Orlando Real Estate News Blog

Anyone looking to buy a home in Orlando, East Orlando or any of the surrounding communities such as Windermere, Winter Garden, Ocoee, Winter Park, Kissimmee, Saint CLoud, or Lake Nona please give me a call because I have some terrific deals. I found this photos recently and I Love it. So, the answer is NO it’s not real and don’t ask where you can find it.

However, I’m seeing short sales and foreclosures right now that are 1/2 price compared to only 3 years ago. I’m hearing people saying that we are not at the bottom and they’re going to wait. Well, very simply if you wait for another $10,000 – $20,000 break in price your thinking is wrong. Let me tell you why.

Interest rates is the answer. Interest rates will rise and trying to save $10-$20 thousand will be nothing compared to a 1/2 point to a point higher in interest rates. Do the math. When you’re done doing the math, give me a call and I’ll find you that perfect home at a huge price reduction at the lowest interest rate. Don’t wait for the media to say it’s turning around, because by then it’ll be too late and you’ve missed the bottom. So CALL TODAY! 407-580-7011

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs, or visit OrlandoShortSaleExpert.com for information on Short sales and Pre Foreclosures.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

 Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

Orlando Foreclosures

(March 12, 2009)  RealtyTrac® (www.realtytrac.com), a leading online marketplace for foreclosure properties, released its February 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings – default notices, auction sale notices and bank repossessions – were reported on 290,631 U.S. properties during the month, an increase of nearly 6 percent from the previous month and an increase of nearly 30 percent from February 2008. The report also shows one in every 440 U.S. housing units received a foreclosure filing in February.
 
“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February as well,” said James J. Saccacio, chief executive officer of RealtyTrac. “There were some notable exceptions to this: a 45-day voluntary moratorium in Florida expired at the end of January, and foreclosure activity there was up 14 percent from the previous month; and many New York foreclosure proceedings delayed by a new law for an extra 90 days appear to have hit the system in February, when the state’s foreclosure activity increased 23 percent from the previous month.”

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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden,  or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

If You’re facing  Foreclosure!

1. Do not pay doctor bills or credit card debt ahead of the mortgage. Keep mortgage payments current if possible.

2. Negotiate with the Lender to restructure your mortgage. If loan is guaranteed by a federal or state agency, the lender may be required to grant assistance or provide other options, to avoid foreclosure.

3. Sell the house before it goes into foreclosure. If your mortgage is higher than the home’s market value, you may be able to persuade the lender to allow you to sell it for less and forgive the rest of the debt. (This is called a short sale)

4. If you’re about to lose your home, filing for bankruptcy can stop the foreclosure process and allow you more time to try to work out a plan to keep the home. Get legal advise from an attorneyspecializing in bankruptcy.

For further information on any of the above please feel free to give me a call to discuss.

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

If you’re facing Foreclosure…..

1. Do not pay doctor bills or credit card debt ahead of the mortgage. Keep mortgage payments current as possible.
2. Negotiate with your lender to restructure your mortgage. If the loan is guaranteed by a federal or state agency, the lender may be required to grant assistance, or provide other options, to avoid foreclosure.
3. Sell the house before it goes into foreclosure. If your mortgage is higher than the home’s market value, you may be able to persuade the lender to allow you to sell it for less and forgive the rest of the debt. (this is called a short sale)
4. If you’re about to lose your home, filing for bankruptcy can stop the foreclosure process and allow you more time to try to work out a plan to keep the home. Get legal advise from an attorney specializing in bankruptcy.

Anyone looking to buy a home in Orlando, East Orlando or any of the surrounding communities such as Windermere, Winter Garden, Ocoee, Winter Park, Kissimmee, Saint CLoud, or Lake Nona please give me a call because I have some terrific deals. I found this photos recently and I Love it. So, the answer is NO it’s not real and don’t ask where you can find it.

However, I’m seeing short sales and foreclosures right now that are 1/2 price compared to only 3 years ago. I’m hearing people saying that we are not at the bottom and they’re going to wait. Well, very simply if you wait for another $10,000 – $20,000 break in price your thinking is wrong. Let me tell you why.

Interest rates is the answer. Interest rates will rise and trying to save $10-$20 thousand will be nothing compared to a 1/2 point to a point higher in interest rates. Do the math. When you’re done doing the math, give me a call and I’ll find you that perfect home at a huge price reduction at the lowest interest rate. Don’t wait for the media to say it’s turning around, because by then it’ll be too late and you’ve missed the bottom. So CALL TODAY! 407-580-7011

One way first-time homebuyers can keep housing costs down is to get a great deal on a foreclosure. Right? Wrong, says author, real estate attorney and investor James Randel.

“First time homebuyers have their own issues,” says Randel. “To put foreclosure risks on top of that is imprudent.”

“Buying foreclosures isn’t as easy as it looks,” says Randel, “There are a number of risks associated with it.”

People think foreclosures are a goldmine, low-hanging fruit, but the only ones who tend to do well are experienced buyers and professionals who treat buying foreclosures as a business.

According to Randel, here are the top five reasons why foreclosures carry too much risk for first-time homebuyers.

