Cities Get First Crack at Bank Foreclosures

In an effort to improve cities and communities that have been hardest hit with foreclosures that is part of HUD Housing Stabilization Program. Bank of America will give cities first shot at purchasing their bank foreclosures before the go into the multiple listing service. These will be no haggle bottom line pricing.

Maximize Marketing of Your Short Rental

There are many owners that own a short term rental property in the Disney area, which are rented to people on vacation or holiday. When an owner selects a property management company they forget to find out if the property manager will market the property. If your rental is not marketed well it could result in low number of bookings.

Here's what we have found out. Almost all property management companies have websites where you can view their inventory of homes, but not all of the pay to make the websites visible on yahoo or google for instance. So if you cannot find the website through online search, then could have a negative impact on bookings. Also some companies have mulitple websites.
Many do, but not all have relationships with tour operators. This is important because this can create volume of bookings.

To optimize marketing of your short term rental:

• Make sure you can find your property online.


• Select a Property Management Company that contracts with Tour Operators.


• Create your own website, and use Paypal services to collect your income, even in different currencies. Here is a web company that designs for short term rentals, one of our clients uses.


• Market your own website for free with Save Property Managment, who also does property managements services, if needed.


• Pay to have your rental property on other website such as, http://www.holidaylettings.co.uk/ , http://www.holiday-rentals.co.uk/, http://www.vbro.com/

Are homebuyers really pulling the strings?

Depends on what price range you are thinking about…. If it is $300,000 and up, than yes, the buyer probably still has the upper hand.

If it is $300,000 and less, then the seller has the prize possession that the buyers all want. The majority of homes in this price range are short sales and if there is a property for sale that the buyer can actually own next month (not a short sale that buyers have to wait for, and wait for and wait for…) then the house is the king and almost guaranteed to get multiple offers.

Bank owned properties are getting the lion’s share of multiple offers and dozens of offers coming in (within days) is not unusual. Offers of 25% over list price are further fueling the bidding wars.

Bottom line is this…if you find a property that is still available and has most of what you want, do not think about it…make an offer today, because tomorrow it may be gone.

If you want to know the “real” story about foreclosure and short sales, send us an e-mail at info@Orlando-BuyersAgent.com and we will e-mail you our latest version.

Another Blow to the Real Estate Market

Now a new challenge has emerged to slow down real estate again, this new law appraisal law for Fannie Mae and Freddie Mac backed properties. This law no longer allows a lender or mortgage broker to order an appraisal from the company of there choice. They have to go through Appraisal Management Companies with no choice in the appraisal company. Many problems have occurred higher appraisal fees to consumer because of middle man fees. Lower fees to appraisers which means the quality of the appraisal is suffering and appraisers going out of business. Appraisers not familiar with areas of the property and values are off. Delays in the transaction if another appraisal is order, and additional expense to buyer. Not to mention if there are delays on the buyers side in foreclosed property the buyer is charged from $100-300 for each day delayed from closing. Here is a very detailed article from Orlando Sentinel and here is a video worth watching.

3.5% Down Gets You into New Downtown Orlando Condo

Newly constructed condos have to meet certain financing requirements set forth in Fannie Mae guidelines to get you into a newly constructed condo with a minimum 20%, but at 101 Eola Condo you can buy as little as 3.5% down through FHA Financing. These are the only newly constructed condos in Central Florida approved for FHA Financing, according to recent article in the Orlando Sentinel.

This is what I like about 101 Eola Condos, that sets it apart from other downtown condos. First off the interior finishes are lovely with all the upgrades included nice cabinetry, hard wood, tile floors, granite, large balconies, floor to ceiling windows. When you walk in these units, you know no short cuts have taken to complete these interiors. This building has a boutique feel with 12 floors, with neighborhood views, you do not feel that you are in a tall office building like other downtown condo buildings, has nice pool area and well equipped gym. A neighborhood Mexican Cantina opening up the first floor. It is in a great location, with quick walking distance to Lake Eola, Publix, and Thorton Park. Their floor plans are very unique, especially the 2/2 corner units have wall of windows from both bedrooms, family room, dining room, so you have outside views from every angle. These corner units are something to see.

