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Hello,

My name is Matthew C. Freda and this is my blog. I am the principal Real Estate Broker for Freda Realty, Inc and I appreciate you taking a minute to stop by and read about Freda Realty and the Orlando Florida Real Estate market! Within you will find that there are some pretty interesting thoughts on a variety of subjects, especially real estate!

Please do not hesitate to contact me if any of our real estate services interest you, at either info@FredaRealtyOrlando.com or (407) 383 – 4021.

 

Sep 28, 2008

How would you describe the activities offered in and around ORLANDO?

There is always so much going on in and around Orlando!  Call today for a full calendar of events and we'll be more than happy to mail this out to you!

| Orlando How would you describe the activities offered in and around ORLANDO?

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What ORLANDO area community events are happening this month?

Lots of events are always happening all the time!  Contact us today for a full calendar of events in the Orlando area!

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Orlando Area Living

Orlando is a great place to live!  Give us a call and find out what the top 20 reasons for living in the Orlando area are!

| Orlando Orlando Area Living

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How would you describe the activities offered in and around ORLANDO?

Lots of activities all the time!

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Dec 20, 2007

How to Work in Foreclosures and Short Sales

How to Work in Foreclosures and Short Sales

Find out what it takes to succeed when working with distressed sellers in a foreclosure or short sale situation.

I picked up on the trend in mortgage foreclosures about five years ago, when zero-interest loans and other enticements were pulling previously unqualified individuals and families into homeownership.

I specialize in two areas: foreclosures (the legal process by which a mortgagor of real property loses his or her interest in that property for failing to comply with the terms and conditions of the mortgage) and short sales (a situation in which a lender accepts less than a full payoff for a property that’s in foreclosure).

I find distressed sellers by buying lists from companies like Foreclosures.com and ForeclosuresDaily.com, both of which offer these public records for sale. I can then match them with a database of potential buyers that I’ve developed over the years through networking with other sales associates, sign calls and working in this particular sector of the market.

Eventually, most homeowners facing foreclosure resign themselves to the fact that they’re going to have to sell their home, and at that point I list their property for sale. We discuss options, such as a short sale, or lenders willing to take less than the balance owed on their homes. I explain that even the most complicated problems can be solved through solid negotiations and perseverance, and that I’ve even been able to get the IRS to release property liens.

Two-thirds of my business this year will come from working with home sellers whose properties are in foreclosure and with investors and other buyers of such properties. The top producer who’s closing 100 or 200 transactions a year, for example, or the one who doesn’t like cold calling, prospecting or spending too much money on marketing can easily pick up 40 to 50 percent more business by learning the ins and outs of short sales.

Here’s how to get your slice of the distressed markets: 

1. Listen Up
Many times, sellers don’t even know they’re in a short sale situation. Other times, they just don’t know what to do. One way to fail quickly is by turning on your hard-sell tactics and dictating to your customers, particularly if you’re working with sellers.

Understand that most of these people are in financial distress and possibly dealing with a life-changing event such as a death in the family, a divorce or a job loss. They probably want to keep their home, but have no idea how. They are being barraged by phone calls and letters, and are wondering where they will be living a month from now.  To handle these tough situations, I first listen to the issues and let the home-owners vent. I never pass judgment. And I don’t talk about my services or myself at all; instead I just pay attention and ask follow-up questions when appropriate.
 
Once I know their story I offer solutions (such as a short sale worked out with the lender) to the problems, and let them decide how to proceed.

2. Become Educated
What the average real estate professional lacks in this market sector is knowledge about how foreclosures work and their role in helping owners or buyers get the best possible bang for their buck (given their financial or life situation).

A real estate foreclosure trainer who was also an investor taught me how to buy properties that are in foreclosure and how to negotiate debt on various loan products. I learned about it from the investor perspective and then applied that knowledge as a real estate professional. If you’re looking to bone up on this area of the market, you should attend classes, find mentors and read up on the process online and in trade journals.

Short sales, for example, require a high level of knowledge about the inner workings of these deals. The more you know, the easier it will be to see these transactions through.

Learn about the different parameters that each loan must meet in order to qualify for this type of sale. An FHA loan, for example, may have different guidelines concerning the seller’s financials than a VA or a Freddie Mac loan. Be aware of this so you’ll know how to put together packages that meet those criteria.
 
3. Become the Buyers’ Expert
One way to court buyers is through real estate investment groups, which comprise investors who are always on the lookout for foreclosures and short sales. And don’t forget to advertise your expertise on your Web site (e.g., by creating a section specifically targeting buyer-investors seeking foreclosure properties).
Going to foreclosure auctions to find prospective buyers is another excellent approach. Finally, word of mouth works well, particularly when it comes to referrals from other real estate professionals who may not specialize in this market, but who come to trust you as a good source of information for their buyers and sellers who are in need.
Through these sources, and through networking, sign calls and the local MLS (for marketing to other real estate professionals), you’ll be able to develop an extensive database of potential buyers of distressed properties.

