Orlando Real Estate is Flipping Hot!

Orlando real estate is once again providing some of the best market conditions in the U.S. for house flippers to make a fat paycheck. Homes are in serious demand and prices keep rising. For smart investors, this means big money. The practice of buying homes and then rehabbing them to sell for a big profit reduced drastically during the prolonged downturn after the real estate market crash of 2007. Within the last two years or so, we’re seeing the Orlando Real Estate market get increasingly hotter

With home prices climbing again and buyers circling for deals like sharks in bloody water, rehabbers are again flooding back into the market to capitalize on the appreciation.

We’re also seeing a tremendous opportunity for people or companies that are able to buy houses in bulk, then turn around and flip them. It’s obvious that Orlando has completely changed to a seller’s market.

The company RealtyTrac analyzed over 700 metro areas in the nation where single-family homes were rehabbed and flipped last year. Then they selected the top 25 areas based on the gross profit as a percentage of the original sale price of the property.

Orlando’s ranking came as a result of over 2,500 single-family homes that were flipped in the past year, that’s over an 85% increase over the homes that were flipped in 2011-2012.

The average purchase price of those properties was around $120,000.00 with an average sale price of around $155,000.00. That means a $35,000.00 average gross profit on those flips which translates into a 32 percent yield according to RealtyTrac.

Do you want to see just how much your house is worth?   Visit us here at https://orlandorealtyconsultants.com/ to use our Home valuation Tool

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How can the citizens of Orlando get approval for mortgage to invest in real estate?

The borrowing standards are restricted by the lenders due to the increasing rate of bankruptcy, foreclosure, or short sale. If you’re planning to apply for a mortgage loan, then you’re required to keep some of the qualification requirements in mind. You need to be cautious when you plan to invest in real estate by taking out a mortgage. You’re required to keep some of the important points in mind when you plan to get approval for a mortgage to invest in real estate in Orlando.

Here are some of the important tips that you need to consider when you plan to get a mortgage loan to invest in real estate:

1. Stable Income: A mortgage lender may check whether or not you’ve stable income to pay back the owed amount. If you’re self-employed, then you’re required to provide tax proof to help the lender evaluate your total income. Therefore, you’re required to be ready with your pay stub or income tax return to provide evidence of your stable income.

2. Review your credit score: Before applying for a loan, make sure you check your credit report to qualify for better rates. According to Experian, the average US credit score of a consumer needs to be 750. Your mortgage loan can be approved on favorable terms if your credit score exceeds 750.  If you’re a citizen of Orlando, Florida homebuyer, then ensure that your credit score exceeds 750 to get a loan at a low-interest rate.

3. Save funds for a down payment: The lenders may approve your loan program only if you make a considerable amount of downpayment on the loan. If you don’t have enough money to use as a down payment, then save funds before applying for a loan or taking financial help from your loved ones. You’re required to make a down payment of as much as 20% of the total value of the home.

4. Low Debt-to-Income ratio: If you’re planning to apply for a new loan, make sure your debt-to-income ratio is low. Well, the industry standard for an acceptable ratio is 28/36. So, your primary ratio should not exceed 28% and the second ratio should not exceed 36% of your gross income.

5. Eliminate your debt: Try to eliminate your debt before you plan to apply for a new loan. However, it can be difficult but not impossible to get a new loan with a blemished credit report. But the interest rate on your mortgage may increase because of your blemished credit report. If you want to get the loan on the favorable term, then immediately work on eradicating your debts. Before applying for the loan, make sure you put a large amount of your money to eliminate your debt. You can get your loan on favorable term once you eradicate your debt.

Therefore, you’re required to keep the above-mentioned points in mind when you’re planning to apply for a mortgage in real estate.

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Orlando Pocket listings are back

You know the Orlando real estate market is strong when you start hearing the words “Pocket Listing” being spoken again. The term “pocket listing” refers to when a real estate broker has a listing agreement with a seller, but it isn’t advertised in the Multiple Listing Service or anywhere else. With pocket listings sometimes sellers may request for there to be a very limited amount of marketing for an agreed-upon amount of time.

Pocket listings are very popular with the “rich and famous” or just “rich”. Typically, high-end sellers don’t want hundreds of people walking through their houses. But with supply and demand being what it is in today’s Orlando real estate market, pocket listings aren’t just for well-to-do clients anymore. Because buyers are outnumbering the amount Orlando homes that are for sale by far, pocket listings are becoming a lot more common among more moderately-priced homes as well.

One of the problems in using the MLS in a hot market is over-exposure.  I’ve had some of my clients complain of realtors knocking on their door wanting to show the house without even bothering to make an appointment, this can be extremely annoying to homeowners that live on the property. Some agents prefer pocket listings just to avoid the hassles of the MLS. It can be a nightmare getting a million phone calls a day for the same property. Other realtors push for pocket listings with the sole intention of securing both sides of the commission. Of course, these terms must be discussed and agreed upon by the seller beforehand.  

