Tag: Orlando Real Estate

Frustrations of an Orlando Short Sale Realtor

Posted on by Jenny Zamora

Any Orlando Short Sale Realtor should be accustomed to dealing with frustrating situations. We have to deal with things like working with Homeowners associations, clueless bank negotiators, BPO agents, contractors, etc. This just comes with the territory and if you’re going to be successful with short sales, it’s just something that you have to accept and there’s no way around it.

As a full-service brokerage, we also work with buyers. When I research listings for a potential buyer, it’s very time-consuming even if you use great real estate tools such as the MLS. The MLS was designed and put into place for real estate agents to be as efficient as humanly possible in the selling and purchasing of Orlando real estate. It also does some other pretty amazing things to help agents update their clients, exchanging of information, etc. As amazing as this technology is, you still have to use it correctly for it to be effective. With all the free training offered by the MLS, there’s just no excuse not to know.

Orlando Realtors…Be Professional… Please!

There’s one thing, however, that I find to be more frustrating than almost anything when it comes to Orlando real estate, and that one thing is dealing with incompetent real estate agents. I’m not perfect by any means but I do try my best to respect and follow the laws that have been put into place to regulate my profession. Unfortunately, there are many real estate agents out there that seem to just not care about the rules and regulations of Florida real estate. The worst part about this is that agents like these are giving real estate agents a bad name.

Top 4 pet peeves about incompetent Realtors

1- Failing to update their listings- Super frustrating when you’re searching for properties and you find an active listing that closed  5 days ago…are you kidding me? It takes less than a minute to change the status of your listing. Be professional!

2-Failing to return calls or emails- Why are you in this business if you don’t return phone calls or emails from another real estate agent? Is this also how you handle messages from a potential buyer or seller? How on earth do you make a living at this??

3-Failing to provide urgent docs for a Closing- The closing of the transaction is the ultimate goal in real estate. Why in the world would you delay in providing crucial information when everyone else involved is trying to get the deal closed?

4-Pretending Pretending to be knowledgeable about short sales [this should probably be number 1]- It’s OK if you’re clueless about short sales and I don’t mind educating you on them a bit.  However, please please please… don’t pretend that you know about short sales if you really don’t. Trying to be someone that you’re not just to feel important can potentially hurt your client. If you want to learn about short sales, take some courses, read some books but please don’t practice during “Game Day”, there’s just too much at stake. We’re talking about one of, if not the most important transaction of someone’s life.

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*

Strategic Default, more popular than ever

Posted on by Jenny Zamora

Although Orlando real estate prices continue to steadily rise, strategic default is as popular as ever. As homeowners come to us to list their Orlando properties for sale, the majority of them are upside down on their mortgage. The big problem is that there are several lenders out there that won’t accept a short sale unless the mortgage holder has defaulted on their payments. This puts the homeowners in a difficult position by forcing them to either continue paying on a mortgage that is way too high or stop making their mortgage payment. Most people faced with this situation these days are strategically defaulting on their mortgage for the sole purpose of pursuing a short sale with their lender. When you think about it…what choice do they have?

 

Don’t get me wrong…I would never tell a client to purposely default on their mortgage, but once I explain their situation to them, they almost always choose to stop paying their mortgage and pursue short sale. Honestly, I can’t say that I blame them. As a matter of fact, if I was in their shoes, I would do the exact same thing.

 

How will it affect your Credit?
A short sale can have a lot less of an effect on your credit score than a foreclosure. But, it must be done correctly.
If your request for a shot sale is approved, your agent should ask your lender to report the short sale as “paid in full,” as part of the negotiation.

 

Many sources have reported that a short sale has about the same impact on your credit score as a foreclosure, however from experience with our own clients, that’s never been the case.  Most of the time, clients of ours that have completed an Orlando short sale, report that their credit score only dropped by 100 points, which can be easily fixed by a good credit repair company.

 

There are no guarantees when it comes short sales

 

It’s important for you to know there is no obligation what-so-ever on the bank’s part to accept a short sale payoff.
And you just won’t know until you begin the process.  You should also be aware that short sales can take several months to complete depending on who the lender is.

 

If you still want to learn more about shorts sales, visit us at OrlandoRealtyConsultants.com

 

 

 

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*

Back on the market! Orlando Short Sale | 14834 Oldham Dr.

Posted on by Jenny Zamora

We have the Approval Letter in hand! Last buyers unable to close.  Take advantage of this great Orlando Short sale property. Located in the very desirable University Estates, this gorgeous  2,357 Sq ft. 4 Bedroom 3 Bathroom home with a private pool is move-in ready! It has a spacious open layout and the neighborhood is loaded with great amenities for the whole family.

