Tag: short sale realtors

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.

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How To Hire A Short Sale Realtor – Video

Posted on by Jenny Zamora

How To Hire A Short Sale Realtor  Video

 

When you hire a Short Sale Realtor t to take on your short sale, It’s just like hiring an attorney to represent you in some legal matter, so obviously you want someone with experience and a good track record.

The agent you choose is going to be dealing with your lender on your behalf which is a huge responsibility.

 

To begin with, they have to put together your entire file correctly to then move to the next steps of sending in offers, counteroffers, scheduling inspections, arranging showings, etc.

 

Right now there are a ton of cash incentive programs are out there and it’s important that your real estate agent is aware what programs you may qualify for or you could end up losing out on that those incentives.

 

Short selling a home is serious business. In fact, selling a house is one of the most important decisions a person will have to make in their lifetime,so it’s important that you hire a realtor that specializes in short sales.
What’s the best way to research an agent?
Like anything else these days, I recommend that you start your search with Google

 

Type in terms like “Orlando short sales” “short sale specialist” etc. A top short sale agent will have a strong online presence.
You should then choose 2 or 3 of them from the first page on the search results

 

Make sure that the agents that you choose are experienced in your area.

 

You should then start the interview process by asking these agents some key questions such as the following:

1- How many successful short sales have they done?, How many have they done in the past six months?, What’s their closing rate?
2- How many active short-sale listings do they have currently?

3- Do you have any references or testimonials from past clients? And is it OK to contact them?
This will give you a very clear picture of what you can expect moving forward.

 

 

If you follow the steps mentioned above, then you will know exactly which one to choose. Because remember, it’s not just about being a good agent. It’s also who do you feel comfortable with.

 

Short selling a home will be one of the most important transactions of your life. So it really is worth the extra effort to thoroughly research the agents you’re thinking of hiring before signing that listing agreement.

 

Feel free to contact us with any more questions you may have at 407-902-7750 or visit https://orlandorealtyconsultants.com/short-sales/

Orlando short sale expert

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Who Makes The Final Decision On An Orlando Short Sale?

Posted on by Jenny Zamora

Orlando Short Sale Help

 

 

Is your mortgage with one of the large banks like Bank of America, Chase or Wells Fargo? You may be surprised to hear that these lenders don’t usually make the decision on whether or not to approve your Orlando short sale.

It’s a common misconception really but the truth is that these lenders are just servicing these loans for the Investor.

So, who is the investor you ask? The investor in most of these scenarios is usually a corporation, a hedge fund or a firm on Wall Street. It could also be a what’s called MBS or “Mortgage Backed Securities”.

The “Investor”  can also be a government-sponsored entity like Freddie Mac or Fannie Mae. These are referred to as GSEs or “Government Sponsored Entities“.  What most people don’t know is that if your lender or servicer refuses your short sale, your Orlando realtor can contact the investor directly. Most real estate agents are unaware of this and will typically go by whatever the servicing company decides.

Usually, when we contact the investor after the short sale has been denied by the bank or servicing company, we get them to reassess the short sale. It’s a matter of convincing them to accept the short sale based on the hardship of the homeowner and the true market value of the home taking into account all of the repairs that need to happen in order to get the home market-ready.

What we’ve noticed from our own experience is that the “Investor” or “third party” will do a much better job of assessing the short sale offer that was put forth… especially, because it’s their money. After they review the file and if it makes sense to them. The short sale offer is then approved and the investor will ensure that the servicing company is aware of what took place. 

This has proven to be helpful in cases where the lender has asked for a seller contribution and they threaten to close the file unless the homeowner agrees to sign a promissory note for the deficiency.  Sometimes servicing companies will reject a short sale without good reason. Other times the negotiator will have demands that just plain irrational such as wanting more than fair market value or not considering the repairs that need to happen.

 

Why Orlando Short Sale Negotiators Kill Fair Deals?

Being an Orlando short sale realtor for so many years I still get frustrated when the negotiator stands in the way of a perfectly fair transaction. Why in the world would a negotiator do this? I’ve come up with several theories like maybe they get a bonus for obtaining a higher offer and closing it…or maybe they’re just bitter.      

