Orlando Florida Real Estate Resource

Orlando Florida Short Sale Q & A

How long does a short sale take in today's Orlando Florida real estate market?
The short sale negotiation process can be quite lengthy, although things keep changing constantly.  A few months ago, it was taking anywhere from 3-4 months...sometimes even longer.  Right now, we're seeing the average timeframe to be about 30 to 45 days.  Some banks are approving short sales in as little as 3 days, while others won't even look at them until 30 days has passed.  The reason for this lengthy process is the multiple parties who have to approve the short sale.  Those with their hands in the pot include the numerous departments within the bank...many not knowing what the others are doing, the investors, the private mortgage insurers, Fannie Mae, and more.  All of these must give their approval.  It's important that as a buyer, you go into a short sale knowing that you'll have to be patient during this long process.

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Orlando Florida Real Estate Resource

Orlando and Seminole County Home Buyers - Title Insurance Is A Must!

Here's an FYI for all you "I want to wait for prices to drop more" Orlando Florida Real Estate home buyers.   

Waiting may well make your Orlando area home MORE expensive not less! How is that possible if the prices of Orlando Forida Real Estate drop? Unless a home buyer really does pay all cash, even a small increase in intrest rates can wind up wiping out most, if not all of the saving from the price decrease, due to the increased interest costs. And as the article below indicates - interest rates are very likely to be going UP. 

Here is a simplified example: On a $220,000 house, if the price goes DOWN by $10,000 but interest rates go UP by only 3/4%, then an Orlando Florida home buyer will pay $8,600 MORE in interest during the first 10 years and $17,200 MORE during the first 20 years. Pull out your financial calculator and check it out! Oh - the monthly payments are nearly $400 MORE per year too!

[Price NOW $220,000 - With a $20,000 down payment and $200,000 30yr fixed rate mortgage at 6% - will result in $111,263.58 of interest during the 1st 10 years.

If the price drops by $10,000 to $210,000 and Orlando Florida Real Estate intrest rates increase by only 3/4% - With a $20,000 down payment and $190,000 30 yr fixed rate mortgage at 6.75% - this will result in $119,952.26 of interest during 1st 10 years.] 

So to paraphrase an old saying - An Orlando Florida home buyer who hesitates may suffer a big loss!

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Orlando Florida Real Estate Resource

Orlando and Seminole County Home Buyers - Title Insurance Is A Must!

Your Orlando Florida property has a unique past, present and future, and when you buy an Orlando Florida home, you become part of its recorded history. The record of your ‘free and clear’ home ownership protects you and future owners of your property from being deprived of rightful ownership.

As accurate as the recording system is, there are times when your home ownership may be challenged. Perhaps a ‘legally-dead’ previous home owner turns up and lays claim. Maybe a case of mistaken identity or even forgery occurred in a past Orlando Real Estate transaction and rises to haunt you.

The only way to be assured that your right to own your home or property cant be taken from you in some unforeseen way is to take out title insurance. Title insurance secures your part in the history of your home.

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Seminole County Florida Real Estate - Homes, Townhomes & Condos

Specializing in Seminole County Real Estate,
Orlando Real Estate and Orange County Real Estate in Florida

Should I wait for prices to drop further, before buying a home in Seminole County or Orlando Florida?  This is a question we hear repeatedly.

The headlines are saying "wait!" because Seminole County and Orlando Florida Real Estate prices are expected to decline even more.  How much?  No one can say for sure. Well, I'm here to tell you to IGNORE THE HEADLINES!  Yes, prices will probably drop more, but this doesn't necessarily mean you'll get a better deal.  You see, too many buyers are focusing on home prices and waiting, worried that the home they buy today will be worth less tomorrow.  What they're missing is that rising mortgage interest rates are a huge concern, and many would be buyers will find themselves out of luck if they wait much longer.  And to top it all off, mortgage lending standards are tightening, leaving fewer and fewer Seminole County and Orlando Florida home buyers unable to qualify.  While almost anyone could get 100% financing 6 months ago...today, there are only a couple of programs allowing you to buy with no money down, and qualifying standards have gone way up.

There's little doubt that waiting for the perfect time to get into the market will cost you more in the long run. As Jim Svinth, chief economist at mortgage firm Lending Tree has said, "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher."  Any saving you see from falling prices will be offset by rising interest rates!

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 Orlando Florida Real Estate - Homes, Townhomes & Condos

Orlando Florida Real Estate 
Tax Benefits Of Buying A Home

Specializing in Orlando Florida Real Estate, Orange County Real Estate and Seminole County Real Estate in Florida 

It's amazing, but true. Buying a home in Orlando Florida, or anywhere for that matter, adds to your "take home" income - possibly by several hundred dollars or more - simply by increasing the number of federal income tax withholding allowances on your Form W-4.

• Here's how it works
  New Orlando home buyers generally find that their pre-purchase withholding rate will result in overpayment of taxes, if they don't adjust their withholding allowances. That's because they haven't reduced their withholding to compensate for reduced taxes caused by deductions for mortgage interest and property taxes - items that are currently deductible at income tax filing time.
• See for yourself
  A first-year homeowner who paid $9,000 in interest and real estate taxes, and who itemized deductions in a 28% tax bracket, would have overwithheld and would get a large refund next year. In this case, $2,520.

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