In today's crumbling real estate market, many homeowners in the Orlando area are struggling with monthly mortgage payments and may soon face foreclosure. Negotiating revised loan terms would appear to be a good option however loan modifications are failing for many borrowers within a few months of the new arrangement. Another option to consider as a better choice is arranging a "short sale" with the company holding the mortgage. A short sale means the lender will accept less to pay off the loan than the balance owed. In most instances, the mortgage company will only negotiate a short sale through a licensed real estate agent and will not work directly with the homeowner. An experienced short sale agent will know how to work successfully with a lender and guide the homeowner through the process.
What Documents Does the Seller Provide for A Short Sale?
To begin the process, the lender may ask the agent to have the homeowner supply documents similar to what was needed to qualify for the loan initially, but this time for the opposite effect. These documents will prove that the borrower can no long make payments. They may include:
What Action Is Required of the Seller During A Short Sale?
Since lenders are agreeing to a loss on the property, they naturally want to sell at the highest price possible. They also want to protect the property's value during the short sale process. To achieve these ends, the lender may require the homeowner, now the seller, to agree to the following:
Does A Short Sale Affect the Seller's Credit History?
While a short sale may sound complicated and time consuming, it requires only that sellers act as responsible homeowners throughout the sales process. In return, the sellers benefit by not having to go through the foreclosure procedure, and, although some lenders may report short sales as paid off but not per agreement, the sellers do not have a foreclosure on their credit history which would remain there for at least seven years. A short sale affects credit negatively, but is still better, if only slightly better, than a foreclosure.
Is A Short Sale Right for Your Situation?
Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.
Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
November 2008

Good news for first-time home buyers in the Orlando, Florida, area: Conditions for purchasing your first home haven't been this favorable since March 2004. The median sales price declined again last month, dropping nearly 5 percent from $175,650 in October to $167,025 in November. That would mean a savings for a home buyer of over $8,600 if the property was purchased last month instead of the previous month. A year ago, that same home would have cost $234,900 which represents a substantial savings today of nearly $68,000 over 2007.
The decrease in the median sales price pushed the overall affordability index to 135.13 percent (anything over 100 percent is positive), which indicates a borrower earning the median income of $51,962 could qualify for a home priced at $225,699 or less. There are currently over 11,000 homes in this price range in Orange and Semiole Counties. In the prime range for first-time buyers of $137,000 or less, a whopping 6,030 homes were available on the Orlando area Multiple Listing Service (MLS) in November. However, the total number of homes for sale, 24,408, decreased by 249 from October, down 6.74 percent over the inventory a year ago. The average time for a property to remain on the market before selling in November was 109 days.
Pending sales continued a five-month upward trend with 3,326 under contract. That's an 84.2 percent improvement over this time a year ago, an indicator that pleases economist who consider pending sales to be an indicator of future sales activity. Also positive is a reduction of the inventory level, explained as months to sell the existing supply, which was down 28.32 percent from January 2008, now standing at just under 23 months.
Orlando Area Homes-for-Sale Inventory
Of the residential properties for sale through the Orlando area MLS in November, 17,859 were single family homes which is 1,768 less than the number available in November 2007. Most were priced in the $200,000 to $250,000 range. Home buyers looking for the easy-care lifestyle of a condo could choose from 4,450 units, with the largest percentage falling in the $120,000 to $250,000 category. Available duplexes, town homes and villas numbered 2,099 with the majority affordably priced between $140,000 and $160,000.
Orlando Area Condos and Town Homes/Duplexes/Villas
After two months of increases, condo sales fell by 7.76 percent, and year-to-date sales were down 35.94 percent. Completed transactions totaled 107, and most condos sold for $50,000 or less. In the $60,000 to $70,000 price range, 18 units changed hands.
In the duplex, town home and villa category, 93 properties were sold, priced mostly in the $120,000 to $140,000 range. That was an increase in sales of 4.49 percent over November a year ago, though total year-to-date sales in this category were down 10.51 percent.
