Tag: Orlando Realtors

Orlando Re-Habbers Cleaning Up

Posted on by Jenny Zamora

Re-Habbing Homes in Orlando has become a very popular business model lately

With Orlando short sales on the rise and inventory becoming scarce, many Orlando re-habbers are cleaning up. The truth is that most people who are looking to buy a house, don’t want to have to deal with any repairs once they move in, or before moving in. Most potential home buyers just want to move their stuff and family in and not have to worry about the kitchen or bathroom that needs remodeling. For property investors who dedicate themselves to remodeling houses, this is great news.

We have several Orlando re-habbers that have been coming to us for years always looking for their next project. Although there are still some risks involved, if you do your research correctly there’s big money to be made.

Here’s a list of things you need to be aware of if you’re planning to re-hab an Orlando property.

* Stay away from houses needing major repairs.  Unless you’re an experienced re-habber, don’t buy a property that needs any major structural repairs such as rewiring the electrical system, major plumbing repairs, foundation damage or severe fire damage.

*Get a home inspection as soon as you sign the contract. Getting a home inspection will cost you around $300 but can ultimately save you thousands by exposing some big ticket repair items that would have gone undetected without the inspection. Once your inspection report is complete, you can use the report to further negotiate with the seller or bank to lower the price even more.

* Never, ever try and turn a non-deal into a deal. What I mean by that is, some new investors are soo eager to start their 1st re-hab project, that their judgment gets clouded and they bend the numbers to make it look like they are making a good investment. [ kinda like when you fall in love with that sports car you’ve always wanted at the dealership, and you make up situations in your mind in order to justify the horrible decision you’re about to make]

* Consult with an Orlando Real Estate Expert to do some research for you. The most important thing to do when you’re planning on re-habbing a house is to make sure that your numbers are correct. There is nothing worse than buying a property at the wrong price, spending a month fixing it up and then finding out that you have to pay $5,000 to get it sold because you didn’t take the time to speak with an experienced Orlando realtor.

Jenny Zamora, Lic RE Broker

If you’re in the market for an Orlando Investment property,  feel free to use our MLS search tool to search of all the great investment properties throughout the entire state of Florida. You can also contact one of our Orlando Realty Experts for a free consultation.

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Orlando Home Prices Increase Despite Fewer Sales

Posted on by Jenny Zamora

There are fewer listings in Orlando than ever since 2005 according to a report released recently by the Orlando Regional Realtor Association.

The Orlando Real Estate market [Orange and Seminole counties] had 8,642 active listings for last month. There hasn’t fewer listings since September of 2005. With fewer homes competing for buyers, the median price went up from $115,000 in March to $116,000 in April.

“The overall median price has increased for three consecutive months, while demand has created inventory declines for the last 18 months” said Stephen Baker, chairman of the Orlando-based association. “Add in today’s prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes.”Both REOs and short sales have seen an almost 6% increase in sales prices over the past year while normal sales prices have decreased 2%. In April traditional sales account for about 45% of Orlando Real Estate’s overall sales. Just one year ago ago traditional sales made up about 1/3 of overall sales.
Although interest rates on a 30 year fixed mortgage have gone up slightly [4.02%], these rates are still among the lowest historically. In February interest rates were the lowest ever at 3.92%.

With a fewer amount of listings on the Orlando Realty market, this will obviously impact local sales volumes. In April, sales were down 3.4% as opposed to 4.5% one year ago. Orlando homes are also spending much less time on the market as opposed to a year ago with a higher sales price, about 95% of the asking price as opposed to a year ago when home were selling at about 91% of asking price.

What it all means to Orlando Real Estate Today?

After looking at all these statistics from recent and past Orlando home sales,  mortgage rates, etc., it can be a bit confusing about what it all means to Orlando Realty today if you’re not an experienced Orlando realtor.  In a nutshell, the Orlando Real Estate market is getting stronger and more stable everyday.

With all the cash incentives for Orlando Short Sales and with the mortgage relief act of 2007 still in play, it’s absolutely the best time to short sale your Orlando home.

For Orlando Home buyers, you can still get a great price on a home and take advantage of the lowest interest rates in history. Feel free to use our Orlando home search tool and in just seconds you will be able to see all the great properties in Orlando.
For traditional sellers who want or need to sell their Orlando home, they no longer have to worry about getting insulted with low ball offers. Find out what your Orlando home is worth here.

 

 

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Bank of America Increases Incentives for Orlando Short Sales

Posted on by Jenny Zamora

 Bank of America Stepping up their game to help out Orlando homeowners

On Tuesday Bank of America Corp.  launched a nationwide program that offers increased relocation payments to delinquent mortgage customers that care able to qualify for short sales.

B of A  tested this program in Florida last year, offering payments of $2,500 to $30,000 to help homeowners re-locate. A short sale is when a lender allows a homeowner to sell a home for less than the amount owed on the mortgage.

