Heather the Realtor. Orlando & Lake Mary First Time Home Buyers & Luxury Homes

Orlando First Time Home Buyers this is your guide on everything real estate related and where to begin. The media, your friend and family, everyone you know is telling you to stop renting and purchase a home. That the market has never been any better and well it's starting to sink in. You want to purchase a home but just dont know where to start. This series of blogs will guide you through every step of the process and hopefully help answer most of your questions.

Lets start from the very beginning, you have this feeling that it's time to buy but you really dont know how you can tell or where to even begin. First you need to realize that buying a home isnt for everyone and that it might not be the right time for you regardless of what the media tells you. If you have a stable job, plan on living in the same place for at least 5 years and have some money in saving then now might be the time for you to purchase your first home in Orlando. However if the above statements werent true for you it's ok, there's nothing wrong with renting until you are 100% ready to make the leap.

Next, you feel ready, you have 3.5% set aside as a down payment and you know buying is right for you now what, how do I find a home, where do I get a mortgage. I pay $1300 a month in rent what does that get me in a home? My suggestion is finding a top notch Realtor who can guide you through this process. Their first stop will be putting you in touch with a few lenders. (Note: you can do this before finding a Realtor, but I think they go hand in hand.) The lender is going to ask you personal questions like: What is your income? Have you filed your taxes and can you provide proof for the past 2 years? They were will want to see 3-6 months worth of your bank statements, they will also have you fill out an application and provide all your debts and assets, plus SSN so they can run your credit. This is one of the most important steps, here you are laying the foundation of your home purchasing experience, skip this step and the process could fall like a game of Jinga!

Now with all this information in hand the lender is going to review your file with you and discuss what monthly payment you feel comfortable with, explain some of the tax benefits of owning a home versus renting and go over the amount you were approved for based on the information you provided them. This is known as the pre-approval letter. This letter is very important when it's time to look at homes as most sellers will not look at your offer without this letter. Plus it spells out the maximum amount you can afford in a home. Along with this letter you should receive a GFE (Good Faith Estimate) this document will go over the closing costs associated with getting a loan and how much that will cost in addition to down payment. (Dont fret often times we can get the sellers to pay this for you as part of our negotiations.)

Hopefully you have a better understanding about the first step in buying a home in Orlando and what you need to do to build a solid foundation. Next we will discuss where you go from here and how to choose an Orlando's Buyers Agent and why you need one.

If you are a first time home buyer in Orlando make sure to check out our Half Million Dollar Challenge where you can get up $12,000 free money!

Are you a First Time Home Buyer in Orlando or know one? If so you can partake in our Half Million Dollar Challenge, we are setting out to put a half million dollars back into the hands of Orlando First time home buyers! Tell your friends, family, co-workers anyone that is thinking about purchasing their first home about the Half Million Dollar Challenge and this blog. We are down to just a few final months of the $8000 Tax Credit.

So what is this Half-Million Dollar Challenge for Orlando Home Buyers? For every first time home buyer who purchase a home, they can receive up to an $8000 tax credit that means we need to help 63 families close on a home between now and November 30, 2009 to reach our Half-Million Dollar goal! If we reach our goal of helping 63 families close on their first home prior to 11/30/2009 we will be giving one lucky home buyer, chosen at random and extra $4000!

You must purchase a home between August 1, 2009 - November 30, 2009 to qualify for the extra $4000. The extra $4000 will be paid by Heather Joubran and you must use her as your Realtor to qualify for this challenge.

Lets define what an Orlando first time home buyers is in the eyes of the IRS:

First Time Home Buyer: Is someone who has not owned a principle property in the US in the past 3 years

Income Guidelines: Single Person must make less then $75,000 or $150,000 for a married couple

Want to see all the IRS rules on who qualifies for the tax credit, check out the First Time Home Buyer $8000 Tax Credit Guidelines.

If you qualify as a first time home buyer and want to join the Half-Million Dollar Tax Credit Challenge contact my team today to get started towards purchasing your first home and having a chance at a cool $12,000!!!

Email: Heather@HeatherTheRealtor.com

website: www.HeatherTheRealtor.com

Call or Text: 407-810-6304

Many people ask "How do I make my offer stand out" when purchasing a bank owned home. They realize after making a few offers that low ball offers wont cut it in this market on homes in good condition in location under $200,000.

As an REO listing agent myself here in Orlando, FL I have a few tips to helps those out there struggling to get their offers accepted.

