Tag: Orlando Realty Consultants

Who Decides The Value Of A Short Sale?

Posted on by Jenny Zamora

Who Decides The Value Of A Short Sale?

 https://orlandorealtyconsultants.com/short-sale-experts/
The valuation of a short sale, as determined by the short sale lender, is probably the single most important factor of the transaction.

The way it works is; after an offer gets submitted to the lender, the bank will then order a BPO.. AKA [Brokers price opinion] on the property.

 This person will usually be a local realtor that will go out to the property, and after doing their research on recent sales in the neighborhood, will give the lender their opinion of what the property is worth.

Whatever, the BPO comes in at will be the negotiating point between the lender and potential buyer.

Does it matter if the house needs repairs?

Yes, it does matter and that is something that they are supposed to take into consideration when giving their estimation of value.

After they do the BPO there are 3 things that can potentially happen that will dictate what follows.

1- The BPO comes in at a fair number that everyone is happy with and we proceed to closing.

2- The BPO comes in too low and the bank insists on another one being done.

3-The BPO comes in so ridiculously high that the buyer threatens to walk. Now when this happens, the agent must do whatever it takes to prove to the bank, that the BPO agent got it wrong.

We do this by preparing an in depth report of our own called a CMA which is also known as a comparative market analysis. This report contains even more information than the BPO agent provided them with.

What a CMA basically comes down to is a list of Active, Pending and Sold properties in the area. And the whole purpose behind this is to get the lender to order another BPO or if we’re lucky they’ll just use ours.

In the end, after all the dust settles, the lenders are the ones that decide how much they are willing to accept for the property.

I hope this was helpful in answering your questions. Feel free to call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sale-experts/ for Free short sale help.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

7 Qualities of a Top Realtor

Posted on by Jenny Zamora

Knowledge of their local market

It’s absolutely crucial to hire an agent with an intimate knowledge of the local market. The MLS is a great tool when you’re doing some preliminary research like cost per sq ft and getting comparables. However, you need a realtor who can go deeper than that, someone that has local knowledge of the area you’re looking in. When you find a realtor that lives eats and breathes real estate, they’ll know things that other real estate agents won’t.

Relationships with homeowners

Realtors that specialize in certain areas will sometimes know the homeowners that are selling, personally. Whether it was from an open house in the same neighborhood or maybe from knocking on doors. A good realtor will go out of their way to create relationships with homeowners looking to sell their property.

By having a good relationship with the seller, the realtor may have some useful information like how motivated the seller is and if they need to move out quickly or maybe they don’t care if it sells at all.

Knowledge of Pocket Listings

These are listings that are not marketed through the MLS for one reason or another. Although pretty rare, pocket listings do exist, and usually, only agents that work in that area will be aware of them.

Experience as a Listing Agent

Like in any other competitive profession, there is no love lost when it’s time to negotiate the sales price. The buyer’s agent is trying to get the deal of a lifetime while the listing agent is trying to get $10,000 over the asking price.

Having an experienced agent in your corner who has “been there and done that” many times in their career will give you peace of mind that you’re in good hands. Is it really worth losing money on the buying or receiving end of a transaction just because you wanted to help your friend or family member who just got their real estate license?

Tech Savvy 

It’s no secret that most potential buyers start their search online. Fortunately, these days most agents will allow clients to search the MLS right from the agent’s website. However, even though the MLS is the most popular site for real estate searches, there are countless others now and your realtor should be familiar with and have access to all of them.

A good realtor will use all of his/her tools in their realtor toolbox to get the job done quickly and efficiently. You can start to see how having someone experienced in your local market is a huge advantage. 

Has Been Established For A Long Time

If a realtor has been in business for more than 10 years and is still thriving, then you know they’re doing something right. Getting your real estate license is relatively easy and most people that get their license don’t end up making it as realtors. Being a successful realtor year after year takes hard work, dedication and a never say die attitude, especially with an ever-changing real estate market.

Outstanding Track Record

This is the “proof in the pudding” when it comes down to it. It’s crucial that you find out what the realtor’s track record is. You should find out how many transactions they’ve done in their career overall and how many in the last year or six months. If their numbers don’t make you say “WOW!”, then you should probably move on to the next candidate. It’s also a good idea to ask for references from some of their past clients.

Easy Exit Listing Agreement

Even with all the ways, we can research an agent, there’s a chance that you still might end up with someone that isn’t producing the results that you were promised. Be very careful when choosing your agent and make sure that there’s a clause that lets you cancel the listing at any time for non-performance with no cancellation fee. If not, you could be stuck with a bad agent for the remainder of the listing contract or pay a hefty cancellation fee.

