Orlando Homeowners Get A Lifeline

I’ve been a real estate broker in Orlando for the past 16 years and in that time I’ve never seen the economy come to a screeching halt like this before. Not even when the market crashed back in 2008 and the market was suddenly flooded with Orlando short sale properties that weren’t selling.

This pandemic is a different kind of disaster that has nothing to do with unethical mortgage companies or homeowners living well above their means. This is a situation that took us all by surprise and is out of our control as homeowners. Luckily, there is help out there for homeowners who are currently in financial trouble.

Orlando homeowners who’ve lost their job because of COVID-19 are getting some help with their mortgage. Depending on the situation they’re in, they should be eligible to have their mortgage payments suspended or reduced for anywhere between 3 and 12 months.

Our Federal directors, with the help of Freddie Mac and Fannie Mae, are instructing lenders to help homeowners out by offering flexibility. This would cover about 50% of all the home loans in the U.S. [loans that are guaranteed by Freddie and Fannie]. Regulators believe, however, that the mortgage industry adopts a similar policy with their customers.

Under this new plan, homeowners who lost their income could qualify for reduced payments or a pause to the payments altogether. This forbearance can be for up to 12 months depending on the homeowner’s situation.

Homeowners should not just stop paying their mortgage without contacting their mortgage company. Doing this will surely damage their credit. Their lender will work with them to at least suspend 3 months of payments right off the bat without any penalties and without reporting it to any credit bureau. They will do this with verbal testimony without any supporting documentation because of the coronavirus outbreak.

Within the 3 months, they should work with you to come up with a payment plan and may ask you for some proof of hardship to determine what your best options would be to get back on track.

COVID-19 mortgage help is not FREE MONEY!

You must know that help with your mortgage due to COVID-19 doesn’t mean free money. All homeowners will have to work out a repayment plan once they are back on track financially. This could also be simply extending the term of the loan.

Some may even have to repay the entire amount when the 90 days are up, depending on the banks’ criteria as well as the homeowner’s financial situation.

I believe this was a great 1st step by lenders. Could you imagine the mass panic throughout the US if, all of a sudden, homeowners couldn’t continue to make payments and all the lenders began foreclosure proceedings?!

There’s already enough stress about trying to not get the virus and keeping our loved ones safe and healthy that people should not have to worry about losing their homes.

Contact your mortgage lender

Homeowners needing help should reach out to their servicer immediately and find out what their options are. Explain to them that you are having financial problems because of the virus outbreak and request to be put into a forbearance program.

Some of the largest mortgage lenders in the country, like Wells Fargo and Chase, are also working to help homeowners who have been financially hurt by the coronavirus. These lenders have the responsibility to follow through on what our government directed them to do.

Mortgage companies have also been told to pause all foreclosure proceedings as well, although anyone in foreclosure right now would have had to be in trouble before the coronavirus even started spreading in the U.S. I believe this was more of a public health move than anything else.

Can a mortgage forbearance end up as a short sale?

Once a mortgage forbearance agreement has come to an end, there is still a chance that you don’t like the terms, or you still can’t afford what they’re offering. In this case, traditional loss mitigation procedures may resume. At this point, the usual options will be available to you like a short sale, loan modification, or a deed in lieu. Homeowners may feel that one of these options will benefit them more than agreeing to the terms they have laid out for you in the forbearance program.

Help for renters

These plans by mortgage companies don’t do anything to help renters. Renters, however, can apply for rental assistance through state and federally funded rental assistance programs. I would also suggest reaching out to your landlord and maintaining open lines of communication.

Landlords feeling the pain

Keep in mind, landlords are suffering as much and even more right now. Mortgage forbearance programs are designed for people’s homestead properties and not investment homes. Imagine you have 10 rental properties, 10 mortgages to pay… then, all of a sudden, you stop receiving 10 rental checks all at once!  

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48 Ways to Speed up an Orlando Home Sale

Accurate Home Evaluation- Contact an experienced Orlando Realtor to walk through and give you some ideas about what needs updating, repaired, or removed.

