Tag: Orlando real estate expert

Lenders Forcing Homeowners to purposely default on Orlando Real Estate

Posted on by Jenny Zamora

Financial Hardship is not the only reason why Orlando homeowners are not paying their mortgage

Strategic Default is when a homeowner decides to stop paying their mortgage, not necessarily because they can’t afford it, but because it’s a bad investment not worth paying into anymore. Even if the consequence means to possibly lose their house to foreclosure and damage their credit.

Orlando homeowners have been purposely defaulting on their mortgages for several years now. When people become aware of the reality of their situation, they make a conscious decision to stop paying their mortgage. In most cases, I can’t say that I blame them. Don’t get me wrong, I would never tell a client to stop paying on their mortgage. However, I do tell my clients what their house will sell for and about how long it will take to sell and they do the rest of the math on their own.
Although Orlando real estate is making a steady recovery and I believe will continue to do so. There are Orlando homeowners that will never get the money back that they’ve put into their property.

Strategic default  Vs. Moral Obligation

Some Orlando homeowners are worried about their moral obligation to pay the mortgage. The truth is that the homeowner entered into an arms-length transaction with their lender in which both parties had competing interests thus spelling out their obligations in a clear, signed contract. Unless the contract states that the homeowner has a “moral obligation to pay,” then it’s plain and simple – they don’t.
Here are the facts;  when a homeowner borrows the money to buy an Orlando property, they have entered into a business transaction. The lender evaluated the risks and concluded that it was a risk worth taking. For its protection, the lender also required that the homeowner put the property up as collateral, as well as any equity that they had in the house.
The contract spelled out that if the homeowner doesn’t pay, the lender has the right to take the property and sell it before the homeowner gets any equity back – if there were any equity left, which of course in these cases, there isn’t. The lender would not have approved the loan if they didn’t think it was a smart business decision. The homeowners choice to enter into this agreement was also a business decision.
It’s now obvious, that both the homeowner as well as the lender made a bad decision. Now, the contract spells out what happens if the homeowner stops paying, the lender gets the property.

However, there are other options available to homeowners like doing an Orlando short sale or a loan modification. In my opinion, most loan modifications that get approved just don’t make financial sense unless they reduce the principle balance of the loan.

Strategic default is actually something that is caused by the lenders. The fact is, lenders won’t even consider entertaining a short sale unless a homeowner is behind their mortgage thus forcing the homeowner stop paying the mortgage.


By doing a short sale, the homeowner is able to get their house sold and walk away from the responsibilities of the mortgage. Also, there are now several “cash for keys” programs available where lenders offer substantial cash incentives for doing a short sale, sometimes up to $30,000.00 depending on what kind of loan they have and who the lender is.


Your value as a person is not determined by the value of your real estate, or how much money you owe to a bank.  You are worth more as an individual than your bank will ever understand. Life is too short, and there are so many things more important than an underwater mortgage. For many Orlando homeowners, it’s literally the difference between happiness and depression.


If you’re in a situation where you need to do an Orlando short sale on your house go speak with an Orlando short sale expert and find a solution, you owe it to yourself and your family.

 

 

Jenny Zamora, Lic Re Broker/ Orlando Short sale Expert

Orlando short sale expert

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Real Estate hits No. 1 in the U.S. for online searches

Posted on by Jenny Zamora

The internet is a great way to search for Orlando Realty

 

According to several research groups, Orlando was the #1 city for online home searches for the second quarter in a row. Potential Orlando home buyers are scouring the internet looking for their own little piece of Orlando Real Estate. “The City Beautiful” is a place that is extremely desirable for young families because of the abundance of family-friendly activities, amusement parks and beautifully planned neighborhoods.

Orlando is also home to some of the top schools in the state. When you put all of these factors together, Orlando is the perfect place to raise a family and it doesn’t surprise me at all that it’s one of the most sought after places to live in America.

Orlando Realty Consultants enables you to search for Orlando property quickly and easily like a pro

 

It’s never been easier for potential home buyers to  search for Orlando Realty online. By using state of the art property search tools, people are able to quickly and easily search the entire state of Florida for their perfect home. As a matter of fact, many of my potential home buyers already have a list of Orlando properties that they are interested in because they used our Florida property search tool located on our ORC website.

