Orlando Soup Kitchen Opens For Realtors
In the face of the current housing bust, Orlando City Council is setting up a soup kitchen for the town’s starving real estate agents. Several varieties of soup including Chicken Noodle and Leek & Potato, will be available all over the hoiday period from December 20th until the New Year. In order to qualify, Orlando Real Estate agents need to show that they have earned zero commissions in the preceeding quarter and / or are facing foreclosure on their own properties due to the “correction” in the market.
“It’s just amazing,” said Angie Binow of ShitCreek Realty. “I thought I was going to have to stand on the street with a sign saying ‘Will write contracts for food’ but thanks to the City, I know that over Christmas, I mean the Holidays, me and my Cocker Spaniels won’t go hungry.”
A spokesperson for the Orlando City Council said: “It’s the least we could do for our Realtors who have worked so hard promoting the new downtown area. But the truth is, agents are hurting all over the country, not just in Florida. Our thoughts go out to them at this time of family — and we hope that other cities will follow our example by starting their own “Feed a Realtor” programs.”
A spokesperson for The National Association of Realtors (NAR) said that they just wished the City would stop referring to ALL sales agents as “Realtors.”
Polls show that in the midst of their ordeal, public sympathy for real estate agents has increased. The latest poll shows a two point climb from their previous position below Car Salesman to just above Attorneys.
For more information, call: Orlando City Council at: 1-800-NoBubble.
Buying Foreclosures? Have Your Act Together!
So after a number of frustrating months working with Orlando would-be home buyers who want a bargain but don’t know how to go about it, I’ve decided to get something off my chest:
Rule 1: Don’t waste your time (and everyone else’s) by starting to start looking around for a home - any home - before you’ve figured out how you’re actually going to pay for it. When asked if you’re pre-qualified for a loan, too many of you say something like “No, but trust me - it won’t be a problem.”
I say, “Trust me, right now it IS going to be a problem - and if you’re not paying cash, then I hate to be blunt, but I ain’t schlepping you around town until you’ve figured it out.” Because you need more than a good income and half decent credit score to get a loan on some condo projects these days.
Sound harsh? Well here’s the reality if you’re looking for a foreclosure or bank owned property: The banks don’t play around. If you find a bank owned property you want, then you better be prepared to submit a contract on it immediately and be prepared to close in double quick time.
If you think you’re a cash buyer, then that contract needs to be accompanied by a proof of funds; If you’re getting a loan, then that contract needs to be accompanied by a pre-approval letter from the bank. No exceptions, no delays. You’ll also need to get your inspection done before you do all this. Most bank owned properties are not sold subject to inspection.
So if you want to purchase real estate on the cheap, then you better be prepared to move on the best deals quickly using the bank’s own contract, addenda and timelines. This isn’t a game for beginners or the faint at heart.
Like I said, the banks don’t play around. And nor should you. As they say in the cub scouts “Be prepared.”
For Orlando real estate foreclosure deals, contact us on 407-290-3408.
Winners of Extreme MakeOver Face Foreclosure
Foreclosures are a problem for the owners, but for buyers they can be a god send. Orlando Real Estate is a great buy right now, simply because it’s on sale at bargain prices.
But Floridians are not the only folk to feel the pinch. One of the winners on ABC-TV’s “Extreme Makeover: Home Edition” is about to suffer foreclosure. 
The 2004 show, which set an “Extreme Makeover” ratings record, featured Judy and Larry Vardon. The show remodeled their home to accommodate their blind, autistic son Vance - now 16 years old.
However, the Vardons face a monthly payment of $2,300 - and a mortgage rate that has spiked to 11 percent.
“Everyone thought the house was paid for,” says Gerald Naftaly, the mayor of Oak Park, Michigan, where the family lives. “But that wasn’t the case. They still had their mortgage. They are just another number with the mortgage company.”
Vardon, who is now 50, works at Chrysler’s Sterling Heights stamping plant. The couple is now working with Lighthouse of Oakland County, a nonprofit group that aids families in crisis, to try and negotiate a lower mortgage rate on their behalf.
For foreclosure deals check out our search engine or give us a call at the Orlando Real Estate Pros on: 407-290-3408.
Florida Shows Signs Of Rebound
It seems home buyers are making their way back to Florida. Third quarter statistics show sales increases across the board with a 5 percent increase in sales compared to the same quarter in 2007.
The Florida Association of Realtors (FAR) reports sales rose to more than 33,000 across the state for the quarter. Despite lending restrictions, buyers appear to be taking advantage of homeownership (or invesment) opportunities in the current buyer’s market.
