The wonderful sound of IL Divo is coming to Orlando June 12th at 8pm at the Bob Carr Performing Arts Centre. This group is a multinational operatic pop vocal group of Carlos Marin, Urs Buhler, David Mller and Sebastien Izambard. This is a group that was brought together to create musical magic. Enjoy this unique style of talented artists, which have stayed true to their musical vision from the beginning.
Don’t miss your chance to see this multinational group in Orlando next week.
This information is brought to you buy Teri Isner and the Orlando Avenue Top Team. Teri Isner has distinguished herself as a leader in the Orlando real estatemarket.
Teri assists buyers looking for Orlando real estate for sale and aggressively markets Orlando homes for sale, having become the Best Listing Agent in Orlando. You can reach Teri by filling out the online contact form or give her a call.
Orlando Real estate buying with cash or loan options require a sense of humor.
Monty Python’s The Money Song says it all.
I’ve got ninety thousand pounds in my pyjamas,I’ve got forty thousand french francs in my fridge.I’ve got lots of lovely lire,Now the Deutschemark’s getting dearer,And my dollar bills would buy the Brooklyn Bridge. Chorus: There is nothing quite as wonderful as money,There is nothing quite as beautiful as cash.Some people say it’s folly,But I’d rather have the lolly,With money you can ma-ake a splash. Finale: There is nothing quite wonderful as money, (money,money,money,money)There is nothing like a newly minted pound, (money,money,money,money) All: Everyone must hanker for the butchness of a banker,It’s accountancy that makes the world go round. (round,round,round)You can keep your Marxist waysFor it’s only just a phase.For it’s money money money makes the world go round. (money,money,money,money money,money,money,money moneeeeeeeeeeeyyyy)
Cash works best for real estate for any Orlando Real Estate Financing is available but every rule to qualify must be met. With so many banks and financial institutions failing because of bad loans and administration a home purchaser needs to be more ready than ever before.
Have you saved your closing costs and intial investment? Is your credit in stellar condition?
These are a must in todays financial atmosphere if you are looking to finance a home loan.
Even the humor of Monty Python’s Flying Circus seems plausable with what is going on in todays financial institutions. Almost as believeable as the minister of silly walks. What does this mean for todays home buyer?
Unless you are bringing cash to the table getting a home loan will be scrutinized left right and center.
It is more important than ever to get a professional on your team to lead you through the requirements.
Are first time homebuyer funds available? Will there be downpayment assistance?
The answer is yes but there will be rules so be sure you consult a professional, after all you wouldn’t go to a foot doctor for brain surgery so find a real estate professional with plenty of experience to help you with one of the biggest purchases you have in your life.
How can Monty help?
As a buyer especially if you are making an offer on a short sale or bank owned home you will need to remember to keep you sense of humor when it may take 3 months to get an answer to your offer.
Why is it taking so long you ask?
With so many foreclosures and so much paper to push banks have hired people to help that may not be as qualified to file this as they would like. Summer hires and part timers are pushing paper and not much else.
So many offers this year and so few answers frustrates serious buyers ready to buy when after 3 months just feel like moving on to something else. It is not surprising that buyers are also asking not to look at short sales after a previous bad experience. Keep your sense of humor in tow if this is the direction you want to go.
The deal may look terrific but it may or may not even get an answer.
Here is a list of questions to ask:
Have you checked the public records, make sure you have all the required information by lender and seller, submit documentation and give lender a deadline, request inspections and for more information check out this wiki.
Here is a video to back this up why it takes so long.
Miley Cyrus had her 7 Things we have a bit more than 7 Housing and Economic Recovery Act Items
Miley Cyrus has a top 10 song out called the 7 Things. It is about likes and dislikes so here is what is happening new for buyers and sellers.
“Effective August 18th Fannie Mae and Freddie Mac will have an adverse Marketing fee added into their pricing. The increase is subject to all lenders and will be a .25 discount point.
In addition, they will be increasing their loan level price adjustments based on credit score and loan type.
So if you know anyone sitting on the fence. Have them act now to avoid these add-ons.”