Orlando-Kissimmee MSA Numbers
In November, sales of homes in the counties of Lake, Osceola, Orange and Seminole (Metropolitan Statistical Area) increased by 6.73 percent over last November, with 1,301 homes sold. Oceola, Orange and Lake Counties saw increases of 33.53, 10.02 and 9.33 percent respectively, with only Seminole County sales dropping, down some 20 percent.
However, year-to-date totals for the counties were lower when compared to January through November of 2007: Lake dropped 6.68 percent, Orange was down 14.13 percent, Osceola decreased only slightly by 1.22 percent and Seminole led the decline with 23.33 percent.
Summary
With the affordability index up, and prices and interest rates down, home buyers may find the Central Florida market the ideal place to purchase their first home. Over 6,000 homes in the Orlando area fall into this buyer's prime price range of $137,000 or less which means a variety of choices are available right now, whether the buyer is looking to downsize for retirement or find that perfect first home.
Statistics are provided by the Orlando Regional Realtor® Association's Market Pulse and based in whole or in part on data supplied by the ORRA or its Multiple Listing Service (MLS).








Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
We recently had the pleasure of being interviewed by Kevin Sandridge of the blog site,www.floridamortgageblogger.com. Kevin is one of Orlando's premier mortgage broker's, and through doing business together, we've come to respect his industry knowledge greatly. Below is the interview. Home sales numbers in the Orlando, Florida area are up, and there's one single reason why... bargains in this area haven't been available like this for over 30 years! However, the help of an experienced Real Estate Agent is a must if really want to ensure a smooth transaction on your next Orlando, Florida area home purchase. Once again, I headed straight to Orlando, Florida Short Sales Real Estate expert Chris Myers, with the Orlando Property Group to ask exactly why he thought this just might be the best time to enter the housing market here. This is what he had to say: Kevin Sandridge (KS): "Chris, thanks so much for taking time out to talk with us here at the Florida Mortgage Blogger about the Orlando real estate market. I know our readers always love the information and insight you provide." Chris Myers (CM): "My pleasure, Kevin. It's always nice to stop by." KS: "So Chris, there's a little bit of a buzz generating lately around whether now is really a good time to enter the housing market here in the Orlando, Florida area. Why do you think this is?" CM: "You're right, Kevin. There has been a noticeable upswing in buying activity in the area, and I think one of the main reasons is that there are a lot more homes in the Orlando area for folks to choose from. Whether they're trading up to accommodate a larger family or moving into the area to take on a new executive position, buyers can basically take their pick of excellent properties in prime locations inside Orange, Osceola, Seminole, Volusia, and Lake Counties. All told, there were nearly 25,000 properties for sale in the Orlando area in October, including single-family homes, condos, town houses, duplexes, and villas. It's just a matter of people finding a home that fits their budget in a location they like." KS: "There sure seem to be a lot of great deals out there. I imagine a lot of first time home buyers might be looking to take advantage of homes that are either in pre-foreclosure or foreclosure status. What are some things they should be careful of when looking at these types of homes?" CM: "That's a great question, Kevin. There are several areas that deserve special attention from short-sale buyers. These include, but aren't limited to: The Timing of Your Orlando Area Short Sale The first thing buyers interested in pre-foreclosure status homes need to understand is the waiting period involved with many Orlando area short sales. Even the smoothest transactions can take months to complete. It's not at all out of the question for short sales to take up to three or four months before receiving an answer from the bank" The Physical Condition of Your Orlando Area Short Sale Home The home's condition is another thing to take into consideration. The majority of pre-foreclosure and foreclosed homes are sold on an "as-is" basis. This is not necessarily a bad thing. Often, they are only in need of some minor cosmetic repair. Other times, however, they can lean more towards your "handyman special" and come without any major appliances. The key here is for buyers to be sure and negotiate time enough to properly inspect the Orlando area home you're considering and, if necessary, provide a means to cancel the contract should the home's condition be completely unacceptable. Financing Your Orlando Area Short Sale As with any home purchase, you'll want to be sure you get all of