Investment and Vacation Real Estate - Orlando, Florida

Because buying Orlando vacation real estate is one of the most important and expensive purchases you’ll ever make, it's worth the time to consider ways you can save money. Here are a few ideas on how to save money on your mortgage and closing costs:

Pay Attention

You have to pay attention to how much the Orlando vacation real estate costs. You have to pay attention to how much the house is worth and how much more you may have to put in the kitty for any repairs that may need to be done. Use these details to negotiate.

Negotiate with the Seller

Negotiating with the seller is expected. You already know you can negotiate on the price of the home, but did you know you can also negotiate who pays the closing costs? In this buyer's market, it has become common to ask the seller to pay some or all of the closing costs when you purchase a home. Be careful with your negotiations. Many sellers will up the price of the home, if you ask for them to pay closing costs.

Negotiate with your Lender

Negotiating with your lender has become the new norm. In fact, depending on the lender’s Good Faith Estimate and your credit standing, negotiating for a better deal on your mortgage could save you thousands in the long run.

Examine the Good Faith Estimate

A Good Faith Estimate is the estimated settlement costs, or closing costs, your lender will expect you to pay. These can add up to as little as 3% and as much as 5% of the sales price. However, as the name implies, it is only an estimate, and prices are subject to change.

Carefully read your Good Faith Estimate. While some closing costs are usual, such as title insurance, others can be dropped by opting out of a service. Still others are “junk fees,” which you can negotiate for.

When buying Orlando vacation real estate, you always want the best deal you can get. The same should be said when picking a mortgage lender. Pay attention to the good faith estimate. In fact, get one from several lenders and compare them. Don’t let the excitement of buying a home override your good business sense.

Consider Rolling Closing Costs into your Loan

Many new homeowners roll their closing costs into the loan. However, if there’s a way to pay them at closing, it might be better to do so. Paying them now saves you money because spreading them throughout the life of the loan means shelling out more interest.

If you’re looking for a great deal on an even better home, let us negotiate for you. Call us at 407-876-5771 for more information.

How to Take Great Photos of Your Orlando vacation Home

Pictures are one of the most important parts of your home’s marketing plan. They are usually the first thing potential buyers see and can be a deciding factor in whether or not they actually walk through your home. Here are some photo tips for taking the best possible pictures of your Orlando vacation home:

• Choose the right time of day. Lighting is the single most important factor in taking a good picture. Shoot on a bright, sunny day. Use natural light, when possible, inside your home. If your Orlando vacation home has a beautiful view of the sunrise or sunset, take a photo of the view during that time.
• Prepare your home. Make sure your home is clean and the yard is free of debris. Keep the pets and children out of your photographs. Remember, this is your buyer’s first impression, and they want to see your home.
• Find the right angle. Don’t take flat pictures, like a dead-on photo of the front of your house from the street or a single shot of the bedroom from the doorway. Angles create definition. Get creative. Stand on chairs or ladders for interesting photographs.
• Use a digital camera. Digital cameras are surprisingly affordable. You can take as many pictures as you want, choose the best shots, and easily upload or email them without the time-consuming scanning process.
• Take your time. Don’t rush through the task of photographing your home. Spend time in each room determining its best features. Take several pictures of each room from as many angles as possible. You want the best possible pictures.

Let us help you sell your Orlando vacation home. Call us today at 407-876-5771 and we will take photos that make your home shine.

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Real Estate Investors - It's Time to Get Off the Fence

Florida condominium loans could be easier to get under a program announced Thursday by government-run mortgage company Fannie Mae.

The company has named a team of six employees to review hundreds of condo projects statewide that may not meet Fannie Mae's eligibility criteria for financing because of occupancy problems or high delinquency rates on homeowner association dues.

Developments deemed to be stable after the closer look will receive special designations, meaning lenders could deliver mortgage loans in these projects to Fannie Mae.

Chappy Adams, president of Illustrated Properties in Palm Beach County, said many condo buyers today have to pay cash because they can't get mortgages.

"This is definitely going to increase demand for condominiums," he said.

Fannie Mae already has issued the designations for 50 projects, all in Miami-Dade County.

More are expected in Palm Beach and Broward counties in the coming weeks.

Fannie Mae and associated company Freddie Mac buy about half of the nation's mortgages from lenders and sell them in bulk to investors. Lenders are reluctant to provide financing, particularly in Florida, if they know they won't be able to sell the mortgages to Fannie or Freddie.

The new program is meant to help Florida's distressed condos as Fannie Mae continues to provide liquidity to the broader housing market, Karen Pallotta, an executive vice president, said in a statement.

"The state's condo market has been particularly hard hit by the housing downturn and we're working with the industry and our partners to do all we can to stabilize the market and help spur recovery," she said. complete story

Source: Sun-Sentinel.com - Paul Owens

Recently, I came across a show on the Bravo network. Three high dollar real estate agents push million dollar deals in the City of Angels, Los Angeles, California. I can’t say that it reminds me of when I was a new Orlando real estate agent.

Called Million Dollar Listing, the show is a “docu-series” with three young stars:

 
• Josh Flagg graduated high school in 2004, stepped into high-end residential real estate, made several record sales and became one of Los Angeles’ best agents.
• Madison Hildebrand graduated from Pepperdine University, sold his first home to a celebrity and now sells homes as high as $20 million.
• Chad Rogers got his real estate license at 18, rose through the ranks and is currently working for a prestigious real estate brokerage.

What does all of this have to do with being a Orlando real estate agent? Nothing – and everything. Watching the show, I can’t help but think, “If these young bloods can sell a $20 million dollar house in Beverly Hills, in this economy, we can certainly sell $123,000 homes here.”

