Tag: Orlando Real Estate

Orlando real estate | Lease options, good idea or bad idea?

Posted on by Jenny Zamora

A lease option is a type of contract that is used in residential real estate. In a lease-option contract, a property owner and tenant agree that, at the end of a rental period for a property, the renter has the option of purchasing the property. Basically, the seller will ask for a sizable non-refundable deposit at the beginning of the agreement. If the tenant cannot close by the time stated on the contract, then the property owner has the right to keep the deposit. A lease option is different from a lease purchase, in that a lease-purchase binds both parties to the sale, whereas in a lease option the buyer has the option but the seller does not.

Most of the time people will only enter into a lease option when they aren’t able to qualify for a loan.  Typically, the rent amount will be a bit higher as well as the purchase price. Of course, the danger is that when the time comes to buy, you could change your mind or be denied financing, causing you to lose your money. It depends on how much risk the potential buyer is able stomach.

If you do enter into a lease option agreement, it’s important that the contract is looked at by a lawyer. Sometimes buyers are so desperate to get into a house and they don’t bother to read the fine print. Even though the seller is sitting in the driver’s seat, he can’t force you to sign an agreement that doesn’t benefit you. The number 1 rule in real estate is that “everything in real estate is negotiable”. This means that you don’t have to agree to the first offer put in front of you and you have the right to make a counteroffer.

As an Orlando real estate investor I’ve done several lease options over the years for people and they haven’t always turned out they were supposed to. I would say about half of the time, I ended up having to evict the tenant and keeping their deposit. On the positive side, for the other half of the people, it worked out great. They were able to buy the house that they wanted even after getting denied financing from the major lenders For these people the risk paid off to do a lease option because they were able to honor the contract.

So is a lease option good or bad? It depends on the situation, the most important thing to remember is to be realistic with yourself. If you’re not sure if you will be able to get financing at the end of your contract then I would say…Don’t do it!  You’ll be risking losing your deposit.

If you still have questions about lease options call us at 407-902-7750 or visit us at  OrlandoRealtyConsultants.com and schedule a free consultation with one of our real estate professionals.

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Orlando Short Sale | 1330 Sun Meadow Dr. Orlando Fl 32824

Posted on by Jenny Zamora

1330 Sun Meadow Dr. Orlando Fl 32824


This property is located in the very desirable subdivision of Harbor Lakes in the 32824 zip code. The gated community with neighborhood Clubhouse and pool is a great home at a great price for any family wanting to live in this area.

It’s a 2 story home with 4 bedrooms and 2 and 1/2 bathrooms and 1,946 sq ft of living space.

Here are just a few of the property’s features

* Large master suite with sitting area

* Open Kitchen with tons of cabinet space

* Vaulted Ceilings

* Solid wood cabinetry throughout

* Dining and great room designed for family gatherings and entertainment.

*Lots of natural lighting

* Huge fenced in backyard

* 2-car garage

* Community Clubhouse and pool

Easy access to schools, first-rate shops, and restaurants. A must-see!

Call to make your appointment, You DO NOT want to miss out on this Great opportunity! BANK-APPROVED PRICE!!

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Great News for Orlando Short Sales!

Posted on by Jenny Zamora

Mortgage Forgiveness Debt Relief Act of 2007 has been Extended

The mortgage debt relief act has officially been extended for another year. This is a law that exempts those who are in a foreclosure or short sale situation [primary residences only] from having to pay federal income taxes on the deficiency balance of their mortgage after the transaction is complete.

This law was passed back in 2007 right when the Florida real estate market crashed. The main purpose of the law was to allow people to complete the short sale on their home and not be taxed on the deficiency as if it were income. This is a huge incentive for homeowners that are upside down to short sale their home.

I know many people have been holding their breath as the ending of the Mortgage Forgiveness Debt Relief Act of 2007 would have signaled a harmful blow to the real estate industry. Well now they can breath a sigh of relief, the Mortgage Forgiveness Debt Relief Act is now set to expire on January 1, 2014 and only applies to only a primary residence. Most homeowners that were on the fence about doing a short sale on their home would have probably chosen to file for bankruptcy as opposed to working something out with the lender.

Here’s an example of exactly what this means; Let’s say that a struggling homeowner sells their home for $100,000 and they owe $175,000, they are not taxed on the $75,000 that the bank had to write off. This is great news for homeowners that are struggling. Prior to the Act, homeowners were taxed on the forgiven debt, known as debt discharge income. If this act wasn’t in place, even people that have lost their homes to foreclosure would be taxed on the deficiency balance between what the house owed and what it sold for.Unlike any other liens or judgments, I.R.S. liens will follow you for the rest of your life and if you try to avoid paying them off, the I.R.S. will garnish your wages.

