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

Orlando First Time Home Buyers this is your guide to everything real estate related and where to begin. The first parts of this series discussed if purchasing a home is right for you and how to finance your first home, the second part discussed why you need an Orlando Buyer's Agent. Thirdly went over How to Make an Offer on your First Home and what can go wrong while under contract. Lastly we discussed what happens at the closing table

You are officially a home owner and have successfully moved into your New Orlando Home. A new house isn’t a home until it’s warmed by your personal items.  It’s easy to forget that a home is also a house made up of thousands of parts, many of which require maintenance regimen and regular inspection to ensure they are at peak performance, just like your car.

You will want to devote regular attention to home and have proper maintenance at least twice a year, say Spring and Fall. Area's of particular importance are the homes

• Air Conditioning units
• 
  
• Plumbing - including your water heater and main shut off valves
• 
  
• The exterior of your home - maintaining shrubs and trees that may touch the roof or exterior walls.
• 
  
• Keep the exterior walls clean and keep the paint up to date.

Orlando First Time Home Buyers this is your guide to everything real estate related and where to begin. The first parts of this series discussed if purchasing a home is right for you and how to finance your first home, the second part discussed why you need an Orlando Buyer's Agent. Thirdly went over How to Make an Offer on your First Home and what can go wrong while under contract. Now you've made all the hurdles and have arrived at the closing table.

You did it, you worked hard to keep your credit in line, listened to your Orlando Realtor, found the perfect first home and have now made it to the closing table. Those weeks of anticipation finally are at a culmination of hard work. You hear all about this "Closing Table" but what does it mean. When you finally make it to the closing table that means you will be signing all the documents to take title to this property and signing over the agreement that you are accepting a mortgage. 

You often times hear horror stories that it takes hours of signing your name and by the end of it all you wont be able to feel your hand. While this was true a few years ago when people had 80/20 loans and had to sign all the documents twice, todays closings are generally handled in under an hour. It's customary for the sellers, their agent, the buyers and their agent plus the title rep to all be at the closing table together signing documents. Sometimes the lender will even show up to verify you fully understand everything you are signing and that they are prepared properly. However with bank owned deals and out of state sellers it will just be the buyers side at the closing table.

At the closing table the documents cant really be changed, if there is something wrong on the document a new package may have to be prepared which can sometimes take hours. However after all the documents are signed by both parties and your mortgage has gone through (they call this funded) you are now the proud owner of your first home and can take possession of the property that day. However on bank owned deals if the seller hasnt already signed the documents and your mortgage hasnt funded you may have to wait a day or two after signing before you get keys to your home.

Going back to my old saying "You cant get excited about a home until the keys are in your hands, well here is when you can become very excited!"

You have reached the end of our series about purchasing a home and are now a successful home owner. We have one last blog coming up for you about after the sale and caring for your home.

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!

Orlando First Time Home Buyers this is your guide to everything real estate related and where to begin. The firs parts of this series discussed if purchasing a home is right for you and how to finance your first home, the second part discussed why you need an Orlando Buyer's Agent. Thirdly went over How to Make an Offer on your First Home. This blog will discuss what can go wrong while under contract.

You worked hard, did your due diligence getting a preapproval, finding the perfect Orlando Buyer's Agent, found the right house and made a good offer on it. Now your under contract and sailing into home base, right? Wrong! There are many issues which can arise while you are under contract on your first home. There are 3 contingencies in a FAR/BAR AS-IS contract that lets you legitimately get out of a contract. 1) Inspections - You can have inspections on this magnificent first home and find out it's riddled with issues, termites, plumbing leaks, old and deteriorating roof you name it. During this time period you have the right to walk away at your sole discretion. This is probably the least surprising and most expected where issues arise. Now lets discuss some other problems.

In today's market Appraisals are a #1 killer of a lot of deals. With the declining market and appraisers under the magnifying glass they have been devaluing property. When a home doesnt appraise that means the bank will not lend you the money above the appraised value. So unless you have or want to pay cash to bridge the difference between the purchase price and appraised value you will need to walk away from the deal or potentially renegotiate with the seller.

Next there are things that you as a buyer can do to hurt your chances of closing on a home a few of those items but not limited too, opening new lines of credit, purchasing large items like appliances, furniture on credit or a new car. Not continuing to pay your bills on time, not filing tax returns this list can go on but while you dont see the big deal the underwriter can kill a deal in the last hour. Meaning you dont get to purchase a home.

There are many issues that can go wrong and this just skims the surface, this is just to make you aware that just because you are under contract does not mean it's smooth sailing. My motto to First time home buyers in Orlando is "You cant get excited until the keys are in your hand." 

You now have all the keys of how to successful purchase your first home. In the next blog, I will discuss the closing process.

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!

