SHORT SALE IN WINTER SPRINGS- 979 TURKEY HOLLOW CIR
This is a Beautiful 1,904 Square foot home located in Winter Springs. Move-in ready, this property boasts 4 large bedrooms and 2 full Bathrooms. It also has a huge fenced-in backyard with a private pool, perfect for hosting those backyard barb-b-ques
Priced to sell quickly, Come and see it as soon as possible, this home will not last!
To see this or any of our other great properties visit us here at https://orlandorealtyconsultants.com/
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ORLANDO # 5
A recent ZipRealty report has put Orlando real estate in the No: 5 spots in a list of booming real state locations in the United States. All of the 10 markets featured in this list have been hand-picked for their excellent public schools. Orlando owes its 5th position to the highly reputed Seminole County Public School which holds a score of 7.8 on a scale of 1 to 10. The ZipRealty report also indicates that Orlando home prices have witnessed a 26% year-on-year rise to nearly $145,000.
Accessibility to good schools has always been a top priority consideration for home buyers who are looking to relocate and Orlando clearly has what it takes in this respect. Companies hoping to recruit the cream of the available talent often highlight the excellent schooling available to attract skilled employees to its ranks. This could be great news for sellers who are looking for good Orlando short sale opportunities since it means that more buyers may be viewing this location favorably. In fact, the appearance of Orlando on this top 10 list can make the job easier for short sale realtors representing sellers.
Chinese Show Interest in Orlando Properties
A recent trend also indicates that buyers should view Orlando’s properties favorably. International investors appear to be keen on buying real estate here. The Chinese, in particular, who have been investing in key locations across the United States in recent times, are also adding Orlando to their list of possible investment destinations.
In fact, a Hong King based firm, Gaw Capital Partners has plans to raise $500 million to invest in commercial property in Orlando among other places. The fund’s manager describes Orlando as an ‘innovation center’. If investors like these increase their attention on Orlando properties, the housing recovery is bound to get impetus and in turn, prices are likely to move upwards. For sellers in need of a short sale, achieving a reasonable price for their property may become easier in such circumstances.
An increase in Flood Insurance Premium may Impact Housing
On the negative side, analysts are worried that the increase in flood insurance premiums may dampen the enthusiasm for properties in low-lying areas across Orlando. Many have predicted that the rate hike will subdue housing recovery here and/ or cause a decline in property values. In the words of Governor Risk Scott, the unfair consequences of the National Flood Insurance Program reforms could devastate real estate values across all of Florida. However, as experts point out the rate hike is likely to impact only specific pockets within Florida where the wealthiest of the State’s denizens reside.
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One of the most common questions I get from sellers is “Can I buy m house back after the short sale is done”. The truth is that there are cash investors, hedge fund buyers as well as non-profits out there that specialize in doing just that. They will buy the property as a short sale then lease option it back to the original seller after 2 or 3 years. It’s actually a great option for a seller because they don’t have to deal with the hassle or expense of moving all of their stuff to another house.
Even though there have been laws in the past that have prevented these situations from happening, there was an amendment made to the “Making Home Affordable Program” that now allows a Non-Profit Organization to buy a property then lease it or resell it back to the seller. However, in order for everything to be done legally all requirements under the “Home Affordable Foreclosure Alternative aka [HAFA] must be met by the seller. As with any important transaction, it’s important that you read the fine print.
Here are some things to consider when entering into a buy-back agreement with a non-profit organization or cash investor.
1) You must qualify for a HAFA short sale in order for this to be an option for you. Not only that but even if you do qualify for a HAFA short sale this buy-back program is still subject to the approval by your lender. In other words, even if you meet all the requirements from HAFA, your bank still has to approve the sale of the property to a non-profit organization. There’s absolutely no guarantee that your lender will agree to this arrangement and you just won’t know until you try.
2) If the home is not your primary residence, you won’t qualify for HAFA. In the lender’s eyes..you purchased this home as an investment which defeats the whole purpose of the HAFA program.
3) When using a cash buyer expect to pay full market value for your home when it’s time to close. Cash investors expect to get a decent return on their money when entering into any lease option agreement. The deal just wouldn’t make sense to them if they weren’t guaranteed a nice profit when it’s all said and done. A typical cash investor will want at least 3-5% of the purchase price as a non-refundable deposit [sometimes more] to ensure that the buyer will do everything in their power to close on the deal. And if they’re not able to close, the investor gets to keep the deposit as well as the property. Also, you can expect to pay a higher than the average interest rate, I’ve seen investors charge as much as 13% interest on a lease option contract. Cash investors will usually want full market value for the property at the time of the contract signing. This can be a double-edged sword because if the property appreciates over the time of the lease contract, then it benefits the buyer. However, if the property depreciates over the time of the contract, then it benefits the investor because the purchase price was locked in at the signing of the agreement.
Even if you’re not approved for a buy-back program, a short sale may still be your best option. Surrendering a home that owes much more than it’s worth is a smart business decision. By doing a short sale, a homeowner can walk away free and clear from debt. Many times homeowners can even come away from the closing with thousands of dollars through certain programs. Throughout the years we’ve helped thousands of homeowners avoid foreclosure by completing a short sale on their homes. Our team of dedicated real estate professionals is dedicated to finding real solutions for Orlando homeowners that are facing foreclosure.