We’ve completely eliminated this problem in our own company by using what we call our “Easy Exit Listing Agreement”. It gives homeowners peace of mind knowing that if w don’t perform, then they can cancel on us anytime with no cost to them.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Kailey’s Ridge Update

Posted on by Jenny Zamora

Floor plans and pricing for Kailey’s Ridge in Hunters Creek are being finalized by both builders and are expected to be ready within weeks. With the entrance roadway now paved, construction moves to the next phase of development. The builders (Ryan Homes and Surrey Homes) will each control 50% of the 134 homesites and are scheduled to begin construction on the actual homes by the end of September or the beginning of October of this year. The development will cover about 53.4 acres of land.

Home prices are expected to run between the 3 to 4 hundred thousand dollar range and provide buyers with top-quality residences with some very attractive and functional floor plans to choose from. The plan is also to provide a rural feel to the community for future residents which is why at least thirty percent of the new subdivision will remain protected and unspoiled.

 Hunters Creek Roadways Will Remain The Same

As a follow-up to my last article about Kailey’s Ridge “Kailey’s Ridge Underway Residents React”  Many residents will be very happy to know that the roadway leading into Kailey’s Ridge will not be connecting to any other road. The plan was to have the road connect to either Osceola Pkwy or International Drive. There were even plans to connect the road to 535! As a resident and realtor in Hunters Creek, I’m glad that the Hunters Creek Community Association would not allow this to happen. Developers agreed to pay the  $2,700.00 per lot in order to be part of the HCCA. There will be additional fees to pay by the builders as well as the homeowners as the development progresses. 

About The Builders Of Kailey’s Ridge

THE POINTE AT HUNTERS CREEK

Ryan Homes

This builder has been building residential properties since 1948 and is known to be one of the top 5 developers in the whole U.S. They are known for providing quality homes to buyers with a personal approach. This builder will also be constructing homes that are Energy Star rated which will be a terrific value to homeowners that will cut down on monthly energy costs.

Surrey Homes

In the last 25 years, this builder has built over 5,000 fully customized residences. Their base is right here in Central Florida and over the years they have earned a lot of trust and respect in the industry. Surrey Homes is known for providing the best features, great warranties, and top quality at affordable prices. Their team has a combined 50+ years of experience building homes.

Kaileys Ridge

There’s no doubt that the construction of Kailey’s Ridge is and will continue to be an enormous undertaking until its completion. Hunters Creek is known for having beautifully and quality built homes with sharply designed landscaping. Expectations for Kailey’s Ridge are just as high if not higher than existing homes in the area.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Short Sale With No Hardship

Posted on by Jenny Zamora

Short Sale With No Hardship – Video

Normally, homeowners that are no longer able to continue paying their mortgage are going through some kind of hardship such as job loss, decrease in pay or hours, health issues, divorce, mortgage payment increase,
even incarceration.

Sometimes.however, people need to sell their home not because of a hardship, but for other special circumstances like a job transfer, military deployment, etc. And, in most cases, for the reasons I just mentioned, lenders have been very accommodating to those that need to sell.
There is another reason however why homeowners want to short sale there home and that is simply to get out of a bad investment.
These homeowners know that they owe the bank way more money than the house will ever be worth and they just want to get that debt off their back and get on with their lives.
The can afford to keep making their payments… but they hate the idea of paying on a mortgage with a principal balance that is a lot more than their property is worth.

 

So, the question is…Can you short sale your home without being behind on your payments so that your credit doesn’t get damaged?

 

The truth is that there’s no way of knowing until you try. Some lenders are more flexible in that respect than others and the only way to know is to give it shot.
It’s important to be aware that many short sale lenders.are controlled by the guidelines of the investors that own the loan.
So while a loan may be serviced by Wells Fargo or B of A or whoever, the loan is actually owned by another entity.
and It’s that other entity that decides on accepting or declining your short sale.

From our own experience. Most investors do require that the sellers have missed mortgage payments, and others do not.

 

Unfortunately, you just don’t know how things will play out until you start the short sale process with the lender.

If you’re current on your mortgage but would like to short sale your Orlando property, call us at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/
One of our short sale experts will give you a free “analysis of your situation” so that you can find out what your options are and move forward with the knowledge that you need to make the right decision.

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields

Orlando Real Estate Brokerage

Posted on by Jenny Zamora

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

Our firm provides professional real estate solutions for anyone needing to buy or sell real estate in the Orlando and Kissimmee area. Our experienced group of Orlando real estate professionals has experience in all areas of real estate. They will work with you to make your home buying or selling experience as pleasant as possible. We will provide you with the most up-to-date information on your transaction as it develops.

WE UNDERSTAND THAT BUYING OR SELLING A HOME CAN BE ONE OF THE MOST IMPORTANT DECISIONS OF YOUR LIFE, WHICH IS WHY WE GO THE EXTRA MILE TO ENSURE THAT YOUR HOME BUYING OR SELLING EXPERIENCE IS A PLEASANT ONE.

TRUSTED BY YOUR NEIGHBORS SINCE 2005

www.OrlandoRealtyConsultants.com

Orlando Real Estate Brokerage 407-902-7750 VIDEO

Let's Keep In Touch!

New ORC Form Lead

"*" indicates required fields