Orlando Real Estate News

FROSTPROOF, Fla. - Mar. 13, 2011 - Residents with sinkholes on their property should be aware of several key factors as they seek to recoup their losses, state officials said.

Because of Florida's geology, more sinkholes form here than in any other state, so a homeowner's insurance policy covering sinkhole damage is recommended.

And if a sinkhole appears on private property - even if the formation was triggered by outside factors such as drought, new construction, heavy rain or heavy ground-water pumping - the property owner is responsible for the damages and repair, according to the Florida Department of Environmental Protection.

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Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.

The rules announced earlier this month from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida's housing market.


The effect of the new rules will likely be somewhat limited because only banks that owe the federal government TARP bailout funds must comply. And according to Balanoff, even when certain banks do push for faster short sales, there is so little consistency among mortgage negotiators that he doesn't expect the new deadline measures to be applied or enforced evenly.

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LAS VEGAS -  Think of it as the shrinking American dream.

What's out: Outdoor kitchens and fireplaces, two-story foyers and deluxe bathroom features like multiple showerheads in the master bathroom.

What's in: Smaller homes with lots of natural light, storage and energy efficiency features that save money - and don't cost too much.

"There's no more 'la-dee-da, green is wonderful," said Calli Schmidt, a spokeswoman for the National Association of Home Builders.

The housing trends were highlighted in separate surveys conducted by the Washington-based trade association and Better Homes and Gardens, released this week at the International Builders' Show in Las Vegas, which ends Friday. They surveys showed there's less appetite than in recent years for big homes decked out with high-end amenities.

Now, the mantra for many homebuyers reflects a desire to keep costs down. They want to reduce wasted space like high ceilings that drive up energy bills. They favor features like smart appliances that help cut household energy costs.

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The last thing many troubled homeowners want to hear is that they could be denied a car loan after they get a chance to modify their home loan. But credit scores can get dinged after a home loan modification, making it more costly or tougher to get a loan or credit card.

Hundreds of thousands of homeowners find themselves in a financial squeeze, thanks to the recession and the meltdown in the housing market. Lenders have offered trial loan modifications to more than 700,000 eligible borrowers. As of late November, about 31,000 trial loans have been made permanent, which requires at least three on-time payments under the trial program and proof of income.

What these troubled homeowners don't realize is that these attempts to avoid foreclosure may result in their credit scores taking a hit.

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Why Orlando Real Estate? 

We certainly live in interesting time, but why would you ever want to invest in Orlando real estate in such a volatile market?  Well, precisely because it is a volatile market might be the answer in your situation.

Before You Start investing in Orlando Real Estate:

• Your finances are in order
• You were already thinking of taking funds from low interest or high risk investments and moving it to another financial option
• You have the resources and patience to buy "right"

Why Real Estate Investment?

• Real Estate is unique in that as you pay down your mortgage your equity increases accordingly
• Over time the rents you realize will increase, while expenses can remain pretty stable
• Tax ramifications can be considerable when you consider deductibles, deferrals and depreciation