Heather the Realtor - Orlando Area's Top Real Estate News

This blog is part of a monthly series about the foreclosure market in the Orlando area. My goal is to keep area home owners and buyers educated on how the REO market is recovering or if it is and what deals are out there for both First Time Home Buyers and Investors. Click the link to see Orlando's January Foreclosure Numbers.

Area Number of Homes

Florida 57,838 Bank Owned Homes in the State of Florida

Orange Co 5,205 Bank Owned Homes in Orange County

Seminole Co 927    Bank Owned Homes in Seminole County

These numbers are said to be accurate as of 2/7/10 9:01 pm

My predictions were right the foreclosure numbers are on the rise and up across the board from January. My prediction is the end of the 1st quarter going into the 2nd quarter numbers will be up over 50% from now.

Thinking about purchasing your first home in Orlando? Then read this First Time Home Buyer Guide to find out if you are ready to purchase your first house.

How do I know if I am ready to buy a home?

If you answer yes to all these questions then you maybe ready to purchase your first home.

• Do I have a steady source of income and is it reliable?
• Do I have a good standing record of paying my bills?
• Do I have established credit?
• Do I have the money saved for a down payment or qualify for down payment assistance?

Orlando Bank Owned Homes for Sale coming soon to the market. As an REO listing agent I normally have my upcoming inventory a few weeks to months before it's ready to be placed on the market. This gives my customers the advantage to knowing what's coming. If you want to sign up for our list of bank owned properties for sale email us a Heather@HeatherTheRealtor.com and tell us you want to be added to our Foreclosure List.

Our upcoming REO properties are as follows:

10112 Silmarien Orlando FL - Great home close to 417/408 and UCF

1820 Little Gem Loop Sanford, FL - Great townhome 3/2 1600+ sq ft 2 car garage

1151 Glendale Ave Deltona, FL - Great home directly across from large park and playground

1825 15th Ave Orange City FL  - Only 5 years old 

124 Pennsylvania Ave Winter Garden, FL  - 2/1 with carport great investment property will be priced under $30,000

Also we'll have two luxury Bank Owned homes in Windermere's Keene's Pointe coming this Spring!

To get the leg up on your competition join our Foreclosure Mailing List

Florida is generally in the top 5 on any list that you look at for foreclosures and Orange County FL is no different. I was working on some information for a client the other day and was playing with a foreclosure mapping feature. While people are trying to say things are improving the market is getting better it's a little artificial. 

I thought I would share with you the upcoming foreclosures for Orange County FL and you can tell me if you think things are better? Our market wont be out of the woods til 2012-2013.

Baldwin Park is the quintessential place to live, there are numerous parks, grocery stores, doctors, schools, shopping and restaurants located in the community but only minutes from the hustle and bustle of Downtown Orlando. 

I have a stunning Luxury home for sale in this great community located in Orlando, FL. This stunning property is a short sale and wont last long. This homes was built by Charles Clayton and has every exquisite finishing imaginable in this home. The countertops in the master bathroom won awards in 2007 and are truly a must see.

This luxury home offers:

• Plantation shutters throughout
• 3 Spacious bedrooms
• Office/Den - Beautiful Hardwood floors & built in, in warm rich tones
• 4 Luxurious bathrooms - each one more unique then the next
• Master bedroom - has a hydro tub room for 2+ people, walk in shower with rain shower head, well crafted custom closets
• Gourmet Kitchen to die for - Wolfe & Sub Zero appliances, insta hot at sink, walk in pantry, bulters prep area, computer/billing nook
• Stunning Gas fireplace in living room greets you at the entrance
• Numerous hand crafted built ins throughout
• Heated pool & Spa with waterfall feature
• Gas fireplace outside w/full out door kitchen
• Speakers throughout the home and outdoor area
• Enclosed back patio
• 3 Car Rear Entry Garage

So many upgrades too many to mention this home is a must see!!! Home is listed at $925,000

Contact me today for your private tour of this magnificent luxury home for sale in Orlando's finest community of Baldwin Park

Lake Mary Luxury Homes for Sale, our office has this amazing luxury estate for sale. You will truly be impressed when you step onsite to your passage to paradise! This is a "One of a Kind" Custom Master Piece! Optional This home is often referred to as a mini resort! Not just a Luxury Estate in Lake Mary, it's a life style! Built to please any waterfront lover! 

Home features:

• Paved Boat Ramp
• Offering 7,732 sq ft under roof
• Thousands of Sq ft of brick pavers including the new boat ramp, screened lanai with jacuzzi & wet bar
• Tons of outside patios
• Oversized 916 sq ft garage w/new floor coating & Extra storage
• Surround sound & Telephone
• This estate features a seperate room that can be used as a 4 person office or an in law suite, poolside media room or gaming area
• First Floor boasts a huge water front master suite tucked away by itself, everything a couple can image
• Full Guest suite
• Family Room opens to Texas sized Kitchen w/stacked stone fireplace & Yes another office or hobbie Room
• Store your favorite vintage wine in your wine closet
• Upstairs offers a massive flex room awaiting your imagination - currently used as play & work out room
• 2 Very Generous lakefront suites 17x15 w/nearby computer work stations & library
• Simply too much to mention

To schedule your private tour of this luxury lake mary estate or for more information contact us today!

