Tag: orlando investments property

6 Things that can Kill your Orlando Short Sale

Posted on by Jenny Zamora

The Clock is running Out on Orlando Short Sales


By now almost everyone is familiar with the term “Orlando Short Sale” that owns real estate in Orlando. In a nutshell… It’s when the bank agrees to take a substantial discount on what is owed on a delinquent mortgage.
Our office has been receiving a ton of calls and emails lately from sellers that are upside down on their mortgage all asking the same question. “ Are we still in time to do a short sale on our home without being taxed by the IIRS for the deficiency?” The simple answer to this question is yes, as long as you get it closed before 2013. However, there are many other things to consider besides the “Mortgage tax relief act of 2007”.
6 things that could kill your Orlando Short Sale

1-    The Bank refuses to take accept the short sale offer- These days this doesn’t happen that often. However, Some lenders are just not realistic when it comes to what the property is actually worth and they will just flat out refuse to do a short sale.
2-    Stubborn Homeowners Associations- In the state of Florida, HOA’s will be paid 1 year of dues if a property goes to foreclosure. However, for some reason, that I’m still trying to figure out, there are HOA’s out there that would rather let the property  go  to  foreclosure and collect a year of delinquent dues instead of collecting an amount that is  much more than that. It’s almost  like the HOA’s take it personal that a homeowner can’t pay and they want revenge!
3-    2nd mortgages not giving enough of a discount- When you do an  Orlando Short Sale on a  house that has 2 or more mortgages, the amount that you offer to that second mortgage holder as to be approved by the first mortgage holder. If the frst mortgage holder only wants the second to get $2,000.00 and the 2nd mortgage holder wants $5,000.00 guess what? That’s right… it’s a deal killer.

4-    The BPO Comes in Too High- Part of the process when doing an rlando  short sale is for the bank to order a BPO [Brokers Price Opinion]. Kind of like a mini appraisal, a BPO is usually performed by a local realtor that goes into the house and records details of the house damages, upgrades, etc. Based on all of this information the BPO agent will determine what they  think the house is worth. Unfortunately, I’ve had BPO’s done on properties where judging by their valuation of the property, they must have been either
5-    intoxicated or the more likely scenario, they want the property to get foreclosed on in hopes that they get the listing on the property from the lender as an REO listing.
6-    The buyers back out or are unable to close- Usually, you’ll know way ahead of time if you’re dealing with a legitimate buyer as opposed to a tire kicker because of a Deposit and proof of funds or a pre-approval letter. However, for whatever reason, a buyer will sometimes just not want to go through with the deal at the last second or their financing falls through. Unfortunately, It’s just the nature of the Orlando Real Estate business.

Hire an Orlando Short Sale Expert

If you’re in need of doing a short sale in Orlando, you should find an experienced short sale realtor to give yourself the best chance possible. Short sales can be tricky and hiring a good  realtor will the key to your success.

 

 

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Frustrations Increase among active Orlando Real Estate Buyers

Posted on by Jenny Zamora

Active Orlando Realty buyers are more frustrated than ever

People that are actively searching for an Orlando property are getting more and more concerned about rising prices on quality Orlando homes and they have every right to be. Inventory is at an all time low while demand is through the roof. Many of them have even decided to put their home buying plans on hold and have elected to remain in their current housing situation.

One of the biggest concerns right now is the lack of inventory in Orlando real estate. Buyers get very frustrated when they find a property that they like only to find that there is already 10 offers on the table for the same property.

In Orlando there is about half as many homes for sale as there was this time last year. Some people still believe that prices will drop and are holding out for that “deal of a lifetime”.  Thinking that prices will drop in the near future is just not realistic and is just flat out not true.

The fact is that prices of Orlando real estate will continue to rise for quite a long time. Sure you can still try to get a good deal on a house needing to be refurbished, but in that market you’re competing experienced Orlando real estate investors. Re-habbers make their living on buying properties, fixing them up and selling them for a healthy profit. If you think that competition is tough on the retail side of real estate, try competing with local investors. The wholesale market is just as competitive if not more than buying an Orlando home that is move-in ready.

 

Orlando homeowners are staying put

For homeowners who were on the fence about selling but really don’t want to, have reconsidered and have decided to remain in their home. They see what’s going on in the Orlando Real estate market and they are loving it.  There seems to never be a time when both buyers and sellers are pleased with whatever the market is doing. Sellers will always want top dollar for their home and buyers will always want to get a fantastic deal on a great property.  Let’s face it, Who in their right mind would sell right now if they didn’t have to?

 

Jenny Zamora, Lic Orlando Real Estate Broker

 

Jenny Zamora Broker

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The days of Low Ball Offers on Orlando Real Estate are Long Gone!

Posted on by Jenny Zamora

Buyers are realizing that they have to Pay the Price if they want a quality Orlando Property

Orlando Homebuyers have had the upper hand since 2006, but today’s reality tells quite a different story, sellers are back in the drivers seat. Prices of Orlando Realty have been rising steadily much like many other parts of Florida and inventory is way down.

The problem with some Potential buyers is that they have trouble accepting the market has changed and they continually miss out on good deals because they bid too low. These days you have to go above the asking price to get taken seriously, and even then you might not get the house you’re after.

