Orlando Real Estate - Blog

As you are looking for the ideal home for you and your family, you may find yourself trying to decide between two similar homes. You could have worse problems than this on your Orlando home search, but how do you decide which home is better for you and your family?

Here are primary points to consider:

1. Location. This is where you are going to live. You need to consider how far away it is from work, schools, and shopping. You probably want to do as little driving as possible. An Orlando home close to where you will be spending your time away from home may be the better choice for you.

2. Home repairs. What will you need to do to the home once you move in? Think about the time and money you will have to invest in the home before making your decision. An home in slightly better shape may be the better option for you so you can concentrate on getting settled in your new home after moving in.

3. Age of appliances. This can make a big difference in your choice. Do you really want to have to replace the appliances soon after you move in? Your might be better choosing a home with newer appliances.

4. Hobbies. Is there a car lover or avid crafter in your family? Look at which home has the most to offer these people. Perhaps one garage has been expanded or has built-in work benches. Maybe a closet already has a space to organize craft supplies.

Let me help you find the Orlando home that best fits your lifestyle. Call us today at 407-876-5771.

11.3 Million (25%) of all U.S. Mortgages are Underwater

Cnn.Money.com and several others are reporting that according to FirstAmerican CoreLogic more than 11.3 million homeowners, almost 25% of all U.S. mortgages, owe more on their mortgage than their home is now worth.  That is up from 23% and 10.7 million borrowers from three months earlier.  An equally critical number is that over 10% of all mortgagees owe 25% more than their home is worth.  "The rise in negative equity is closely tied to increases in pre-foreclosure activity," CoreLogic said. Once a homeowner owes 25% more than the house is worth, foreclosure rates rise sharply.
 
The number of underwater mortgages increased by about 620,000 from the third quarter, the firm said. Another 2.3 million mortgages had less than 5% equity in their home, which could be wiped out if home prices fall further.  "Negative equity is a significant drag on both the housing market and on economic growth," said Mark Fleming, chief economist with First American CoreLogic. "It is driving foreclosures and decreasing mobility for millions of homeowners."

Underwater mortgages are concentrated in few states.  In Nevada, 70% of mortgages were underwater followed by Arizona (51%), Florida (48%), Michigan (39%) and California (35%).

These numbers, along with close to 10% delinquency rates with payments over 60 days late for both FHA and Jumbo loans, point to a slow recovery.  It does however highlight likely upcoming opportunities for Short Sale and REO investors.

Stop Foreclosure  Save Your Credit Orlando Short Sale

Nothing makes an Orlando home for sale look better than a new coat of paint. Many people are intimidated by the thought of painting the exterior of their home, and hire someone else to do it. But, you can do it yourself, with these easy steps:

Getting Your House Ready to Paint

The first thing that you’ll need to do is inspect the house. Look at all the walls, under the eaves and around the doorframe and windows. Check for peeling paint, mildew and rough surfaces.

You’ll need to gather a few tools before getting to the repairs and putting your Orlando home up for sale:

• Power-washer
• 2-3” inch putty knife
• 2-3” inch pull scraper
• Wire brush
• Sander
• Chlorine bleach

Preparing the Surface

Power-wash the walls so you'll have a clean surface. You don’t need to use detergents; plain ol’ water works the best.

The putty knife and the wire brush remove problems where paint has peeled, blistered or wrinkled. Avoid gouging the surface by holding the putty knife perpendicular to the wall and using moderate force.

The pull scraper is for areas that won’t easily come clean. It’s used the same way as the putty knife, but it has a sharp blade attached that quickly gets through old paint. The walls will need to be sanded smooth after you finish this step.

For small spots, a piece of sandpaper wrapped around a sanding block works just fine. An electric sander is best for large areas; it'll save you time and energy.

Removing Mildew

Mildew is a dark patch of fungus, like a dirty spot, often found on a damp, shady spot in your house. If you aren’t sure it's mildew, put a few drops of chlorine bleach on it. If the spot fades away, you know you have a mildew problem.

Mildew shows through new paint, so you’ll need to get rid of it before you start painting. A simple mix of chlorine bleach will kill it quickly.

All you have to do now is pick out a paint color and wait for the right weather to paint. Soon you’ll be ready to put up your Orlando home for sale.

If you're thinking of selling your home, we can help. Call us today at 407-876-5771 for more information.

The national real estate market, state markets and city markets all seemed to be wrapped up in a nifty bundle that effect whether your Orlando home for sale will have a buyer. With the news reports over the last two years about the pop of the housing bubble, homeowners everywhere essentially lost their minds.