When B of A bought out Countrywide Financial in 2008 the company inherited a bunch of bad loans and has been exploring new ways to work with delinquent homeowners outside of foreclosure. In March, the bank stated that it would offer a limited number of  homeowners facing foreclosure the option to lease their homes.
In the last 2 years Bank of America customers have completed 200,000 short sales and another 30,000 short sales in in the first quarter of this year.

Bank of America, which inherited loads of bad loans when it bought Countrywide Financial in 2008, has been exploring ways to work with homeowners outside of foreclosure. In March, the bank said it would offer a limited number of customers facing foreclosure the ability to lease their homes.
Since October, Bank of America has rolled out multiple initiatives to speed up short sales and to prevent foreclosures. Last month, it announced plans to approve some short sales in less than 20 days.
Part of the qualifying process is to work together with the bank to obtain a pre-approved sales price. Another pre-requisite is that the homeowner must start the short sale process by the end of 2012 and completed by Sept 26, 2013. Short sales are determined case -by-case, depending on the value of the home, how much is owed, etc.
The bank was also waiving the difference between the unpaid mortgage and amount of the short sale, which allowed homeowners to walk away without still owing the bank a big chunk of money.
Also, Florida homeowners who didn’t enroll in the test program can now apply for the new plan.
If you have a mortgage with Bank of America and you’re considering an Orlando short sale, now is the time to see what their willing to offer you. Set up a free consultation with an Orlando short sale specialist and find out your options

 

 

 

 
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Orlando Realty’s Weekly MLS Market Report

Posted on by Jenny Zamora

Orlando Realty’s Weekly Report for Home Buyers and Sellers

Below are the numbers for properties sold and newly listed properties in Orange County for the past 7 days as well as the numbers from the week prior. By looking at this report it’s evident that the Orlando Real Estate market is steadily stabilizing. Orlando short sales are overtaking foreclosure sales and the demand for Orlando Realty is more than keeping up with the inventory coming on to the market.

 Our research is done by our Top Orlando Realtors using Florida’s Multiple Listing Service.

Orange County from 5/4/2012  through 5/11/2012.

*  Number of Short Sale Properties Listed –                       106             [ 5/27 thru 5/4  –  83]

*  Number of Short Sale Properties under contract-       207              [ 5/27 thru 5/4  –  187 ]

*  Number of REO Properties [Bank Owned] Listed –     113              [ 5/27 thru 5/4  –  384]

*  Number of REO Properties under contract-                  112              [ 5/27 thru 5/4  –  126]

*  Number of Regular listings (By Owner)-                         213            [ 5/27 thru 5/4  –  205]

*  Number of Regular listings under contract-                 243              [ 5/27 thru 5/4  –  203]

*  Total Homes Sold in Orange County-                             244             [ 5/27 thru 5/4  –  397]

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“Florida Hardest Hit” program makes Qualifying for foreclosure prevention easier than ever

Posted on by Jenny Zamora

 

“Florida Hardest Hit” program is helping Orlando homeowners in a big way.

 

Florida Hardest Hit is part of a federal initiative to help states devastated by the housing crash. Last week state housing officials announced changes to a $1 billion foreclosure prevention program that will make it easier for qualified homeowners to get more money.  As an Orlando Realtor this makes me happy because although not everyone will qualify for this program, it will be a savior for many Orlando homeowners.

The program offers money to cover mortgage payments for homeowners who are unemployed or in jobs with salaries below what they need for basic living expenses. Funds also are used to bring delinquent mortgages current for people who have returned to work or found higher-paying jobs.

One of the major new changes to the program is that homeowners that apply to Florida’s Hardest Hit Fund don’t have to be at least 180 days late on their mortgage to get qualified. Also, it will no longer be a requirement that loans have to be originated on or before Jan 1, 2009 and If you were formerly denied by the program you will now be able to reapply.

Keep in mind that these changes must be approved by the U.S. Treasury and likely won’t be effective for at least six to eight weeks.
One of the proposed changes is that unemployed homeowners can receive as much as $24,000 back to pay their mortgage over 1 year. Right now it stands at $12,000 which is a huge difference. Orlando homeowners also may be eligible for as much as $18,000 to bring past-due mortgages current. Although the program only began in April 2011, homeowners are already complaining that the Hardest Hit requirements were too restrictive.

 

Florida Hardest Hit has helped more than 5,540 homeowners statewide.

 

“Florida Hardest Hit” current qualifications for an eligible Orlando homeowner:

 

*Must be a Florida resident

*Must occupy property as primary residence (the property cannot be vacant, abandoned or rented)

*Borrower/co-borrower must be unemployed or underemployed through no fault of his/her own, which makes the first mortgage unaffordable

*Must have documented total household income at or below 140% of the area median income (AMI), adjusted for household size

*Must have an active checking/savings account that can be debited by the ACH method of funds transfer

*May not have unencumbered assets of $5,000 or more, or three times the current monthly mortgage payment (whichever is greater)

*Cannot have a bankruptcy that has not been discharged or dismissed

*Cannot have been convicted of a mortgage-related felony in the last 10 years.

To learn more about the program, contact an Orlando Realty Expert 

 

Ask me anything, I’m here to help.

Orlando Real Estate Broker

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