GOOD NEWS! …You Can Now Short Sale your Orlando property and stay in your home. HAFA has developed a Short Sale Buy Back Program. Here are the main points:
The Non Profit Organization we work with makes a short sale offer on the home. The offer is for all cash.
The Non Profit will handle all the processing and negotiation of the short sale for the listing agent. This allows the listing agent to go out and find more listings. When the Orlando short sale is approved, the Non Profit buys the property. The former owners then lease the property with option to buy. The Nonprofit Organization will hold the property for up to three years. That should be enough time for the family, with help, to repair their credit so that they can qualify for a new mortgage. You can buy back the house at any point in those three years. Any and all appreciation is the property of the owner The HAFA Short Sale Buy Back Program is sponsored through a non-profit 5013-c in conjunction with Stabilization Home Affordability Revitalization Program.
For more information on the “Keep Your Home Short Sale” contact us for a free consultation
Friday, February 24, 2012
Tuesday, February 21, 2012
Homeowners Getting Paid By Lenders to do Short Sales in Orlando
More and more lenders are paying financially strapped homeowners as an incentive to do a short sale on their homes. Short sales are when lenders allow borrowers to sell homes for less than their unpaid mortgages. They are in most cases the best alternative to foreclosure. Short sales have been increasing for months, but the financial incentives are becoming more common.
Chase Bank went national with short-sale incentive offers last year, paying up to $35,000 in some cases. Bank of America is testing incentives from $5,000 to $25,000 here in Florida to see if they should be expanded to more states. Wells Fargo's incentive offers range from less than $3,000 to $20,000.
The truth is that Orlando Short sales, even with incentive payments to borrowers, can save lenders a lot of money compared with the expenses involved in completing foreclosures. Here in Florida where foreclosures go through the courts, 50% of loans in foreclosure are more than two years past due, according to research done from my past clients.
It's a heck of a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure. Banks are more willing to do short sales now than in the past. Cash incentives appear to be increasing over time. When a loan modification isn't possible, a short sale is usually a better and faster solution. Although lenders won't say how often they extend such incentives. Even if you have two sellers with similar situations, one might get it and another may not, It all seems to be very random. Typically, short sale incentives are more common for loans in states like Florida where foreclosures take more time.
Chase Bank went national with short-sale incentive offers last year, paying up to $35,000 in some cases. Bank of America is testing incentives from $5,000 to $25,000 here in Florida to see if they should be expanded to more states. Wells Fargo's incentive offers range from less than $3,000 to $20,000.
The truth is that Orlando Short sales, even with incentive payments to borrowers, can save lenders a lot of money compared with the expenses involved in completing foreclosures. Here in Florida where foreclosures go through the courts, 50% of loans in foreclosure are more than two years past due, according to research done from my past clients.
It's a heck of a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure. Banks are more willing to do short sales now than in the past. Cash incentives appear to be increasing over time. When a loan modification isn't possible, a short sale is usually a better and faster solution. Although lenders won't say how often they extend such incentives. Even if you have two sellers with similar situations, one might get it and another may not, It all seems to be very random. Typically, short sale incentives are more common for loans in states like Florida where foreclosures take more time.
Saturday, February 11, 2012
Orlando Renters are Heating up the Local Market
As 2012 begins to kick into full gear, the real estate market is already heating up especially If you’re talking about rentals. Renting has become the fastest-growing component of the overall Orlando real estate market over the last year, simply because fewer people are buying homes than they otherwise would in a good year. Falling home prices, incredibly-tight lending standards, and stubborn unemployment rates have all contributed to forcing the would-be buyers to the other side – renting.
This doesn’t mean that renting is inherently “bad”, for many people, renting is the cheaper and wiser option. Especially if you’re renting a house for less than what your neighbor’s mortgage payment is for the same size house. But for those who want to build up equity in a home, break free of a landlord once and for all, and purchase a home at severely-discounted prices, renting just will not do. Fortunately (or unfortunately), renting will have a big impact on buying and selling of Florida homes in 2012, perhaps even more so than in 2011.
The fact is that the rental market across Central Florida as well as the rest of the nation will continue to improve as it did throughout 2011. In many metropolitan areas in particular, vacancy rates have plummeted and rental prices have risen sharply. This trend may taper off a tad, but more or less will continue throughout the year – meaning people will be paying more money to rent the same apartment in 2012 as they would have in 2011. If you’re looking for a great deal on renting or buying a house in Central Florida contact me.
This doesn’t mean that renting is inherently “bad”, for many people, renting is the cheaper and wiser option. Especially if you’re renting a house for less than what your neighbor’s mortgage payment is for the same size house. But for those who want to build up equity in a home, break free of a landlord once and for all, and purchase a home at severely-discounted prices, renting just will not do. Fortunately (or unfortunately), renting will have a big impact on buying and selling of Florida homes in 2012, perhaps even more so than in 2011.
The fact is that the rental market across Central Florida as well as the rest of the nation will continue to improve as it did throughout 2011. In many metropolitan areas in particular, vacancy rates have plummeted and rental prices have risen sharply. This trend may taper off a tad, but more or less will continue throughout the year – meaning people will be paying more money to rent the same apartment in 2012 as they would have in 2011. If you’re looking for a great deal on renting or buying a house in Central Florida contact me.
Saturday, February 4, 2012
It's Bound to be a Busy Year for Orlando Short Sale Agents
I’m certain that we will see a steady flow of REO’s and Orlando foreclosures come on the market which is great news for buyers. Orlando short sales will definitely continue to be a popular way for sellers to get their home sold when they owe more than their house is worth. This presents good opportunities for buyers to get pre-foreclosure homes before they go offline to linger in bankers’ files for months during the foreclosure process.
The combination of Disney World and warm weather year round is a huge magnet for world tourism which brings a certain amount of price stability that other markets just don’t have. Also, with new home construction basically at a “dead hault”, the existing Orlando area housing market is going to be very strong throughout 2012.
This means great opportunities for Orlando Investors. This also means more work for Orlando Short Sale Agents and pretty much anyone else who is an Orlando real estate professional.
The combination of Disney World and warm weather year round is a huge magnet for world tourism which brings a certain amount of price stability that other markets just don’t have. Also, with new home construction basically at a “dead hault”, the existing Orlando area housing market is going to be very strong throughout 2012.
This means great opportunities for Orlando Investors. This also means more work for Orlando Short Sale Agents and pretty much anyone else who is an Orlando real estate professional.
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