4. Spread the Word to Sellers
The best way to reach sellers of foreclosure properties is by buying lists from Web sites like Foreclosures.com and ForeclosuresDaily.com or checking the Internal Revenue Service’s property site (www.treas.gov/auctions/irs/index.html). Through these online resources you can determine which properties in your area are coming up for foreclosure and then approach potential sellers with your services.

Form bonds with mortgage brokers, bankers, lawyers and other real estate professionals, all of whom will refer business your way if they know that you can help their customers navigate the foreclosure waters. And once you’ve helped someone out of that situation, expect to see a constant referral source of business both from the seller (who will eventually buy another home and look to you for help with that acquisition) and from his or her family and friends. 

When I started in this area of the market five years ago, I was skeptical when I was told that people would be grateful that I came knocking on their doors, ready to help. They’re losing their homes; how could they possibly be grateful? But, I’ve since learned that a real estate professional’s services are sorely needed in this arena, where an increasing number of homeowners are grappling with foreclosure.

It all pays off when sellers tell me that they’ve had their best night’s sleep in months and that I’m the
answer to their prayers. 

| Orlando How to Work in Foreclosures and Short Sales

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Rescue Sellers with Short Sales

Rescue Sellers with Short Sales

Serving Sellers in Financial Distress

Here’s how you can help sellers unload a distressed property with a short sale.

In the past two years, Julio Sanchez has significantly grown his business by helping sellers in financial distress. A sales associate with The Keyes Co./Realtors® Hutchinson Island/Jensen Beach office, Sanchez tells owners about their options, such as negotiating a short sale when the net proceeds are not enough to cover the mortgage obligations and closing costs, such as property taxes, transfer taxes and the broker’s commission.

Because a short sale involves the seller’s negotiating with the lender, “These transactions are a lot more work,” says Sanchez. “To me, it’s worth it. If you can get someone out of a difficult financial situation, you have a customer for life. When they buy their next house, they’ll think of you and refer others to you as well.”

A Rising Trend
Throughout Florida, the number of sellers facing financial difficulties is clearly on the rise in all price brackets. Many owners holding adjustable rate mortgages (ARMs) or interest-only loans are finding it tough to keep up with today’s higher monthly payments. Rising foreclosure rates throughout Florida and the rest of the country signal the seriousness of the problem (see “Are Foreclosures for You?” on page 19).

At the same time, a decline in sales prices over the past two years has left some sellers with little or no equity in their homes—sometimes called an “upside-down” sales situation.

For instance, an owner who paid $300,000 for a Florida home in 2005 using a $30,000 downpayment would have little to no equity if the current market value were $270,000. So, it’s not just those having trouble making mortgage payments that are affected by today’s market. For example, you may have a couple who bought using 100 percent financing when the market was high. Because of a job transfer, they’re forced to sell and they find themselves owing more than the home is worth.

Discovering the Short Sale
While more Florida sales associates find themselves working with sellers in financial distress, few are actively marketing themselves as specializing in pre-foreclosure or short-sale. That’s because a typical seller may not understand those terms or even be aware that they’re facing a financial problem.

Instead, the issue typically surfaces after a listing presentation, when your suggested selling price is less than what the sellers owe on their mortgage. In this situation a real estate professional should engage the owner in a candid financial discussion that covers the mortgage balance, owners’ equity and current market value.

“Being able to explain the pros and cons of the seller’s options is becoming more important in today’s market,” says Jessica D. Roberts, owner of My Real Estate Broker Inc. and My Mortgage Broker Inc. in Hallandale Beach. “For sales associates, this can also become a specialized niche market, just like property rentals or focusing on investors, retirees or international buyers,” she says.

Is It a Short Sale?
 Just because sellers are behind on their mortgage or are having financial difficulties doesn’t mean that the property is automatically eligible for a short sale. Your first clue is the market analysis compared to the mortgage amount. But, it’s vital to work with  sellers to get an estimate of the net proceeds and then discuss options.

Sellers facing a financial hardship typically [have options] prior to losing their home through foreclosure, according to Roberts. “A sales associate who can help the client in these pre-foreclosure stages is providing a great service,” she says. For owners behind on their mortgages, the first option is to find a way to catch up their payments. Borrowing from relatives or asking the lender to refinance the mortgage are among the options.

Many lenders are willing to extend the term of the mortgage, add any delinquent payments to the loan principal or adjust the interest rate. If the owners’ income has gone up, the lender might agree to a repayment plan with higher monthly payments to make up the deficiency.
Budge Huskey, president and COO of Coldwell Banker Residential Real Estate Inc. in Sarasota, says lenders are taking a more active approach to working out problems with property holders as an option that’s usually less costly for them than charging off a delinquent loan or foreclosing on the property.

If these tactics are successful, the owners gain time to make a financial recovery or to sell the property quickly. “Unfortunately, by the time many owners realize they’re in trouble, this option may no longer be viable, especially if the equity in their home has evaporated,” Roberts says.

