Google Maps, A Great Tool for Finding Orlando Properties

       If you’re looking to buy a new home or investment property in Orlando, the first thing you should do is consult with an experienced Orlando Real Estate Professional. In addition to hiring a top Orlando realtor you can be doing some research on your own by using Google Maps. It has never been easier to obtain information about a property, like surrounding businesses, schools, etc. Google maps  becomes especially handy when you’re looking at properties outside of your area especially with the high cost of gas right now.

      The number one reason to utilize Google Maps when looking for a new home outside of your area is that it is free. All you have to do is log onto Google Maps and type in the address for the property you are considering purchasing. Instantly you will see a map view of where your home is located, complete with street names and some of the surrounding businesses.

      The great thing about the newest version of the maps offered by Google Maps is that you can often determine everything from the nearest grocery store to nearby schools. You can then click “directions” to quickly find the directions from the home you are considering and other areas of interest such as work, school, and shopping. How cool is that?

    Satellite View Feature

     Along with the map view of Google Maps, you can also click “satellite” on the upper right hand corner of the screen in order to see an actual satellite view of the area. Zoom in to see details such as the neighborhood layout. Plus, some addresses will even enable you to take a street view of the property providing you with a better idea of what your home looks like from the road.

      While utilizing the satellite feature, you can also determine the general neighborhood condition, including the upkeep of nearby homes. However, when opting for the satellite version of the map it is important to remember that it does not stream live so sometimes the maps are often rather old. All in all, Google Maps is a great asset when looking for a new home.

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.

The difference between a Short Sale Agent and a Short Sale Expert

 When it comes to doing an  Orlando short sale, many things come into play. One of the most important aspects of this particular home selling process is the agent that you choose. Your agent will be doing all of the negotiations for you with your bank as well as with the potential buyer; therefore, you have to trust your short sale agent.  In order to trust your agent, you should know important things about them before turning the steering wheel over to them when it comes to selling your home.  When picking an agent, it’s absolutely crucial that you do your research on that person.
             The first thing you should do is research the agent’s background and area of Expertise. The best way to research the company is to utilize online search engines. Simply type in the company or the agent’s name followed by “reviews.” Within seconds you should be able to find numerous reviews from previous clients that will help you to determine the reputation of the company in which your agent is associated.  Also, as with anyone that you hire, you should take into consideration the agent’s real estate experiences. You can also ask the agent to provide you with references, which you can call to obtain detailed information from previous Short Sale clients. References can provide you with the best information about what to expect if you need to do a short sale on your house.
            The problems occur when a homeowner hires an agent to do their short sale but the agent has never done one before.  Short sales are not easy and not all realtors have the skills, work ethic or experience required to be an expert short sale agent.  When homeowners make the mistake of not hiring the right agent for the job, the result can be disastrous resulting in your home getting foreclosed on.  If you’re in the market for a real estate agent that specializes in doing short sales do your research and find out everything that you can about the agent before making your decision.  You’ll be glad you did.

A Wrench gets thrown Into Florida’s Foreclosure Process

      In a very interesting case here in Florida, the 4th District Court of Appeals ruled that a foreclosure affidavit from a bank employee testifying to the validity and existence of original loan documentation on several Wellington, Florida foreclosures was hearsay because the employee had no first-hand knowledge of the documentation itself.

      In other words, when challenged to prove the existence of paperwork showing that the bank owned the loan and could initiate foreclosure, the bank instead got an employee to swear that he or she saw “computerized information” showing the documentation – without having any knowledge of the document, the original contract, or anything else related to the case.  Can you believe it?!

     This is pretty much the same thing as robo-signing, so it’s no wonder why the Court of Appeals decided to rule in this manner. To say that it has disrupted residential foreclosures in the state is an understatement, though, so it will be highly interesting to see what now comes out of a Florida we are already ridiculously behind on foreclosure processing.  I can’t wait to see what happens next.