Tag: Orlando Real Estate

Orlando Homeowners Have all the Power!

Posted on by Jenny Zamora

We all know how thousands of Orlando homeowners have suffered through this foreclosure crisis since 2007.  There is another group of individuals that is also feeling the effects of all this…Lenders.

The truth is, banks have taken an extensive beating over the last few years and the effects are starting to show. Lenders don’t have many options when it comes to managing Orlando foreclosure properties. Even the usual process of foreclosure has been anything but reliable.

Orlando Homeowners have all the power.

A homeowner with the right strategy can stay in their home for over three years without making a single mortgage payment. I know this for a fact because several of my clients are in this situation.
Fact: It actually costs the lender less money to let the homeowner stay for free and maintaining the property than it does to evict the homeowner and pay to have the property maintained.

Don’t freak out, go see an Orlando Realty professional

I just cringe every time someone comes in to see us and they tell me that they moved out of there house because they fell behind on their mortgage and they thought that the “Big Bad Bank” was coming to kick them out. Unfortunately, most of the time it’s too late to do anything about it because they’ve already turned the key into the bank and moved into a new lease.
It kills me because if they would’ve just come in to see us when everything first happened, they could’ve saved tens of thousands of dollars and lots of stress.

That’s not the way it works!

Here are 3 things that you absolutely need to know if you’ve fallen behind on your mortgage.
1-    Don’t stop talking to your lender! As a matter of fact, call them often and tell them what’s happening with you. Ignoring the situation is the worst thing you can do!
2-    Even if the bank begins foreclosure proceedings, they have to inform you well in advance [in writing] of hearing dates, sale dates, etc. They can’t just kick you out from one day to the next.
3-    Talk to an Orlando Real Estate Expert. It’s free to speak with a top Orlando Realtor and an experienced agent will be able to inform you of all your options and help you come up with the perfect plan for you.

One thing is for sure, there has never been a better time in history to do an Orlando short sale than right now. There are so many homeowners facing foreclosure right now that banks are having to negotiate better and better deals.
We’ve gotten our clients anywhere from $3,000.00 to over $20,000.00 back from the lender depending on what program we‘re able to qualify them for.

Still have questions? Ask me anything, I’m here to help

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Orlando Real Estate Market on the Road to Recovery

Posted on by Jenny Zamora

 

When you examine the current Orlando real estate market  a few things are undeniable. The most important fact, there has been a huge decline in Orlando home prices since 2006. Secondly, the foreclosure inventory is still incredibly large. The third factor is that interest rates remain low.
There are two potential ways to look at these things. You could look at these facts and say that we are in weak real estate market and an economy that’s struggling. Orlando Real estate investors however,  will look at this scenario and see dollar signs

Currently, Orlando home prices sit around 35% below the peak price of 2006 and is starting to show some signs of a recovery. Foreclosure properties and REO’s are the biggest reason for lower than normal home prices. Even if you’re not in a distressed situation, that’s who you’re competing with. This will not change until there’s a demand for more inventory.

Here in Orlando, real estate is already showing significant signs of recovery. Banks are moving short sale files along a lot faster than they used to and inventory is moving.

There are many real estate analysts that say that we haven’t hit rock bottom yet. However, I believe differently. I think we hit bottom in Orlando about six months or so ago and we’re already on the comeback trail. I don’t think we’ll ever see what we saw in 2006 nor do I want to see inflated home prices.

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Orlando Short Sales Defining our Market

Posted on by Jenny Zamora

    If you’re an Orlando short sale realtor, you’ve noticed that banks are moving short sale files along much faster than was the case a year, or even six months ago.  Although our company has an unusual 100% closing ratio on Orlando Short sales, most brokers close about half of their short sale files, which still isn’t bad considering all the work that’s involved. Not to mention everything that can go wrong throughout the process if you’re not experienced in the Orlando short sale arena.

   Even though short sales can take anywhere from 2 months to a year from contract to close, people are willing to wait.  Sellers that live in the house that they need to short sale have a huge advantage because they can continue to live in their house rent free until the short sale is completed. This really helps families relieve some financial stress, and ultimately translates into the homeowner being in a much better position financially when it’s time to move.

Potential Orlando home buyers also don’t mind waiting because they know that the payoff will be worth it if they are willing to stay in there and play the game. I believe that right now is the perfect time to buy an Orlando Home. The market is starting to stabilize but you can still get a good deal on an a great Property.  This time next year people who were going to buy Orlando Real Estate and never did are going to be kicking themselves.

 

 

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Why Pay an Attorney to Do an Orlando Short Sale, Get Help For Free!

Posted on by Jenny Zamora

Save your Money, Hire an Orlando Realtor

When it comes to lawyers doing Orlando short sales, the fact is most people just don’t need them. Foreclosure filings hit a lull in Florida during the last year. The robo-signing scandal caused many banks to put new Florida foreclosures on hold. That’s coming to an end, and we can expect filings to jump again as we’ve been seeing recently.  Orlando homeowners will be looking for help with their situation. The truth is that the process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home.  It’s tough to navigate the system alone and it’s crucial that you get help from a proven Orlando Real Estate Expert.

