Orlando Real Estate

Buying a home is a major investment no matter which way you look at it. But for many homebuyers, it’s an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either paying too much for the home they want, or losing their dream home to another buyer or, worse, buying the wrong home for their needs.
A systemized approach to the homebuying process can help you steer clear of these common traps, allowing you to not only cut costs, but also buy the home that’s best for you.

An industry report has just been released entitled “Nine Buyer Traps and How to Avoid Them”. This important report discusses the 9 most common and costly of these homebuyer traps, how to identify them, and what you can do to avoid them.
To hear a brief recorded message about how to order your FREE copy of this report, call 1-800-787-4601 and enter 1018. You can call any time, 24 hours a day, 7 days a week.

Call NOW to learn how to avoid costly buyer mistakes before you purchase your next home.

Do you own a home that has a mortgage that is higher than the market value? Have ypou experienced a hardship? Many Orlando Homeowners have experienced a hardship which may qualify them for a loan modification. Benchmark Real Estate group, Inc. has conducted a substantial amount of research and we have teamed up with a group of lawyers that can help you if you are experiencing difficulty with making your mortgage payments on your Orlando Home. You are not alone. Call us today and we will determine if you qulaify for a loan modification or some other solution to assist with your financial concerns. Orlando Homes that need to be sold do not need to stay listed on the market for several months. There are solutions. Contact us today for additional information.

1. W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
2. Copies of at least one pay stub for each person signing the loan.
3. Account numbers of all your credit cards and the amounts for any outstanding balances.
4. Copies of two to four months of bank or credit union statements for both checking and savings accounts. 
5. Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
6. Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
7. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.  
8. Copies of your most recent 401(k) or other retirement account statement. 
9. Documentation to verify additional income, such as child support or a pension.  
10.  Copies of personal tax forms for the last two to three years.  

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments.

 
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible. 

 1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live. 

What is a Short Sale?

A short sale is an alternative to foreclosure. If you are a homeowner and you can no longer afford to make your mortgage payment this may be the alternative for you. A short sale occurs when the lender agrees to accept a payment that is less than the mortgage balance. Not all lenders will accept short sales or discounted payoffs. You must be able to qualify for a lender to agree to a short sale on your property. Things you need to do if you are a distressed owner and would like your lender to consider a short sale on your property.

Items Lenders Typically Require to Consider a Short Sale

Letter of Authorization

Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a mitigation company, real estate agent, closing agent, title company or lawyer, the lender will cooperate with your representative by providing the with written permission to talk with those specific interested parties about your loan. The letter should include the following:

Date, OwnerName, Property Address, Loan Reference Number and Your Agents name and contact information

Preliminary HUD

This is an preliminary (estimated) closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions and mitigation fees, if any. The mitigation agent, closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees.

Hardship Letter

This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or had a life altering event. This letter should describe in detail the events that have caused you to become delinquent with your mortgage payments.

Proof of Income and Assets

Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders require assurance that you cannot pay back any of the debt prior to accepting short sale terms. Bank StatementsThe lender is going to want to see several months worth of bank statements. They only want to accept short sales if the debtor is unable to pay the loan.

Comparative Market Analysis

A real estate agent can provide you with documentation that substantiates the price you need to sell your home for. The lenders want to understand recent sales in the area for homes that are comparable to yours.

The lender is going to want an extremely comprehensive package that details the purpose of accepting a short sale package. Timing is extremely important. You may want to consult your lawyer or accountant to ensure this is the best route for you.