your ducks in a row in terms of financing your Orlando area short sale. There's a conception out there that FHA loans can't be used to purchase short sales. This is untrue. They can in fact be used. Actually, as you and I have discussed, Kevin, FHA is in some cases even willing to waive their 90 day seasoning requirements if the home a buyer is purchasing has moved into foreclosure. Contending with Multiple Offers The Orlando, Florida area has an unbelievable number of short sale opportunities available right now. We've all heard the "buy low, sell high" stock purchase philosophy. Well, the same philosophy applies to the housing market. The US housing market is currently 3.8% undervalued. The Orlando market is in far worse shape value wise. According to a December 3, 2008 Orlando Business Journal article, the October median home price here in Orlando, Florida was $177,900, 25 percent less than the $238,500 reported in October 2007. KS: "That's amazing - and a real chance for folks in the right financial position to gain a great deal of built in home equity at the time of purchase! Just look at the picture -home affordability is near an all time high, interest rates are holding steady at very attractive levels. CM: "That's it, exactly, Kevin. And the thing here is that savvy investors are absolutely on top of this situation. So much so, that nearly every well-priced Orlando, Florida short sale I've seen or been a part of recently has had multiple offers on it. Short sale buyers in our area need to be prepared to act immediately if they find the perfect house. They also need to be ready to offer the seller's asking price or even a little over the asking price in some cases, as attractively priced short sales can often become the focal point of some pretty fierce bidding wars." Establishing the Asking Price in a Florida Short Sale KS: "Chris, one question I hear often from my clients concerns setting the sales price of a home in a short sale. Who typically decides the asking price for short sales here in the Orlando area? KS: "OK. So get your offer in early, and make it as competitive as the situation dictates. Got it. But what about up front money? Let's talk briefly about what making an offer and whether good faith deposits are encouraged. At the peak of the last housing market boom, sellers were fielding multiple buyer offers at once. Often, buyers who failed to put down good faith deposits were left out in the cold. Since we're now in a buyer's market, can you talk a bit about whether good faith deposits are still a must?" CM: "Good faith deposit, or escrow deposit is actually required in order to make an offer on an Orlando, Florida area short sale. However, the actual amount of that deposit is negotiable. Typically, sellers are looking for earnest money deposits of about $1,000. It may be a buyers market, but only if your able to buy. Seller's recognize this and want to know you're not only willing to buy, but capable as well. It also shows them that you won't simply walk away, after they've taken the home off the market." KS: "So I take it that, just as with a typical new or existing home purchase, you agree with me that buyers should get pre-qualified for a Florida home loan before beginning their Orlando, Florida area short sale shopping experience? CM: "Absolutely. It's imperative that a homebuyer get pre-qualified before beginning their home search. That's really the first step. In fact, when someone calls us about a property, we help them get in touch with the right Florida home loan professional to make sure their financing is in order. Many homebuyers think they know their credit score, or what they can afford, but when the price is broken down into monthly payments, and things like taxes and insurance are factored in, they sometimes find they don't want to spend as much. It goes the other way, too. Buyers think they may be in the position of paying one amount, but discover through the help of their Florida home loan specialist that they are actually comfortable buying more home than they originally thought. In any case, I can't stress enough how important it is for everyone - homebuyers or not - to understand where they are in terms of their credit report. The credit bureaus freely admit that data entry error and other errors occur in the area of credit reporting. Good credit is the key to financial stability and long term wealth, and you know, Kevin, just how much of an impact 10 or 20 points can make in terms of the long term money folks will pay out over a 30 year fixed rate mortgage. Too often I've seen good people end up with lower than expected credit scores due to information about late payments or other derogatory data being added to their credit reports erroneously. Meeting with a qualified Florida mortgage broker early on in the home purchasing process gives people the time required to combat this type of situation should it arise. I'll end by saying