Tag: Jenny Zamora RE Broker

Orlando Realtor’s income up by 25%

Posted on by Jenny Zamora

Recent studies by the National Association of Realtors show signs of promise for today’s real estate professionals. For the second year in a row, business activity rose for real estate agents since 2011. The gross median income for an Orlando realtor in 2011 was $34,900.00 and in 2012 it shows that realtors made an average of $43,500.00. The numbers aren’t in for 2013 yet but you can bet that the average Orlando realtor’s income is even more than it was in 2012. This is great for the industry because more agents will be able to continue working as agents instead of having to find another job because of market conditions, as was the case in 2007-2008 when soo many agents just weren’t making enough money to survive.

Real estate agents that have been at it for a while of course make considerably more. Agents that have been in the business for more than 8 years showed an average income of $58,300.00 for 2012. It’s like anything else in life, the more work you put into it, the more reward you will get from it. On the opposite end of the scale are newbie realtors [2 years or less] who only averaged $$9,700.00. For these agents, they are facing an uphill battle and more than half of these newer agents will get frustrated and eventually seek employment elsewhere.

Realtors Working twice as Hard for the Same Money

Studies also show that a realtor back in the most recent peak of the Orlando real estate market in 2006 was making twice the amount of money for the same amount of work. Now the tables have turned. A realtor these days has to work double-time in order to make the same income they were making 7 years ago. With all the new laws and regulations in place, realtors have to really know what they’re doing. Not too many transactions are easy to get closed, there seems to always be an obstacle or two or three, especially when you’re trying to close on a short sale. Real estate transactions these days require skill, competence as well as patience to get them closed.

 

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Negotiating the payoff on a second mortgage

Posted on by Jenny Zamora

As an Orlando short sale realtor, negotiating the payoff on a second mortgage is something I  do on a day-to-day basis. I would say that at least half of the homeowners that visit our office have more than one mortgage. As a matter of fact, I’ve seen homeowners that have up to 3 mortgages on one piece of property.  The good news is, however, that in a short sale situation 2nd and 3rd lien holders don’t have much leverage if the property is being foreclosed on by the first mortgage holder. In this type of situation, the 1st mortgage holder is always first in line as far as who gets paid first if the property goes to public auction. The only exception to this rule is if there’s an IRS lien in which case they would get paid first. After the 1st mortgage gets paid then the other lien holders get paid according to what order the liens or mortgages are attached.

A short sale is when a lender agrees to the sale of a property for less than what’s owed on the property because there isn’t enough equity to cover the full amount of the payoff. At this point, the second mortgage basically becomes an unsecured debt. If the sale of the property won’t even cover the 1st mortgage payoff, there’s no way that any other lien holders will get paid.  When we are able to prove this to secondary lien holders, they are usually very eager to negotiate.  They know that they don’t have a leg to stand on and  if the property goes to foreclosure, or if the homeowner files for bankruptcy they won’t get a dime.

Once secondary mortgage holders realize there situation, it’s usually pretty easy get them to take a massive discount on what’s owed. Many times the 1st mortgage holder will only allow up to a certain amount to be paid the second mortgage holder or they won’t approve the deal. This is also a very powerful tool because when first mortgage holders have these guidelines in place, second mortgage holders have to either accept whatever the amount is or get nothing at all when the property goes to foreclosure. At this point, the burden of having to negotiate with secondary lien holders gets taken of the short sale realtor completely because the 1st mortgage holder will stick to their guidelines no matter what.

Many of my clients ask if we can negotiate their second mortgage balance with the loan being current. Unfortunately, in my experience of 8 years as an Orlando realtor, that has never been the case. The way they look at it is, if you’re still making the full payment why should they even entertain the idea of accepting less than the entire amount. I never, ever advise my clients to stop making their payment and I  never will. However, I do educate homeowners on the way that things work and most of the time they decide to stop making that payment. unfortunately, this is usually the only way to get their attention.

Why should you settle at all? There are several reasons why you should settle with second mortgage holders as opposed to just not addressing it at all. For one thing, these deficiencies can come back to haunt you in the future and cause damage to your credit. Also, many times the original mortgage holder will turn collection efforts over to a collection agency that uses much more aggressive tactics to collect the balance. Also, in short sale situation, you have no choice but to settle with the second or the sale will not go through, it’s as simple as that.

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10048 SAVANNAH BLUFF LN | Orlando Short Sale

Posted on by Jenny Zamora

Video- 10048 SAVANNAH BLUFF LN | Orlando Short Sale

This Orlando short sale is a Beautiful 4 Bedroom 2 Bath Home with Many Upgrades. Original Owner. The home is in  Immaculate Condition, Ready to move in. Big Master Room and lots of Closet Space. All appliances are included. Very Low HOA dues. You need to come and see for yourself, The Home will be sold before you know it!