Each bank is different but I find the below information holds pretty true with most the banks that I work with,

Tips for making an offer:

• Banks prefer offers with high down payments and low risk of rejection, which makes cash offers king, followed by conventional loans, FHA and then VA loans if no other offers are available.
• The do not want to make repairs to the property (If you need that you need to make sure to sweeten the deal for the bank upfront)
• The bank is looking for the offer that nets them the most amount of money, however they are looking for low risk as well.(Buyers remember this when asking for closing costs)

Multiple Offer Scenario on an REO property:

An Orlando bank owned property was at $200,000. Buyer A is a cash buyer offering $125,000 as-is, no concessions or contigencies.

Buyer B has a conventional loan, offer price $190,000 with 20% down and no request for closing costs or repairs.

Buyer C has an FHA loan, offer price $205,000 with 3.5% down and closing costs assistance of $5000.

The bank took offer number 2 because while it didnt net them the most out of the buyer is was close to asking and had the least amount of risk that the deal would not close. For the FHA loan to entice the bank to accept their offer either eliminate the need for closing costs or go higher in asking price making the net hard to refuse to the bank.

Are you thinking about purchasing an Orlando REO property? If so, you need to make sure to pack a lot of patience going into this process. While the process of purchasing an Orlando REO property or better know as bank owned real estate is quicker then purchasing a short sale you need patience for another reason, multiple offers. Not just multiple offers on a property you may want, but also the fact that you will probably need to make multiple offers on multiple bank owned properties before one sticks.

As an REO listing agent here in Orlando I can give you a little insight into the process.

1. First thing to keep in mind is that all banks will require you the buyer to utilize the services of a Realtor. The bank themselves use agents to list their properties and do not have the time to take offers from buyers so they field them through their agents.
2. Banks will require that you are pre-approved in advanced of writing an offer, if paying cash you will need proof of funds to purchase the property.
3. You will also have to submit proof of escrow deposit (good faith deposit) typically 1-3% of the purchase price.
4. In addition to signing a state FAR/BAR AS-IS, you will also need to sign bank addendums/bank contract. Sometimes this document doesnt come until after your offer is accepted. These contracts are generally one sided and limit your rights but cannot be changed. Having a top notch Realtor who has extensive knowledge in the REO field is important to minimize your risk.
5. Your offer is then generally uploaded through an online submission site and all of the above documentation is required at that time or your offer is generally not looked at.

The offer that nets the bank the most money with the least amount of risk is chosen.

(Read more on what makes your offer stand out on bank owned properties)

For today's First Time Home Buyers purchasing REO property in Orlando they are running into multiple bids on properties, in this scenario the bank will generally ask all buyers to submit their highest and best offer. Most buyers think they will have the opportunity to counter and go higher and this is not the case, the bank will generally accept the highest and best offer or take the highest and best offer and counter that one, rejecting all the others.

For more question on Orlando Bank Owned properties or how to get started purchasing your first home or maybe first investment property contact me today.

Heather Joubran Call or Text 407-810-6304 email:Heather@heathertherealtor.com www.HeatherTheRealtor.com or follow me on Twitter LakeMaryRealtor

Orlando Bank Owned Homes for Sale - These homes are looking for buyers or investors to snatch them up. All of the below properties are Bank owned homes that I have listed and are active on the market. All of the homes are in good or fair condition none of the homes are in complete shambles. Some Move in ready others need a little elbow grease.

The banks want to get these homes sold come make me an offer. All offers are considered!!!

Votaw Rd Apopka, FL $74,900 1,385 sq ft 3/2 1/3 acre

Bon Air Dr Orlando, FL $52,000 1,439 sq ft 4/2.5 1/3 acre

Sunset Palm Dr Apopka, FL $134,900 1,806 sq ft 3/2.5/1 Townhouse

Colony Dr Casselberry, FL $45,000 1,012 sq ft 3/1

Dark Oak Ct Oviedo, FL $315,000 2,708 sq ft 4/3/3 1/3 conservation acre

Keyes Ln, Deltona FL $62,400 1,411 sq ft 3/2

New York Ave St. Cloud, FL $299,900 2,200 sq ft Commercial Restaurant All Equipment/Furniture included.

State Rd 40 Astor FL $249,900 3+ Commercial C-2 Acres Perfect for drive through, car wash, bank

Fosgate Rd Montverde FL $299,000 25.5 acres of buiildable land can easily split into 3 separate parcels. Surrounded by Luxury Equestrian Estates

W 4th St Chuluota, FL $22,499 .26 acres of land minutes from Live Oak Reserve come build your dream home, no HOAs

For more information or to join our mailing list and get the inside scoop on properties before they hit the market simply send us and email with:

Your name

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Email to Heather@HeathertheRealtor.com