central florida: Why Buyers Should Ask for Proof of Short Sale Offer Submission - 06/01/11 09:40 PM
Chances are, if you are a buyer and are interested in purchasing a home in Central Florida, you will likely encounter more short sales than traditional or foreclosure listings in your search. When considering writing an offer on a listing that is a short sale, make sure that your buyer’s agent knows (and is able to explain) the details of the Contract for Sale and Purchase and the required Short Sale Approval Contingency addendum.If your buyer’s agent is knowledgeable about the short sale process, they can also put a few additional safety measures in place to make sure that if your … (4 comments)
central florida: FAST TRACK| Pre-approved short sales benefit Buyers in Central Florida - 03/17/11 08:33 AM
Earlier this month, Wachovia/Wells Fargo bank released a program in Central Florida called “Fast Track.” The “Fast Track” program was designed for mortgage holders with loans from Wachoiva, Wells Fargo and World Savings Bank in order to streamline the short sale process.
“Fast Track” homes are those that have a pre-approved price, which means that Buyers won’t have to wait weeks or months to see if their offer meets the needs of the lender as the lender will have already conducted a Broker Price Opinion (BPO) or an appraisal, if necessary.
Even though it seems as though all lenders … (3 comments)
The “Fast Track” program offers many advantages as compared to a normal short sale or foreclosure, as follows: No income, employment or other financial documentation is required. You don’t have to be late on your mortgage payments. No hardship letter is required. You don’t have to apply for a loan modification. Once an offer to purchase is received, the approval process is guaranteed to be 10 days or less. There will be no deficiency judgement or promissory note required … (2 comments)
central florida: Tenants might pay their rent, but they could be sabotaging your ability to sell at the same time! - 02/01/10 10:03 PM
This past week, I've shown more than 50 Central Florida properties to a multitude of Buyers. While most of the Buyers I am working with are first-time purchasers, they are savvy, educated and well prepared. Thankfully, most of the properties I showed this past week were either vacant or owner-occupied and were easy to show...however, there were several that were "tenant occupied" and nearly impossible to show. Now that the week is over and each of the Buyers have elected not to pursue any of the "tenant occupied" properties, I wanted to share the reasons why with Sellers and their Real … (7 comments)
central florida: Finding a Central Florida home that doesn’t require your dog to go on a diet! - 01/27/10 05:55 AM
Some Central Florida communities require that property owners be a member of the Home Owner's Association in order to live there. Communities that have this requirement typically have recorded documents called "Codes, Covenants & Restrictions" that state what "rules" property owners must follow. One of the sections in these CC&R's that pet owners who are considering the purchase of a home within a particular community should pay special attention to is the "Pet" portion of the documents. Within this section, many communities specify the number of pets, type of pets and size of pets that are allowed. While some communities may … (4 comments)
central florida: How to find "pet friendly" communities in Central Florida - 01/26/10 08:54 AM
Today is an exciting day for pet owners in Central Florida! As of today, the Mid Florida Regional MLS (which is the data base where all homes in Central Florida are listed for sale), will add a new searchable field for "pets" if that listing is within a community that has a required or optional Condo or Home Owners Association. So, if you are like me and your dog or cat is like a member of the family and you would never give them up if the home you were considering buying had restrictions preventing pets, then this new searchable field is … (2 comments)
central florida: The Benefit of Back-Up Contracts for Central Florida Buyers - 01/24/10 09:21 PM
In Central Florida, only about one third of the properties that are "under contract" in any given month are actually closing. While there are many reasons for this imbalance, the Buyer's inability to obtain financing tends to rank at the top of the list. For this single reason, it may be worthwhile for Buyers to strongly consider writing a "back-up" contract on a property that they may have missed out on because the Seller accepted another offer. In Florida, there is a "Comprehensive Rider to the FAR/BAR Contract for Sale and Purchase," which states: "This back-up contract is subject to the termination of a prior executed contract … (3 comments)
central florida: The Value of Personal Property in a Real Estate Transaction with a FHA Loan - 08/31/09 04:06 PM
Over the course of the last several months, I have represented several Buyers who have purchased a home using a FHA mortgage. While one would think that all FHA loans have the same underwriting guidelines, when it comes to the value of personal property in a real estate transaction, this theory has proven to be incorrect. In three of the five transactions, the "end buyer" for the loan requested a specific addendum to the Sale and Purchase Contract that stated that the personal property being conveyed with the home had no value and was being left out of convenience to the Seller. In two of the transactions, I understood the reason why...the first … (5 comments)
central florida: Central Florida REO/Foreclosure Buyers: Didn't You Know, Deadlines Don't Matter? - 08/31/09 11:58 AM
OK, so maybe my headline isn't entirely true...deadlines DO matter...but only if you are the Buyer of a foreclosed/REO home. At least it seems that way. For some reason, it's becoming more common place for many of the Sellers (banks) of foreclosed homes in Central Florida to not respond to offers within the deadline given. I've been told by many listing agents that their Seller may respond to written offers on the same day they are presented...or, they may wait for days (or weeks) to respond...regardless of the date that the Buyer puts in their offer as the time period required … (3 comments)
central florida: Bankruptcy: Option 9 for Central Florida Sellers who are facing foreclosure - 08/17/09 06:35 PM
There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals. It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing. To get caught up, you may want to read: 9 Option Summary here Option 1: reinstatement of your loan here Option 2: Forbearance or Re-Payment Plan here Option 3: Sell the Property here Option 4: Rent the Property … (2 comments)
