Tag: Jenny Zamora

Lake Nona Medical City Making a Huge Impact on Orlando Real Estate

Posted on by Jenny Zamora

It’s been referred to as the new chapter in the history of Orlando. Lake Nona Medical City is becoming a monumental landmark not just for Orlando but as a premier location for medical care, research as well as education. Meticulously planned out, it represents an obvious strategy to build a focused cluster of the world’s most sophisticated medical treatments, education, and research in Central Florida.

Over the next ten years, some of the country’s top hospitals, research institutions, and universities will call Lake Nona Medical City home while enhancing economic development and as well as build a job creation machine for Orlando. Also, speaking as an Orlando Realtor, I firmly believe that it will continue to positively affect Orlando real estate.

Lake Nona’s Medical City Economic Impact Could Exceed That of Walt Disney World!

Many people say that Orlando’s Lake Nona medical facility will produce a boost in the local economy that will exceed that of alt Disney World when it opened its doors in 1971. How on earth can that be considering Disney World’s Orlando location currently employs over 60,000 people?!

The reason is that Lake Nona’s 600+ acre “Medical City” contains a combination of some of the world’s most brilliant medical minds together with biotechnology-driven health care facilities. Located just 10 minutes from Orlando International Airport, this cluster will be an economic freight train for Central Florida.

The Lake Nona Medical City will bring over thirty thousand jobs to Orlando and will have a projected 7.8 billion dollars on the local economy over the next 10 years. This doesn’t include the small businesses that are and will continue springing up around the facility.

Some of the facilities located in Lake Nona Medical City

*UCF’s new health sciences campus at Lake Nona. This 50+ acre campus will employ over four hundred full-time and part-time employees.

*The Sanford Burnham Medical Research Institute spent over $85 million on its state-of-the-art research center and will become home to three hundred of the country’s top scientists and staff.

*Veterans Affairs Medical Center is expected to serve over 400,000 veterans and is also the national site for the Dept. of Veterans Affairs Medical Simulations Center for Excellence. The total cost for building this facility was in the neighborhood of 665 million dollars and will employ more than 2,000 people.

*The University of Florida will have a 100,000-square-foot biomedical research facility worth over 61 million dollars.

It’s pretty amazing when you think about all of these medical and biomedical facilities located in one Florida community. This is great news for Orlando as well as the state of Florida. One thing is for sure the jobs that Lake Nona Medical City will create as well the small businesses it will help will do wonders for the local economy as well as continue to fuel the Orlando Real Estate market.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
TOC*

Online Property Searches in are More Popular than Ever! – Orlando Real Estate

Posted on by Jenny Zamora

Several years ago in the not-so-distant past, potential home buyers would start searching for a house the traditional way which was by calling up an Orlando realtor in the area where they want to live. The next step would be for the buyer to give the agent all the criteria that they were looking for in a home and wait for the agent to provide a list of great homes to go see. However if the buyer chose the wrong agent to work with, there are several things that can go wrong such as the agent coming back with a list of properties that the buyer doesn’t like, or maybe the agent won’t call back at all. Either way, this was very frustrating for homebuyers but unfortunately, they had no other choice than to search for properties by using a realtor. The whole key to finding the perfect home all hinged on finding the right agent first.

Buyers are now able to search the MLS just like a real real estate agent

The web has truly changed the way that the Orlando real estate business is done. Potential homebuyers benefit from this just as much if not more than real estate professionals. Homebuyers are now able to search the MLS on their own without even speaking to a realtor first.

Anyone and everyone are now able to search for properties on the MLS at their own convenience from their own home at all hours of the day or night. All the buyer has to do is present a list of homes that they have chosen to their Orlando realtor and go see them. By doing this, the buyer saves time and so does the agent.

Online Property Searches are also a huge advantage for realtors

Realtors also benefit greatly from people being able to search the MLS on their own. It’s a huge time saver if a buyer comes to the agent with a list of homes they want to see instead of the other way around. All the agent has to do at this point is make the appointments to show the properties.

In our office potential buyers are instructed to click on the “Find Florida Properties” tab on our home page. Here they are able to search the entire state of Florida for all the properties that are listed on the MLS at their own convenience.