 

I think that people really appreciate the property search tool because the are able to search for their potential Orlando property at their own pace for free without ever having to contact an Orlando realtor or complete some online registration form that is designed to capture your contact information. Of course, once they find a few properties that they like, they will need a licensed Orlando real estate agent to physically see the properties, but by using the property search tool it saves the potential buyer as well as the real estate agent a lot of time.

 

Jenny Zamora, Lic RE Broker

 

Orlando Real Estate Broker

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

David Siegel’s Mansion puts Orlando Real Estate in the record books

Posted on by Jenny Zamora

Orlando Mansion Officially the largest house in North America

Orlando real estate currently has the record for having the largest singe family residence in North America. At 90,000 square feet David and Jackie Siegel have nicknamed their Orlando property  “Versailles”  after the royal château in Versailles in the Île-de-France region of France. This mansion will officially be the largest house in America when [or if] completed. The would-be Versailles will reportedly feature nine kitchens, a bowling alley, three swimming pools and a full baseball diamond.

Here are some other interesting facts for you; 45 foot ceilings, 13 bedrooms, 23 full bathrooms, a 6,000-square-foot master suite, a banquet kitchen plus 8 satellite kitchens, a 20-car garage, three pools, a two-story wine cellar and a grand hall with a 30-foot stained glass dome. Of course, a home doesn’t get named after a famous French palace without a few more obscene extras. There’s also a boat house, formal gardens, a baseball field, two tennis courts and a rock grotto with a waterfall, a fitness center, a two-lane bowling alley, a roller rink, a video arcade and a theater.

The unfinished Orlando mansion is listed right now for $75 million. If you want it completed, it will only cost you a additional $25 million. Mr. Siegel, the chief executive officer of Orlando-based Westgate Resorts, began building the enormous, resort-like mega mansion for himself and his family in the town of Windermere, Fl.  in 2007 right when the market crashed. The 76-year-old billionaire and his 46-year-old wife had to stop construction on the home three years ago when the market crashed and financing for Westgate Resorts slowed.

It appears that Mr. Seigel is trying to do the right thing. Instead of putting his extra money into this home, it is reported that he’s putting it back into the company to save the employees. Mr. Siegel has had to cut some of his 12,000 employees at Orlando-based Westgate Resorts.

 
Jenny  Zamora, Lic. RE Broker

 

Sell A house in Orlando

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Realty Sales are Being held hostage by 2nd and 3rd lien holders

Posted on by Jenny Zamora

 Junior lien holders are taking Potential Orlando short sales hostage.

The truth is that bargaining with second and third-lien holders is tough and causes serious delays deals and even killing some Orlando short sales, even though banks embrace the whole Florida short sale trend in order to avoid costly foreclosures and help clear the market of homes that are worth less than the loans on them.

There are private mortgage collection firms out there that buy up distressed U.S. home- equity loans and other junior real estate liens, often for pennies on the dollar. If your 2nd lien was bought up by one of these companies, then chances are thatthey  will be much tougher to deal with than the original lien holder would have been.

The ever improving Orlando Real Estate market creates a great opportunity for these second lien holders to get a nice chunk of their money back. They are aware thatyou need them to cooperate with you in order to get the deal closed.  The problem is some of these junior lien holders get to greedy and the result is the deal falling through.

Orlando short sales are being held up by second liens

Almost 50%of all Orlando homes that enter into foreclosure have more than one lien attached. Any Orlando short sale realtor can tell you that short sales with multiple lien holders requires a lot more work to complete and typically can take longer to sell. You pretty much have to do twice or even three times the work depending on how many liens are attached.

It reminds me of a hostage situation “Give me the money or I’ll kill your deal”

 

Jenny Zamora, Lic Florida RE Broker

 

Orlando short sale expert

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

3 Best Tips to Selling your Orlando Home Fast with Little or no Money

Posted on by Jenny Zamora

When it comes to Selling Orlando Real Estate, there’s only one chance to Sweep potential buyers Off their Feet.

