Orlando Short Sales & Foreclosures » orlando real estate

Should I purchase Orlando Real Estate now?

admin — Thu, 17 Jun 2010 08:09:23 +0000

Should I invest in Orlando Real Estate?

The quick reply is Yes! The old adage applies in Orlando Real Estate as it does in the general investment arena – Buy Low and Sell High. We all know the Orlando Real Estate arena certainly has a major “correction” of late. If you are purchasing for the long term, now just might be the right time.

There is no time like the present to take advantage of the many attractive Orlando properties that are currently available – either for the long term, or simply to hold until prices recover. Many in the Real Estate industry feel that judicious investment now will be very lucrative in the near future. Looking for factors that might help your Orlando Real Estate investment plan might include:

Distressed Orlando properties with “good bones” are a good choice
Repair any structural repairs – roofing, painting, gutters etc
Determine and make the interior upgrades that will result in the greatest return
See if you can determine a current Orlando owner who has too many irons in the fire – they my well be ready to divest themselves of a particular property at a good price
Treat the property as a rental unit until the market improves
When the market returns to a level you are comfortable with – Sell

However, you might just decide the rental income is so attractive that you end up keeping the property in your Orlando portfolio. Whether you decide to keep the Orlando property long term or if you determine that selling short term is the answer – it is a very good time to purchase investment property.

Thinking of purchasing an Orlando property? Need assistance finding that right home?

We’re experts at putting people together with homes they love and can afford.

Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County.

We’re always available to answer your questions.

Avoid Foreclosure by Doing a Short Sale

admin — Mon, 14 Jun 2010 14:30:32 +0000

Orlando Homeowners in Trouble have many options!

Facing foreclosure in the Greater Orlando area is not only a financial crisis; it can also be an emotional crisis. So this is a time to take stock and examine your options.

There are several reasons why Orlando homes go into foreclosure. Perhaps the home was purchased at the peak of the real estate market and just before prices started to fall. Another scenario might be that the mortgage was interest only, so no equity was built up. Or perhaps the mortgage was an ARM and now the interest rates have risen, making it difficult for the Orlando owner to handle the mortgage along with daily expenses. The reason is part of the past, and these Orlando owners must now deal with the future. The first item on the agenda should be to avoid foreclosure.

If you can still pay your mortgage for the foreseeable future and don’t need to sell your Orlando home, then your best bet might be to wait out the market until the market is more favorable.

If you are unable to pay your current mortgage but could if refinancing was in the picture, you should negotiate with your Orlando lender. If they decline to refinance your mortgage then you should contact one of the government agencies offering assistance to homeowners who find themselves in your situation. This solution might include the agency working with your lender to strongly encourage them to refinance your home rather than foreclose.

The reasons your lender might not want foreclosure is because it really represents a no-win situation for both parties. A foreclosure is expensive and takes a great deal of time, and the lender ends up with an Orlando house they really don’t want, and when it goes to auction it likely will sell for far less than it should.

Steps in an Orlando Short Sale

A short sale is an involved process, but in a nutshell the Orlando seller needs to establish a selling price with the help of an Orlando Short Sale Expert, find a buyer and with an offer, in hand, and present the offer to the mortgage holder. Along with the offer you must disclose your finances, as well as a hardship letter that details why payments can no longer be made. Check with your lending institution to see if there is other information that is required. If the offer is ultimately accepted then you have taken the first step in your financial recovery.

Why a short sale is in your best interest. This is a step above foreclosure. Both show up on your credit report, but the short sale is less of a black mark than a foreclosure. While foreclosure is a legal settlement where lawyers and possibly their fees are involved, a short is between you and your lender, and you will be more able to buy another Orlando home, obtain credit cards at a better rate or even renting an Orlando home sooner than if you had gone through foreclosure. There is also a tax provision that waives income tax took effect 12/20/07. The provision excludes forgiven mortgage debt on a principal residence for the period of January 1, 2007 through January 1, 2010. Previously forgiven mortgage debt was considered the same as taxable income. Speak with your CPA for further information.

Is A Short Sale Right for Your Situation?
Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!

“It’s only a buyer’s market if you’re ABLE to buy!”

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Facts & Resources

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

How to Lose a Short Sale

admin — Sat, 03 Apr 2010 02:24:39 +0000

How to Lose a Short Sale
Ways of Irritating Lenders-and Loosing a Short Sale

Why do banks even consider taking a short sale? They will be loosing thousands of dollars and they already have the right to foreclose. There are many reasons banks have for wanting a short sale to go through, even though they will be loosing money on the sale. If the owner does not do a short sale, they will more than likely be going into foreclosure very quickly. A foreclosure for a bank is a costly and frequently takes months to get done. In a normal market that might not be that bad, but I our current condition with foreclosures causing the prices of homes to plummet a wait of 4 months could cause the value of the property to drop thousands of dollars.

