Tag: Orlando Real Estate

The Closing Process

Posted on by Jenny Zamora

Once there is a solid offer on a property, it’s time to begin the closing process. The closing process can be explained best by breaking it down into steps.

The first step is the signing of the contract by both the buyers and sellers. This is done after both parties have agreed to all the terms of the sale including price, repairs, contingencies etc.

When both parties sign the contract, it’s then referred to as an executed contract. The next step is for the buyer to deposit a pre-determined amount of money [earnest money deposit] into an escrow account. The earnest money deposit shows that the buyer is fully committed to the transaction.

The executed contract is then sent immediately to the buyer’s lender as well as the title company so that each party can get to work on closing the transaction. Usually, there is a period of time specified in the contract [inspection period] which is used for the buyer to complete any necessary inspections of the home. This time also allows the seller to make any necessary repairs that were previously agreed upon by both the buyers and sellers.

It is the realtor’s job to work together with the title company to collect all the necessary documentation. The title company then prepares a document known as a HUD-1 settlement statement. The HUD-1 is an extremely important document because it outlines all the charges associated with the sale of the home from both sides of the transaction including property taxes, commissions, outstanding HOA fees, etc.

Most importantly for the seller, it will give them a clear indication of what they will net after the sale transpires. An experienced Orlando realtor has the ability to read through the HUD -1 and quickly determine if anything is wrong and if all figures have been calculated correctly. The final step is for both parties to sign all necessary paperwork to make it official.

If you’re considering selling your home, don’t try to do it without help. Trying to buy or sell a home without the help of an experienced real estate agent could end up costing you thousands of dollars and a bunch of headaches. Contact one of our listing specialists to set up a free consultation.

 

 

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Orlando Realty Website Tutorial

Posted on by Jenny Zamora

Watch this video and see just how easy it is to use our most popular tools such as the “home value estimator” and the “Find Florida Properties” search feature

Orlando Realty Website Tutorial

Orlando Realty Consultants is a full-service Real Estate brokerage located in Orlando, Florida.

We provide Professional Real Estate solutions for both home buyers and sellers. Our diverse team of Orlando real estate experts has experience in all aspects of Real Estate. We will work with you to make your home purchases and sales process as simple as possible while providing you with the most up-to-date information on your transaction process as it develops.


Trusted Buy Your Neighbors Since 2005

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Will They Extend the Mortgage Forgiveness Debt Relief Act?

Posted on by Jenny Zamora

There are tens of thousands of distressed homeowners wondering the same things right now. Will Congress continue to help out consumers who are behind on their mortgages by extending the Mortgage Forgiveness Debt Relief Act of 2007 for one more year?

The act was put in place in order to help homeowners with underwater mortgages by forgiving the taxes owed on the difference between the short sale payoff and the full amount of the loan. Under the current federal tax law, the amount forgiven by the lender gets reported as ordinary income for the homeowner.


The Mortgage Forgiveness Debt Relief Act of 2007 expired last Dec. 31 and has yet to be renewed for principal reductions during 2014. These principal reductions can apply to loan modifications that were done by lenders, foreclosures, and short sales. Many believe that Congress will extend the law however if they don’t, hundreds of thousands of distressed homeowners will be hit with tax burdens that they may not be able to handle.

I’ve had several dozen Orlando homeowners that would’ve opted to do a short sale on their home but have filed for bankruptcy instead rather than hoping for Congress to renew the law. I believe that it’s for reason that we’ve seen a significant drop in Orlando’s short sales so far in 2014. The fact is that I can’t recommend for homeowners take a chance on a tax law that may or may not get renewed.

Let’s get back to the main question: Will the mortgage forgiveness act be extended?

The truth is that we just won’t know until it happens… or doesn’t happen. And for underwater homeowners that have received or plan on receiving a reduction on their principal balance, it’s going to be a stressful time until it all plays out.

Short Sale May Still Be The Best Option

Regardless of whether Congress decides to extend the law or not, a short sale may still be the way to go for some distressed homeowners. If you compare a short sale to a foreclosure, you’re still better off doing a short sale, and here’s the reason why. If a house goes to foreclosure, it will still sell for way below the full payoff amount and you would still be facing possible tax burdens. The difference is that by doing a short sale you would avoid having a foreclosure on your record and you will also have a chance at getting relocation assistance from the lender.