that even in situations where people have met with a Florida mortgage broker and were pre-approved for a Florida home loan, they still need to follow up to be sure nothing has changed on their credit - or that the program they qualified for is still active. Lending standards have changed so dramatically lately, that the only way to know where you stand for sure is toconsult a qualified Florida mortgage broker. Selecting the Right Realtor to Handle Your Orlando, Florida Area Short Sale Purchase KS: "That is some valuable advice, Chris. And is basically what I tell all of my clients and referral partners as well. I'd like to round things out by asking you to provide some insight into how home buyers interested in Orlando, Florida short sales should go about selecting the right Realtor? I imagine that, just as with the legal profession - where a lawyer may specialize in criminal defense or patent law, Realtors have their particular strong suits as well. Some may deal primarily with luxury homes and short sales, such as yourself, while others specialize in commercial real estate or conventional residential real estate. What qualifications should folks interested in Orlando area short sales be looking for in a potential Realtor, and what are some questions they should ask? CM: "That's such an important question, Kevin. You're absolutely correct in that Realtors do tend to specialize or achieve professional comfort zones with specific types of real estate transactions. The thing you most definitely do not want to do is trust your short sale purchase to a real estate professional who is learning as they go. We've outlined many of the "built in" challenges that come with just about every Orlando area short sale - including Quite simply, the care and feeding of a short sale is not something you want to entrust to someone who does not have a proven track record for success with them. Between the timing involved, paperwork they entail, and the sometimes repeated negotiations required to close an Orlando area short sale - you want a real estate professional on your side who can close the deal. Here are some key things to look for: KS: "Wow. Well said, Chris, and once again you've provided us with some invaluable information for those looking to buy homes here in the Orlando, Florida area via the short sale process. Thank you so much for your time today, and we hope to have you back again very soon." CM: "Thank you Kevin, it's always a pleasure." KS: "Remember folks, whether you're buying a home to live in or you're looking for one as an investment, work with an experienced real estate agent who knows the local Orlando, Florida area. Your Realtor® can prepare a Comparative Market Analysis (CMA) to help you make informed decisions. An agent who specializes in short sales and foreclosures can explain the benefits and pitfalls of buying properties in those categories, too. A good real estate agent is worth their weight in gold! If a real estate purchase in the Orlando area is in your future, either as a home owner or investor, talk with a Realtor® now about the advantages of taking action in today's affordable market." If you're currently in the market to buy a home, and are wondering if now is the right time to pull the trigger, check out this article Chris Myers wrote detailing whether now is the right time to buy an Orlando, Florida area home. Is A Short Sale Right for Your Situation? Seaching for a great real estate value in Central Florida? Need help with a short sale? "It's only a buyer's market if you're ABLE to buy!" Looking for specific information regarding Orlando Florida real estate prices and communities?Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City - Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We're experts at putting people together with homes they love and can afford. Contact ustoday for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions. Orlando, Florida Short Sale Home Buyer Tips
Orlando, Florida Short Sale Home Buyer Tips: An Interview with Chris Myers of the Orlando Property Group

CM: "In most cases, Kevin, the banks or lenders holding the note make the final determination as to how much money to ask for the home. Most banks are willing to do what it takes to sell them quickly, and they understand the power of market value. However, their main objective is to recoup as much money for themselves as possible, so they aren't apt to just give the home away for a song.
My advice to people interested in buying a home here in the Orlando, Florida area via a short sale is this: Don't get greedy if the house is already priced well. Have your real estate agent do a market analysis to determine the home's true value and go from there. But remember, the bank will be far less willing to negotiate a lower price if multiple offers start pouring in."
Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.
Call or email me TODAY to go over your options!!!!!!