So why if it is in their best interest to do short sales, do banks frequently loose buyers by taking far too long to respond to an offer, not calling the agents back when they say they will, not approving a sale even though they previously said the bank would take that sales price? It really comes down to how the bank has been approached by the agent.

Banks are people too! If you had an irate rude person calling your office everyday and complaining about how terrible you are doing your job how hard would you fight to get them a good deal? You wouldn’t, you would “accidently” loose their paperwork and let them stew in their own juices. Now imagine you had 15 people a day calling you and yelling and criticizing you. Then one person calls and is nice, one person is considerate of you time and energy; how well would you treat them?

There may be help for troubled Orlando homeowners on the horizon!

admin — Sun, 28 Feb 2010 03:09:06 +0000

There may be help for troubled Orlando homeowners on the horizon!

Congress sits poised to dole out the next $350 billion in bailout funds to banks as more and more people loose their homes to foreclosure. Congress has now indicated they may even include some type of much needed help for homeowners desperate to save their homes, in this plan. By adding very appealing incentives for servicing companies, congress aims to attract more lenders to work with borrowers and stem the tide of foreclosures.

The “Hope for Homeowners” program, a foreclosure prevention plan, might also be changed to make it more attractive to lenders.

Negotiating a loan modification is almost hopeless, when banks started pooling and marketing loans as bundles, it made lenders unable to directly work out new terms with borrowers. There are just too many parties that have to agree on the terms, to get the process done in a timely manner. Lots of times too the lenders make more money by foreclosing.

This plan hopes to entice lenders to make loan modifications, and lessen foreclosures thereby helping homeowners keep their homes.

These new changes will give homeowners on the verge of foreclosure some new opportunities and some much needed hope and help to get through this crisis.

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Searching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America’s best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City – Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

Orlando, Florida Short Sale Home Buyer Tips: An Interview with Chris Myers of the Orlando Property Group

admin — Sat, 13 Feb 2010 02:27:16 +0000

Orlando, Florida Short Sale Home Buyer Tips:
An Interview with Chris Myers of the Orlando Property Group

We were interviewed by Kevin Sandridge of the blog site, www.floridamortgageblogger.com. Kevin is one of Orlando’s premier mortgage broker’s, and through doing business together, we’ve come to respect his industry knowledge greatly. Below is the interview.

Home sales numbers in the Orlando, Florida area are up, and there’s one single reason why… bargains in this area haven’t been available like this for over 30 years! However, the help of an experienced Real Estate Agent is a must if really want to ensure a smooth transaction on your next Orlando, Florida area home purchase.

Once again, I headed straight to Orlando, Florida Short Sales Real Estate expert Chris Myers, with the Orlando Property Group to ask exactly why he thought this just might be the best time to enter the housing market here. This is what he had to say:

Kevin Sandridge (KS): “Chris, thanks so much for taking time out to talk with us here at the Florida Mortgage Blogger about the Orlando real estate market. I know our readers always love the information and insight you provide.”

Chris Myers (CM): “My pleasure, Kevin. It’s always nice to stop by.”

KS: “So Chris, there’s a little bit of a buzz generating lately around whether now is really a good time to enter the housing market here in the Orlando, Florida area. Why do you think this is?”

CM: “You’re right, Kevin. There has been a noticeable upswing in buying activity in the area, and I think one of the main reasons is that there are a lot more homes in the Orlando area for folks to choose from. Whether they’re trading up to accommodate a larger family or moving into the area to take on a new executive position, buyers can basically take their pick of excellent properties in prime locations inside Orange, Osceola, Seminole, Volusia, and Lake Counties.

All told, there were nearly 25,000 properties for sale in the Orlando area in October, including single-family homes, condos, town houses, duplexes, and villas. It’s just a matter of people finding a home that fits their budget in a location they like.”

KS: “There sure seem to be a lot of great deals out there. I imagine a lot of first time home buyers might be looking to take advantage of homes that are either in pre-foreclosure or foreclosure status. What are some things they should be careful of when looking at these types of homes?”

CM: “That’s a great question, Kevin. There are several areas that deserve special attention from short-sale buyers. These include, but aren’t limited to:

The time required to complete short-sale transactions
The home’s condition and “as is” nature of the short-sales contract
How to finance their short-sale purchase
How to contend with multiple short-sale offers

The Timing of Your Orlando Area Short Sale

The first thing buyers interested in pre-foreclosure status homes need to understand is the waiting period involved with many Orlando area short sales. Even the smoothest transactions can take months to complete. It’s not at all out of the question for short sales to take up to three or four months before receiving an answer from the bank”

The Physical Condition of Your Orlando Area Short Sale Home

The home’s condition is another thing to take into consideration. The majority of pre-foreclosure and foreclosed homes are sold on an “as-is” basis. This is not necessarily a bad thing. Often, they are only in need of some minor cosmetic repair. Other times, however, they can lean more towards your “handyman special” and come without any major appliances. The key here is for buyers to be sure and negotiate time enough to properly inspect the Orlando area home you’re considering and, if necessary, provide a means to cancel the contract should the home’s condition be completely unacceptable.