Orlando Realty Consultants is a full-service Real Estate brokerage located in Orlando, Florida which specializes in doing Orlando Short Sales and Foreclosure Prevention with a team of highly experienced short sale realtors on staff.

We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts have experience in all aspects of Real Estate. We will work with you to make your home purchases and sales process as simple as possible, while providing you with the most up-to-date information of your transaction process as it develops.
https://orlandorealtyconsultants.com/  Trusted Buy Your Neighbors Since 2005

 

Realtor in Orlando, FL

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Don’t be Embarrassed About Doing a Short Sale.

Posted on by Jenny Zamora

When the real estate market crashed, many people were left owing a lot more on their house than it was actually worth. Some also lost their jobs. It didn’t matter what income bracket they were in, the crash affected upper, middle and lower income families alike.

In other words, you’re not alone. So, there’s really no reason at all to feel embarrassed about doing a short sale. And, there is nothing dishonest about it, as some people feel; a short sale is merely a tool to help you take control of your financial situation, rather than letting your house go to foreclosure, which often has a more damaging effect on your credit rating.

How will people react if I Short Sale my house?

Friends and neighbors are no longer so quick to judge those who have “short sale” or “foreclosure” signs on their front lawns. Everyone appreciates that times are tough and we’ve all become more sympathetic to those who are struggling financially.

It’s distressing for people who have always had good financial habits to suddenly find they are unable to keep their mortgage payments up-to-date. If you find yourself in a precarious financial situation due to the housing crash, doing a short sale may be the answer. No one wants to be burdened with a huge debt that is difficult to keep up the payments on.

What will my lender do if I need a short sale?

While some lenders are approachable, allowing homeowners to re-finance or negotiate new terms that will allow them to make regular payments again, other lenders aren’t so flexible, leaving you with only three choices;

  1. pay up on the spot,
  2. face foreclosure or
  3. do a short sale.

If the latter is what you’re faced with, a short sale will help you to keep your dignity while you sell your home and make a fresh start.

Who can I turn to for help?

An Orlando real estate agent who is experienced in short sales, like those here at Orlando Realty Consultants, will help to make the short sale process as smooth and painless as possible. We are trained and knowledgeable about all aspects of a short sale and can answer any questions you may have about selling your home in this way.  There is no need to feel embarrassed about calling us as we work with folks every day who are going through the short sales process.

Call us at 407-902-7750 to discuss your options, we are certain we can help.

 

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Orlando Real Estate remains strong, despite a dip in prices at the end of summer

Posted on by Jenny Zamora

 

Summer’s gone and Orlando Real estate takes a drop

Prices of Orlando real estate dropped slightly last month for the first in a year. Don’t panic Orlando homeowners, this happens every year at this time. The reason for the drop is mostly due to the end of the peak of the summer buying season. Two facts remain true, Orlando real estate inventory is low and demand for great Orlando properties remains high. As long as these factors remain a part of the Orlando real estate market, sellers will be able to get top dollar for their Orlando Home.

Other factors indicating a strong Orlando Real Estate market

Orlando homes are selling faster and for more than they did a year ago. Studies show that Orlando homes are spending less than 80 days on the market before coming under contract and selling for almost  97% of the listing price. A year ago, Orlando Realty was selling for less than 95% of the listing price, and these properties were listed on the MLS for over 100 days.

Great mortgage interest rates are still being offered by lenders. The average interest rate currently being offered for Orlando home buyers is at 3.78 percent as opposed to a year ago when homebuyers paid an average interest rate of 4.26 percent. This is a huge incentive right now for potential Orlando home buyers and anyone interested in buying real estate in Orlando should definitely take advantage of these historically low-interest rates.

There are more regular listings in the Orlando real estate market than has been in years. Although Orlando’s short sales and REO’s still rule Orlando’s real estate inventory right now, there is another quieter group that is not desperate to sell their Orlando properties.  Believe it or not, everyone one in three homeowners owns their house “free and clear”. This group as well as homeowners with very small mortgages on their home are able to ask for top dollar on their Orlando home and they don’t care if it sells or not. Their way of thinking is “I will sell for the right price and if not then I’m not selling”. I’ve had several clients like this over the years, and homeowners like these actually help to maintain property values up in their neighborhoods because their listing prices remain high and they really don’t care how long it takes to sell.

Right now is  a great tome to sell your Orlando Home

Considering all the factors in play right now with Orlando Real Estate, it’s a great time to sell your home. Whether you need an Orlando short Sale done or you’re o of the few and fortunate people that own your property Free and Clear. If you’re interested in seeing how much your Orlando property will sell… click on “How much is my Orlando property worth?” or you can come and see me for a free consultation and I would be happy to sit and talk with you.

Realtor in Orlando, FL

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