Repair damaged walls- patch and paint.

Replace damaged or cracked floor tiles.

Lubricate any squeaky doors.

Repair any sticky windows.

Repair any leaky faucets or toilets

Re-caulk sinks and tubs

Repair or replace any broken windows or screens

Replace nobs on cabinets [if needed]

Update your lighting fixtures [if needed]

Update blinds [if needed]

Replace faucets and showerheads, [if needed]      

Paint the interior in neutral colors

Paint exterior doors and window trim

Paint shutters

Repaint exterior [if needed]

Brighten- Remove heavy window treatments that block light

Wash all windows thoroughly

Increase the wattage of light bulbs

Replace dark lamp shades

Depersonalize- Remove family photos

Store knickknacks and trinkets

DE-CLUTTER Thin out the books on your shelves

Empty kitchen counters

Place out-of-season clothing in storage

Rent a storage unit to store unneeded items

Organize the pantry

Organize closets

Organize basement

Organize garage and shed

CLEAN- Clean all interior surfaces

Wash windows and doors

Air out and clean in cabinets and under sinks

Power wash exterior of house and sidewalks

Clean outdoor furniture

Clean porch lights of cobwebs 

HIDE SIGNS OF PETS- Remove pet smells

Hide pet food and bowls

Take pets for a walk during showings or send them to daycare during open houses

STAGE INSIDE- Reduce the amount of furniture in each room

Organize furniture to create seating areas and give each part of the home a purpose

Place fresh cut flowers around the home during showings

PRUNE AND LANDSCAPE Remove dead plants

Prune or replace overgrown shrubs

Fill open spots with seasonal flowers

Add fresh mulch to beds

STAGE OUTSIDE- Make sure the front porch/entryway is clean and inviting

Use outdoor furniture to create inviting spaces

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The 9 Top Reasons Why Some Orlando Homes Sell Faster

1- Curb Appeal

Believe it or not, curb appeal is the #1 factor that affects the time a home is on the market. By making your home look its best from the street, you are off to a good start.

 2- Good School Districts

Studies show that homes in good school districts sell faster and at a premium than homes located in less desirable school districts. When Orlando Realtors were surveyed, they said that 1 in 5 people would pay up to 10% over their budget to be in the right school district.

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 3- Move-in ready

Orlando homes that are move-in ready sell 12% faster than homes that need some work or are needing appliances. The less you give a potential buyer to complain about, the better off you are.

 4- Great photography

Orlando homes that are marketed with professional photos sell much faster than pictures taken with your smartphone. Using wide-angle lenses will also make rooms look larger and show better in print as well as online marketing.

 5- Staging makes a huge difference!

Homes that are staged spend an average of 73% less time on the market than homes that aren’t staged.

 6-Video Marketing

Using virtual tours and Youtube videos to market a home will get it sold 20% faster than when no video marketing has been done.

 

7- Upgrades

Homes with upgrades such as quartz, granite, custom cabinets, stainless appliances, high end light fixtures, tankless water heater, etc. sell anywhere from 34 to 61 days faster than homes with n om upgrades.

 

8- Pricing it Correctly

Pricing a home correctly from the start will probably sell in less than 2 months. Overpricing can cause your home to sit for 6 months or more.

 

Choosing The Right Realtor for the job

9- This should probably be #1 on the list. Working with an Orlando Listing Specialist will get your home sold up to 40% faster than with a new agent.

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Orlando Short Sales… Know The Rules!

Don’t let the name fool you, Orlando short sales take a long time! The reason being is that a short sale means that the bank loses money so you can’t blame them for not being in a rush. This can however be helpful to the homeowner by allowing them time to get their house sold and avoiding foreclosure. If a lender approves a short sale on a home, it means that they are allowing the homeowner to sell their home for less than what’s owed on the mortgage.

