Plunk Down $50,000 for an Orlando Condo

Plunk down $50,000 for an Orlando Condo are the cheapest in the State of Florida, and 40% lower than national pricing for a condo.  These condos can only be purchased with cash, as lender will not finances these condos and many investors are buying them up.  Search for Orlando Condos to buy. 

But will prices stay the same?  Some believe Orlando home prices could further drop if all the stalled foreclosures re-enter the market at once. 

If you are in the market for an Orlando Property, please contact a buyers agent to represent you in your home purchase.

"Fauxclosures" Hitting Florida Real Estate Market

Fauxclosures hitting Florida real estate market.   It seems that bank foreclosures has been a fore front in the media lately, and now a new phenomenon hitting the real estate market. With many buyers and investors gravitating to these bargain foreclosures, some real estate agents and sellers have been marketing properties as foreclosures, but they were actually just property flips, and should not be labeled as foreclosures.  One Naples couple thought they purchased a foreclosure for $464,100 in September, but found out they purchased from an investment group who bought in May for $231,000.  Realtors job is to provide full disclosure and market the property accurately.

Orlando Real Estate Statistics for September

Orlando Realtor Association has published its monthly September real estate statistics for Orlando Real Estate.  Inventory of homes slightly up from September of 2009, but with many foreclosures frozen, I suspect these inventory numbers to go down when October statistics is published.  The median price a home has increased from August $99,900 to September $105,000.  Distressed properties such as bank foreclosures and short sales continue to dominant the sales market.  September distressed sales consisted 71.38% while the rest where normal sales at 20.62%.   New contracts and pending closings slightly down.  Mortgage rates remain very, very low.

• Average mortgage:  4.46%
• Inventory: 16,359
• New listings: 3,984
• New contracts: 3,654
• Under contract:  8,713
• Back on Market:  1,169
• Withdrawn:  1,301
• Sales Closed:  2,226
• Average Days on Market:  88

Read about the entire article about Orlando Real Estate for September 2010.

Builders Selected for Disney's Golden Oak Luxury Vacation Homes

Builders selected to built Disney Golden Oak Luxury Vacation Homes in a previous post Disney Luxury Vacation Homes.   Cahill, Goehring & Morgan Construction, and Issa Homes have been selected to build the Village Style properties.  Derrick Builders, Jones-Clayton Construction, J. Richard Watson Construction Co. and Ray Coudriet Builder Inc. will be building the estates and grand estates.  Its exciting to see such a project launched, during economic times were development has slowed.  Sales are expected to start early 2011.

Bank Servicing Companies Stopping Foreclosures

My first time home buyers, were excited they were at the end of the transaction purchasing a bank foreclosure and making preparations to close the end of this week, until the we received notice, that banks servicing company has stopped this transcation from closing until further notice. 

Bank of America, JP Morgan-Chase, and Ally Financial, have halted all their foreclosure transactions, until a thorough review of all the foreclosure documents have been done and its determine the title to the properties have been done correctly and legally. 

This means that properties in the middle of foreclosure process has been stopped, properties already available for sale have been stopped, and properties waiting for close has been stopped.

Even Old Republic the nations top title insurance company has refused to issue title policies on Ally Gmacs pending transactions.  

This is causing a lower amount of foreclosures to hit the market, and pending transactions waiting to close stop.  If you are considering purchasing a bank foreclosure, your agents maybe able to find out the servicing company (they change frequently on properties) to see if the property your are interested in is effected.

Orlando Ranks the Lowest in Credit Scores

As everyone knows credit scores are very important in our business culture with the ability to get loans, insurance, credit, utitlities and so on.  But it was intereesting to read Orlando was ranked 4th worst city for lowest credit scores, very shocking really for me a local resident and buyers agent.  See Credit Rankings below.

Worst 4 Cities with scores 501-601
1) Memphis, Tennessee 27%
2) Las Vegas, Nevada 26%
3) Riverside-San Bernadino, California 25%
4) Orlando, Florida 23%

Best 4 Cities with scores 901
1) Minneapolis, Minnesota 24%
2) San Jose, California 24%
3) San Francisco, California 22.9%
4) Seattle, Washington 22%

Orlando Mortgage Rates Unbeliveable Low

Buyers if you are thinking about buying your piece of Orlando real estate, get off the fence, these mortgage rates are at an all time low.  This means you can buy more of home now, than if you wait.  Talk to a mortgage broker, chances are, buying is cheaper than renting.  Mortgage rates for 30 year loan is 4.32% and 3.75% for a 15 year loan.  To get started on home buying, speak to an experienced mortgage broker, contact Eric Intihar at Eric@SpecialtyMortgage.com