A broker must explain exactly what a pocket listing is to the seller as well as fully inform the seller of the cons as well as the pros of pocket listings the broker could face legal allegations that they failed to enter the property in the MLS and caused the seller to have a limited ability to attract the highest and best price for their house. It could as lead to accusations of housing discrimination. In some cases, real estate agents try to convince sellers to use pocket listings so that they can secure both sides of the commission by representing both the buyer and the seller in the transaction.  If an agent puts their own financial gain ahead of the seller’s it’s illegal and they run the risk of being prosecuted for it.

As an Orlando Realtor, I personally would never recommend pocket listings to sellers. It’s just common sense, if you limit the amount of exposure of something you’re trying to sell for top dollar, then you have a much less chance of getting the best price. Would you try and sell your car by not advertising it or only telling certain people? Of course not! I get the whole celebrity thing with pocket listings but thankfully I don’t have any celebrity clients and I’m free to market my listings to the fullest extent of my capabilities.

If need to sell an Orlando property fast and for top dollar, visit us at https://orlandorealtyconsultants.com or call 407-902-7750

Jenny Zamora, RE Broker

Orlando Real Estate Broker

 

 

 

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1092 ROYAL MARQUIS CIR- OCOEE, FL SHORT SALE

1092 ROYAL MARQUIS CIRCLEOCOEE SHORT SALE  – VIDEO –

Listing price 137,500.00
Bedrooms: 3
Bathrooms: 2
Sq Ft Heated: 1,696
Year Built: 2004

Very nice 3Bed 2Bath home on a large corner lot with a large fenced-in back yard. This property is priced to sell quickly, make your offer today!

Whether you’re buying or selling a house in Central Florida we have you covered. Our team of experienced real estate professionals is familiar with every aspect of Florida real estate.

https://orlandorealtyconsultants.com/– We are a full-service Orlando real estate brokerage specializing in short sale negotiations. We’ve closed thousands of real estate transactions since 2005.

ORC – EXPECT RESULTS

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A Seller’s Guide to Interviewing an Orlando Realtor

So, you’ve finally made the decision to sell your home and you’re ready to hire a realtor. Now what? Well, that’s easy, right? Just hire the first realtor you come across in your area… Wrong!

Hiring the right Orlando realtor is crucial when listing your house for sale and it could save you a ton of headaches and thousands of dollars. There are currently over 8,000 active real estate agents in Orlando and choosing the right agent to list your home can be confusing especially when all the ones that you’ve spoken with have convincingly promised you the world… or at least that they will sell your home super fast for top dollar. Interviewing an Orlando realtor the right way will ensure that you get an outstanding real estate professional.

So which one should you believe? The answer’s easy… none of them. Anyone can tell you anything so it’s up to you to find the truth. When interviewing a real estate agent, you have to ask the right questions. Here is a list of questions that you should ask a real estate agent in the interview. These answers to these questions will help you to determine which realtor to choose.

1- Do you work as a realtor full-time or do you also have another job?

This is an easy one. If the agent tells you that they only work in real estate part-time, then you say “have a nice day…Next!” and move on to the next candidate. If they only work as a realtor part-time it means that not only are they not able to make enough money selling houses, but that selling your house won’t be a top priority.

2-How many listings do you currently have and how many are under contract?

This will tell you how hard of a worker the agent is and what’s the average time it takes to get a house under contract. If the agent only has a few listings or if they have listings that are several months old with no contract, then this is a sign of a somewhat lazy agent. You want an agent that is a go-getter and someone who is determined to get the job done ASAP.

3- How many houses have they sold in the past 6 months? How many in the past year? How many were they not able to sell and why?

Getting a clear picture of the realtor’s recent track record will give you a very good indication of what you can expect if they list your house.

4- Do you have some references from past clients that I can call and ask about you?

This is one of the best ways to find out how this agent will treat you moving forward. If they have no references to present to you then something’s wrong. This most likely means that they haven’t had very many happy clients.

5- Do you have a staff or an assistant or are you a one-man show?

A great real estate agent will always have a support staff or an assistant at the very least. There are a million details that a real estate agent has to deal with on a day-to-day basis and if they have to handle every tedious detail on their own,  then they aren’t good at managing their time. Or they have too much time o their hands. Neither of these scenarios is a good one.

6- What kind of systems do you use for organizing and following up with your leads, clients, potential buyers, etc.

To be a successful agent in this day and age, you have to have systems in place so that things are organized and run streamlined and smoothly. Following up with clients, potential buyers, title companies, etc is a huge part of being a great realtor.

Realtor in Orlando, FL

7- How will you market my house other than putting it o the MLS?

The majority of Orlando realtors list the house on the MLS and…that’s about it. There are soo many effective ways to market a house such as video marketing, social media marketing, blogging, target marketing, etc. all these techniques can be used to effectively sell houses. An outstanding realtor will constantly test new ways to market their listings and their houses will typically sell the fastest.

If you ask these questions when interviewing a realtor, then you will know what they’re about by the answers that they give you. Also, don’t interview just one agent, you should interview at least 3 agents and puck the one that you feel the most comfortable with.

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