Financing Your Orlando Area Short Sale

As with any home purchase, you’ll want to be sure you get all of your ducks in a row in terms of financing your Orlando area short sale. There’s a conception out there that FHA loans can’t be used to purchase short sales. This is untrue. They can in fact be used. Actually, as you and I have discussed, Kevin, FHA is in some cases even willing to waive their 90 day seasoning requirements if the home a buyer is purchasing has moved into foreclosure.

Contending with Multiple Offers

The Orlando, Florida area has an unbelievable number of short sale opportunities available right now. We’ve all heard the “buy low, sell high” stock purchase philosophy. Well, the same philosophy applies to the housing market. The US housing market is currently 3.8% undervalued. The Orlando market is in far worse shape value wise. According to a December 3, 2008 Orlando Business Journal article, the October median home price here in Orlando, Florida was $177,900, 25 percent less than the $238,500 reported in October 2007.

KS: “That’s amazing – and a real chance for folks in the right financial position to gain a great deal of built in home equity at the time of purchase! Just look at the picture -home affordability is near an all time high, interest rates are holding steady at very attractive levels.

CM: “That’s it, exactly, Kevin. And the thing here is that savvy investors are absolutely on top of this situation. So much so, that nearly every well-priced Orlando, Florida short sale I’ve seen or been a part of recently has had multiple offers on it. Short sale buyers in our area need to be prepared to act immediately if they find the perfect house. They also need to be ready to offer the seller’s asking price or even a little over the asking price in some cases, as attractively priced short sales can often become the focal point of some pretty fierce bidding wars.”

Establishing the Asking Price in a Florida Short Sale

KS: “Chris, one question I hear often from my clients concerns setting the sales price of a home in a short sale. Who typically decides the asking price for short sales here in the Orlando area?

CM: “In most cases, Kevin, the banks or lenders holding the note make the final determination as to how much money to ask for the home. Most banks are willing to do what it takes to sell them quickly, and they understand the power of market value. However, their main objective is to recoup as much money for themselves as possible, so they aren’t apt to just give the home away for a song.

My advice to people interested in buying a home here in the Orlando, Florida area via a short sale is this: Don’t get greedy if the house is already priced well. Have your real estate agent do a market analysis to determine the home’s true value and go from there. But remember, the bank will be far less willing to negotiate a lower price if multiple offers start pouring in.”

KS: “OK. So get your offer in early, and make it as competitive as the situation dictates. Got it. But what about up front money? Let’s talk briefly about what making an offer and whether good faith deposits are encouraged.

At the peak of the last housing market boom, sellers were fielding multiple buyer offers at once. Often, buyers who failed to put down good faith deposits were left out in the cold. Since we’re now in a buyer’s market, can you talk a bit about whether good faith deposits are still a must?”

CM: “Good faith deposit, or escrow deposit is actually required in order to make an offer on an Orlando, Florida area short sale. However, the actual amount of that deposit is negotiable. Typically, sellers are looking for earnest money deposits of about $1,000. It may be a buyers market, but only if your able to buy. Seller’s recognize this and want to know you’re not only willing to buy, but capable as well. It also shows them that you won’t simply walk away, after they’ve taken the home off the market.”

KS: “So I take it that, just as with a typical new or existing home purchase, you agree with me that buyers should get pre-qualified for a Florida home loan before beginning their Orlando, Florida area short sale shopping experience?

CM: “Absolutely. It’s imperative that a homebuyer get pre-qualified before beginning their home search. That’s really the first step. In fact, when someone calls us about a property, we help them get in touch with the right Florida home loan professional to make sure their financing is in order.

Many homebuyers think they know their credit score, or what they can afford, but when the price is broken down into monthly payments, and things like taxes and insurance are factored in, they sometimes find they don’t want to spend as much. It goes the other way, too. Buyers think they may be in the position of paying one amount, but discover through the help of their Florida home loan specialist that they are actually comfortable buying more home than they originally thought.

In any case, I can’t stress enough how important it is for everyone – homebuyers or not – to understand where they are in terms of their credit report. The credit bureaus freely admit that data entry error and other errors occur in the area of credit reporting.

Good credit is the key to financial stability and long term wealth, and you know, Kevin, just how much of an impact 10 or 20 points can make in terms of the long term money folks will pay out over a 30 year fixed rate mortgage. Too often I’ve seen good people end up with lower than expected credit scores due to information about late payments or other derogatory data being added to their credit reports erroneously. Meeting with a qualified Florida mortgage broker early on in the home purchasing process gives people the time required to combat this type of situation should it arise.