If you are looking for smaller scale condos, newly built, with quaint atmosphere, well appointed interiors, a neighborhood feel, all the amenities, with walking distance to everything, this is the place for you.

Please click here to see available units 101 Eola Units for Sale. For more information on these condos, or other downtown condos, please contact us at Info@Orlando-BuyersAgent.com

Down Payment Assistance Funds Decreased for SHIP

State Housing Initiative Partnership Program (SHIP) is a downpayment assistance program that provide buyers money toward their home purchase. Orange County was suppose to be paid $6 million from the State of Florida, but the State used it to balance the budget. Therefore, in order to keep the program going for the next fiscal year, the program benefits have changed effective on June 23, 2009:

Very Low Income $25,000
Low Income $17,500
Moderate Income $5,000

Orlando Condo Sales up 206%

Orlando Condos sales sky rocketed in May with an increase 206% which was the biggest gain in the state. Many condos priced are 50-75% discounted from 2-3 years ago. There are condos in all prices ranges in all areas. There are condos as little as $50K for 2 bedroom in good metro Orlando areas, but they do not come without strings attached.

Condo prices have dropped for a few reasons, supply of condos is plentiful with all the condo conversions, sales pace of condos slower than single family homes, change in mortgage underwriting, and new fannie mae guidelines for condos. Financing condos are difficult, not only does lender approve the borrower, but they approve the condo community. This is an additional review, not done with single family or townhomes communities.

Because of all the foreclosures occurring home owners have stopped paying on their condo fees. This has caused lack of funds for HOA to keep the communities maintained and HOA fees could go up. If there are too many deliquencies, too many renters, then a lender will not finance a borrower. If a borrower cannot get financing in a community, then prices plummet and purchasers have to pay cash in these condo communities.

So even if you find a community that is "financible", and find a cheapie condo in good condition, chances are it is bank owned with tons of offers. You will have to bid over asking price to get it, and if you are not cash buyer your offer probably will not get selected.

Many condo communities with pricing under $100k will be cash communities, or banks looking for only cash offer, especially if pricing under $50K or if multiple offers have been submitted.

Despite the draw backs in some of the HOA communities, many cash investors are crossing their fingers to make a return on their investment in the future. Many condo communities are in good locations making them marketable for renters, but investor need to know that rents are below normal rental value because of high volume of supply and this is expected through 2009.

Because of the cash investors buying all these cheapie condos, it is not surprising that condo sales have doubled in May. Please contact Buyers Broker of Florida for more information if you are in the market to purchase a condo.

USDA Financing in Central Florida

A buyer recently asked what areas of Central Florida would qualify for USDA Financing? So I asked a mortgage broker, Julie Brosseau. USDA Financing is available in "rural areas", so most areas in Metro Orlando will not qualify. Only select areas in Seminole County would be Chulota, parts of Geneva. In Orange County would be northern Apopka. For information, email Julie.

NAEBA Pushing for Disclosure

The National Association of Exclusive Buyers Agents is urging Congress to include real estate agency disclosure language in mortgage reform legislation, including the Anti-Predatory Lending Act currently under consideration.

"Too many consumers have no idea that when they contact an agent listing a home, that agent must do everything possible to achieve the best outcome for the seller," organization President John Sullivan says. "As a result, these consumers have no one involved from the beginning of the transaction who can advise them on negotiating techniques, price points or the acquisition of an appropriate loan."

While the states have attempted to better inform consumers through state disclosure laws, inconsistencies in these measures, as well as lack of compliance and enforcement, means home buyers are still confused, the organization said in a white paper.

Buyers Broker of Florida is 100% buyer agency office that always represents the best intests of the buyer. If you are in the market to purchase a home in Central Florida, check out their website at Orlando-BuyersAgent.com.