central florida: Deed-in-Lieu of Foreclosure: Option 8 for Central Florida Sellers who are facing foreclosure - 08/10/09 04:52 PM
There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals. It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing. To get caught up, you may want to read the 9 Option Summary here. Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here, Option 3: Sell the Property here and Option 4: Rent the … (1 comments)
central florida: Refinance, Modification or Short-Refi?: There ARE Options for Central Florida Sellers facing foreclosure - 08/08/09 04:41 PM
There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals. It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing. To get caught up, you may want to read the 9 Option Summary here. Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here, Option 3: Sell the Property here and Option 4: Rent the … (2 comments)
central florida: Reinstatement of the Loan: Option 1 for Central Florida Sellers facing foreclosure - 07/28/09 08:58 AM
There are many options for Central Florida sellers who are in foreclosure. As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure. To find out about the 9 options for Sellers, you can read my blog post here. Today, I'd like to review Option 1, which is reinstatement of your loan. Reinstatement of your loan is often an option if the reason for the missed payments was temporary, such as an illness or temporary job … (2 comments)
central florida: Sellers Facing Foreclosure Have Options...9 options for Central Florida Sellers - 07/27/09 10:52 PM
There are many options for Central Florida sellers who are in foreclosure. As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure. Below are 9 options that are available to Sellers: Reinstatement: Forbearance or Re-payment Sell the property Rent the property Refinance the property Mortgage modification Short-refi Deed-in-lieu of foreclosure Bankruptcy (if all else fails!) If you own a home in Central Florida and are unable to pay your mortgage and are thinking that foreclosure … (0 comments)
central florida: While Inventory May Be Plentiful, Buyers Need to Have Realistic Expectations - 05/26/09 02:40 PM
Having realistic expectations when purchasing a home is so important in today's market. Over the course of the last year or more, every media outlet across the globe has reported the collapse of the real estate market. And now, they suggest that there are hundreds of thousands of homes that Buyers can purchase that are in pristine condition, in desirable neighborhoods, with every upgrade possible, for a price that is not only attainable...but negotiable...and, that those homes can be purchased and closed on within a reasonable time period. As much as I wish that to be true, in Central Florida, that's just not the case. As … (4 comments)
central florida: Buying a Government Owned Home in Central Florida? If So, Be Prepared to Pay - 04/24/09 09:56 PM
If you are considering buying a home in Central Florida that is owned by a government entity such as Fannie Mae or Freddie Mac, you need to be prepared to pay the documentary stamps on the deed as part of your closing costs at the time of settlement. In a traditional sale, the FAR/BAR contract (both the FAR/BAR8 and the FAR/BAR AS-IS contract) specify that the Seller pay the documentary stamps on the deed unless otherwise noted in an Addendum and agreed upon by both parties. With that being said, because Fannie Mae and Freddie Mac (otherwise known as the Seller) are not permitted by law to … (5 comments)
central florida: When buying a bank-owned foreclosure (REO) in Central Florida, those who have the gold make the rules! - 04/11/09 07:49 PM
Over the last year or more, there has been a shift in the real estate market, with the number of homes that are short sales and bank-owned foreclosures growing by the day. As a matter of fact, in reviewing the number of active homes for sale in Central Florida, I estimate that more than 40% of the inventory that is available for sale is either a foreclosure or a short sale. With that being said, one of the most notable attractions to foreclosures for Buyers has been the fact that they are often listed at prices that are 20%-40% less than other comparable active … (10 comments)
Sears Commercial sells pretty much anything you would need to outfit a kitchen...and at prices less than retail! Because this event is "By Invitation Only" you'll need to call Shirley Perrotta at 407-767-6249 to make sure she has you on the guest list. As a full-time professional REALTOR in Central Florida, I'd like to help you not only find the right home for your needs and budget, but also make sure that you have … (2 comments)
central florida: If it Walks Like a Duck and Quacks Like a Duck, it's Probably... - 03/19/09 11:54 AM
a Duck. With that being said, I am personally challenged by the fact that listing agents do not truthfully market the condition of the property in the Multiple Listing Services (MLS). Don't get me wrong, I'm not asking agents to "hurt" their sellers by revealing less than desireable qualities about a property (like the need for paint or flooring), but I do think that if the ceiling has fallen in, all appliances and light fixtures have been removed, the pool is swampy and/or the property has mold growing on the baseboards and walls, that the listing agent should disclose such when marketing the … (90 comments)
central florida: Stats Every Central Floridian Needs to Know About What's Selling & Why - 03/16/09 11:50 PM
The Orlando Regional Realtor Association produces a trade publication for it's members that is often filled with statistics related to the local real estate market. Here are a few that every Central Floridian needs to know about Lake County, Orange County, Osceola County and Seminole County: Year over Year Decline of Median Sales Price by County~ (January 2008-January 2009) Osceola County experienced a decline of 35.99% Orange County experienced a decline of 34.70% Seminole County experienced a decline of 28.88% Lake County experienced a decline of 25.93% First Time Home Buyers In 2005, only 33% of the purchases were made by first time … (5 comments)
Selling or purchasing a home can be exciting and scary at the same time! The goal of my blog is to educate Central Florida Buyers & Sellers about the Good, the Bad & the Ugly things that can happen in a real estate transaction! As an advocate for consumers in Orange, Seminole and Volusia County, I especially enjoy working with first-time home buyers, relocation buyers, sellers of distressed property and luxury home sellers. Native to Central Florida, I'd welcome the opportunity to be your advocate too!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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