I’ll end by saying that even in situations where people have met with a Florida mortgage broker and were pre-approved for a Florida home loan, they still need to follow up to be sure nothing has changed on their credit – or that the program they qualified for is still active. Lending standards have changed so dramatically lately, that the only way to know where you stand for sure is to consult a qualified Florida mortgage broker.

Selecting the Right Realtor to Handle Your Orlando, Florida Area Short Sale Purchase

KS: “That is some valuable advice, Chris. And is basically what I tell all of my clients and referral partners as well. I’d like to round things out by asking you to provide some insight into how home buyers interested in Orlando, Florida short sales should go about selecting the right Realtor?

I imagine that, just as with the legal profession – where a lawyer may specialize in criminal defense or patent law, Realtors have their particular strong suits as well. Some may deal primarily with luxury homes and short sales, such as yourself, while others specialize in commercial real estate or conventional residential real estate. What qualifications should folks interested in Orlando area short sales be looking for in a potential Realtor, and what are some questions they should ask?

CM: “That’s such an important question, Kevin. You’re absolutely correct in that Realtors do tend to specialize or achieve professional comfort zones with specific types of real estate transactions. The thing you most definitely do not want to do is trust your short sale purchase to a real estate professional who is learning as they go. We’ve outlined many of the “built in” challenges that come with just about every Orlando area short sale – including

longer than average wait times to close,
gauging the condition of a short sale home,
price negotiation and financing, and
the need to contend with multiple sales offers on the property you may want to buy.

Quite simply, the care and feeding of a short sale is not something you want to entrust to someone who does not have a proven track record for success with them. Between the timing involved, paperwork they entail, and the sometimes repeated negotiations required to close an Orlando area short sale – you want a real estate professional on your side who can close the deal. Here are some key things to look for:

First, it’s important to choose someone you can trust. You’ll be working with your Realtor throughout the short sale process, and you’ll have to be comfortable sharing information about your finances – but also your hopes, dreams, and the fears you may have regarding the short sale purchase itself.
It’s also important in today’s market that you have an agent who’s skilled in short sales and foreclosures, as many of the homes you’ll be viewing (some say about 40-50% of Central Florida homes) are in some stage of distress. These types of sales can be very tricky, and it’s crucial that your agent possess the knowledge and experience required to serve your best interests.
Lastly, though I truly believe that most Realtors are honest, hard working professionals who keep their clients’ best interests as a priority, we are in a tough economy. The most smoothly managed short sales are not without some significant challenges or obstacles, and there are cases where even the most seasoned short sale real estate professional may have to circle the wagons in order to get the deal done. I’d hate for someone to lose out on purchasing a home that really fits their family’s unique requirements simply because they didn’t select a Realtor with proven short sale experience.

KS: “Wow. Well said, Chris, and once again you’ve provided us with some invaluable information for those looking to buy homes here in the Orlando, Florida area via the short sale process. Thank you so much for your time today, and we hope to have you back again very soon.”

CM: “Thank you Kevin, it’s always a pleasure.”

KS: “Remember folks, whether you’re buying a home to live in or you’re looking for one as an investment, work with an experienced real estate agent who knows the local Orlando, Florida area. Your Realtor® can prepare a Comparative Market Analysis (CMA) to help you make informed decisions. An agent who specializes in short sales and foreclosures can explain the benefits and pitfalls of buying properties in those categories, too.

A good real estate agent is worth their weight in gold! If a real estate purchase in the Orlando area is in your future, either as a home owner or investor, talk with a Realtor® now about the advantages of taking action in today’s affordable market.”

If you’re currently in the market to buy a home, and are wondering if now is the right time to pull the trigger, check out this article Chris Myers wrote detailing whether now is the right time to buy an Orlando, Florida area home.

Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!

“It’s only a buyer’s market if you’re ABLE to buy!”

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Facts & Resources

Florida Foreclosure’s Secret Inventory

admin — Sat, 26 Sep 2009 22:59:42 +0000

Around Fort Lauderdale, it has become extremely clear just how big a hit its economy has taken as a result of the real estate market’s collapse. It’s like a different world compared to what it was like just a few years ago: overgrown grass rises above many curbs and sidewalks; homes and businesses sit empty and abandoned; most blocks display multiple “for sale” or “for rent” signs. The state’s ongoing foreclosure glut has resulted in an interesting phenomenon — a “secret” inventory of foreclosures.

Legal snarls, bureaucracy and well-meaning efforts to keep families in their homes are slowing the flow of properties headed toward foreclosure sales, even when borrowers are in deep distress. While that buys time for families to work out their problems, some analysts believe the delays are prolonging the mortgage crisis and creating a growing “shadow” inventory of pent-up supply that will eventually hit the market.