REO or Bank Owned Properties as they are better known are very popular right now with investors and first time home buyers. However this market is a very specialized niche. It's not like writing a deal on a regular resale home and requires a few special skills that you want to make sure your Orlando Realtor has or it could cost you that house.

As an REO listing agent I see offers come across my desk all day long from other agents and their eager buyers. Sometimes I just have to shake my head. What was their agent thinking when they wrote their offer. Their are contingencies that some of them write in, the offer price, the terms are just not acceptable to a bank and often times causes their offer to get over looked.

If you are looking to purchase a bank owned home in the Orlando area, make sure you are working with a Realtor that specializes in the foreclosure market. It's ok to interview your Realtor. Ask them how many REO transactions they closed last year, ask them for proof. This is your financial future and it's ok to be selective in who you use. The person maybe very nice and you like them which is important but in the end will they get you the house you want and with the proper terms.

My team and I have extensive experience not only listing Bank owned properties in the Orlando area, but successfully helping home buyers purchase REO listings and the tricks to getting our offers in before most even notice the house is on the market. We welcome your questions and look forward to working with you!

New FHA guidelines were announced earlier this week. Over 30% of all new loans are FHA loans. One of the biggest rules I feel that will impact First Time Home Buyers is the reduction of seller contributions to buyers closing costs. Until recently a seller could give up to 6% the maximum amount of costs a buyer would every experience in closing costs. 

Under the new rules which will begin in late Spring or Early Summer is reducing that amount from 6% to 3%. Meaning that as a first time home buyer you would not only have to come up with the 3.5% for your down payment but also another 2-3% in closing costs for a total of up to 6.5% of the purchase price. Ouch!

Because you decide to wait a few months to purchase a home or to see what the market does that waiting could cost you an additional $3000 out of pocket on a $100,000 home. Plus by then the $8000 tax credit will have expired.

In a previous blog First Time Home Buyers are running out of time to collect the tax credit I talked about how there are now less then 100 days left in this program. What most people dont realize is that for many first time home buyers that make $50,000 or less a year receiving a free $8000 cold hard cash from Uncle Sam is like receiving a 15% increase in pay. 

I wanted to show you some of the First Time Home Buyers like yourself in the Orlando area that have recently closed on homes and received $8000 from the government not to mention all the other tax savings for being home owners. The 

This couple was looking for the perfect back yard for their 2 dogs to enjoy themselves, nice wood floors plus Danny wanted a space to use as a recording studio.

So I worked long and hard and found this couple the perfect home. A large lot that was fenced in plus guess what the house already had? A professional recording studio built in. The home was under $200,000 on the east side of Orlando and they have since enjoyed the $8000 tax credit.

Misty was a great client to work with, she wanted the bells n whistles and more importantly in her price point. She wanted the best that money could buy and in a great area of Oviedo for under $150,000

I found her a brand new town home built by Ryland Homes in her price point and we got it at the right stage just a few months from completion where should could pick her options that went into her first home. I took her to the design center and helped her wisely spend her free $15,000 in designs. She ended up with amazing 42" cherry cabinets, granite counter tops and so much more, instead of spending unnecessary money on little things the builders charge alot of she worked with her vendors from her company to get them done for much cheaper after she closed. Now not only did she get to enjoy her 1st Christmas as a home owner but also the Free $8000. (we were soaking at the closing nice Florida rain storm in Nov)

Last but certainly not least is the first person to close on an Orange county NSP (Neighborhood Stabilization Program) Home, Jessica. Jessica is a moderate income family, she works hard and wanted to start investing in her own future instead of renting. She was pretty open to the different areas of Central Florida as long as I could find her a nice house, in a nice area and a yard for her dogs.

I did just that, but on top of that I worked hard with my lender Doreen Hargraves on getting Jessica in the NSP program which is purchasing homes, rehabbing them and selling them to families in moderate to low income brackets and giving them $30,000+ in down payment assistance. With perfect timing Doreen and I got Jessica in the first home available for Orange county not only did she get a great house for under $150,000, with a large 1/4 acre fenced lot for the dogs to run in play in but a completely rehabbed home with new appliances and all and since it was the first house it was a big to do with Mayor presenting her the keys. Plus Jessica will get to file for the $8000 tax credit this year.

These are just a few of the new home owners that decided to take the leap into home ownership. They are building their financial futures. They took advantage of low interest rates, low prices on homes and some great government programs from down payment assistance to free tax credit money.

If you are tired of renting and have thought about purchasing a home and taking advantage of the great incentives out there then give me a call and I will help discuss if home ownership is right for you and how you can get into your first home. I have a property now with Lake Mary Schools that a mortgage on it would only be $500 a month and it has a pool. Where can you rent a house like that for $500?

Your Running Out of Time on the First Time Home Buyer Tax Credit. Did you know there are only 100 days left to get in on this great incentive? That's right at 11:59 pm of April 30, 2010 the tax credit will expire and the likelihood of it being extended is pretty grim.