Here’s the good news: There is a lot of help available in Central Florida for free. That’s right. No charge. On the house, Gratis.
Organizations certified by the U.S. Department of Housing and Urban Development should be the first stop for people who have fallen behind on their mortgage or are worried they’re about to. These nonprofit companies are great resources for people who want to know if they qualify for a loan modification.

Your best option however,  is to speak with a Top Orlando Short Sale Broker.  Not only do they not charge anything to speak with you, but they often times will know a lot more about Orlando Short sales than an attorney will. Most of the time attorneys outsource their short sale files to Orlando Brokers anyway,  since by law, a Broker has to be involved in the transaction to represent the seller.

So why would you pay an Attorney upfront, or at all, when you can hire an Orlando Short Sale Expert for Free? If one of my clients had an extra $2,000 or $3,000 to throw around, I’d much rather see them put that toward their moving expenses, etc  than toward attorney fees.

When it comes to short sales there’s never a 100% guarantee that a broker or an attorney will produce the results that borrowers want. The difference is that Brokers won’t take your money in the process. As a matter of fact, they only get paid if they close the deal. How’s that for incentive?

It’s actually illegal in the state of Florida for companies to take money upfront in exchange for mortgage modifications. Lawyers, however, are exempt from that rule… Maybe my mom was right, I should have gone to law school.

Far be it from me to say that lawyers are never needed. Legal counsel is an important part of some foreclosure cases. But watching people plunk down thousands of dollars for help they can get elsewhere for free is just sad. It’s like seeing people suffer from the housing meltdown not once, but twice.

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Top 4 Tips for Dealing with Orlando Short Sales

Posted on by Jenny Zamora

 

Best Practices for Dealing with Orlando Short Sales 

Orlando Short sales are distressed properties in that sell, by mutual agreement between the buyer, homeowner, and the mortgage co, for less than what is owed on the property.

If you’re a seller and you need to stop an Orlando foreclosure on yor hoome,  this a great way not only stop the foreclosure, but to get out of debt with your lender, and many times even walks away with cash from the closing. The best part is that it doesn’t cost you anything so you have nothing to lose!
That’s not all… you can continue living in your house mortgage free while the short sale is being processed which can be for up to 2 years in some cases [depending on the lender].

For buyers, it’s a great way to obtain a real estate investment. Yes, they can be tricky to find and obtain, but are worth the work… sometimes.

Here are 4 tips for short selling in today’s real estate market.

1. The short sale realtor
The final price for a short sale is determined by the lender, not you or the buyer. Many buyers have learned this the hard way because they submitted an offer that did not come anywhere close to the bank’s asking price. This doesn’t mean you have to lock yourself into the asking price, but you do have to start from there and work your way down. Doing this will increase your odds of the bank accepting your bid.
Unfortunately, if you have an Orlando realtor that is not experienced in doing short sales then you have a big problem. The realtor has to be willing to negotiate with the bank and be ready to show proof as to why the offer is what it is by doing a market analysis on the property among other things.

An Orlando Short Sale Expert will go back and forth with the lender several times before coming to a mutual agreement that works for all parties involved. With some lenders like B of A we’ve had short sale files that have taken over 2 years to close. If your Orlando realtor is not willing to be persistant and stay the course with the lender for as long as it takes, then you probably hired the wrong Orlando real estate agent for the job.

2. Be careful of going too low
Another tip is to avoid going too low when you submit your offer. A bank has to balance the benefit of having a buyer take the property off of its hands without having to go through foreclosure and spend more money versus accepting far too little for the property and missing out on a lot of money. If your offer is too low chances are that they won’t accept it. However, a good realtor will guide you through this process as well.

3. Have your Orlando agent check comparable homes
This one should go without saying. You have to know what the true value of the property is, as well as how much, if anything,  you plan to spend on repairs or upgrades. If there are substantial repairs that need to happen, this can be  great for justifying  your offer. This is why you should work with an experienced realtor so that he or she can you through this process.

4. Have your Financing Ready
When you’re searching for an Orlando short sale, make sure that you have your financing in place and ready to go.  If your realtor shows you a property that you love, chances are that someone else loved it to and usually the first person to submit a solid offer to the bank will get their offer accepted. If you’re a cash buyer then your offer stands an even better chance to get accepted.


Remember, Shortsales take time and you have to be patient . If the bank rejects your first offer, which happens a lot, address their concerns and make them a counter offer. Thousands of Orlando properties that were purchased would not have been bought if the buyers sdid not stay the course and stick it out. Considering the stabilizing market my advice to clients is to send in your highest and best offer from the start. I’ve had clients lose their dream house over a couple thousand dollars and every single one has wished that they would’ve gone up that extra two or three grand.

 

 

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