Families can live in their homes as long as two years without paying, because the banks haven’t gotten around to foreclosing. And that’s a problem. Until the real estate market recognizes all its losses — including accounting for all foreclosures — it won’t be able to regain real stability and move on. Of course, that has implications for the broader economy as well.

Here are two journal sources explaining how bad they think this problem is:

“There’s going to be a flood [of bank-owned homes] listed for sale at some point,” says John Burns, a real-estate consultant based in Irvine, Calif. When that happens, Mr. Burns believes, home prices will fall further, particularly in markets with large numbers of foreclosures. Overall, he expects home prices to decline 6% next year.

Ivy Zelman, chief executive of Zelman & Associates, a research firm based in Cleveland, believes three million to four million foreclosed homes will be put up for sale in the next few years. The question is whether the flow of these homes onto the market will resemble “a fire hose or a garden hose or a drip,” she says.

All of that sounds pretty ugly. But what are the actual numbers as they pertain to this shadow inventory of foreclosures? They’re hard to get exact, given the very nature of the problem — these foreclosures have not yet been completed. But the Journal does provide some statistics to work with:

As of July, mortgage companies hadn’t begun the foreclosure process on 1.2 million loans that were at least 90 days past due, according to estimates prepared for The Wall Street Journal by LPS Applied Analytics, which collects and analyzes mortgage data. An additional 1.5 million seriously delinquent loans were somewhere in the foreclosure process, though the lender hadn’t yet acquired the property. The figures don’t include home-equity loans and other second mortgages

Moreover, there were 217,000 loans in July where the borrower hadn’t made a payment in at least a year but the lender hadn’t begun the foreclosure process. In other words, 17% of home mortgages that are at least 12 months overdue aren’t in foreclosure, up from 8% a year earlier.

The first quoted paragraph shows that there are at least 2.7 million foreclosures that have yet to hit the market. Some of those may be modified, but the vast majority probably won’t. The second paragraph explains that the problem is getting much worse: the portion of homes not in foreclosure despite its borrowers not making a payment in a year has more than doubled compared to last year.

So why do we have this shadow inventory?

It’s taking quite a long time to figure out which borrowers qualify for the Obama administration’s mortgage modification program. It’s also taking time to process the deluge of applications. During the wait, borrowers remain in their houses which, otherwise, would be in foreclosure. Those who don’t get the modification will ultimately face foreclosure.

With so many foreclosures, banks likely just have logistical issues getting them all processed in a timely manner. There’s a heap of paperwork and other red tape involved in making a foreclosure happen. Banks have never experienced a flood of foreclosures like this, so they aren’t equipped to handle so many very quickly.

Banks may not want to foreclose on all of these homes immediately. A WSJ source above used the analogy of foreclosures hitting the market like “a fire hose or a garden hose or a drip.” Which do you think would be better for housing prices? The drip. If you have a huge inventory, then it’s more of a buyer’s market, where few buyers can drive down the prices of many homes. If you have the foreclosures spread out over a longer amount of time, new buyers may enter the market over that lengthened period. I have heard the theory (from a Floridian friend of mine who knows the real estate market there) that banks are purposely holding back foreclosures for exactly this reason.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Hurricane Study Found Many Homes are Unprepared

Read Also: FHA Loans Sink

Read Also: Florida Jobless Rate at 10.7%

Read Also: Bank Forcing Seller Notes on Short Sales

If you want to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

Highest Foreclosure Rates Remain in CA, FL, NV and AZ

admin — Thu, 06 Aug 2009 00:38:46 +0000

(IRVINE, CA) — There is still no good news on the nation’s residential foreclosure front.

Experts report cities in California, Florida, Nevada and Arizona still top the country’s foreclosure pole in the first half of this year.

In its Midyear 2009 Metropolitan Foreclosure Market Report, the four states accounted for 35 of the 50 highest foreclosure rates among metro areas with a population of 200,000 or more.

While some of the most foreclosure-saturated metro areas in Michigan, Ohio, Indiana and California posted declining foreclosure activity in the first six months of 2009, other areas of the country not previously considered foreclosure hot spots have seen increased levels of activity.

”More than 20 percent of the metro areas which showed above average levels of foreclosure activity were in states such as Oregon, Idaho, Utah, Arkansas, Illinois and South Carolina, suggesting that much of the new foreclosure activity may be more directly related to growing unemployment than continuing fallout from subprime and adjustable rate loans,” Saccacio says.

“Foreclosure activity continued its upward trajectory nationwide and in the majority of metro areas in the first half of the year, but there are some significant differences beginning to show up in the data.

“While some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, new markets like Provo, Utah, and Boise, Idaho, have seen large increases.

“As unemployment rates increase in different parts of the country, it’s very likely that we’ll see similar patterns develop elsewhere.”