 Orlando Realtors are Thrilled that “the Act” was extended

For realtors like myself that specialize in doing Orlando short sales, this great news. It means that short sales are still going to be the best way to go for struggling homeowners who can no longer afford to pay their mortgage. I would imagine that BK attorneys were hoping that the act wouldn’t be extended so that more homeowners would have opted for filing bankruptcy as opposed to short sale. at the end of the day, it’s a win win for all parties involved in the transaction.

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Orlando Real Estate | Location vs. Lifestyle

Posted on by Jenny Zamora

There are so many things to consider when you’re shopping for a new home. When it comes to Orlando real estate there are three words that just about everyone thinks of,  location, location, location. We’ve been taught that location is the only thing that should matter when choosing a home. However, for many people, this is not the case. For these people,  It’s not so much where they live but rather how they live. New generational values have changed and people are increasingly more concerned with how a home will work for their lifestyle than what neighborhood they live in.


When meeting with a new home buyer, It’s important to find out what kind of hobbies or past times they enjoy and whether they want to be near the beach, a golf course, retirement community, etc. A buyer might not be so impressed with the house you just showed them but you if informed them of all the nearby amenities that the community offers that house may have just gotten a whole lot more attractive to them. It may come down to a nearby bike path or a lake for fishing and kayaking to turn that house into their dream home.

 Maintaining a home should be a big factor in your decision to buy

Consumers are becoming more aware of the cost of maintaining a home in addition to the mortgage. When choosing a home buyers need to be aware of all the additional costs that are involved in the community such as homeowners association fees,  yard maintenance, etc. These costs can add up to be a substantial amount of money. After the market crash of 2007, it seems that people are much more aware of not getting in over their heads financially.

The size of the home also makes a huge difference in maintenance costs. Buyers are more willing to move into a smaller home especially when they can enjoy nearby social and recreational amenities.

Sometimes It makes more sense to rent

Many younger adults prefer to rent over buying for financial reasons as well as lifestyle reasons. Young people today are used to having subscription-based technology services. This same concept makes sense to them when renting a house. They can subscribe to a rental home for a while then move on. By renting, they don’t have to be concerned about things like qualifying for a mortgage or having to get the house sold if they want to move to another area.

If you’re looking to buy or rent a home in Orlando, please visit our site and search the MLS like a pro.

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Do younger Orlando Realtors have an edge over “old school” agents?

Posted on by Jenny Zamora

More and more young people are choosing to become full time Orlando real estate agents as a profession.  Historically,  real estate has proven to be a great field to be in no matter what the market is doing.  The ones who are able to keep up with what the Orlando real estate market is doing and make changes to their business model accordingly, are able not only to survive in tough markets, but thrive in any market.

Young agents definitely have an edge in the technology department over the “old school” agents that try to resist technology. Being internet savvy is a huge advantage just because of the time you save. Although our office still maintains a paper file on every client, those files are a fraction of the size they used to be thanks to amazing real estate soft wares that are available today.

I’ve been an Orlando realtor since 2005 and I can tell you that technology, as it applies to real estate has come a long, long way in 7 years. One thing is for sure, agents that apply new techniques such social media marketing, maintaining an up-to-date blog, up-to-date website, SEO [Search Engine Optimization], etc. will be much more successful than the agents that do not. The cruel truth is that technology has completely changed the way realtors do business and you have to keep up with the trend or get left behind.

Being a Realtor is like having your own Business

Another reason why so many young people are flocking to the world of  Orlando real estate is the allure of having their own business. Real estate agents are independent contractors that are responsible for marketing themselves and finding their own clients or they don’t get paid.  It’s a great field for self motivated people because they basically have no boss and the sky’s the limit if they’re willing to put in the work. For young and eager agents this presents an opportunity of a lifetime. People that want to be nestled in an office everyday and do the minimum amount of work just to get by, will eventually find a better fit for themselves pursuing professions other than the ever changing world of Orlando real estate.

Helpful Tip on finding the right agent:

Just by typing in the agent’s name and city they work in,  you can find out anything and everything you need about an agent and what they are all about. A successful realtor will usually be all over the internet for they areas that they specialize in and if they aren’t, then you may want to move on to the next candidate.

 

 

 

 

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