Here is a copy of our realtor call to action from Realtor.org of new legislation. There is some terrific opportunities here but there are strings attached so be sure to talk to a professional to avoid the pitfalls of the benefits.
Here is the summary. To hear of Miley Cyrus’s song see the video at the bottom.
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23rd by a vote of
272-152. The Senate must now approve the language adopted by the House. The Senate approved the bill on Friday, July 25th or Saturday, July 26th. The President signed the bill on July 30, 2008.
GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
• FHA Reform - including permanent FHA loan limits at the greater of $271,050 or 115% of local
area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
• Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified first time home buyer purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
• FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on enactment (although HUD will need time to provide guidance to lenders).
• Seller-funded downpayment assistance programs - codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
• VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.
• Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision does will be effective from October 1, 2008 through September 30, 2009.
• GSE Stabilization - includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.
• Mortgage Revenue Bond Authority - authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.
• National Affordable Housing Trust Fund - Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.
• CDBG Funding - Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
• LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient.
• Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDICinsured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.
Here is the link to the home buyer credit chart if you are interested in buying one of these homes contact us today we have a complete foreclosure list.
Now for better or worse the rules have changed talk to the Orlando Avenue Top Team today If you are thinking of Buying Selling or Relocating We can Help!
Pricing your home to sell upfront and reasons why this is the most important part of marketing your home for sale.
Orlando Florida Real Estate update letter to seller why pricing is the most important part of marketing your home for sale. I know it will be hard to accept but I also know from past experience you can handle the truth.
Like these song lyrics from Coldplay in Viva la Vida
One minute I hold the key
Next the walls were closed on me
And I discovered that my castles stand
Upon pillars of salt and pillars of sand
Today the story is the listing appointment and how it helps another seller understand which pillar we need to be pricing.
Scheduled to be on a listing appt. on Friday a couple miles from your home, a referral from a trusted friend. After reviewing the recent sales in the area it was another eye opener. The subject home has 5 bedrooms and 3 baths, with a pool, new carpet and the home was just repainted. The Homeowner expected to get in the mid to high 250K range. I ran the comps and found a home on his street same size with granite counters not formica and better cosmetics all around sold for 160K.
Your home is in a higher end market but the same rules apply when it comes to comps and days on the market still paint a picture.
What does this mean?
If we got an offer the appraiser would have to use the 3 most recent sales and adjust accordingly. I told him the appraiser would adjust down because he didn’t have granite counter tops and despite repainting and new carpet the other home had all tile flooring probably 500-1000 dollar adjustment which would make his 150-155K you can imagine how he feels. By the way homes in his subdivision had been for sale for more for over 400 days!
Pricing is everything we are in a market that just favors the buyers. They have the choices and the edge now. Now this example is not the only piece of the puzzle you may not be aware of what is happening here with Short Sales which also will effect the comparables that appraisers use, but that is another blog.
I would love to tell you we could get 450+ for your home, but it won’t happen in todays market to be honest you would be lucky to get 350 and I think by next year you would be lucky to get 300. This is not what I want to send you but it is imperative you know what is going on here now and why I think it will take at least 5 years to correct. Some people think it is more like 10, but who knows for sure.
Pricing it right now will save you more money in the long run than waiting. On the other hand you can continue to rent it as you have been very successful at this too and wait it out. You do have one of the nicest furnished homes in the area and have been very smart in your print and online advertising for tenants. If you don’t need to sell it now then wait, if you have to sell it now than price it right in the beginning.
Orlando Florida Real Estate letters to the editor NOT. Let’s try a different tact letters to the seller or My Baby He Sent Me A Letter as borrowed from song lyrics of Joe Cocker’s The Letter.
I don’t care how much money I got to spend ( the bank does) I won’t find my way home again (this is a possibility) Oh the lonely days are gone (it takes forever for a response) I’ll be right home ( dream on) My baby, she wrote me a letter (You can handle the truth)
Had to face some hard facts this week and send out letters to the sellers about the pricing issues.
I decided to share some of these this week here to widen eyes and open discussion to just why sellers need to price their homes to sell.