I realize that this might be a surprise to many homeowners but the truth is that this happens more times than it should. If you’re having trouble getting your short sale approved, then find out who the investor is and inform them of what their servicing company is doing to you.  

Our company has been able to get several Orlando short sales approved just by bypassing the servicing company and contacting the investor directly whenever the servicer doesn’t cooperate. If you or someone you know needs help with an Orlando short sale contact us at 407-902-7750 or just visit https://orlandorealtyconsultants.com/short-sales/

 

 

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Orlando Realtors Look at Opportunities in 2014

Posted on by Jenny Zamora

The economic slump has affected many different sectors, including real estate. However, Orlando Realtors have used the recessionary trend to their advantage. Following basic economic models of continuous spending, even when money circulation in the markets is limited; short sale negotiators and realtors bought substantial land areas when the prices were at record lows.

Now, the prices of land in Florida are slowly climbing once again, giving hope to real estate agents. Statistics show an inflationary trend that is not as strong as it was before. This means that though prices are increasing, they are doing so at a slow rate. Agents think the New Year will bring with it higher sentiments among people, making it easier for them to close deals and gain returns on various investments made during the slump.

Consumers likely to make purchases

During the recent crisis, the economy was in shambles. People were unsure of whether they could recover from the slowdown, because of which they started saving or hoarding money. Accumulating most of the wealth in the economy did not allow for a free system or circulation of money. Due to unpredictable futures, people unintentionally hampered the system even further by tightening their expenditure.

Now with new hopes and regulations aimed at recovery, companies have drastically reduced the number of layoffs, and people feel more secure. As a direct result, there is likely to be additional investment in land, and citizens will be able to make larger investments in such sectors. Since Orlando Realtors have made purchases at the lowest going rate, there is sure to be much profitability even though growth is slow-paced.

A positive trend brings back the hope of a complete recovery

The changing trend is likely to accelerate very soon because most consumers have a sense of security when they view others making investments. When the price starts going up, people will make quick investments so that they do not miss out on making low-cost purchases that will benefit them in the future.

Real estate is a very safe option because it seldom depreciates for a long time. The land is a limited resource, and there is a constant demand for it

due to the increasing population and changing consumer preferences. Security is vital because people require places to lock their money down without it losing value over time against inflation and depreciation. For this reason, the land seems to be the safest bet.

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The Best Short Sale Realtors in Orlando

Posted on by Jenny Zamora

 Orlando is one of the prime destinations for home seekers in Florida and attracts home buyers from all over the country. It has a very hot real estate market right now. If you are looking to buy or sell a home in Orlando, you will be helped a great deal by the services of a top brokerage like Orlando Realty Consultants. They have been in the business for a very long time now and have gained a lot of experience. Being a full-service brokerage, they provide a range of services to their customers.

 Orlando Short Sales

A Short sale is a situation when a home needs to be sold for less than the full payoff of the mortgage note. This can happen due to a number of reasons, which mostly include some kind of financial hardship. In the case of a short sale, it is best to enlist the help of a short sale realtor. This is a real estate agent that specializes in doing nothing but short sales which means that they are very experienced in the short sale arena.  They have the resources needed to get the short sale done and usually have a buyer lined up to buy the house as soon as the short sale is approved.

 The end result of the short sale is that the buyer gets the house at a discounted price while the seller is able to sell his house and avoid having a foreclosure on his or her record.

 Short sale negotiation

 The negotiation of a short sale of a home can be a long and arduous process. It involves a lot of legal as well as paperwork. It can get very complicated for someone to do it themselves and is best to take the advice of an expert. Even if a seller wants to do their own short sale, they would still need to have a licensed real estate agent list the property for them as part of the bank’s criteria. Short sale negotiators provide all the necessary advice and bring know-how as well as experience to these situations.

 Depending on the actual situation at hand and the condition of the house, the short sale can typically be completed in a few months.  Experienced short-sale realtors do their best to finish it as soon as possible. They try their best to uphold the interest of the seller. However, in certain cases, delays might occur because of several reasons such as a clouded title or renovations needed to make the house habitable.

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