Real Estate Contracts Going Paperless

Real Estate Contracts Going Paperless is somewhat mind boggling when you think about it because it becomes legally binding when signing with a digital signature, in just a click of a mouse.  First there was faxing, next email, now digital signature is making its mark in the Real Estate world.  Paperless is very good thing for the real estate transaction because its quick and easy to complete, the quality of readbility no longer decreases by multiple faxes, and you save the environment by not using paper.  Despite, its many benefits not everyone allows digital signed contracts, I just ran into a bank foreclosure that wanted physically signatures.  FHA lenders however, will allow digitally electronically signed contracts, at least the government is looking ahead with allow this up and coming technology.  Submitting offers is easy when using Buyers Broker of Florida, all you need is access to an email address to sign in the designated areas.  If you want to have a paperless real estate transaction contact Buyers Broker of Florida.

Short Sales, Not As Popular as Bank Foreclosures.

Short Sales, Not As Popular as Bank Foreclosures.
Short sale make up a substantial part of the Orlando Real Estate Market, while there could be good deals, not all are easy to buy. Foreclosures sell 5x faster than short sales. Regular sale and bank owned properties attract more buyers because Short Sales come with more challenges and have low closure rate. Here are some reasons why short sale have a low closure rate.

1) Seller is not approved for short sale: This could happen if seller does not substantiate financial hardship to repay the loan(s)

2) Short Sale package disorganized: If an incomplete short sale package is submitted, it will not be acknowledged by lender or last to be processed

3) Seller is unresponsive: If seller is unmotivated to sign short sale paper work or promissory note, the transaction does not move forward. Sellers walk away with tarnished credit, and $0 from the sale.

4)Lenders Counter Offer: Lenders may want more than list price or will not pay for closing costs

5) Person handling short sale is unorganized: If person not organized, persistent, or experience, the process will not move forward

6) Buyers tired of waiting: If short sale taking longer than initially anticipated buyers will walk from the transaction

7) Property goes into foreclosure: It may go into foreclosure before short sale contract closes

8) Lien Holders Disagree: If there is multiple mortgages on property, one lien holder may agree to short sale and the other will not

9) Contract price is not sufficient: Contract price does not cover all final debt on property

10) Seller claims bankruptcy: This freezes seller property and cannot be sold.

March Orlando Real Estate Statistics

March Orlando Real Estate Statistic recently released by Orlando Regional Realtor Association shows interests rates super low, listings are up and so are contracts and closed sales, a sign both buyers and sellers are confident in market and things looking up.

• Mortgate Rates:  Average 4.99%
• Inventory:  16,223
• New Listings: 5282
• New Contracts:  4,662
• Under Contract: 10,179
• Back on Market: 1,195
• Expired:  680
• Withdrawn: 1,233
• Sales Closed: 2,473
• Average Days on Market: 92

Other Interesting Facts for March Orlando Real Estate Sales:

• 67.17% of sales consisted of distressed properties (bank owned and short sales)
• 32.83 % consisted of normal sales
• 54% or 302 condos sold were priced under $50,000

For historical and graphical history, please visit March Orlando Real Estate Statistics.