Here is one of the responses to why you can’t price your home 200K higher than others in the neighborhood just because you have two extra bedrooms and beautiful furniture.
I appreciate that your homes are more bedrooms and top of the line, but this market is as tough as I have seen it and still moving down.
Currently we have over 4000 foreclosures in Osceola County, over 23,000 homes in MLS, and heaven only knows how many hundreds of new homes for sale. Personally I think this market will take at least 5+ years to turn around. So with all the competition and builders offering huge incentives that the regular home owners can’t compete. Foreclosures ruining the comps for appraisers and banks just being so strict now it has been a hard year for all of our sellers to swallow when it comes to pricing.
Here are two stories to consider. Home priced at the high end of everyone in the subdivision. We get an offer first week 100K less the seller turns it down. Nearly a year later his home now is priced 100K less but in a year the highest comps in his subdivision have dropped over 250K. He moved back in to his house.
Scenerio two we had a home in a very sought after subdivision priced competitively. Got an offer for 45K less they refused now a year later they have dropped their price 35K still no takers so they refinanced and are going to stay. In another year I expect prices to drop in this neighborhood another 50K based on the current pace of sales and foreclosures.
This is not what anyone wants to hear but it is going on and taking a toll.
Where do you want to be? Pricing now must be a number one priority.
The longer you wait to price correctly the more you could lose.
Do you want a for sale sign or a sold sign?
We can offer excellent options and honest pricing opinions get the facts right upfront and avoid a frustrating drawn out situation. Go to our Market Snapshot and find out just what your home is competing against and current prices on your street.
Still not convinced here are more resources that may help you.
What’s it all about Alfie and Short Sales with clips of Dionne Warwick and Jude Law.
What’s it all about Alfie or in this case Orlando Real Estate Short Sales?
The song lyrics say it all.
What’s it all about?
So if you have heard the term short sale just what is it?
Selling short of what you owe with permission from the lender.
We have so many now in our Greater Orlando Board of Realtors MLS. Selling them can be a challenge because there are so many and not enough service providers to help get the job done in a timely manner. Would you like to stand in line at the bank for 3 months and still not know if your deposit was accepted? This can happen with short sales not always but it is certainly a possibility if you are not working with a professional.
What’s it all about when you sort it out?
Are we mean’t to take more than we give?
Be careful you may owe tax on the forgiven debt by the lender but not the IRS who could tax the difference as income. Get professional help when considering this type of sale.
These are questions quite suited to short sales.
Here are some more answers to those questions and why buying or selling with a short sale may be for you.
Many people bought using adjustible rate mortgages, which payments are now adjusting up and they can’t afford the new payments.
This situation has caused the foreclosure rates to skyrocket more. As more and more of these owners reach the adjustment period and can’t afford the new adjusted payments. They call the bank and ask can we do a short sale?
That is asking the bank to let them them sell if for less than they owe. Say a 250K loan is owed the bank, but allowing a short sale or selling short of what they owe a bank might allow them to sell it for 225K. Even if it is a loss to the bank it is better than foreclosure and possible greater loss.
This has lead to many banks loosing money and unhappy stockholders. There are so many of these short sales now happening here that it caused some banks to go under. Now unless you have cash buying a home with a mortgage here means you have to have stellar credit and at least 20-25% down more for a foreign investor as many of them have also just walked away from their loan obligations too. There are special options for first time home buyers so be sure to ask your professional about these options.
If you need more information call the Orlando Avenue Top Team today Buying Selling Relocating We Can Help.
Now here is the original of the song by Dionne Warwickit is about 5mins. into the video and if you would rather watch a movie clip with Jude Law of the most recent Alfie movie take 5 to enjoy them both.
Luxury homes that sold in Orlando over a million dollars
The Orlando luxury homes market is doing extremely well considering all the foreclosures, short sales and bad press the real estate market is getting.
Check out the statistics since Jan. 2008 by month for sales of homes over a million dollars in and around the Florida counties. Orange, Polk, Osceola, Lake and Seminole Counties have posted multiple sales every month.