Okay, so they’re selling to a lot of celebrities. And, yes, people in Beverly Hills and the surrounding counties are famous for their big wallets. I also have to admit that it might be easier to sell a house with fifty natural selling points (huge pool with pool man, beautiful grounds cared for by landscapers, two-ton chandeliers, stables) than it is to sell an average house that has five selling points.

Having said all that, however, when times get tough remember that we have a beautiful city. We have beautiful homes for sale, nice neighborhoods and great communities. We have a lot of selling points to show off, at more affordable prices.

If you're looking for a beautiful home, even if you're not a celebrity, we can help. Call us now at 407-876-5771

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Walk Away From your Mortgage Calculator

IS IT IN MY ECONOMIC INTEREST TO WALK AWAY?   
You decide.  This calculator is just a tool to help.  Numerous variables are involved but the biggest is probably your assessment of the future of housing pricing.  No one can predict future prices, but the conventional wisdoms says that it is probably not realistic to believe that housing prices will increase by more than 4%-8% per year on average.

WHAT WILL HAPPEN IF I WALK AWAY?
It depends on the particulars of your situation.  In many states, including California, in many circumstances the “bank” has no legal or practical recourse against homeowners who stop paying their mortgages except to take their homes through foreclosure and put derogatory entries in their credit reports. 

LOAN MODIFICATION? 
The more it is in your economic interest to walk away, the more the bank should be willing to make a deal with you to get you to stay and pay.  The banks will try to base modification negotiations on what you can afford as opposed to what you should afford. 

SHORT SALE?  A short sale in Florida offers homeowners a way to avoid foreclosure and help save their credit.  We have a team of licensed Orlando Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sale of all types of property.

Walk Away From your Mortgage Calculator

Source: PayOrGO.com

Stop Foreclosure & Save Your Credit SELL your Home - Short Sale

Massachusetts Real Estate Websites

• Quincy MA Homes for Sale: Quincy Massachusetts Real Estate, Quincy Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy Massachusetts. Search by MBTA and other advanced criteria
• Newton MA Real Estate: Newton Massachusetts Real Estate, Newton Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Newton Massachusetts. Search by MBTA and other advanced criteria
• Worcester MA Real Estate: Worcester Massachusetts Real Estate, Worchester Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Worchester Massachusetts. Search by MBTA and other advanced criteria
• Lowell MA Homes for Sale: Lowell Massachusetts Real Estate, Lowell  Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Lowell  Massachusetts. Search by MBTA and other advanced criteria
• Quincy MA Real Estate: Quincy Massachusetts Real Estate, Quincy  Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy  Massachusetts. Search by MBTA and other advanced criteria

   Mortgage Financing Returns!

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Orlando Vacation Homes  -  Disney area Vacation Homes

Three years of depreciation have left close to half of Tampa Bay homeowners owing more on their mortgages than their homes are worth.

In a September report put out by First American CoreLogic, a real estate information company, 46 percent of residential properties in the Tampa Bay area struggled with negative equity. That's 314,183 out of 684,822 homes.

In Florida, about 2 million of 4.6 million home mortgages were underwater, for a rate of 45 percent.

Source: TampaBay.com - James Thorner

Orlando Foreclosures - Foreclosures Orlando - Orlando Short Sales

ORLANDO, Fla. – Nov. 10, 2009 – Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time the previous year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 3Q 2009 also increased over 2Q 2009’s sales figure in both the existing home and existing condo markets, Florida Realtors records show. For 3Q 2009, statewide sales of existing homes rose 2.82 percent over the 2Q 2009 figure; existing condo sales statewide in 3Q 2009 increased 0.37 percent over the 2Q 2009 level.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.

“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” said Tim Becker, the center’s director.

On the positive side, survey respondents expressed increasing optimism about their own business outlook, and predicted great opportunities for future investment. Becker noted that the euro’s favorable exchange rate against the dollar and the availability of desirable commercial property at low prices is encouraging international investors.

“Everybody thinks that Florida will rebound because we have so much going for us – the sun shines every day and there are a lot of advantages to living here,” he said. “Foreign investors see that too and believe their prospects are good for long-term investments.”

All of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year earlier, while 17 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $145,400 in the third quarter; a year earlier, it was $185,600 for a decrease of 22 percent. The 3Q 2009 statewide existing-home median sales price was 1.25 percent higher than 2Q’s statewide existing-home median sales price of $143,600. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,797 units sold statewide for the quarter compared to 9,488 in 3Q 2008 for a 56 percent increase. The statewide existing-condo median sales price was $106,100 for the three-month period; in 3Q 2008, it was $160,100 for a decrease of 34 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.16 percent in 3Q 2009; one year earlier, it averaged 6.32 percent. 

Source: FloridaRealtors.org

We may like to refer to them as the "beleaguered big builders," but in fact many of the top names in home building are sitting on piles and piles of cash. 

One analyst recently flagged me to the fact that 12 of the public builders they cover (and these are the big ones) have an average of about $1.1 billion each. 

Yes, they're still having trouble selling homes, and they're still not building many homes, but cash is king these days, or so the CEOs keep saying. 

Looking at their futures, through 2013, the analyst says, these same builders together have just $6.5 billion of total debt coming due. "That will leave the builders with a cash balance of over $6 billion at end of 2013, assuming none of that debt is refinanced and the builders do not generate any incremental cash flow."

Where am I going with this? 

You guessed it:  The Net Operating Loss carryback extension, which is being tacked on to the extension of the first time home buyer tax credit.  This would allow them to apply losses in 2008 and 2009 over the last five years and thereby gain even more cash.  complete story

Source: CNBC.com - Diana Olick

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