Some buyers come into my office thinking that the Orlando Real Estate market is the same as it was in 2008 and 2009 when sellers were desperate to sell their homes. Sellers are no longer desperate and they know that they now have the upper hand. The days of submitting low ball offers are over.

A typical Orlando Seller considers a low ball offer to be anything below 90% of full asking price while on the other hand Buyers feel that offering 80-85% is a reasonable offer.

Orlando Buyers are starting to get the “Big Picture”.

Some people are the type to stick to their guns even if they’re wrong about something, however the majority of Orlando property buyers are starting to realize that if they want to get their hands on a quality piece of Orlando Realty, then they have to pay the price.

 

Jenny Zamora Broker

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Is Now a Good Time to Sell your Orlando Property?

Posted on by Jenny Zamora

Right now may be the best time to Sell your Orlando Real Estate

If you are an Orlando homeowner, you may be asking yourself, ” Should I put my house on the market now, or should I wait another six or eight months?

Here’s what I think, The inventory for Orlando Realty has decreased dramatically. This means that Orlando real estate values have increased and buyers are sometimes having to go through bidding wars with other home buyers to get the home that they want. The fact is that buyers just don’t have the power that they had 2 years ago and they know it.

Here’s what I suggest; Contact an Orlando realtor who is experienced in your neighborhood. The agent should be able to pull data showing you recent sales [within the past 2 or 3 months] and tell you how much your house should sell for within what time period. The best part is that  Consulting with  an Orlando Realtor doesn’t cost you anything and there’s no obligation. You can get a feel for what the market will give you before making a commitment. You have nothing to lose.

Make Sure You are selling your Orlando Property for the Right Reasons

If you know exactly why you are selling then it is easier for you to follow the right plan of action for getting what you want.
If you are a seller who needs to close a sale as quickly as possible, then you should know that getting the highest price possible is not one of your priorities. It does not mean that you won’t or cannot get the highest price, but it means that the price is not the deciding factor. A buyer who can give you a quick closing time will appeal much more to you than a buyer who can offer you more money but the negotiation and closing time drag on.

It’s always good to know how low you will go on your Orlando Property, in terms of selling price. This will help to eliminate some of the offers that you find simply offensive or ridiculous. Even though you should consider all offers seriously and take into consideration the terms of each offer, sometimes, if you know the bottom line and are strict about it, you can save yourself time.
Once you know what your limits and reasons are, discuss them with your Orlando agent so that they can help you set your goals realistically. If you decide to list your home on your own, make sure you do research on the current market, and you get the proper advice you need in terms of legal issues, etc. The key is to be realistic and to know what your goals are so they can be met.

Finding the Best Orlando Realtor for You

I you’re in the market for an Orlando Real estate expert, check out 9 critical things you need to ask a realtor. 
By following what is outlined in the list, you will have a blueprint on hiring an Orlando agent that will work for you.

 

 

Jenny Zamora Lic Orlando RE Broker Since 2005.                                                                                             Ask me anything, I’m here to help.

 

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Buying Orlando Real Estate without an Agent Can Prove to be Costly

Posted on by Jenny Zamora

Buying an Orlando Realty without a Realtor can Result in Disaster

 

Buyers loves to get a great deal on Orlando real estate and there’s nothing that I enjoy more than to provide my clients with terrific Orlando homes at great prices. However, If you you don’t want to use a realtor, there are other options available such as bidding online for properties going to foreclosure or searching craigslist for motivated sellers.

Bidding at the Orange County online foreclosure sale.

It’s true that you can find a good deal at the auction on an Orlando property. Although, if you don’t do your research prior to bidding, there’s a good chance that you could lose big.
A family was recently bidding in an online auction on a foreclosed home in the Orlando neighborhood of Meadow Woods.  However, those bidders didn’t know they’re now on the hook for the previous owner’s mortgage.

The home went to auction on the Orange County Clerk’s foreclosure website, and someone bought their home for $16,000! What a deal right? Wrong!… the guy that bought the house online didn’t do his research until after he bought the house. It turns out that it was an HOA foreclosure and there was a mortgage attached for 200 thousand dollars. Can you imagine thinking that you just got the deal of a lifetime and then finding out that you inherited a $200,000.00 debt?  It’s like, “Oh, my God. What have I done?”

People have this misconception about the online auction where they think bidding on foreclosures is a lottery ticket. The truth is, many people end up losing money bidding on foreclosures.

 

Before bidding, you need to do a title search.

One of the problems with trying to get a house online is all that you have to put in a lot work to be successful. Spending a hundred dollars on a tile search can save someone from making one the biggest mistakes of their lives. Doing a title search is just one of the things you need to do. It’s always a good idea to go to the house even if you can’t get inside. Most of the time you won’t be able to get in but you can at least get an idea of what the outside looks like.

Unfortunately, disgruntled homeowners that have been forced out because of a foreclosure can sometimes take out their frustrations by causing severe damage to the inside of the house. I’ve seen houses with well over $20,000.00 in damages caused by angry homeowners and their favorite sledgehammer or golf club.

The moral of the story is this; If you choose to find a property without the help of an Orlando Realtor, make sure to do your due diligence or you could end up losing money.

 

 

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