Top Metro Foreclosure Rates

Las Vegas posted the nation’s highest metro foreclosure rate, with 7.45 percent of its housing units (one in 13) receiving at least one foreclosure filing in the first half of 2009 — more than six times the national average.

A total of 58,691 Las Vegas properties received a foreclosure filing during the first half of 2009, a 22 percent increase from the previous six months and a 56 percent increase from the first half of 2009.

The Cape Coral-Fort Myers metro area in Florida documented the second highest metro foreclosure rate in the first half of 2009, with 7.20 percent of its housing units (one in every 14) receiving at least one foreclosure filing, and Merced, Calif., documented the third highest metro foreclosure rate, with 6.89 percent of its housing units (one in 15) receiving at least one foreclosure filing.

Both Cape Coral-Fort Myers and Merced reported a slight decrease in foreclosure activity from the previous six months but still reported increasing foreclosure activity from the first half of 2008.

All seven of these metro areas except for Stockton and Modesto reported increasing foreclosure activity from the previous six months and from the first six months of 2008.

Declining Foreclosure Activity In Some Foreclosure Hot Spots

Foreclosure activity in Stockton decreased nearly 4 percent from the previous six months and nearly 13 percent from the first half of 2008, and foreclosure activity in Modesto decreased nearly 3 percent from the previous six months and more than 9 percent from the first half of 2008.

With 1.86 percent of its housing units receiving a foreclosure filing in the first half of 2009, Detroit’s foreclosure rate continued to rank among the top 50 metro foreclosure rates, but foreclosure activity there decreased 8 percent from the previous six months and 16 percent from the first half of 2008.

Detroit’s foreclosure rate ranked highest in the nation in RealtyTrac’s 2006 and 2007 reports.

Foreclosure activity in Cleveland, which posted the nation’s sixth highest foreclosure rate in 2007, decreased 11 percent from the previous six months and 30 percent from the first half of 2008.

With 1.36 percent of its housing units (one in 73) receiving at least one foreclosure filing, Cleveland’s foreclosure rate was still above the national average but was not among the top 50 metro foreclosure rates in the first half of 2009.

Other hard-hit Rust Belt cities posting year-over-year declines were Indianapolis and the Ohio cities of Toledo and Columbus.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: House Threatens Banks to Stop Foreclosures

Read Also: Obama Worries Powell Says he is Doing too Much

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

orlando real estate sunset

Foreclosure Sales: A Real Estate Paradise

admin — Sun, 26 Jul 2009 20:13:06 +0000

Business is booming in Greater Fort Myers in Lee County, near the southern end of Florida’s west coast, where realtor Suzanne Sherer is working seven days a week. Sherer says sales at her six-person firm are back at 2005 levels.

“We’re seeing bidding wars on entry-level homes,” says Sherer. “Within three days of listing, we have multiple offers.”

Sales there are up 116 percent year to date through June. Inventory is down to a 3.5-month supply, about a third of what it was last summer.

Before you conclude the real estate boom of a few years ago is alive and well, consider one word: Foreclosures. What was once a bane is now a boon for some players in the real estate game, but there’s considerable debate about whether it signals the coming of overall housing market recovery.

“You have to be able to evolve with the market,” says Sherer, who’s also president of the area Realtor association. “You have to be knowledgeable about foreclosures, short sales, and guide people through the whole process.”

“In some of the worst markets, it’s not usual in any given month for 80 percent of the sales to be distressed properties,” says Rick Sharga, whose foreclosure rate data are widely followed. “In some of the worst markets, we’re starting to see that the market has overreacted. We’re seeing bidding wars similar to what we saw in the boom.”

The National Association of Realtors first started polling members on foreclosures and short sales in March 2008 and has been doing so monthly since last October. Nationwide, such transactions have ranged between 31 percent and 49 percent of total sales this year.

Of the 1,551 single-family units sold in June, 939 (61 percent) were foreclosed properties—or REOs, meaning the property is owned by the lender after an unsuccessful foreclosure auction. Another 241 (15.5 percent) were short sales (last-minute desperation sales to avoid foreclosure). That pattern has been in place since last November.

Foreclosed properties were selling at a 60-percent discount to the median sales price for a conventional transaction. Short-sale properties were fetching 40-percent less.

“Distressed homes have definitely influenced our pricing in the current market,” said Sherer. “We’re seeing a strong contingent of investors, gobbling these properties up, with a quick turnaround, paying cash. Cash is king.”

Across the country, in the greater Las Vegas area, single-family home sales hit a record 4,702 in June, according to the local realtor association. Prices there are down 37.3 percent from a year ago. The state has the highest foreclosure rate in the nation.

No wonder then, that 74 percent of June sales were bank-owned properties. Four out of 10 transactions were paid for in cash and 62 percent of all homes sold within 60 days.