So just what has been happening? Here are the numbers
Orlando Luxury homes over a million sold in
19 from 1,000,014 in Celebration Florida to 9M in Isleworth.
17 from 1,000,066 to 5,800,000
23 from 980 to 4,700,000
3 from 1,000,800 to 4,450,000
4 from 1,100,000 to 2,950,000
1 for a 1,400,000
3 from 1,100,000 to 1,812,600
That is 60 Orlando Luxury Homes over a million to the end of July.
What Orlando subdivisions are these selling in well here is the list:
Celebration, Vizcaya, Baldwin Park, Keenes Pointe, Reunion, Rose Isle, Glades on Sylvan Lake, Sicilian Shores, Isleworth, Estates at Lake Clarice, Estates at Phillips Landings, Pennsylvania Place, Spring Valley Gardens,Summerport Beach, Reserves at Belmere, Woodmere Terrace, Solara at the Plaza, Lake Highland, Heathrow Woods, Tildens Grove,Valencia Terrace, Sunset Bayand Alaqua Lakes, Wingfield Reserve, Sorenson Heights, Sandy Lane Reserve, Interlachen Place, Northshore at Lake Hart, Metcalf Park, Cypress Shores, Spring Lake Park, Windsong, Turtle Creek and Windermere.
If someone presented you with a crisp new dollar bill or a dirty used one which would you choose?
Now I am not saying all resale or foreclosure homes are dirty, but we have seen some interesting property conditions that even though they were greatly reduced would incur huge expenses to get them up to par. Resale homes not in foreclosure, staged and ready for showtime sparkle in comparison.
When you show as many properties as we have over the years and in some of the most popular subdivisons they are easy to pinpoint. You don’t have to waste your time so why not start your Orlando Real Estate home search with the Orlando Avenue Top Team and put our expertise to work for you.
Ask about our Orlando Home Search VIP alerts. You too can be a Dancing Queen in you new home. There are alot of very good options right now so even if you are still paying someone elses mortgage and building their equity why not your own.
Today Mama Mia the movie opens after seeing the play several times it will be fun to see the movie. I used to vacation every summer in Greece for years before we moved to the Orlando Sunshine the scenery is bringing back so many wonderful memories.
So bear with my musical blogs afterall before I became a real estate broker, co-authored books or owned an online travel store I was a music teacher!
Critical issues you need to be aware of when financing your Orlando Home
Mama Mia is not the only buzz this week opening in Orlando Florida and across the country. What is happening with the state of mortgages and banks? It has been all a buzz this week the state of the mortgage market.
We even have been told about a list of lenders to watch. Why if you are about to use one of these banks for your home mortgage better get alternatives just in case.
Well personally I think the volatillity is here to stay, at least another couple years with all the Orlando Florida Real Estate to sell.
Why it will take that long just to sell off all the inventory that has been created by the high foreclosure rates.
What if you are ready to close and loose your financing right at the last minute because your lender decides not to fund a condo sale? Don’t think this has not happened we found one of our buyers just this week a terrific deal because of that. So what can you do? Call us.
Financing for condo hotels is all dried up and those that are still there are almost impossible to find financing for anymore. What can you do? Call us for your best options.
Cash deals seem to be the only ones happening without hassels so here are the song titles from Mama Mia that will continue our theme this week.
Gimme Gimme Gimme (not a man a mortgage?)
Gimme Gimme Gimme (not a man but show me the money?)
Another key factor is the financial status and state of the economy
SOS or Sellers Orlando Sellers what you need to know!
Sellers you need to know what is selling in your neighborhoods check out the market snapshot enter as a seller and find out what really is selling in your nieghborhood.
If you are a seller that can’t handle the truth here is another resource from Miamism to discover what else you can be doing.
So just what is all this about check out this video from CBS
If you are still not sure what all this means to you well
It is imperative that you know what you qualify for before you start looking at homes. More than once I have said how easy it is to go up in price and how hard it is to go down. So get it right up front.
You need to clean up your credit big time now to qualify.
You will need to save downpayment or get downpayment assistance in place before you start looking.
We have dealt with some of the best in the business so call us for your Orlando Florida Real Estate today.