Close to shopping, restaurants and good schools in the area.

Here are just a few of this property’s great features

* Vaulted Ceilings

* Large master suite

* Solid wood cabinetry throughout

* Large formal Dining room

* Lots of natural lighting

* 2-car garage

* Screened in porch

* Wood Burning Fireplace

* Good School District

 

Great Amenities!

* Community Pool

* Gazebo

* Tennis courts

* Basketball courts

* Playground

Perfect location near UCF, Waterford Lakes Towne Center shopping and dining all with easy access to highway. Hurry Today! This home won’t last for long.

 For more info on this terrific property call us today at 407-902-7750 or visit us at OrlandoRealtyConsultants.com

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*

Orlando Short Sale Negotiator confesses to using stall tactics

Posted on by Jenny Zamora

I’ve been doing short sales in Orlando since 2005 and something happened last week that has never happened to me before. I’ve been working on this Orlando shorts sale listing for the past 3 months. After negotiating with the bank we got the payoff approved at $192,000.00 and the buyers were ready to close. Each time I would get a hold of the negotiator he would say that I would have the approval letter the next day so I would then update my clients with the same update that was given to me. After hearing the same story from me day after day and week after week It got to the point where everyone thought it was all somehow my fault.

To make matters worse, the buyer got tired of waiting and walked from the deal, my client even talked about hiring another agent. The following day I received a call from the negotiator and I couldn’t believe what he told me. He actually told me that he was purposely stalling this particular file because he didn’t want it to close until the month of March. He explained to me that the bank can only handle a certain amount of loss per month and they had already hit their limit for the month of February. He then proceeded to explain to me how he was purposely stalling me by not providing me with the approval letter. When I heard this I felt like reaching through the phone and slapping him. That wasn’t possible so I did the next best thing, I gave him a piece of my mind.

All he had to do was inform me of what was going on from the start and everything would have been fine. The buyers would have had no problem at all waiting as long as they knew what was going on. After I vented my frustration with the negotiator I insisted that he personally call my client and explain the situation to him. Thank God everything is back on track and all is right with the world, we’re closing at the beginning of March.

Short sale negotiations can get complicated and can be extremely frustrating. If you’re in need of an Orlando short sale expert call me at 407-902-7750 for a free analysis of your situation.

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*

What happens when an Orlando Short Sales get approved for more than appraisal value?

Posted on by Jenny Zamora

When a buyer puts in an offer on an Orlando short sale property, that person believes that they are getting a great deal. Many times this ends up being the case and after several months of waiting…the bank approves the offer but don’t celebrate yet,…  there are still a few things that can make the deal fall apart.

The appraisal is a crucial and unavoidable part of this process. let’s say for instance that the bank approved your short sale offer of $100,000.00, the next step is to get your financing in line which means getting the property appraised, inspected, etc. The issue now is to get the property to appraise for at least the amount of the contract. If the property falls short on the appraisal, let’s say $95,000.00, then there’s a problem because your lender is not going to approve a loan for $100,000.00 for a house that just appraised for $5,000.00 less.

How and why does this happen?

Appraisers have to go off of recently sold properties only, not pending properties, or active properties. So even though the BPO may have come in at a higher valuation, the reason is that BPO agents have a bit more leeway on what comparables they are able to use. As opposed to appraisers, BPO reports may include active listings, pending listings, in addition to sold listings in order to determine true valuation.

Will the short sale lender adjust the approval price to match the appraisal price?

Most lenders will actually change their payoff letter so that the deal can go through. As a matter of fact, this is something that happens all of the time in our office. The only drawback is that it takes a bit longer because there’s a process which typically 2 to 3 weeks. It all comes down to how much of a hurry the buyer is in to buy the house. If the buyer is in a position to wait the extra time, then this actually benefits them because they get an even better deal than the original price.

Lenders like Fannie Mae for instance are less likely to lower the approval amount regardless of the appraisal value. I know what you’re thinking and I agree… It makes no sense.

What happens if the lender is unwilling to adjust the approval price?

There are a couple of different scenarios that may ensue if the lender doesn’t want to lower their payoff amount. One thing that can happen is that the buyer walks away and keeps looking for another Orlando short sale. Another way to get around this issue is if it’s a cash buyer that really wants the property. However, not too many people will purchase a property for more money than the appraised value unless it holds some kind of sentimental value for them.

Need help with a short sale? Call our office at 407-902-7750

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*