“(Foreclosed) properties are almost selling faster than we can get inventory,” says long-time realtor Rick Shelton. “Inventory is extremely depressed.”

Shelton says sales have been increasing 15-20 percent a month lately and expects his 200-agent firm to sell a record 3,000 properties this year.

Shelton says he’s “challenged” selling conventional homes. “It’s very tough for them. Once in a while you’ll get a hit and miss.”

By comparison, in Iowa, whose foreclosure rate was the 41st lowest in June, sales were down about 10 percent on a yearly and quarterly basis in the first quarter. Prices in the biggest metropolitan areas such as Des Moines and Waterloo-Cedar Rapids were down 7.2 percent and 6.4 percent respectively. In neighboring Nebraska, 45^th in foreclosures, the trends are even more pronounced.

In Corpus Christi, Texas (29^th in foreclosure rate), mortgage broker Jim Pair, says foreclosures “are not helping or hurting the market,” which he describes as a relatively stable one. The median home price there was down about 8-percent from a year ago in the fourth quarter.

Pair, the new president of the National Association of Mortgage Brokers, says the “last three-four months have been pretty good,” but estimates business is down 30-percent from its 2006 peak.

In one way, the boom is a shot in the arm for the beleaguered real estate industry, which has seen single-family unit sales fall from an annual pace of almost 6.5 million units in 2006 to 4.6 million through May of this year.

To be sure, with the median price tumbling from $222,000 to $168,000 during the same period, and buyers and sellers both balking at the traditional 6-percent commission rate, the average transaction is less lucrative. At the same, it takes less time to market and sell a foreclosed property.

Five years ago, it took an average of 120 days from listing to closing on a foreclosed property, now its down to 105 days, according to real estate giant Realogy, which handles foreclosures for many lenders across the country and has about 600,000 homes listed for sale in the 50 states.

What’s good for realtors, however, may not be good for the overall real estate market as well as homeowners across the nation.

“It depresses prices because people are using them in their comps [comparative pricing], which is incredibly unfair; it’s a deep discount to market and they’re selling for that reason,” says Richard A. Smith, CEO of Realogy, whose holdings include Century 21 and Coldwell Banker and ERA.

The foreclosure crisis has been crushing for those losing their homes, but it is also claiming less obvious victims.

“The downside is that there is a loser in every equation,” says Shelton. “All of this doesn’t doesn’t bode well for the guy who owes $800,000 on his house and it’s worth $600,000.”

Whether the foreclosure boom is a precursor to an overall housing recovery or the real estate version of a stock market false bottom is a matter of some debate.

“In the initial phase it was a drag on the market, bringing overall prices down,” says Lawrence Yun, chief economist for the NAR. “Now buyers are saying, ‘That’s a good price’, meaning a low price. Because there are buyers, a bottom is forming.”

Smith of Realogy sees no silver lining. “Take the REO [foreclosure] business away, and you are back to 1997-1998 levels and that is a scary proposition.”

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: NAR Testifies in Support of Green Buildings

Read Also: Low Priced Foreclosures Incite Bidding Wars

Read Also: Renters See Value in Owning Their Own Home

Read Also: Bidding Wars Break Out on Low Priced Homes

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Loan balloons will Explode Foreclosures

admin — Sun, 26 Jul 2009 19:54:28 +0000

A coming wave of mortgage adjustments threatens to prolong, and possibly worsen, the foreclosure crisis, industry analysts warn. Estimated 2.8 million option adjustable-rate mortgages are scheduled to reset in the coming years, with the peak in mid-2011. Those resets will cause those borrowers’ monthly payments to balloon, potentially triggering a third wave of foreclosures.

“We do believe there is another wave coming, and I personally believe it will be the tsunami,” said L.R. “Chip” Waterman of Hunt Real Estate ERA in Sarasota, who specializes in foreclosed and bank-owned properties. “There’s no way we’ve begun to see the end of this.”

“I think we’re past the absolute tsunami of foreclosures, but we still have many more to go through,” said Ken Chapman Jr., a Sarasota attorney and president of the Sarasota-Bradenton Attorneys Real Estate Council.

As of the close of business Friday, lenders have filed 3,602 foreclosure suits this year in Manatee County Circuit Court, court records show. There were 3.034 filed at the same point in 2008, which went on to set a local record with 5,592 in all. The state and national pictures are not much better. More than 1.5 million U.S. properties received a foreclosure filing or were seized by lenders in the first half of 2009.

More are on their way: More than 10 percent of Florida homeowners with a mortgage were at least 30 days behind on their payments during the first quarter of 2009, the Mortgage Bankers Association said. Another 10 percent already were in foreclosure.

The national delinquency and foreclosure rate was one in every eight, the highest in records going back to 1972, the bankers group said.

