Orlando Real Estate - Blog

Rachel Nacion-Ograyensek and her husband are getting nervous. The house that the two apartment dwellers want to buy -- the one with the double oven, pool and tiled patio -- may slip away from them.

It's on the market as a short sale, so the owner can't act until the mortgage holder approves the discount price. But the Altamonte Springs couple insist on buying their first home in time to take advantage of the federal government's homebuyer tax credit, which now expires April30.

"The house is our dream house -- it's perfect for us," Nacion-Ograyensek said. "We are trying to get in on the tax credit, but it's done in April, and it's already February. We've gotten to the point where we're passively looking for other houses, but none are quite right."

Under pressure from the real-estate industry, Congress extended and expanded the tax credit last fall. It was to have ended Nov.30 and benefit only buyers who had not purchased a home in the past three years. Like the original, the latest version is worth as much as $8,000, but it gives both "first-time" buyers and qualified existing homeowners until April30 to secure a contract on a home, and until June30 to close the deal.

Though real-estate agents and homebuilders hope the measure boosts sales, as the previous version was credited with doing, some fear that buyers intent on getting a short-sale bargain will not make the new deadlines.

In the Orlando area, 67percent of Realtors' existing-home sales in December were distress sales -- and about half of those were short sales, known for taking at least three months to complete. Even buyers who nail down a contract with the seller by the April30 deadline can't be sure the purchase will close within the required two months. complete story

Source: Orlando Sentinel - Scott Powers

Orlando Real Estate  -  Orlando Homes for Sale

Newsflash!  According to Channel 13 News. "In Central Florida 1 to 5 cases each have been reported in Orange, Polk, Brevard, Flagler and Marion County. In Lake County, officials have received 6 to 20 reports of the tainted drywall."  CPSC stats as of December 3, 2009, lists 1522 "drywall incidences" in Florida.  The next 2 closest states are Louisiana with 417 and Virginia with 86.  Comforting huh?  One friend of mine, Robert Brown found it in Celebration.  Another friend of mine, Thomas Battoe found it in Seminole County.  Kelvin Eder built a house with it in Lake County.  We have found it in Osceola County.  Comforting huh?  Want some more comfort.

It's not all Chinese!

It has been reported that American manufacturer's have used the same processes to manufacture the same reactive drywall commonly known as "Chinese drywall".  This has been confirmed to me by friends that have identified conditions consistent with Chinese drywall yet exhibited American nomenclature.  
 
Despite some claims that your home inspector is responsible for finding or identifying "Chinese" drywall during your inspection, I respectfully say "NOT".  For one, there is no current federally recognized protocol for the inspection nor the testing of "Chinese" drywall.  Also, it is very possible that just one or even a few boards exist but not the entire house.  Thirdly, the physical manifestations may be undetectable at the time of your inspection because the triggers that amplify those manifestations were not set in motion.  Therefore, it is unreasonable and may even be impossible for a home inspector to positively identify the presence of any "Chinese" drywall in a dwelling. 
 
Let me make some things clear.  The age of your home does not determine that reactive "Chinese" drywall exists.  The term reactive is more accurate than Chinese as we learn more about this problem.  "Chinese" is analogous to "Coke" or "Kleenex" and quite understandable because of the way this drama is unfolding.  "Reactive" simply refers that the smell and corrosion are triggered or are reacting to certain conditions like heat and humidity.  Hello Florida.  In some houses like the one we saw in Clermont, FL, the weather conditions were such that heat and humidity were low and the AC system was installed quickly thereby limiting the obvious and sometimes widespread evidences associated with other houses where these conditions did not exist.  Think about this.summer time.hurricane season.no power.high heat and humidity.reactive drywall, oooooh.  Count on this problem not disappearing like your Christmas bonus anytime real soon.  

 
One of the physical manifestations we as home inspectors look for is nomenclature or the names "Tianjen" or "China" stamped on the back side of the drywall.  In an existing home, this advantage is not necessarily accessible.  Most of the drywall in the attic that offers us a chance of directly observing these stamps is buried in insulation.  Now, even if we were to expose a portion or portions of ceiling drywall above the living area or that insulation was absent still does not exclude the possibility of Chinese drywall elsewhere in the house.  So.since removing one side of the drywall throughout the entire house could get you shot, this is not a practical solution during a home inspection.  
 
Additionally, the time it would take to "inspect" (term used loosely) for reactive drywall, write an indication report, sample (destructive testing) and obtain test results from a lab would in most cases far exceed a buyer's due diligence timeline.  
 