First Time Home Buyer Credit Revisited

A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it. A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:

• Setting a new cap of $15,000.
• Extending the tax break into mid-2010.
• Making the benefit available to all home buyers, not just first-timers.
• Offering a separate tax credit to $3,000 for borrowers who refinance.

Home prices in Orlando have never been better. For all the first time home buyers, should take advantage of the free $8000 the government is giving, while interest rates reamain at historical lows. To start your house hunting, contact Buyers Broker of Florida.

Are "Give-Away" Prices for Real?

Depends on what “give-away” price range you are talking about. If it is $150K and up than the bargains are real…As you approach properties under $150K, there are more challenges in condition, ability to purchase through financing, and multiple offers on the nicer properties.

Especially, if you are dreaming about properties, under $50,000 than “Buyer Beware” is meant for you. Disneyland, is fantasy, not reality. Most of these properties will be condos.

Think about it.

If 2 years ago the condo’s were selling for in the $200’s and now they are giving them away for $25,000, ask your self WHY? Answer is: Because no one wants to buy them. Banks will not finance them because there are too many renters, too many foreclosures causing values to decrease. Other challenges are owners have stopped paying their maintenance fees so the association is broke, condition of community not maintained, the place is deserted and the vandals have just trashed the inside and stolen the A/C unit.

Just because something is cheap does not make it a bargain. So, stop looking at the old pictures on the internet…If you want the straight story on a community, best places to buy for your money, call me.

Eve Alexander, Broker

Million Dollar Home Raffle for Just $10

Pool home on 100 ft of intercoastal waterways with 6 Bedroom, located in Fort Lauderdale, is being raffled off for $10 each For more information on this $3 million dollar property, please click here.

24 Offers...Ouch!

That is a lot of offers even for a “priced to sell” deal for $12,500…but that is not what I am talking about.

This single family home was not the bargain of a lifetime….it was nicely priced at $236,000 in East Orlando….and my buyer offered a whopping $280,000 and STILL did not get the property.

Yes, I am serious. Buyers are out there buying and the competition is tough…fierce in fact. This was my clients 3rd offer on a property that went to someone else…

Last month I had a buyer who made 4 cash offers above full price and still was not the winning bidder. He almost got one, but the deal went to another buyer who waived all contingencies; they did not even want to do inspections…not a smart thing in my opinion…what if the house was built with the Chinese drywall and now your house will continually smell like rotten eggs…yuk!

Keep the inspection clause in the contract and expect to make offers on more than one property.

Lake Nona Progress

Lake Nona area located in Orlando, Florida just 10 minutes from the Orlando International Airport is gearing up to become the new "Medical City". This area will have a great positive impact to area bring educational opportunity, the need for lots of housing, and many jobs.

Here is the latest schedule and progress for the area:

• UCF College of Medicine, completed and classes begin Fall 2009
• Burnham Institute for Medical Research completed and opening this year
• Orlando VA Medical center, just breaking ground
• Nemours Childrens Hospital,just breaking ground
• Science & Technology Park, in planning stages
• Lake Nona Highschool, classes begin August 2009
• Village Walk, growing everyday
• Water Edges, still welcoming new residents
• Lake Nona Village progressing soon to be welcoming new business
• YMCA, completed & up and running
• Trails, 10 miles complete and 34 more in progress
• Neighborhood Parks, in progress

For more information on Lake Nona Real Estate, please contact Buyers Broker of Florida

Mortgage Rates Increase, But Not Stopping Buyers

Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008. Other rates also climbed:

• Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;
• 5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;
• 5.04 percent from 4.81 percent for one-year ARMs.

Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.

May Orlando Real Estate Statistics

Members of the Orlando Regional REALTOR® Association in May sold nearly 38 percent more homes than in May of last year, contributing to the area’s year-to-date sales increase of 44 percent. Read More.

• Average Mortgage Rate: 4.9%
• Inventory of Homes: 19,123
• New Listings: 3,754
• New Contracts: 3,455
• Under Contract: 6,603
• Expired: 958
• Withdrawn: 1,300
• Sales Closed: 1,854
• Average Days on Market: 104

For historical months,please click here.