•1. Damaged goods. When people get in trouble, they tend not to care for the property. And because of anger and frustration, they may damage the property deliberately.

•2. As is, where is. In a normal transaction, there are seller’s disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn’t exist in foreclosures because there is no contract with the seller.

•3. No Title, No Recourse. You get a title search in a normal transaction after your offer is accepted. In foreclosures, you do the title search before your bid is accepted. “If you don’t do the title search, you may prevail at the auction but be subject to superior liens like tax liens,” warns Randel. “People say, ‘I may not get the deal so I don’t want to spend the money for a title search – that’s backwards thinking.”

•4. Evictions. You have to determine the homeowner is out of the property. The homeowner may still have personal property or still live on the premises, and it could take time and money to get rid of them.

•5. Bidding Fever. Auctions are designed to get yo excited. Some people don’t go mentally prepared to an auction in the right way. The auction could take place on the courthouse steps or in a courtroom, but the tempo matters. If it’s fast-paced, don’t get caught up in the excitement and energy or you’re likely to overbid.

“The best way to buy a foreclosure is to let the bank take title and try to buy directly from the bank — before it goes on the auction block. Those properties are called REOs, real estate-owned, explains Randel. “If that’s not possible, prepare for an auction. There are websites that notify the public when a lis pendens (pending action) has been filed. That’s a notice of foreclosure.

“I recommend to investor clients to get to know bankers in your geographic area, and they’ll tell you this property has problems.”

The best short cut to buying a foreclosure is to work with a Realtor who knows the market and can help you pick the right property for your needs.

The nation’s foreclosure hemorrhage slowed a bit last month, according to Foreclosures.com. Lenders repossessed 74,570 homes following foreclosure in April, down more than 5 percent from March. April pre-foreclosures dropped 7.52 percent from March too, according to California-based Foreclosures.com foreclosure information specialists.“The sky isn’t falling, and the bottom of the housing market is in sight,” says Alexis McGee, president of Foreclosures.com.Foreclosures.com says its analysis is based on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and trustee’s deeds/REOs (real estate owned by lender through foreclosure).

U.S. gross domestic product was not negative as many had speculated and grew 0.6 percent in the first quarter. Combine that with positive moves by government and industry – including the still-evolving FHA reform and tax credits, along with federal tax rebates – are making a difference. The S&P 500, after dropping nearly 19 percent Oct. 9 to March 9, has since rebounded 11 percent. New jobless claims were lower than expected, and even Treasury Secretary Henry Paulson is upbeat, predicting a pick-up in growth later this year.

” REO filings YTD • Florida, 24,764 (4 per 1,000) Pre-foreclosure filings by household YTD

• Florida, 25.6 per 1,000 (162,316 filings, leading the nation in total number of filings)

About the author: Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

Just a note on perspective for some of the foreclosure news you are seeing.  

Is it rough out there?  Well consider this, in a news article today (see below) there are apparently frightening numbers on forclosure rates – ” U.S. Foreclosures Jump 57%” .  Awful state of affairs – right?  How about this headline for the same article – “99.8% of U.S. Households NOT in Forclosure”  Amazing? Can’t be true? Check the math.

Use the numbers provided in the article – “More than 234,000 properties were in some stage of foreclosure, or one in every 538 U.S. households… “.  Pull out your calculator and work out the percentage – .001859 or .1859% (1 divided by 538).  Yep – that is LESS than two-tenths of one percent.

Well that is the national number, you might say, but Florida is much worse. You are absolutely right!  Here is what the article says ” Florida had the third-highest rate, one filing for every 282 households…“. Yes much worse – .003546 or .3546%. LESS than four-tenths of one percent. So the Florida headline should read – “99.6% of Florida Households NOT in Forclosure”.

This is not to diminish the real pain and financial peril faced by tens of thousands of homeowners in or facing foreclosure. There is a serious financial and market correction underway in housing and the broader economy. But it is not the end of the world. If you really want to see what a crisis is all about check the numbers from the Great Depression.  Nearly 1 in 10 owners was in foreclosure in 1932 and 1933. In the 1920′s there were over 40,000 real estate licensees in Florida – by 1941 the number was 1,200.

In 2008 there is no doubt we face a tough and challenging market.  Is success still possible?  YES.  It will take very consistent, very focused, and very hard work to produce results. You CAN do this!  But not if you let the headlines drag you down.  

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)

If you’re facing Foreclosure…..

 Do not pay doctor bills or credit card debt ahead of the mortgage. Keep mortgage payments current as possible.

1. Negotiate with your lender to restructure your mortgage. If the loan is guaranteed by a federal or state agency, the lender may be required to grant assistance, or provide other options, to avoid foreclosure.
2. Sell the house before it goes into foreclosure. If your mortgage is higher than the home’s market value, you may be able to persuade the lender to allow you to sell it for less and forgive the rest of the debt. (this is called a short sale)
3. If you’re about to lose your home, filing for bankruptcy can stop the foreclosure process and allow you more time to try to work out a plan to keep the home. Get legal advise from an attorney specializing in bankruptcy.

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)