Now from what I understand, if a house was built before 2004 only 2 indicators need be present to warrant further investigation.  If the house was built after 2004, 3 indicators are necessary.  Hypothetically, should these indicators all exist in a home you are interested in purchasing, proper testing could easily absorb $100,000 from your wallet.  That will get you one heck of a report.  If the report is negative, you're only out say 100G's.  If the report is positive for reactive drywall, now you will need to go back and remove ALL the drywall, ALL the wiring, the AC units and any other affected metal components.  Then.you can put it all back together.  That would be one heck of house.  This ain't Graceland nor the White House.  Be prepared to dump a truck load of money or.count your blessings (all 400 of them you spent hiring a professional home inspector) and simply move on my investor friend. 

In summary, home inspectors may be able to "screen" for the physical manifestations of high sulphur content (reactive symptoms) drywall but can in no way be expected to positively identify the presence OR the absence of such a product in a simple home inspection.  Call Jon with questions or concerns, 407.678.HOME or jon@inspectagator.com. 

Source: The Inspect a Gator - Jon Bolton

Orlando Real Estate    Orlando Homes for Sale

If you’re buying Orlando real estate and talking to lenders, you’ll hear about the Good Faith Estimate. Because the Good Faith Estimate is required by law and lists all the costs associated with a mortgage, including closing fees with estimated pricing, it's a good place to start when searching for a lender.

Best practice for buying Orlando real estate is to shop for lenders first. While you’re looking, ask for a Good Faith Estimate and then compare them. This will be your first indication about which lender is best for you.

Not All Estimates are Created Equal

Many closing fees for buying Orlando real estate are considered typical and have an average price range, such as:

• Title search and title insurance: $450 - $600
• Appraisal: $150 - $400

Because real estate closing practices vary depending on where you live, your location helps to determine what those closing costs will be. However, you might also find some extra padding on your closing fees, which some in the mortgage and real estate industries call “junk fees."

Most Good Faith Estimates (GFEs) have a break down of individual charges, but some may just be a lump sum amount such as: “Total of lender’s fees $1,395.” As long as the fees add up correctly to the estimated amount, there’s no problem. However, watch out for and question general wording like “miscellaneous fees,” “packaging fees” or “marketing fees.”

You have the right to request an explanation for any fee listed on the GFE. Although most GFEs have an explanation after each listing, some may not. If a fee seems odd to you, ask about it.

It's Only an Estimate

One final tip: The GFE is only an estimate, not the exact amount you'll be paying. At least one day before closing, get your final tally of the closing costs from your lender. Compare this to your Good Faith Estimate to make sure no additional fees were added. If you see inconsistencies, talk with your lender immediately to resolve these issues.

Need help finding a lender? We can help. Call us at 407-876-5771 at for more information.

Stop Foreclosure  Save Your Credit Orlando Short Sale

In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying.

In a situation without precedent in the modern era, millions of Americans are in this bleak position. Whether, or how, to help them is one of the biggest questions the Obama administration confronts as it seeks a housing policy that would contribute to the economic recovery.

“We haven’t yet found a way of dealing with this that would, we think, be practical on a large scale,” the assistant Treasury secretary for financial stability, Herbert M. Allison Jr., said in a recent briefing.

The number of Americans who owed more than their homes were worth was virtually nil when the real estate collapse began in mid-2006, but by the third quarter of 2009, an estimated 4.5 million homeowners had reached the critical threshold, with their home’s value dropping below 75 percent of the mortgage balance.

They are stretched, aggrieved and restless. With figures released last week showing that the real estate market was stalling again, their numbers are now projected to climb to a peak of 5.1 million by June — about 10 percent of all Americans with mortgages.

“We’re now at the point of maximum vulnerability,” said Sam Khater, a senior economist with First American CoreLogic, the firm that conducted the recent research. “People’s emotional attachment to their property is melting into the air.”

Suggestions that people would be wise to renege on their home loans are at least a couple of years old, but they are turning into a full-throated barrage. Bloggers were quick to note recently that landlords of an 11,000-unit residential complex in Manhattan showed no hesitation, or shame, in walking away from their deeply underwater investment.

“Since the beginning of December, I’ve advised 60 people to walk away,” said Steve Walsh, a mortgage broker in Scottsdale, Ariz. “Everyone has lost hope. They don’t qualify for modifications, and being on the hamster wheel of paying for a property that is not worth it gets so old.”

Mr. Walsh is taking his own advice, recently defaulting on a rental property he owns. “The sun will come up tomorrow,” he said. complete story

Source: NYTimes.com - David Stretfeld

Stop Foreclosure  Save Your Credit Orlando Short Sale

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball. They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of buyers.