Many took out option adjustable-rate, or Alt-A mortgages, which allowed them to buy more house than they could have afforded using a traditional 30-year mortgage during the housing boom. Under most so-called option ARMs, initial monthly payments often covered just part of the interest, with the unpaid interest portion added to the loan’s balance. After a set amount of time, the loan resets and the borrower is required to also begin paying off the balance.

That will cause the monthly payment to balloon, something many borrowers had planned to avoid by either selling the house for a profit or doing a refinance. But housing prices slumped and credit tightened, leaving borrowers owing more than their homes were worth, unable to sell them for a profit or refinance, and struggling with higher payments.

“A lot of those people have gotten a rude awakening,” Chapman said.

As of April, more than half of such loans in the United States were either at least 60 days’ delinquent or in foreclosure, according to First American CoreLogic. Those numbers likely will increase, as resets are not set to peak until mid-2011.

Job loss a threat

Another threat to prolong the foreclosure crisis is growing unemployment.

“You can’t make the house payment if you don’t have a job,” Waterman said.

Manatee’s jobless rate hit 11.8 percent last month, the highest since the state began calculating it in 1975. The state and national unemployment rates also are near record highs.

“Unemployment is going to be driving it,” Chapman said.

While that could fuel new foreclosure filings, there’s still the thousands of already-filed cases that have yet to make their way through the courts.

“You’ve got a buildup out there that hasn’t even happened yet,” Waterman said.

Lenders held back in pursuing judgements and taking back homes late last year and in early 2009, the result of temporary moratoriums and the rollout of government programs designed to prevent foreclosures.

But those programs have had limited success to date, and even that might not be permanent. The rating agency Fitch recently said it expects three of every four homes that the government’s “Making Home Affordable” program saves from foreclosure will end up there eventually, largely because the homeowners have too much debt beyond their mortgage.

That has led to fears that lenders will flood the market with repossessed homes and drive down prices even more, thus delaying recovery of the housing market and the broader economy.

Chapman hopes that scenario doesn’t happen, and that the foreclosure crisis will ease.

“We’re nearing the end of the down cycle, but we’ve got a long way to go before we climb out of that hole,” he said. “We just don’t know how deep that hole is and how long it will take to climb back up.”

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Low Priced Foreclosures Incite Bidding Wars

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Orlando Foreclosures the way to Make your Dream a Reality

admin — Sun, 26 Jul 2009 19:41:27 +0000

The economic slowdown has brought a major mortgage crisis in Orlando city too. As a result, a large inventory of Orlando Foreclosures is available and are cheap – almost 10- 50% low in cost as compared to the open market and have the best of locations and properties to choose from. Most of the Orlando Foreclosures are centrally located in the city, where property prices were earlier untouchable.

Orlando is no less than a dream land; more so, for the following reasons –

1.      This hi-tech city, earlier famous for its citrus growing farms is world renowned for the Walt Disney world resorts as well.

2.      Orlando houses over 150 international companies from over 20 different countries. This might interest prospective Orlando Foreclosures investors.

3.      The economy of the city balances on two strong pillars – technology and tourism.

4.      The technology industry, worth $1.3 billion approximately, employing around 53,000 people, is the strength of the economy. It is diversified into various sub categories like – agritechnology, digital media, aerospace and software as well. Thus, giving the Orlando Foreclosures investors a clear picture of the various career opportunities available in the city.

5.      Tourism on the other hand thrives on the world famous attractions offered by the city in the form of – the Walt Disney World Resorts, The Sea World Orlando and The Universal Orlando Resorts.

6.      The country’s 7th largest research park is also located in the city. It caters to the simulation related research demands of the defense forces of the nation. Over 120 companies, employing 8500 people are located within this park.

7.      The Orlando Foreclosures buyers must keep in mind that job and business opportunities are ample in this city as it also has a budding film, television and gaming industry, growing at a fast pace due to the Disney’s Hollywood Studios and the Universal Studios.

8.      There are two non-profit hospitals also in Florida. These are – Florida Hospital and Orlando Health. The Florida Hospital is famous for its brain attack facility world over.

9.      It is the fastest growing retail market of the United States, with shopping malls like –Orlando Fashion Square, Festival Bay Mall and The Florida Mall, as the main attractions.

10. In addition to the various private colleges, the city of Orlando has the famous University of Central Florida. This university has had the largest number of student enrollments in the whole of U.S. Thus, education should not be a worry for the Orlando Foreclosures investor.

When a city holds so much of promise, it is only wise to invest in these great foreclosure opportunities and live your dream.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Florida’s 8K program effective today but not available yet

Read Also: Real Estate Outlook Gives Buyers a Kick Start

Read Also: Renters See Value in Owning Their Own Home

Read Also: Bidding Wars Break Out on Low Priced Homes

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.