Top Orlando realtors know the importance of staging a house to get it sold. The truth is, with the exception of owner occupied homes that are furnished because the homeowners still live their, hardly any one wants to spend the money to have their house staged for showings. Even the houses that are owner occupied and fully furnished can work against you. Let’s face it, not everyone has the best taste to pick out furniture or decorating a home to look it’s very best.

I’ve entered many owner occupied Orlando homes and have been forced to have that ever so awkward conversation with the seller about removing some of their personal belongings, de-clutter and sometimes about just basic cleaning.

Have you  ever had to tell a cat lover that they need to get the cat smell out of their house, or even better, relocate the cat so we can get the property sold? Not funnest part of my job!

As an Orlando Listing Agent it’s my job to do my very best at getting my clients Orlando Property sold, and sometimes sellers will get their feelings hurt. Usually, once I explain to the seller why we need to do certain things to their home sold for the highest price possible, they understand that ultimately it’s for their own good.

I also make them understand that as a Top Orlando Broker, people seek me out for quality Orlando properties and it’s my responsibility to show everyone of my listings in the best light possible.

Top Tips on making your Orlando Property look it’s best with little or no money

1-Cleaning and De-Cluttering– If you could only do one single thing to a house to make it look better, it would be to clean it and get rid of  the clutter. Most potential buyers don’t have the imagination to see anything except what you are showing them. So in other words the perception is the reality. Start by removing everything that you possibly can into the garage or out front. If possible, remove any large pieces of furniture that can make a room feel small and uncomfortable. Also, you should remove as many personal items as possible and put them in storage. Next,… clean, clean and clean more. Make every surface of your house as clean as possible, I prefer the term “sparkle”.

Warning: Once you clean and De-Clutter your home like never before, you run the risk of falling in love with it all over again and not  wanting to move anymore.

2-Lighting–  To show a house in it’s best light possible, you start with light and lots of it. There’s nothing worse than showing a house that looks dim and dark when you first walk in [that’s what they’ll remember]. Ample illumination can make a home feel warm, inviting and even larger and open. Lightening and brightening a home can offer one of the biggest returns to sellers at resale next to Cleaning, De-cluttering and paint. To make sure you get maximum benefit from your lighting efforts here are a few suggestions

      a. Use clear light bulbs instead of opaque for a cleaner look- Get rid of any mismatched bulbs, they are an eye sore and can make a room feel  chaotic. Also, avoid using those energy efficient bulbs that emit a harsh glare, instead use standard incandescent bulbs for a warm soft white light that.
 
      b. Clean or Update old lighting fixtures- If it’s not in your budget to update old light fixtures, then clean them. It’s a huge turn off to a potential buyer to look up at light fixture and see dust, spider webs and dead insects. I know it’s a pain to get the ladder out if the garage and clean fixtures that haven’t been cleaned in quite a while, but well worth your time and effort.
 
     c. Take advantage of window lighting- Start from the outside in, clean the glass and the screens. If the screens look really bad, get rid of them.  Old screens can make a window look awful and I’ve never seen a deal fall through because of a  house not having screens on the windows. On the inside get rid of any curtains or other window dressings that can be keeping the light from getting into the house.

3-Fresh Paint- If you were able to complete my first 2 suggestions, then you are off to a great start and many times you don’t need this final step. However, if you have chipped, scratched and missing paint on some of your walls, or if the colors you have on your walls now are very personal to you then you should definitely consider painting. Some people will see a color on the walls that they don’t care for and for that reason alone not like the house and not make an offer. If your house is extremely colorful to the point where it might turn some potential buyers off my suggestion is to paint all the interior walls off white. You can’t go wrong with off white; it’s bright, soft and elegant all rolled in to one. My husband is an experienced Orlando Real Estate Investor/Re-habber and he paints everyone of his Orlando properties “off white” with the trim “bright white”. You really can’t go wrong with this combination. It makes the house look clean, spacious and elegant. Also, these colors are very easy to paint over for new homeowners wanting a more dramatic look.

 

I hope this information was helpful to anyone looking to  sell their Orlando property. If you would like to see how much your house would sell for in today’s market, even if you have no intention of selling. Feel free to come see us for a Free Consultation or call 407-902-7750

 

Jenny Zamora, Lic Florida RE Broker

 

Sell A house in Orlando

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields