Orlando Area Real Estate News

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ORLANDO BASED BROKER TOREY EISENMAN

BRINGS YEARS OF BUILDING AND SELLING EXPERTISE

TO HER BENCHMARK REAL ESTATE GROUP—A

COMPANY WITH A 100% SUCCESS RATE

IN SHORT SALES

 

By Jonathan Widran

            In 2001, after ten successful years of dedicated work in the home building industry, Torey Eisenman finally got her general contractor’s license and officially incorporated her own company, Benchmark Real Estate Group, Inc. The market was strong and it would have been an optimal time to launch and run her own business. But the Florida based customer service and marketing expert’s seven and a half year run at Lennar Homes in Miami had been so successful that she was still getting offers from other companies.

            Rather than go off on her own, Eisenman took the “lucrative distraction” and became the Director of Customer Service of Pulte Home in Tennessee. Overall, she has worked for four of the top ten national home building companies. Later in the decade, after a few years in a similar position at a company in Ft. Myers, Florida, the market tanked and in a single year, she lost her job and both of her parents. During what was perhaps the worst possible time to start a real estate company (by the standards of conventional wisdom, anyway), she turned these losses into strengths as she dove full throttle into starting her company.

            While she had her doubts early on, she drew strength and inspiration from the spirit of her mother, who got her into real estate in the late 80s, and her dad, a successful general contractor who gave Eisenman her first job in construction in the early 90s. “Committing to Benchmark for me is definitely part of carrying on a family legacy,” she says. “But my mom had her best years in real estate in the 80s when there were double digit interest rates—and they are very low now. It’s a tough market now because regulation is changing and lending can be tight. But the rewarding part is being able to navigate challenges that might stop typical companies in their tracks. We won’t stop until we’ve pulled every resource available to get a deal done.”

             Eisenman’s expertise is working in the high luxury market focusing on properties that sell for over $500,000 and she is a member of The Institute for Luxury Home Marketing. In fact, Eisenman was one of 100 agents across the USA and Canada recently invited to an invitation only event in Austin, Texas to pool resources and to stay on the forefront of what is happening in the Luxury Market. In addition, while Eisenman has incredible success making short sales (the norm these days, rather than the exception) and doing sales and marketing online, Benchmark didn’t start out that way. Initially, she was working more with investors, focusing on “flipping” properties—until changing laws and regulations made an entire business devoted to that process untenable. As the market worsened, foreclosures became more prevalent, and she personally encountered more distress among consumers, she shifted from investment into helping those consumers.

            Eisenman takes care to protect her clients faced with the prospect of short sales by recommending that they seek accounting advice and legal counsel. She uses an experienced third party negotiator, watches the paperwork like a hawk and makes sure there are many pairs of eyes on a transaction so that no detail slips through the cracks. As a result, Benchmark has achieved an almost unheard of 100 percent success rate in short sales—which make up 60% of her business.

            Benchmark works closely with American Home Tenders to ensure upkeep on second homes and investment properties valued at upwards of $500,000, so that they can be attractive to prospective buyers interested in purchasing short sales. “The seller signs a contract that places a tender with the property to ‘stage’ it while also covering all of its utilities, and if applicable, homeowner and condo association fees. The tender rate can also support repairs, so the seller is not incurring that extra expense. All of this will keep the property saleable until it goes into foreclosure or short sale. Without this protection, it’s always possible that communities of abandoned homes can deteriorate or be vandalized. A livable home will sell for more money. Ironically, there aren’t a lot of real estate companies doing this.”

            Certainly, Eisenman’s success in doing short sales is due to her strong intuition that these would become a commonplace occurrence during the economic recession. On a deeper level, however, her desire to help buyers and sellers comes from the fact that she genuinely cares about people. Being honest means she will be candid with a client and won’t list an overpriced home if it doesn’t make sense to the seller. On the other hand, she will do everything possible to sell a property. Her tough “can do” attitude serves her well in negotiations as she looks for solutions to get the deal closed, while always keeping her clients’ best interest in mind. She has been an advocate for short sale education, participating in classes and serving on committees with the Orlando Realtor Association.

            “There is just so much misinformation about short sales out there that frustrates me,” she says. “I know from personal experience that people are lied to and stolen from all the time because they don’t know the things they should. They don’t understand the tax ramifications. When you short sale a property, if the lender gets a deficiency judgment, they have 20 years to pursue it. When people come to Benchmark, we connect them with reputable, experienced lawyers who can help them with the legal issues involved in foreclosures and short sales. Two years ago, I hired an attorney and gave him money to help me sell one of my investment properties. He told me he filed but later I found out that he never did.

            “I realized there are just some lawyers out there who don’t know what they are doing, or are just trying to take advantage of people’s naivete,” she adds. “At that point, I vowed that this would never happen to any client of ours. Protecting them is the most important thing. I tell prospective clients to talk to attorneys and accountants first, then to come back and we can list their property. My many years in the home building field gave me experience that I can apply to the ins and outs, ups and downs of the short sale world. Being a general contractor, I can capitalize on the features and benefits of a particular home that will help increase its value. 

It’s so gratifying when people finally close on a short sale property. They are very grateful that we cared enough to take the time to educate them and help them through what could be a much more complicated process.”

            Perfectly reflective of the world’s reliance on ecommerce is the reality that over 90 percent of home buyers now search online for properties. Besides short sales, Eisenman’s company specializes in leveraging the power of the internet for her clients, making sure their properties can be found easily on sites like Craiglist, Zillow, Facebook, Trulia, Realtor.com, Hotpads and other appropriate online sites. Benchmark also has a presence on the consumer education site Activerain and advertises on the international site Proxiopro.com.

            “My goal as an agent has always been to help people and close homes,” she says, “and so we had to learn how to use the internet effectively to market the homes we list, to increase the potential pool of buyers. We create a page for every property that we list and those are sent out to different real estate sites. When consumers Google homes, the sites we are on pop up and give our properties maximum exposure. The internet makes the world smaller and that means my company is able to connect with other high end realtors across the country whose clients may be looking for a home or investment property in the Orlando area.

            Does the prevalent “ecommerce” element of real estate supersede the old school relationships that have been traditionally forged between buyers, sellers and agents? “There are just different options in today’s world,” Eisenman says. “Some people buy investment properties on eBay that have never seen their holdings in person. There’s no emotional attachment to the place, and we’ll take photos of it for them and maybe once a year they’ll come to look at it. But if they’re seeking a primary residence, that’s where a personal relationship with a realtor comes into play. You’ve got to develop a relationship based on trust either way.”  

            Looking back, it seems as though real estate was somehow always part of Torey Eisenman’s DNA. Born in Columbus, Ohio, she moved with her family at age five to Plantation Acres, a suburb of Ft. Lauderdale and attended the private American Heritage School. While she grew up with the ambition to someday be a neo natal surgeon, she ultimately decided it was easier to get a marketing degree and leave the baby saving to others. Her mother and grandfather were successful real estate brokers who encouraged Eisenman to get her license in 1989. She tried general real estate for a year but ultimately found she wasn’t comfortable in that environment. Her father, a general contractor, had lost his partner and suggested she try the home building side of the business.

            She entered the field at a time when her dad’s company was rebuilding houses destroyed or damaged by Hurricane Andrew, and she soon became the post-Andrew customer service liaison between home owners, contractors and Dade County Building officials. For the next few years, she participated in what she calls “Miami Rehabs,” doing teardowns and rebuilds. She later worked for the building company Lennar Homes in Miami for over seven years, during which time she became president of various homeowners and condo associations, running customer service for them. Her career in customer service for home building companies continued with Pulte Homes in Nashville and Beazer Homes in Ft. Myers. 

             Eisenman currently mentors other real estate professionals, participating in  short sale classes for the Orlando Real Estate Association. She also serves on the Orlando Regional Realtor Association’s Professional Development Committee, the Broker Council, Short Sale Task Force and Speakers Bureau (she is currently the chairperson), and is a member of the Lake Mary Rotary Club and Rotary International.

            “Our main goal at Benchmark is to let people know that if they want solutions to get their home sold or closed, we can make it happen regardless of their circumstances,” she says. “We have the resources and will go the extra mile. At this stage of my life, I’m definitely where I belong. I am able to apply my knowledge from my years working with mortgages, construction and on the real estate customer service side. In the coming years, I envision my company growing to a point where others can manage it and I can be out in the world helping those in need.”

There are many people in the market place that are not sure what to do with their current real estate investments. These are times that it is necessary to make educated business decisions. The key here is EDUCATED decision.

Speak with an accountant and or an attorney. You typically do not need to retain an attorney until a Lis Pendens is filed (Lawsuit). Understand your rights as a consumer.

Understand the difference between a short sale and a foreclosure.

  Short Sale:Once closed your loss is defined. A primary residence that qualifies under the HAFA   http://bit.ly/beZQZaprogram could prevent future liability toward a deficiency. Be careful of HELOC loans that were used to purchase anything other than home improvements. As of today you can qualify for a Fannie Mae Loan 3 years after your short sale closes.

  Foreclosure:This has many unknowns. Did you realize all expenses incurred once the bank forecloses on your home are your liability. Yes, they are pursuing these deficiency judgments. In addition, you will need to wait 7 years prior to getting another loan.

http://bit.ly/shortsalevsforeclosure

Get educated and understand the pros and cons of the decision you make. We feel that a short sale is far more beneficial to all parties over a foreclosure.

CONTACT US

Benchmark Real Estate Group

321-422-4729

 We will be happy to educate you on the short sale process. We work with Luxury Properties as well. Click this link for additional Information regarding the process procedures.

http://bit.ly/informationaboutselling

EDUCATION IS KEY

 We have a 100% Success Rate in Closing Short Sales

 

 

It’s a question most home buyers are asking themselves right now.  It has been said repeatedly that now is an unbelievable time to buy a home. Home prices are down and interest rates are at historic lows.  Which means that your affordability is greater than ever.  But in this volatile economy, we can’t help but wonder – will home values will continue to decline?  And are interest rates really going to go up?  If so, when is the right time for me to buy and take advantage of the market?  Hopefully, this chart will help you understand the dynamics of your affordability when it comes to home prices and interest rates.  While we can’t determine whether or not home values will decrease, increase or stabilize in the near future, it is pretty much a guarantee that the interest rates will go up.  Trying to time the market is risky – especially when you’ve already got a golden opportunity in front of you!

		Should we wait for prices to go down or rates to go up???
Loan Amount	4.50%	5.00%	5.50%	6.00%	6.50%	7.00%
100,000	$506.69	$536.82	$567.79	$599.55	$632.07	$665.30
150,000	$760.03	$805.23	$851.68	$899.33	$948.10	$997.95
200,000	$1,013.37	$1,073.64	$1,135.58	$1,199.10	$1,264.14	$1,330.60
250,000	$1,266.71	$1,342.05	$1,419.47	$1,498.88	$1,580.17	$1,663.26
300,000	$1,520.06	$1,610.46	$1,703.37	$1,798.65	$1,896.20	$1,995.91
350,000	$1,773.40	$1,878.88	$1,987.26	$2,098.43	$2,212.24	$2,328.56
400,000	$2,026.74	$2,147.29	$2,271.16	$2,398.20	$2,528.27	$2,661.21
	* Payments are all calculated on a 30 year fixed fully amortizing loan.

Zero-down loan programs are few and far between these days, but one that remains available might be of interest to you –especially given some changes that make it more accessible.

USDA Guaranteed Rural Development loans offer 100% financing with no monthly Private Mortgage Insurance. Seriously, I said NO monthly PMI. While there are some geographic limitations for this program, if you are interested in eligible properties, you should take notice.

Income restrictions for this program are based on the number of people living in your household, however these limits were loosened beginning April 20, 2009, which means more people may now qualify and be able to afford higher value homes under this program. Previously, the income limits were based on the exact number of people living in the home. For example, the limit for two people was different from the limit for one person; the limit for three people was different from the limit for two people, etc. As of April 20, the household income limitations are grouped into two categories: 1-4 Person Households and 5-8 Person Households.

This is great news!

It means that higher income earners with fewer people in the household may be more likely to qualify.
In non high-cost counties, where 1-4 people reside in a home, the income limit will now be $70,750. In homes where 5-8 people reside, the limit is $93,400. While these figures serve as a guide, there are certain situations in which people can earn more and still qualify.

Now just because you see the word “rural” in the program name, it doesn’t mean we’re talking farmland here. No, you don’t have to raise cattle or chickens to qualify. Rural generally is defined as areas that are not densely populated and have fewer neighborhoods – but you might be surprised at how many neighborhoods qualify. To check eligibility on a property you may be interested in, email me or visit the following web site.

Is this property eligible for USDA Guaranteed Rural Housing financing?

I am very excited about what this can represent to you. More buyers will have the ability to buy a home without a down payment and that could be you. Also, when it comes to USDA Rural Housing loans, the seller can pay closing costs up to 6%. When you combine these benefits with the available tax credit of up to $8,000 for eligible first time home buyers, buying that “house in the country” – or even the suburbs – is suddenly a lot easier.
To learn more about how this program, give us a call.  This is a great opportunity and I hope you can take advantage of it.

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.

Orlando, FL – There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let’s examine the pros and cons of both strategies. Leveraging Your Property. In order to understand why you’d want to borrow as much as possible for your home purchase, you must first grasp the concept that equity has a zero rate of return. Here’s an example: If Consumer “A” buys a home for $300,000, and puts 20% down, then they have $60,000 in equity. Over the next 5 years, the property appreciates $100,000 in value. Consumer “A” now has $160,000 in equity. Consumer “B” buys a home for $300,000, and puts no money down. At the end of 5 years, that same home is now worth $400,000. Consumer “B” has $100,000 in equity, which is the same appreciation as Consumer “A”, a net $100,000. As you can see, your down payment has nothing to do with your rate of return. What becomes important is how you choose to manage the $60,000 you didn’t use as a down payment. If you use it for frivolous activities, such as buying toys or going to Las Vegas, it would be more prudent for you to use that money as a down payment. Especially since this will enable you to obtain a lower interest rate. However, if you were to invest the $60,000 in a vehicle that can out-earn the cost of that debt, then this could be a formula for success. This is why some lending professionals suggest putting as little down as you possibly can, maximizing your tax write-off, and investing the rest. This principle has been applied for many years in the life insurance game. The old saying goes, “Buy term and invest the rest.” The key component is taking the money you would have used as a down payment and creating an asset accumulation account. This account should earn a significant enough rate of return to enable you to pay your mortgage off entirely and achieve the ultimate goal of being debt-free. Paying Your Home Down Rapidly. There are very few times over the course of my career that I have seen a client with zero debt and no financial difficulties. Choosing to pay off all of your debt can reduce stress and help you to gain freedom of cash flow for investment opportunities. A 15-year mortgage or a bi-weekly payment strategy provides structure. It can also put you on track to have your mortgage paid off within a set timeframe. Simply put, it contains built-in discipline. It’s important, however, to understand that regardless of how rapidly you pay your home off, you’re not getting any greater rate of return on your investment than if you paid it off slowly. Conclusion. So how does one determine which scenario is best? The choice depends entirely upon the individual. Savvy consumers who are disciplined, and are comfortable taking chances from an investment perspective, would do well with the first scenario. Over the course of time, it’s been proven that your rate of return over the long-haul will be far greater than the rate you’d pay for a mortgage in today’s rate environment. It’s important to seek the advice of a skilled investment advisor to ensure success with this strategy. The second scenario is best for those who have a difficult time managing their money or who’ll sleep easier at night knowing they have a plan in place to pay their loan off more rapidly. Be sure that your budget can handle accelerated payments. When consumers “bite off more than they can chew” with a 15-year mortgage, they frequently end up having to refinance back into a 30-year schedule. If you find this subject intriguing and would like to know more, I recommend that you read a book titled, Missed Fortune 101, by Douglas Andrew. It’s an outstanding read that is very simplistic and goes into far greater detail than I can cover in this column. Douglas is a financial planner who advises safe-structured investments such as whole life policies and tax-free fixed income instruments.

Many potential first-time home buyers feel it is necessary to save money to buy a home.  This is a great step towards home ownership but you may miss out on today’s opportunities.  With gas prices on the rise, house prices at an all time low, great interest rates, FHA and multiple down payment assistance programs there is no need to wait.  Why not purchase now with someone else paying your down payment for you?  No need to pay someone elses mortgage where they have a tax advantage, pay your own and have a tax write off especially since driving has hit you a little harder in the pocket! 

Down payment assistance programs are here to help you become homeowners today!  You can take advantage of these tax savings, and call your house a home!  Where do you go for accurate and reliable Down Payment Assistance Information?

Benchmark Real Estate Group, Inc. has experience and expertise to help you achieve your homeownership dreams!  Our professional team has put together the information for you!

• Down Payment Assistance Overview
• Home Buyer Education Information
• Live and Online Classes
• Predatory Lender Prevention
• Access to all of the Down Payment Assistance Programs Available
• Resources for Credit Repair
• Access to Lenders with Expertise in Down Payment Assistance

Contact Us Now to find out How

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. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program,
www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.  Be careful of contract clauses, ask your real estate professional for help in understanding them.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt. 

1. They don’t ask enough questions of their lender and end up missing out on the best deal.2. They don’t act quickly enough to make a decision and someone else buys the house.3. They don’t find the right agent who’s willing to help them through the home buying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.