 

 

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Do You Need An Attorney To Short Sale?

Posted on by Jenny Zamora

Do You Need An Attorney To Short Sale? 407-902-7750 Video

There’s a common misconception among distressed homeowners that you need to hire an attorney in order to complete a short sale on your home. The truth is that you don’t need to hire an attorney in order to complete a short sale.  The lender does however require that a licensed real estate agent represent the seller in order for a short sale to be approved.

There are some cases where you would want to consult with an attorney such as;  if there’s title issues, the property’s in probate or if there’s a Bankruptcy involved, etc.

Now with that being said, most of the time you don’t need to hire an attorney to short sale your home.

One of the most popular reasons why people hire a short-sale realtor instead of an attorney is the cost. Attorneys can charge you thousands of dollars to do your short sale, whereas a licensed realtor does it for free.

Wouldn’t you rather save your money instead of turning it over to a lawyer?

A realtor only gets paid if the short sale closes, and they get paid by the lender,it doesn’t cost the homeowner a dime. Not only that, but most of the time we get you cash back a closing. We’ve gotten our clients anywhere from $3,00 to $30,000.00 back at closing.

There are currently thousands of Orlando homeowners that are looking for help with their situation. The process isn’t just hard, It’s scary. We’re talking about potentially getting kicked out of your home. This is why it’s crucial that you get help from a proven Orlando Short sale Expert.

We understand this which is why we are devoted to helping people that are facing foreclosure and financial hardship to find solutions to their real estate needs.

If you or someone you know needs help with a short sale. visit our website at https://orlandorealtyconsultants.com/short-sales/ or just give us a call at 407-902-7750 for a Free consultation.

 

 

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Alternatives To Foreclosure Exposed!

Posted on by Jenny Zamora

Foreclosure can be a devastating situation for homeowners as well as the surrounding neighborhood. Despite an improving economy in the Orlando, Florida area, it is important that distressed homeowners are fully aware of all the alternatives to foreclosure that are available to them. As a certified distressed property expert [CDPE], I try to ensure that homeowners in foreclosure have the latest most up-to-date information available so that they can make the most informed decision possible based on their situation.


Although lenders have the ability to start foreclosure proceedings after one payment is missed they will usually allow a homeowner to miss up to three mortgage payments before officially starting the foreclosure process. A short sale can substantially minimize the damage to someone’s future loan eligibility, credit rating, security clearance, and even employment with some companies.

It’s important to know that a foreclosure can stay on someone’s record for up to seven long years. Now more than ever, distressed homeowners should take every precaution available to them to try and protect their credit.

A short sale is the most popular way to avoid foreclosure and save your credit. However, there are several other alternatives available to homeowners wanting to keep their houses.

1- Deed in lieu- Basically a voluntary foreclosure where the homeowner signs the property over to the lender instead of going through the foreclosure process. However, you should be aware that a “deed in lieu” will still show up as a foreclosure on your credit report.

2- Loan modification- This is when a lender adjusts the terms of a loan making it more affordable to the homeowner so that they can remain in their home. Loan modifications can be tricky and many times even though the payment is reduced, the principal remains the same or even more. The best loan modification scenario is when the lender reduces both the principal amount of the loan as well as the interest.

3- Bankruptcy- Usually, a chapter 13 bankruptcy is the best way to save your house from foreclosure. It allows the homeowner to make up missed mortgage payments through a repayment plan and get back on track. A chapter 7 bankruptcy, while providing some temporary relief from foreclosure, usually won’t prevent the foreclosure of a home. The bad news is that having a bankruptcy on your record is just as bad as having a foreclosure.

Consult with a Certified Distressed Property Expert

A realtor with a CDPE designation has the knowledge and the tools to efficiently and ethically pursue alternatives to foreclosure, especially short sales. In addition to specialized training in dealing with distressed properties, CDPE agents are connected to an entire network of other professionals in this niche which allows them to remain up-to-date on the complex and ever-changing Orlando real estate market.

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