Here are some of the national and Orlando homes trends to expect in 2010.

Green is growing.

A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products.

Homes are getting smaller.

For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.

Because of the rise in homebuyers who are 55 years of age and older, more single-story Orlando homes are being purchased. According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.

In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

· Walk-in closets in the master bedroom

· Laundry rooms

· Insulated front doors

· Great rooms

· Energy-efficient windows

· Linen closets

· Programmable thermostats

· Energy-efficient appliances and lighting

· Separate shower and tub in master bathrooms

· Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010. You'll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.

· Outdoor kitchens

· Outdoor fireplaces

· Sunrooms

· Butler’s pantries

· Media rooms

· Desks in kitchens

· Two-story foyers

· Multiple shower heads in the master bath

· Smaller kitchens

Want to buy one of the new Orlando homes in 2010? Call us today at 407-876-5771 to get started.

You probably will not be surprised to hear that in 2009, on the average, new-home buyers purchased smaller Orlando homes.

To be exact, the National Association of Home Builders (NAHB) released information showing that the average size of a new home decreased by 40 square feet, from 2,520 square feet in 2008 to 2,480 square feet in 2009. While 40 square feet may not sound like a lot, it is significant because it's been 27 years since the average home size fell by that much.

Are You Missing a Bathroom?

This decline in square footage is also noteworthy because 40 square feet is about the size of an average bathroom. Interestingly, NAHB's statistics revealed that the number of homes with 3 or more bathrooms fell in 2009, for the first time since 1992.

What's Fueling this Shrinkage?

There are 4 primary reasons the sizes of new Orlando homes are declining:

1. The recession. People are reconsidering how much home they really need and are looking for ways to save money. Results of a 2009 survey by Better Homes and Gardens magazine, showed that downsizing is a bigger priority. Thirty-six percent of homeowners surveyed said they expected their next home to be "somewhat smaller" or "much smaller" than their current home.
   
2. The small-house movement. This movement has been gaining steam in the United States for a number of years. The recession accelerated it and home builders responded by building smaller homes.
   
3. The prominence of first-time buyers in the housing market. This is being stimulated by the $8,000 first-time homebuyer tax credit.
   
4. The increasing number of households with members 55 and older who are buying homes. Folks over 55 prefer to purchase single-story homes, which tend to be smaller than two-story homes.

Considering one of the smaller Orlando homes?

If you're thinking of downsizing, we can help. Call us now at 407-876-5771 for more information.

I can hear you now, “Oh, no! Not another article on curb appeal to sell my Orlando home!” To which I reply, “Oh, yes.” One more time around the block, but this time, we’re doing it in style.

The 21^st Century Curb

Curb appeal is that thing you do to pretty up the outside of your Orlando home. It’s the landscaping, the painting and the checking of the little details. However, many home sellers (and real estate agents, for that matter), don’t take into account that the curb nowadays isn't just the view from the front of your house. In the 21^st century, the “curb” starts right here on the Net.

Your online home listing has only three seconds - three short moments of time - to catch a potential buyer’s eye and turn them into an interested party. Unfortunately, it’s hard not to be biased or become used to the problems and eyesores your home may have. Because first impressions are so crucial and the housing market is glutted with competition, you have to bring it up a notch to get your home sold.

The Right Perspective

Most real estate agents park across the street, when they’re showing a home. So, to get the same perspective of your home as potential buyers will have, walk to the other side of the street and stand where potential buyers might stand. Go ahead; walk over there.

Once you’re on the other side of the street, turn around and look at the house for a few seconds. Most buyers don’t look for very long, so don’t stare, just glance. Then, as you slowly walk back to the house, keep your focus close, no more than a few feet out. What are you seeing?

• Yard ornaments
• Plain façade
• Obstructed pathway to the door
• Driveway stains
• Yard tools
• Leaves

These are just a few things that might be detracting from the beautiful home you have to sell. Take one last look around – a long, searching look from the front door – and see if anything stands out. If it does, fix it up!

The Virtual View

Once you think you have your home's curb appeal perfected, create a video of it for your potential buyers. Take a video camera across the street and start from there. Give your buyers a virtual tour of your Orlando home, using your curb appeal to its (and your) best potential. Online IS the new curb – use it!

When you hire me as your real estate agent, I'll create a professional virtual tour of your home, including its curb appeal. Your virtual tour will appear on key real estate websites giving your home maximum exposure with a 24/7, world-wide virtual open house.

Give us a call today at 407-876-5771 for more information.

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