The University of Florida’s Bergstrom Center for Real Estate Studies are seeing a similar upswing: “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” says Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies, on MarketWatch.com. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”
The city with the strongest pricing was Panama City with a drop of just 5% to an average of $192,300, with Jacksonville not far behind.
Of course, those places with the biggest drops are pehaps the best places to buy. Orlando Real Estate has dropped fairly significantly over the last couple of years, providing great deals for those looking to enter Orlando at its low point.
Contact us to find out where the best Orlando real estate deals are!
Orlando Home Sales Drop Slightly in Nov. ‘08
Pending home sales fell on the heels of a strong gain a month earlier as credit tightened and economic conditions deteriorated, according to a November press release from the National Association of Realtors®.
The Pending Home Sales Index (PHSI) a forward-looking indicator based on contracts signed in September, declined 4.6 percent to 89.2 from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007 when it stood at 87.8.
Lawrence Yun, NAR chief economist, said pending sales have been above year-ago levels for two months in a row. “The month-to-month weakening in pending home sales is understandable, but because the index remains above year-ago levels it means we’re still in a broad period of stabilization,” he said. “Conditions remain mixed around the country, but markets that are showing annual sales gains include Long Island, N.Y.; Boston; Minneapolis; Denver and Washington, D.C., in addition to consistent solid gains in California and Florida.” Read on…
3 reasons we are closer to bottom this week
MORTGAGE FRAUD - FLORIDA GROUND ZERO
A couple of blogs back, I was surprised to learn that Florida was only #8 in the country for foreclosures. Well Florida’s back! Because according to yesterdays FraudBlogger, we lead the nation in the amount of mortgage fraud-related activity. Phew. I feel restored.
Florida’s mortgage fraud surged $86 million from the second quarter to the third quarter with more than $293 million in mortgage fraud in the third quarter. The report further noted that some of the states with the most fraud activity also had the most foreclosures. No surprise there.
Nationwide, between July 1 and Sept. 30, there was 1.1 billion in active criminal and civil cases of mortgage fraud, down from $1.7 billion in the second quarter and $1.2 billion during the third quarter of last year.
“The decrease in mortgage fraud tracked during the third quarter reflected a second quarter surge resulting from stepped-up efforts by the Federal Bureau of Investigation and the U.S. Department of Justice as part of Operation Malicious Mortgage,” said Sam Garcia, publisher of MortgageDaily.com, which publishes the mortgage fraud index.
California came in second, followed by Nevada, Minnesota, and Texas with a measly, $46.7 million.
PRICES DOWN - SALES UP!
The latest Florida Association of Realtors (FAR) report confirms that as prices are dropping, buyers are getting back in the game.
Home sales in September up 51 percent from 2007, with values continuing to sink as the median price fell. Home values fell from $233,800 in September 2007 to $182,700 last month.
Statewide, 10,817 existing homes sold last month, up 24 percent from the 8,725 homes sold in September 2007, however Florida’s median existing single-family home price for September was $175,100, a 22 percent decrease from September 2007’s $224,700.
Foreign Nationals: Buy Your Way Into the USA!
Lake Buena Vista Resort Sports EB-5 Visa For Foreign Nationals
In a first for Florida, the developers of Lake Buena Vista Resort Village & Spa are able to invite foreign nationals to become lawful permanent residents of the United States.
The resort’s application with the U.S. Citizenship and Immigration Service which will permit foreign investors in Lake Buena Vista Resort Village & Spa to apply for conditional, lawful, permanent resident status with subsequent full residency has been approved.
The catch? You will need to demonstrate a net worth of at least $1 million USD or income of $200,000 annually for the last two years, a clean personal history, and intent to immigrate to the United States. This application can include all members of your immediate family!
For more information see the full length condo resort blog at CondoMetropolis.com
Election Candidates: What (they say) they stand for:
Both presidential candidates have announced plans to help voters deal with the challenging housing economy.
Here are their ideas as posted on their election Web sites according to The San Diego Union-Tribune (10/19/08):
Sen. John McCain:
- Direct assistance to homeowners. No taxpayer money should go to real estate speculators who made bad decisions about investments.
- Reform financial and lending systems to prevent a repeat.
- Require participating lenders to forgive part of subprime borrowers’ loan principals and place them into new 30-year Federal Housing Administration loans.
- Give financing to municipal and civic groups trying to solve problems within their own communities.
Sen. Barack Obama:
- Create a standardized disclosure plan that allows for full-disclosure of loan costs and provisions.
- Crack down on mortgage fraud.
- Give a mortgage credit to those who don’t itemize deductions.
- Create a fund to help homeowners who face foreclosure refinance.
- Allow bankruptcy courts to modify a homeowner’s mortgage payments.
