Orlando Real Estate

Orlando Florida is one of the most desirable vacation destinations in the United States.   Thinking of using your home as a vacation rental during peak season?   Is it really a good idea?    What you need to understand is that it isn't always all that it is cracked up to be.

Read Also:   Renting out your home for Superbowl

Before you list your home with one of the many vacation rental websites there are a few things that you really need to consider and some very important questions you need to ask yourself:

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  • Are you prepared to move in/out of your home?
  • Does your home have the amenities that vacation renters are looking for?
  • Are you properly insured?
  • Are you prepared to manage the process -- move in, move out, cleaning and maintenance?
  • Do you know what you are getting into?

Read Also:  So you want to purchase a Florida vacation home and rent it out

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Making a move to Orlando? Usually that means selling one home and buying another. While buying and selling real estate may sound relatively simple--and sometimes it is--it takes more than luck to orchestrate a seamless sell-buy-move strategy. After all, as Murphy's Law reminds us, if something can go wrong, it probably will, unless you know the secrets to a successful move.

Coordination Is Key

How do you make it all come together? The key is coordination. You need to know the critical steps to take--and in which order to take them--to successfully plan and execute your Orlando move. And what happens if, despite your best-laid plans, something goes awry? You can still get back on track and proceed with confidence--we'll show you how.

Gather Information

The moment you begin thinking about making a local move is the time to start planning. We can help you pull together the critical information you need--how much your current home is worth, how much money you'll need for your next home, etc.--and we will help you scout the market to find a home that meets your needs and your budget.

You don't want to buy more home than you can realistically afford. Likewise, you want to choose a home that you and your family won't outgrow in a year or two. By making a "lifestyle" list of what you want and need in home, you are sure to find a home that fits you just right.

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USA Today recently reported about how appraisals are becoming a nightmare for many homesellers because of Foreclosure sales in the area.  

"Across the country, agents and homebuilders are complaining too many appraisals are coming in low, scuttling deals. The National Association of Realtors says nearly one in four of its members has reported clients losing a sale due to botched appraisals. The National Association of Home Builders, meanwhile, said low appraisals were sinking a quarter of all new home sales and argues it's not fair to compare distressed properties to brand-new homes. And that gets to the heart of the problem. Roughly 40% of all home sales this year were foreclosures or short sales, meaning the property sold for less than the mortgage. In some markets, like Las Vegas and Phoenix, they've hit more than 50%."

There seems to be two sets of homes on the market, distressed sales and those that are not distress sales.   It is important to remember that if you are buying or selling a home to take into consideration the distressed sales in the area, be it a short sale or a foreclosure.   It is important to speak with an experienced Real Estate Professional to ensure that you understand the Orlando Real Estate Market.

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SOLD:  How to attract more Orlando Florida home buyers with seller financing

Like honey draws bees, creative financing can draw home buyers in Orlando Florida to the doorstep of your home for sale. Many Orlando area home buyers are motivated to buy but need help meeting mortgage-qualification rules, especially today. You can help a prospective home buyer finance the purchase of your house (and speed your sale) in several creative ways. 

Seller holds first mortgage.

When selling a home in Orlando Florida, you can lend the home buyer the money, pocket the interest payments, and hold the mortgage on the property, as long as there is no current mortgage. The tax benefits are you may be able to pay income tax only on a percentage of the principal and interest that you get each year. You probably will want a 20% down payment (to discourage default on the loan), and you'll need an attorney to draw up a deed of trust and promissory note.

Seller holds second mortgage

You can help fill the gap between other sources of financing and the sales price of the house. The second mortgage is usually for a smaller amount than a first mortgage but is riskier since it could be wiped out by defaulting on the first mortgage. Real Estate financing can be tricky, so be sure to have your interests legally protected by your attorney.

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Short sales may be the number one niche in the real estate market right now, but many agents are loath to handle such transactions. They insist that banks do not want to approve short sales, the process is too time-consuming, and it's difficult to get everyone to cooperate.

However, short sales experts say agents have a tough time because they often neglect BPOs and property valuations, fail to review the bank's guidelines, submit incomplete files or lowball offers, and do not follow up.

To position themselves for success in short sales, agents must assemble a team of escrow officers, BPO specialists, processors, negotiators, and underwriters with experience in short sales. They should market to homeowners who might consider a short sale, obtaining lists of individuals behind on their mortgages and sending postcards or making in-person visits to let them know their options.

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