Recent studies show that 9 out of 10 potential home buyers begin their property search online long before contacting a real estate agent.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
TOC*

Can I Buy my Home Back after I Short Sale it?

Posted on by Jenny Zamora

One of the most common questions I get from sellers is “Can I buy m house back after the short sale is done”. The truth is that there are cash investors, hedge fund buyers as well as non-profits out there that specialize in doing just that. They will buy the property as a short sale then lease option it back to the original seller after 2 or 3 years. It’s actually a great option for a seller because they don’t have to deal with the hassle or expense of moving all of their stuff to another house.

Even though there have been laws in the past that have prevented these situations from happening, there was an amendment made to the “Making Home Affordable Program” that now allows a Non-Profit Organization to buy a property then lease it or resell it back to the seller. However, in order for everything to be done legally all requirements under the “Home Affordable Foreclosure Alternative aka [HAFA] must be met by the seller. As with any important transaction, it’s important that you read the fine print.

Here are some things to consider when entering into a buy-back agreement with a non-profit organization or cash investor.

 

1) You must qualify for a HAFA short sale in order for this to be an option for you. Not only that but even if you do qualify for a HAFA short sale this buy-back program is still subject to the approval by your lender. In other words, even if you meet all the requirements from HAFA, your bank still has to approve the sale of the property to a non-profit organization. There’s absolutely no guarantee that your lender will agree to this arrangement and you just won’t know until you try.

2) If the home is not your primary residence, you won’t qualify for HAFA. In the lender’s eyes..you purchased this home as an investment which defeats the whole purpose of the HAFA program.

3) When using a cash buyer expect to pay full market value for your home when it’s time to close. Cash investors expect to get a decent return on their money when entering into any lease option agreement. The deal just wouldn’t make sense to them if they weren’t guaranteed a nice profit when it’s all said and done. A typical cash investor will want at least 3-5% of the purchase price as a non-refundable deposit [sometimes more] to ensure that the buyer will do everything in their power to close on the deal. And if they’re not able to close, the investor gets to keep the deposit as well as the property.  Also, you can expect to pay a higher than the average interest rate, I’ve seen investors charge as much as 13% interest on a lease option contract.  Cash investors will usually want full market value for the property at the time of the contract signing. This can be a double-edged sword because if the property appreciates over the time of the lease contract, then it benefits the buyer. However, if the property depreciates over the time of the contract, then it benefits the investor because the purchase price was locked in at the signing of the agreement.

 

A short sale may still be your best option

Even if you’re not approved for a buy-back program, a short sale may still be your best option. Surrendering a home that owes much more than it’s worth is a smart business decision. By doing a short sale, a homeowner can walk away free and clear from debt. Many times homeowners can even come away from the closing with thousands of dollars through certain programs. Throughout the years we’ve helped thousands of homeowners avoid foreclosure by completing a  short sale on their homes. Our team of dedicated real estate professionals is dedicated to finding real solutions for Orlando homeowners that are facing foreclosure.

 

 

Orlando short sale expert

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
TOC*

How to train your Orlando Buyer’s agent

Posted on by Jenny Zamora

For first-time homebuyers in Orlando, it’s imperative that they’re able to communicate to their real estate agent exactly what they’re looking for.  This will save the potential home buyer as well as the Realtor a lot of time. It may seem like an easy task but you’d be surprised at the lack of communication that goes on between Orlando buyer’s agents and their own clients.

Here are some helpful tips on how to make the most  of your agent buyer relationship

Be clear on what your wants and needs are. The more details that you’re able to provide your agent with like; How many bedrooms and bathrooms, how many sq ft? what neighborhood or subdivision you want to live in? are you interested in Orlando short sale homes? etc., the less time you will waste on looking at houses that don’t meet your criteria. With all the technology available to real estate agents these days,  they are able to eliminate a lot of the leg work by searching for homes for sale online. A good buyer’s agent will do more than just search the MLS, they will also search for homes that aren’t listed on the MLS like FSBOs [for sale by owner]. They do this by extending their search to craigslist, and newspaper classifieds, and even by driving around in the neighborhood where their buyer wants to live.