One question is on the mind of all Orlando home buyers...Is now the right time to buy? Well, a recent economic and financial analysis forecasting firm called Global Insight has recently reported what many Orlando Real Estate Professionals, investors and home buyers already know...now is the right to time to buy! Seaching for a great value in Central Florida? Need help with a short sale? "It's only a buyer's market if you're ABLE to buy!" Looking for specific information regarding Orlando Florida real estate prices and communities?Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City - Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We're experts at putting people together with homes they love and can afford. Contact ustoday for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.Orlando Home Buyers - Now Is The Right Time To Buy!!!
Orlando Home Buyers - Now Is The Right Time To Buy!!!

According to statistics, the U.S. housing market is currently undervalued by 3.8 percent. Out of 330 metropolitan areas in the United States which were analyzed by Global Insight, 150 experienced price declines in the second quarter of 2008. In the third quarter, that number jumped dramatically to 241 metro areas experiencing price declines.
Areas that were previously viewed as overvalued just three years ago, like Orlando Florida, seem to be the hardest hit according to the study.
What's the conclusion...the combination of historic low intrest rates and increased affordability which we haven't seen in years, make today's Orlando Real Estate Market a home buyer's dream! Take advantage of this market today and call us to help you find your dream home!
Call or email me TODAY to go over your options!!!!!!
Will Loan Modifications Help Homeowners in Orlando, Florida?
In areas like Orlando, Florida, hard hit by increased foreclosures and decreased home values, loan modifications held out some hope for slowing the real estate market's downward spiral. However, initial early data may indicate many struggling homeowners should opt for short sales instead of modifications, and their lenders may now see short sales as a better option, too.
According to the latest data released Monday by the federal bank regulator, Office of Thrift Supervision and Office of the Comptroller of the Currency, loan modifications may not be the answer to the real estate foreclosure crisis. Of homeowners who worked with their lenders to modify their loan terms, more than half fell behind on the new payment arrangement.
Ruth Simon, writing for the Wall Street Journal-Real Estate section, says such "high default rates raise questions about the effectiveness of efforts to work with troubled borrowers..." The numbers tell the tale: Loan modifications were given to nearly 73,000 borrowers in the first quarter of 2008 with another 114,000 modifications in the second quarter. Reports from the first quarter to September 30 indicated that nearly 36 percent of the revised loans were past due only three months after the modification, and over half were two months past due six months after the modification. Although some of the homeowners were able to bring their loans current after they fell behind, over 41 percent were at least 60 days past due eight months after their new payment agreement.
John Dugan, Comptroller of the Currency, said there may be many reasons the loan workouts are not working. One factor may be that the lenders in their report, who hold more than 60 percent of the outstanding loans (Citigroup, Bank of America, and J.P. Morgan Chase), are not making adjustments that result in affordable payments for the borrowers. These companies also may have failed to verify the homeowners' income, and in some cases, added in past-due amounts which resulted in higher balances and even higher payments. In the Orlando area where home prices are down nearly 25 percent over last year, the homeowner may already owe more than the home is worth at today's standards, and an increased balance may negatively affect a borrower's incentive to keep up their payments. In fact, Credit Suisse Group reported borrowers were less likely to default on their mortgages when their loan balances were reduced, but this is not the traditional modification currently being offered to U.S. homeowners.
The FDIC's loan modification program for IndyMac loans could have a lower default rate because it focuses on "sustainable" payments. However, any success through this workout formula may be offset by the weakening economy and worsening unemployment.
For homeowners, who find they can't maintain the new payment terms worked out by their lenders, a short sale may be a better alternative than the inevitable foreclosure. Short sales occur when the lender agrees to accept less than the balance owed, something becoming more viable for Orlando homeowners as real estate values drop and they find themselves upside down on their mortgages.
Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!
"It's only a buyer's market if you're ABLE to buy!"
Looking for specific information regarding Orlando Florida real estate prices and communities?Get Your Free Market Snapshot
Read Also: Orlando Florida Relocation Resource Guide
Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America's best jobs.
Read Also: Orlando Florida Facts & Resources
Read Also: Orlando Florida City - Everything You Need To Know!
If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.
We're experts at putting people together with homes they love and can afford. Contact ustoday for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.
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