone is in financial distress, they’re just not thinking clearly, especially with the emotional burden of potentially losing their Orlando home to foreclosure.

Speaking with a realtor that is CDPE certified, also known as an “Orlando Short Sale Expert” is by far the best course of action to take. First of all, it doesn’t cost you a cent to consult with an Orlando realtor [if a realtor ever tries to charge you for a consultation, turn around and walk away], so you have absolutely nothing to lose in this regard. CDPEs have the tools, knowledge, and experience to help homeowners figure out the best solutions for their specific solution through the execution of an Orlando short sale or loan modification.

Are you considering an Orlando Short Sale?

If you’re currently looking for an Orlando Short sale Expert, make sure to select an agent that possesses the CDPE designation to make sure that you have a trained professional to address your specific needs.  CDPEs have an obligation to go above and beyond for their clients in need and you shouldn’t settle for anything less.

It’s not just about the CDPE Designation…

With all of that being said about CDPEs, it’s important to also consider the amount of experience the Orlando agent has had as a CDPE and what is their success rate with short sales in Orlando. This is something that is easily researched online or even better… ask your potential agent to show you proof of how many short sales listings they have and also ask them how many short sales they’ve closed in the past 6 months.

Another great option that may save you some time is just Google Orlando Short Sales and see what comes up. The top three results that come up should give you a great starting point. Like most people in the world today, I use Google for just about everything.

You want an agent that’s aggressive and doesn’t take no for an answer. Working with short sales is tough and you need an agent that is willing to go toe to toe with the bank for you. Unfortunately, this kind of tenacity and work ethic is something that is difficult to teach, realtors either have or don’t have.

Ask me anything, I’m here to help.

Jenny Zamora, Lic RE Broker.  Certified Distressed Property Expert

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New rules set to improve turn around time for Orlando Short Sales

Posted on by Jenny Zamora

 Orlando Short Sale Process should be much faster with new rules in place

With the new rules regarding short sales taking effect this month, federal regulators are hoping to streamline the entire Orlando short sale process from beginning to end for residential properties.

The new regulations which will regulate both Fannie Mae and Freddie Mac,  forces the agencies to give short sale buyers a yes or no answer within a 60 day time period. The rule is supposed to go into effect on the 15th of this month.

The rules also force the agencies to respond to initial requests for short sales within 30 days of receiving a buyer’s offer. For Orlando realtors, this is great news! No longer will they be able to take their own sweet time to respond, which sometimes meant waiting  a couple of months to see if they even considered the offer. And most of the time the buyer would get frustrated and walk away from the potential deal.

What is an Orlando short sale?

For those of you who don’t know, a short sale is when a lender agrees to accept a contract price for less than what is owed on the mortgage.  Orlando Real Estate values have dropped an average of 35 to 45 percent since 2007 leaving many homeowners with more debt than their home is worth.

Orlando short sales are very popular right now. It’s the perfect solution for the sellers, the buyers, Orlando realtors and the lenders. Lenders get to recoup some of their money back, Sellers are able to get rid of an enormous debt and avoid Orlando foreclosure, Buyers get a great deal on an Orlando property, and it gives realtors an opportunity to earn their money. Any Orlando short sale realtor can tell you that negotiating a short sale is no walk in the park

I believe that with the new short sale rules in place will benefit the entire Florida housing market.

Lenders prefer short sales because they are much more efficient than foreclosures. Although many homeowners have become casualties of lengthy and unpredictable time frames that it takes to process a Florida short sale.

We’ve closed thousands of Orlando short sales over the years and I can tell you from experience that unless you’ve worked with certain lenders before, there’s no way of knowing how it’s all going to play out. We’ve worked some that have taken 60 days from start to finish and some that have taken two and a half years to complete.

 

Ask me anything,   I’m here to help

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Choosing the Right Orlando Short Sale Realtor, A Crucial Decision

Posted on by Jenny Zamora

Choosing the Right Orlando Short Sale Agent is Serious Business

 

As short sale agents, we go through all the same emotions as the seller we are representing. Working with these lenders can definitely provoke some strong emotions such as anger and frustration at times. Battling it out with short sale negotiators is an everyday occurrance in our office. Whether we’re trying to get an offer approved on a particular property, or negotiate a “Cash for Keys” incentive for one of our clients, there is always some kind of negotiation involved, so you need to make sure that your Orlando Realtor is experienced on the battle field of  short sale negotiations.

One of the Most Important Decisions you’ll ever have to make

When you hire an Orlando Real Estate Agent to take on your short sale file, It’s just like hiring an attorney to represent you in some legal matter. [Except Realtors don’t charge you] The realtor you choose is going to be dealing with your lender on your behalf  which is a huge responsibility. To begin with they have to put together your entire file correctly to then move to the next steps of sending in offers, counter offers, scheduling inspections, arranging showings and the most important task of all, creating rapport and dealing with the short sale negotiator.  Sure, cash incentive programs are out there, but if you’re agent is unaware of what programs you may qualify for, than you could end up getting the short end of the stick.

 

Research your Potential Orlando Agent Before signing

Would hire an attorney if you knew that he or she had just passed the Bar exam and you were their first client. Of course you wouldn’t….Short selling a home is serious business. Fact, selling a house is one of the most important decisions a person will have to make in their life, so it’s very important that you hire an Orlando realtor that specializes in short sales. There are some key questions that you should always ask when interviewing a realtor  before you trust them with one of the most important negotiations of your life.

Still have a million questions about Orlando Short Sales?

Ask me Anything, I’m here to help…

 

 

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Orlando Short Sales Soar as Home Foreclosure Sales Fall

Posted on by 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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