Recently, the United States Treasury Department changed the rules to make the short sale process easier and more efficient. Usually, the short sale process will drag on for several months and even up to a year in some cases. And even then there was no guarantee that the lender would agree to a short sale. That’s why there are so few Orlando short-sale realtors willing to specialize in this area of real estate.

Some short-sale agents remain skeptical and think that nothing will change. Orlando short sale specialist Jenny Zamora, Broker at Orlando Realty Consultants “I will be the first to shout from the rooftops if the short sale process becomes faster than what it is”.

These are some of the changes that are being put in place:

  • Potential buyers must submit a pre-approval letter from a lender together with their offer on the home.
  • Lenders have to either approve or deny a short sale offer within ten business days.
  • To protect the homeowner from being forced out, the short sale lender must give a 45 day closing period unless the seller agrees to a lesser amount of time.
  • If someone buys a house via short sale, they cannot sell it for at least 90 days. This scenario is fine for someone planning to live in the home but it presents a problem for investors looking to do a quick flip.
  • Orlando short sales done through the HAFA program [Home Affordable Alternatives Program] can’t be sold to a friend or relative or business partner of the seller.
  • A maximum of $3,000 can go to holders of junior liens to release a lien on their property
  • A lender may not foreclose while the house is being marketed for sale during the short sale process.
  • Lenders may no longer charge fees to borrowers who wish to pursue a short sale instead of a foreclosure.
  • Lenders may no longer lower realtor commissions after an offer has been received.

Jenny Zamora, Orlando Realtor, and short sale specialist are overall happy with the changes although she is doubtful these changes will increase her already outstanding turnaround time of 30-45 days to complete a short sale.

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A Happy Home And A Good Investment

Living in a home that is both a good investment and the home you’ve always dreamed of is the ultimate goal for just about every homeowner. If your home is an older home then you probably have to work a bit harder to keep it maintained as opposed to a newer home. If you’re the kind of person that likes to constantly make improvements to your home to maintain or even increase its value. The good news is that the process of increasing the property value of any home isn’t all that difficult. 

Happy Home = Happy Life

People can sense when other people are happy as well as when they’re not happy. If you’re happy in your living space, it tends to be contagious to people that visit your home. Furnish your home with items that fit your taste and interests and no one else’s. Don’t worry so much about what the latest trends in home design if they really don’t appeal to you. If want to change things up a bit and need some ideas, you may want to consult with an interior designer that can work with you on making a few changes that will not only make you happy but also your guests.

 You can also get help from a real estate agent. Experienced realtors can be very helpful when it comes to making recommendations that will add true value to your home. Even if you feel that you will never sell your house, sometimes things change that are beyond your control and if your house’s design is appealing to both you and everyone else, it will be much easier to sell for the highest price.

Use Quality Materials Or Nothing

Whether your home needs a quick facelift or major surgery it’s important that you use quality materials. This is not only about you being happy while you live there but you should also consider that every penny you spend on your home should be an investment. You should make an effort to use designs and materials that increase your home’s value and ensure that your choices will last for generations to come.

Don’t Forget The Exterior
Creating a consistent look between the exterior and the interior of a home is a must. Having a nice front and backyard really enhances the overall feeling of a home and your guests will notice right away. Consider planting a few flowers near the front entrance for a splash of color.

Get Ideas From The Internet

If you don’t really trust your sense of style and you don’t want to spend money on a professional designer then Google it! The internet can be helpful in many ways to a homeowner searching for ideas. You can view countless images of every home design known to man to see what appeals to you and your sense of style.

 Once you have some ideas about how you would like to decorate your home, you don’t even need to leave your chair for the next step. You can do most or even all of your home furnishings shopping online. Great deals are available from private sellers as well as sites like Amazon, eBay, etc. at a fraction of the cost of the major retailers.

 Finding the right design and decor for your property shouldn’t be frustrating or difficult. It should be fun! Especially if you’re creating the look you’ve always dreamed of. If you enjoy the process, it will be easy and rewarding when you’re done. If you need help or ideas on making your home a happy one, call me. I’m here to help!

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