Cash buyers fueling Orlando Real Estate market recovery

The Orlando Real Estate market recovery continues on a positive path and some Orlando realtors claim that the tidal wave of cash deals is behind the recovery. “Florida realtor” studies show that fifty-one percent of single-family home sales are all-cash deals. Cash buyers have a huge edge over buyers that need to qualify for a mortgage and they are preferred over traditional buyers by sellers as well as listing agents.

One reason is that cash buyers have their own money and don’t have to wait on any mortgage company for anything. Also,  sellers know that a cash deal means a quick closing, this can mean big savings for the seller who has to make another mortgage payment for every month that their home is on the market. These days a cash offer doesn’t always mean a low ball offer anymore, investors are aware of the competition and a low ball offer could mean losing the deal.

As Orlando realtors,  we are seeing more cash offers for the full listing price of properties than ever before.

Lower-end properties [under 100k ] are being devoured by investors because of the huge demand for rentals right now. Cash investors are able to buy more of the less expensive properties and turn them into monthly cash cows. And although lower-end properties are also being bought and then re-sold for a modest profit, for the most part, we are seeing them end up as rental properties.

Other investors buy properties with the sole intention of flipping them. They want nothing to do with being a landlord and are only interested in getting in and out of a property as quickly as possible.

These buyers usually have to do some rehabbing in order to see some substantial profit and this means that they are usually pretty limited on how many they can do at once. I have investor clients that will buy one or two properties and then have to wait until the houses are renovated and sold before moving on to the next deal.

So what does this all mean for the Orlando Real Estate market?

I believe that all the cash purchases that are happening right now are driving up prices as well as home values in the Orlando real estate market. And the healthier the market is, the less risk there is for lenders to approve more mortgages for traditional buyers. This is all great news for now and hopefully will be for several years to come.

What worries me is that if home prices continue to rise to unjustifiable degrees, banks will then start giving mortgages to people that can’t afford them, then…2007 all over again!

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Selling Your House? Smarten Up The Exterior For The Best First Impressions!

As we all know, first impressions are everything. And this is never truer than when we are talking about houses. If you are planning to sell your house then the single most important thing that you can do to impress viewers is to smarten up the exterior. When a potential buyer visits to carry out a viewing, they will be immediately put in a favourable mood if they like what they see on the approach. Here are some great ideas for making the outside of your house win prospective purchasers:

Tidy Up the Driveway

Driveways often get a little scruffy with weeds growing through concrete or between paving slabs. Head out with a load of weed killer and blitz the unwelcome weeds. Then, tend to the flowers and plants that are meant to be there. Finish off by giving the whole area a good sweep, and then using a pressure washer to thoroughly clean the driveway. Putting a few pot plants along the driveway will help to add a splash of colour to the approach to your house.

A Fresh Coat of Paint

You’ll be amazed at the amount of difference a fresh coat of paint to the exterior of the property makes to the overall look. Old paint that is faded, stained or peeling off sends out all the wrong messages to a buyer, but a freshly painted house suggests that you take as much care with the inside of the house as you do the outside. It will also help set off the windows and doors, and generally bring the whole house together. If you’ve a head for heights then you can paint your house yourself quite easily, but if you’d rather leave it to the experts then call a professional painter and decorator in – it shouldn’t take them long, it won’t cost you much, but the difference will be massive. Your prospective buyers will head to the front door and wait there until you answer it. So, make sure the door is freshly painted so that it looks nice and smart (you might as well paint the window frames too while you’re at it!) and make sure that the doorbell works properly. You might even want to consider getting a new front door if yours is past its best.

Window Boxes

Window boxes are a beautiful addition to the front of any home – they add a splash of colour and make the whole place look far more homely. Choose plants that don’t grow too high otherwise you will risk obscuring the view from the windows. Plant up a window box for each front-facing window, and put it up using secure brackets that won’t weather or deteriorate. Choose a mixture of colours for added impact.

Smartening up the outside of your house is a great way to make sure that your potential buyers get the ‘wow factor when they come to see your house for the first time. Your next step is the small task of sorting the interior out!

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Foreclosure Drop Experienced in Orlando

Foreclosure of residential houses in Orlando has shown a marked decrease. This started from the time when the state began to expedite foreclosures as per the new law that was implemented from July 1 this year. According to reports by RealtyTrac Inc, foreclosure filings have dropped by at least 50% as compared to the past year. The total number of houses in the Metro Orlando area which received their first foreclosure notice fell to 678. This is effectively a fall of 63% compared to the previous year. This trend that is experienced in Orland real estate is repeated across Florida. A statewide report published in July by the Florida Supreme Court states that cases related to foreclosure fell 75% when compared to July 2012.

Reasons for the drop

It is unclear if the drop is the result of a new law formulated to streamline the ability of the lender to repossess immovable structures that are saddled with mortgage payments long overdue. According to one foreclosure attorney, this dramatic fall is the result of banks and mortgage service providers being unable to provide documentation as proof that they are in control of the loan as demanded by the new legislation. As per the attorney, the new law was written in such a way that it was almost indecipherable to the lending industry as well as to the courts.