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As an Orlando short sale realtor, negotiating the payoff on a second mortgage is something I do on a day-to-day basis. I would say that at least half of the homeowners that visit our office have more than one mortgage. As a matter of fact, I’ve seen homeowners that have up to 3 mortgages on one piece of property. The good news is, however, that in a short sale situation 2nd and 3rd lien holders don’t have much leverage if the property is being foreclosed on by the first mortgage holder. In this type of situation, the 1st mortgage holder is always first in line as far as who gets paid first if the property goes to public auction. The only exception to this rule is if there’s an IRS lien in which case they would get paid first. After the 1st mortgage gets paid then the other lien holders get paid according to what order the liens or mortgages are attached.
A short sale is when a lender agrees to the sale of a property for less than what’s owed on the property because there isn’t enough equity to cover the full amount of the payoff. At this point, the second mortgage basically becomes an unsecured debt. If the sale of the property won’t even cover the 1st mortgage payoff, there’s no way that any other lien holders will get paid. When we are able to prove this to secondary lien holders, they are usually very eager to negotiate. They know that they don’t have a leg to stand on and if the property goes to foreclosure, or if the homeowner files for bankruptcy they won’t get a dime.
Once secondary mortgage holders realize there situation, it’s usually pretty easy get them to take a massive discount on what’s owed. Many times the 1st mortgage holder will only allow up to a certain amount to be paid the second mortgage holder or they won’t approve the deal. This is also a very powerful tool because when first mortgage holders have these guidelines in place, second mortgage holders have to either accept whatever the amount is or get nothing at all when the property goes to foreclosure. At this point, the burden of having to negotiate with secondary lien holders gets taken of the short sale realtor completely because the 1st mortgage holder will stick to their guidelines no matter what.
Many of my clients ask if we can negotiate their second mortgage balance with the loan being current. Unfortunately, in my experience of 8 years as an Orlando realtor, that has never been the case. The way they look at it is, if you’re still making the full payment why should they even entertain the idea of accepting less than the entire amount. I never, ever advise my clients to stop making their payment and I never will. However, I do educate homeowners on the way that things work and most of the time they decide to stop making that payment. unfortunately, this is usually the only way to get their attention.
Why should you settle at all? There are several reasons why you should settle with second mortgage holders as opposed to just not addressing it at all. For one thing, these deficiencies can come back to haunt you in the future and cause damage to your credit. Also, many times the original mortgage holder will turn collection efforts over to a collection agency that uses much more aggressive tactics to collect the balance. Also, in short sale situation, you have no choice but to settle with the second or the sale will not go through, it’s as simple as that.
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Speaker: “This is John Conde with Orlando Realty Consultants… I’m 44 years old and I’ve never had a cavity, However, today we’re here to talk about other alternatives to short sales.”
Speaker: “First question…The gentlemen with the dark glasses”
Audience: “What if my lender doesn’t agree to a short sale?”
Speaker: “OK… so if your lender doesn’t agree to a short sale there are other options available to you. So why don’t we just go over a few of those options now? yes?…yes?
1-One option would be a “deed in lieu “, which is basically a voluntary foreclosure and all that happens is that you sign the property back over to the bank without going through the whole legal process involved with a foreclosure. You should be aware however that a deed in lieu will show up on your credit as a foreclosure.
Speaker: Next question…Lady with the sandwich
Audience: “What about bankruptcy?”
Yes absolutely, bankruptcy is also an option to avoid foreclosure… There are 2 different types of bankruptcies.., chapter 7 and chapter 13… Now I’m not an attorney and therefore I’m not qualified to educate you on bankruptcy… However, we do have attorneys on staff that will be happy to sit with you for a free consultation, just call our office, OK
OK, now another option available to you, if you’re interested in trying to keep your house is a loan modification… Basically, it’s when we try and get the terms of your loan adjusted so that you can afford to keep your home……. We try to do this by either getting your payment reduced or reducing the principal balance or both.
There’s a lot involved with doing a loan mod and if you’re interested in seeing if you qualify, just give us a call and someone from our staff will be happy to help you
Speaker: Next Question?… the young lady with the Pomeranian
Audience: What happens if I just let my house go to foreclosure?
Speaker: OK what if you just let it go to foreclosure… Well, I would highly recommend that you don’t take this approach because you are just giving up… and when you give up then you’re giving up all control of your situation and the bank can do what they want at that point.
And don’t think that just because you let it go to foreclosure, you will be free of that debt. Actually, the opposite will probably happen and the bank will slap you with a deficiency judgment for the difference between what you owe and what the property sold for at the auction.
So please if you find yourself in this situation…consult with a licensed real estate professional figure out what your best option is and take action… Thank YOU… I’m sorry I have to go… no more questions at this time.
IF YOU ENJOYED THE VIDEO ABOVE YOU WON’T BELIEVE WHAT HAPPENS
IN THIS ONE, JUST CLICK ON THE IMAGE BELOW
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