Orlando First Time Home Buyers this is your guide to everything real estate related and where to begin. The firs parts of this series discussed if purchasing a home is right for you and how to finance your first home, the second part discussed why you need an Orlando Buyer's Agent. This part will discuss how to make an offer on your first home.

Lets retrace our steps, you've come to the conclusion buying is right for you and you have spoken with a lender who has given you a pre-approval letter, you have also chosen your buyer's agent to represent your best interests in a transaction, we have found that perfect house and now it's time to make an offer on that house and hopefully turn it into a home. But what can you do to make your offer stand out.

Your agent will now sit down with you and go over what are known as comps or comparable properties that have recently sold in usually a 1 mile radius around the home for most homes in Central Florida and within the past 3 months. These houses will be as similar to the house you want to purchase as possible. However we all know that generally isnt possible so your agent will make some adjustments to the pricing to make the homes more exact. From here they will arrive at a range value of what the house you want to purchase should appraise for and will discuss with you making the offer. An offer isnt just about price, it's about the terms and conditions as well.

Depending on the type of property you are looking at bank owned, new construction or owner occupied will dictate how you structure the offer. Bank owned homes you will always have to write the offer AS-IS with the right to inspect, the bank is looking for a deal that nets them the most amount of money with the least amount of risk. Next new construction you will always use the builders contracts, here you will be allowed to do a final walk thru prior to taking possession of the home to find any of those nicks, dings or items that might not work and they will fix them. The builder is looking for price and bottom line net to them. They will throw in extra's like appliances, design center options and closing cost incentives but you might pay more of a premium. There is usually some wiggle room when negotiating with builders but not much. Owner occupied properties have emotion involved you have a seller that might have raised their kids in this home or built it with their bare hands, they put a price tag on that emotional attachment even though an appraiser wont. Here we have flexibility with negotiating terms, pricing and having the seller make repairs to the property, however to make your offer stronger in this market consider doing an AS-IS contract. Here's it's important to play up how much love you will give this home and appreciate it the way they did, play to their senses while trying to get the best deal on it.

Once a successful contract has been negotiated the process of buying a home really begins, you will generally have a week to do your home inspections, from there we quickly move into making sure the home will appraise. The lender will become very involved with you at this step gathering all the final documents and sending this information to underwriting to get a final approval on the loan and get you to closing.

By now you should have a better understanding about how to purchase your first home, some of the key players and steps to getting you to your ultimate goal, owning your first home. In the next blog, I will discuss things that can go wrong while your under contract.

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!

Orlando First Time Home Buyers this is your guide on everything real estate related and where to begin. The first part of this series discussed if purchasing a home is right for you and how to finance your first home. This part will discuss how to find the right Orlando Buyer's Agent to represent you.

As a buyer it's important to use the skill and education of a Realtor. Most buyers think they will save money by doing it on their own but that couldnt be furthest from the truth. A buyer's agent costs you nothing, that's right they work for free until you successfully close on your home. The buyer's agent is paid by the seller, whether it be a home owner or builder. A good buyer's agent has negotiation skills to help get you the best deal on your purchase. I have had clients walk into a new construction community have a builders agent tell them if they didnt use a Realtor they would give them a better deal, being educated buyers of mine they knew this wasnt the case. Needless to say I was able to negotiate them a better price on the unit plus a few additional items thrown into the deal. Again regardless of the type of home you want to purchase, For Sale By Owner, for sale through another agent, bank owned or new construction you should always have a buyer's agent to represent your best interests.

With so many Orlando Realtors how do you know which one is right to use and will do the best job for you? Ask for referrals from friends and family, search online and read about the different agents in the Central Florida area. Once you have narrowed it down to a few good Realtors you will want to interview them, whether it's by phone, email or in person, ask them for references from past clients and actually speak with these people. Ask them how much of their business is spent working with Buyers vs. Sellers, How many First Time Home Buyers have they helped and why do they feel qualified to help you, ask them if they know about Down Payment Assistance programs. More importantly you want to see how your personalities mess. This is someone you will spend a lot of time communicating with, you want to make sure they understand your needs.

Orlando First Time Home Buyers do your research and find the right buyers agent.

Have and agent but not happy with their performance and not sure what to do? IF you dont have a buyers agreement you are free to transition to another agent, it's not required but it would be professional to send them an email letting them know that you've found someone else and will no longer require their services. Some agents will take it at that, some agents will beg and some will be upset. If you want to explain why you are choosing someone else take the high road and keep the response strictly professional or simply ignore any further emails.

Hopefully you have a better understanding about how to choose your Orlando's Buyers Agent and why it's important to have one. Next we will discuss making an offer on a property.

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!

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

Price Range:

Area of interest:

Any important details of the homes you are looking for:

Email to Heather@HeathertheRealtor.com