Mortgage companies are taking the only action they can confidently opt for – either modify the mortgage or sell the concerned house as a short sale. Orlando short sales are said to occur when an immovable property or a house is sold for less the amount of money owed on the structure. The incidence of short sales has been increased throughout Florida in the past few months.

Decrease in foreclosure filings

Foreclosures are markedly decreasing. In Metro Orlando, approximately 2,415 houses gave some variety of foreclosure filing. The August report shows that such filings have decreased by 27% when compared to the previous year’s August report and also a 11% decrease from July this year. The Orlando metropolitan area is made up of 3 regions: Orange, Seminole, and Osceola. According to RealtyTrac Vice President, it is premature to assume that the law is not functioning as it should. Although foreclosure activity is down for the Orlando area, the courts have approved an increase in number of foreclosure sale notices as well as auction notices in the metro region. One way of knowing that foreclosure notices will be filed is that the concerned banks have begun to start the search and preparation work important to start the process of foreclosure.

 

 

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Demystifying the Short Sale Process

 

For those buyers facing an imminent threat of foreclosure, a short sale is a viable option indeed. Through a short sale, the seller eliminates the debt burden that comes with his value- depleted property that no longer attracts enough of a sale price to pay off the loan in full. Scores of homeowners saddled with underwater properties have taken the help of short-sale negotiators to get a reasonable price for their homes in recent times. If you are looking for advice and information on Orlando short sales, read on. 

 

Getting the Short Sale Package Approved

 

This is the first step in your Orlando short sales process. Your lender needs to approve your sale of the property at a price that is less than your total debt due to him. To do this, he needs to be sure that you cannot afford to pay off his loan from other sources (e.g.: your savings).  The first step of the short sale is for you to present a short sale package to the lender. This package outlines an overview of your finances and your credit score along with a hardship letter and the home’s documents indicating the purchase price. Once the lender is convinced that a short sale is your best option, he approves the process.

 

Listing the Property

 

Now it is time to present the property in the best possible way so that you can attract the most number of buyers. Working with reputed Orlando realtors who are also experienced short-sale negotiators is a great advantage at this stage. The realtor has an understanding of the market and the skill to present your property as a good buy to prospective homeowners. Locate a realtor who has a deep insight of the current Orlando real estate market so that you can price your home right. The Orlando realtor will also ensure that your home appears in all the right listings so that it is highly visible in the marketplace.

 

Sell the Home and Get Rid of Your Debt


Once your home gets an offer you like, it is time to start processing the short sale. Your lender may require several documents to process the actual sale. Here too, an experienced Orlando short sale realtor can prove to be of immense help. Collect all the documents and present them to your lender for approval of the proposal. Once he gives his approval, the sale can be finalized and closed. In some situations, the lender may reject the proposal.

 

If this does happen to you, don’t give up hope. Ask your lender to give the reasons for rejection in writing. There may be some negotiations that you can do with the buyer/ lender with the help of your Orlando realtor to ensure that the proposal is tweaked to meet his approval.

 

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7 Tips To Furnish A Small Living Room

Houses are getting smaller and smaller by the day, at least in packed-up urban spaces. Now, this does impose some limitations on what you can and cannot do with your living space but it certainly does not mean that your small apartment should look any less beautiful than its larger suburban counterparts. Apart from the architectural and décor elements, your choice of furniture will determine the aesthetic appeal and functional utility of your space. If you are buying lounge furniture for a rather cramped living room, here’s what you might want to keep in mind.

Use a lighter color palette

This is one of the easiest ways to give your room an open, airy feel. White, off-white, taupe, and pastels are all neural colors and are easy to mix and match. Light hues also reflect light to make your living room look more spacious. To avoid monotony, use different textures, fabrics, and patterns. Even a self-print helps add depth to the space.

Don’t waste the corners

Every inch of space is precious and you do not want furniture that takes up unnecessary space. Corner modular help you make use of corners that would otherwise be rendered redundant with an odd vase sitting in them to fill up the emptiness. Modulars also give you more seating capacity and leave a more open area in the center of the room.

Choose multipurpose furniture

 

If your living room is small, chances are that the rest of your home is too. Maximize your space by opting for furniture that serves a dual purpose. For example, the ottoman could have underlying storage and the sofa could be pulled out into a double bed. This also enhances the utility of the space, especially if you have to entertain house guests.

Pick furniture with legs

 

Upholstered furniture does give your house a rich, cozy feel but it is also bulky and space-consuming. Light, minimalistic pieces, on the other hand, give an unobstructed view of the floor, thus making the space look larger.  The key is to choose furniture that “looks” light, irrespective of its actual size and weight.

Keep the lines simple

You may be tempted to buy that semi-circular contemporary sofa but can your space really accommodate it? When you are short on space, always choose furniture with clean, straight lines that fit easily against the wall.

Play up the vertical

We often forget that our room also has a vertical element to it and it is surprising how this can be used to give the illusion of a more expansive space. Emphasize the vertical lines by using striped curtains that run from floor to ceiling or a printed/textured blind against a blank wall.

Be careful about the coffee table

 

If you must have a coffee table pick one that is inconspicuous and doesn’t obstruct the view of the room. A small-sized table with clean lines and perhaps a glass top is any day recommended over a large blocky game table. Narrow benches also make for wonderful center tables as they are functional and take up minimal space.

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