Here are a few examples:

• Some homeowners panicked and immediately put their houses up for sale
• Some homeowners chose to walk away from it all, leaving their homes vacant and mortgages in default
• Some homeowners went into a flurry of home renovations, with the idea of selling
• National and Orlando home for sale listings shot through the roof

The amazing thing isn’t that the real estate market seems to be stabilizing – that’s not the miracle. The miracle is that we still even have a real estate market at all.

Obsessing Over the Sale

This year opened up with a lot of homes on the market, but it also opened with a lot of sellers digging into real estate news. They’ve started obsessing; they’ve started pouring over online real estate digests, articles and blogs. In fact, the traffic for this site alone has jumped tremendously.

While it’s understandable that you, as the seller, want to know what your chances are for selling your home, obsessing is bad for business. Especially if you’re dealing with potential buyers in person, your eagerness to sell can show in very bad ways. You might end up selling the home for way less than you could have - or you might not sell your home at all if they sense desperation.

If you’re obsessing over whether your home will sell or not, stop. Take a deep breath. Relax. Even if you’re in a hurry, taking a short break from worry can help clear your mind and leave it open for better ideas.

It may be hard to remember sometimes, and giving trust is always difficult, but that’s what we’re here for. You hired your real estate agent to take care of your Orlando home for sale and get it off the market. We do the research on the market and we have the experience. In other words, we do the worrying for you!

If you’d like to sell your home, we can help. Call us at 407-876-5771 for more information.

Selling your home can be a stressful experience. Your home is one of your most valuable possessions and holds memories of your time there. However, you can survive the process of selling your Orlando real estate. Here are some tips to make this time period smoother:

1. Remind yourself that this is temporary. This will pass. You will eventually find a buyer. You will have a contract. You will close the deal. Everything else is just part of the process and will eventually be a memory.

2. Use lists. Lists help you keep track of what you need to do and what you’ve already accomplished. You can’t forget something if you write it down.

3. Hire an Orlando real estate agent. Sometimes you just need professional help. You don’t have to go through this process alone. Find a real estate agent you trust and let him or her guide you through selling your home.

4. Know your limits. When you’re tired or stressed, you don’t have the energy or mental capacity to do too many extra things. Learn to say no. Shorten your to-do list. You may want to pack two boxes each day, but accept that you may only have time to pack one.

5. Practice a stress reduction. Find something that works for you to reduce your anxiety. Try exercise, yoga, meditation, or even light gardening. Remember to breathe.

6. Take care of yourself and your family. You still need to eat healthy and spend time together doing something everyone loves. Don’t neglect your life while your house is on the market.

Selling your Orlando real estate doesn’t have to be an extraordinarily stressful experience. Know that you will survive it. Let us help you through the process of selling your home. Call us today at 407-876-5771.

Stop Foreclosure  Save Your Credit Orlando Short Sale

First American CoreLogic reported Tuesday that more than 11.3 million, or 24 percent, of all residential properties with mortgages were in negative equity at the end of the fourth quarter of 2009, up from 10.7 million and 23 percent at the end of the third quarter of 2009.

Question:

Dear Tax Talk,
My father-in-law recently received a 1099-A from the bank due to the foreclosure of his home. The home was tagged with a fair market value less than the acquisition cost.

He is concerned that the difference might affect his tax return. What forms should he accomplish so he could reflect the 1099-A he received?

Answer:

Dear Art,
Your in-law received the form because the bank has acquired his property through foreclosure. Form 1099-A is used to report to the IRS the acquisition of secured (i.e., mortgaged) property by a mortgage lender through foreclosure or other abandonment. The transfer of the property is considered a sale of the property to the mortgage lender for the amount of the debt. For illustration purposes, we'll call this abandonment.

In a foreclosure there are usually two steps, the abandonment and then the mortgage lender sale. Usually, the abandonment of a personal residence does not have an immediate tax implication and there is nothing to report on your in-law's individual tax return for the year of the abandonment.

There would only be a tax impact if the loan was without recourse against the borrower or if it was business or investment property. Most conventional mortgages are written with the personal guarantee of the borrower so the abandonment does not result in income.

When the property is sold, the mortgage lender may attempt to collect the shortfall in the mortgage loan from the borrower. If the lender cannot collect the debt, it will cancel it and issue a 1099-C to the borrower. complete story

Source: Yahoo Finance

Stop Foreclosure  Save Your Credit Orlando Short Sale