Be demanding…in a nice way.  Real estate agents want to close deals so that they can get paid. However, agents also want to be the “Hero” when it comes to finding the perfect house for their buyers because they know that if they do their job well, they will probably get more clients from the buyer’s friends and family. It’s OK to be a demanding buyer, I mean you’re about to make a huge investment by buying a house. However,  you should also be nice at the same time. The last thing you want is for your agent to have you on their “Difficult Client” list. This may negatively affect your relationship with your real estate agent and they will be less interested in finding your dream house.

Be responsive. Good real estate agents work very hard for their clients and there’s nothing more frustrating to an agent than when they spend time searching for the perfect house for a buyer then that buyer doesn’t return their call or email and they end up losing that house to someone else. By being responsive to the agent and returning their calls or emails immediately, this will most likely create a reciprocal effect and the agent will be just as responsive to you as you are to them. This will also give you the upper hand if you need to tell your agent to be more responsive to your messages.

Be honest with your agent. If your real estate agent finds you a house that meets all your criteria but for some reason, you still don’t like it, then you need to tell them. Don’t be afraid to hurt the agent’s feelings, it’s not their house. Remember that this is about you [the buyer] first and foremost, therefore it’s the agent’s job to make you happy. If you can’t be honest with your agent, then you probably won’t end up with the house you want and you will end up settling. Would you lie to your doctor about what hurts? Of course not because you want results!

Evaluate your agent. Not all real estate agents were created equally, therefore you should evaluate your agent’s performance after a week or two. Ask yourself these questions

     a. Has your agent shown you houses that meet your criteria?

     b. Has your agent been responsive to your calls or emails as you are with them?

     c. Are you happy with your agent’s performance so far?

If you can answer yes to these three questions, then you may want to hang in there. However, if you feel that your agent is neglecting you or they just aren’t getting the job done as per your expectations, then I would say it’s time to find another real estate agent to represent you.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
TOC*

Orlando Pocket listings are back

Posted on by Jenny Zamora

You know the Orlando real estate market is strong when you start hearing the words “Pocket Listing” being spoken again. The term “pocket listing” refers to when a real estate broker has a listing agreement with a seller, but it isn’t advertised in the Multiple Listing Service or anywhere else. With pocket listings sometimes sellers may request for there to be a very limited amount of marketing for an agreed-upon amount of time.

Pocket listings are very popular with the “rich and famous” or just “rich”. Typically, high-end sellers don’t want hundreds of people walking through their houses. But with supply and demand being what it is in today’s Orlando real estate market, pocket listings aren’t just for well-to-do clients anymore. Because buyers are outnumbering the amount Orlando homes that are for sale by far, pocket listings are becoming a lot more common among more moderately-priced homes as well.

One of the problems in using the MLS in a hot market is over-exposure.  I’ve had some of my clients complain of realtors knocking on their door wanting to show the house without even bothering to make an appointment, this can be extremely annoying to homeowners that live on the property. Some agents prefer pocket listings just to avoid the hassles of the MLS. It can be a nightmare getting a million phone calls a day for the same property. Other realtors push for pocket listings with the sole intention of securing both sides of the commission. Of course, these terms must be discussed and agreed upon by the seller beforehand.  

A broker must explain exactly what a pocket listing is to the seller as well as fully inform the seller of the cons as well as the pros of pocket listings the broker could face legal allegations that they failed to enter the property in the MLS and caused the seller to have a limited ability to attract the highest and best price for their house. It could as lead to accusations of housing discrimination. In some cases, real estate agents try to convince sellers to use pocket listings so that they can secure both sides of the commission by representing both the buyer and the seller in the transaction.  If an agent puts their own financial gain ahead of the seller’s it’s illegal and they run the risk of being prosecuted for it.

As an Orlando Realtor, I personally would never recommend pocket listings to sellers. It’s just common sense, if you limit the amount of exposure of something you’re trying to sell for top dollar, then you have a much less chance of getting the best price. Would you try and sell your car by not advertising it or only telling certain people? Of course not! I get the whole celebrity thing with pocket listings but thankfully I don’t have any celebrity clients and I’m free to market my listings to the fullest extent of my capabilities.

If need to sell an Orlando property fast and for top dollar, visit us at https://orlandorealtyconsultants.com or call 407-902-7750

Jenny Zamora, RE Broker

Orlando Real Estate Broker

 

 

 

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

This field is for validation purposes and should be left unchanged.
TOC*