Working with the Lender
To request a short sale, the owners typically present the lender with evidence of financial hardship and a current market estimate of the home’s value. Any potential sale is contingent on the lender’s approval.  
 “We’re seeing more short sales throughout our branches,” says Mike Pappas, president of The Keyes Co./Realtors® in Miami. “While each lender is different, our sellers
have found that [the lenders are] generally more willing to discuss the [their] situation than ever before.”
Pappas says there are several reasons a lender will accept a short sale by owners facing a financial hardship:
• To avoid the cost of a foreclosure, which was estimated at about $58,000 in a study by the Tower Group.
• To avoid increasing its home inventory, usually called real estate-owned (REO) properties.
• New homes in the area are selling faster than existing ones.
• The area or neighborhood has depreciated in value.
• The property is in poor condition.
“In order to negotiate a short-sale package with a lender, the owner has to prove that a tremendous hardship exists,” adds Pappas. “It’s almost like qualifying for the original mortgage but in reverse.”
Key Issues to Consider
In these potential listings, there are several key issues that need to be evaluated:
• Finances. When discussing a potential listing, try to assess the sellers financial situation. “Normally, people don’t say ‘I can’t make my payments, so the associate could ask about the type of loan, the rate and if there have been any recent changes,” Pappas says. An associate could also ask the owner to estimate how much equity there is in the home.
• Carrying Costs. Calculate the carrying costs of the property. “Do the math and get the sellers to think about six months into the future. What price would they be happy about at that point? If you can price it at that level and move it today, you can avoid the ongoing costs and get out of the property more quickly,” Pappas says.
• Processes. Explain the short-sale process to the owner, who may not be aware of this option. “For this to work, the seller has to be willing to take the time and work with the lender,” Huskey says. “While some sellers won’t wish to cooperate, others want to get this taken care of, regain credit status and buy again.”
However, sales associates shouldn’t work directly with lenders without the seller’s permission—the relationship is between the borrower and the lender. Sanchez does ask the seller to provide him with authorization to be included in communications with the lender. “In most cases, there is a need to follow the status of the request almost every day,” he says.
• Property Price. Sanchez provides a market analysis of current sale prices and discusses any changes since the owner bought the property. He says that owners should price the property aggressively in order to effect a quick sale.
• The Contract. In any contract, include a provision that the sale is contingent on the lender’s acceptance. It’s essential for the seller, the buyer and any participating brokers or sales associates to understand that the lender has the right to approve or disapprove a short sale.
• Financial Implications. Sellers should be encouraged to contact an attorney, tax advisor or financial planner for advice on the financial implications of the sale relating to debt forgiveness.

Throughout the transaction process, communication is critical among all parties, says Pappas. “It’s particularly important to keep the buyer engaged, since it may take extra time to complete a short sale.” It may take 90 days to complete the sale, Roberts says
   
Whatever the situation might be, it’s vital for you to have a firm grasp on a seller’s options—even if you choose not to work in this growing market segment. After all, it can be time consuming, but the rewards of client loyalty may be worth the extra work.

 

| Orlando Rescue Sellers with Short Sales

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Apr 12, 2007

Williams & Williams Worldwide Real Estate Auction

Williams & Williams
Worldwide Real Estate Auction

Free Online Bidding!
Newly Launched From Williams & Williams Worldwide Real Estate Auction

Attention investors: Williams & Williams, the nation's leader in real estate auctions, now has investment properties available through our Online Only Real Estate Auction service.


* Free Bidding - No upfront deposits, just use your credit card to register and start bidding now!

* Easy - Simply register, search and bid on properties across the country.

* Affordable - Down payments of $1,000 or 5% of high bid.

* Convenient - 24-hour access to properties from your computer!

* Fast - Look at properties now ... online auctions every month!
All close within 30 days.

52 Online Only Properties for April.
Online Only Autions start April 21.

Sign up today!!
http://www.williamsauction.com/onlineonly

| Orlando Williams & Williams Worldwide Real Estate Auction

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Feb 15, 2007

Beautifully Planned Inventory Homes




Beautifully Planned Inventory Homes
@ S T O N E B R I A R



TAKE ADVANTAGE OF

OFF for a limited time!



Lot 46 Hartford "C" Brick Elevation 2279 Sq. Ft. Under Air

Two Story 3 Bedrooms+Activity Area 2 &1/2 Baths
2' Rear Extension & 2' Garage Extension


Silestone® Quartz Kitchen & Island Counter tops, Level II 42" Maple Cabinets w/ Crown Molding, Tiled - Foyer, Living/Dining Room, Kitchen, Nook, Family Room & Bathrooms. Full Security System, Covered Porch, Pond/Conservation Home site,

Décor Color Interior Paint, Upgraded GE® Stainless Steel Appliances, incl. 25c.f. Side/Side Refrigerator. Cultured Marble Vanity Tops, Laundry Room Upper Cabinets w/GE® Washer, & Dryer. Upgraded Front Entry Door, On-Q® Structured Wiring & More!

~ Digital Photos of the interior colors available.~



Price: $394,345 Our Price:*$354,345

14748 Stonebriar Way, Orlando, FL 32826 Estimated Closing: AUG

















Lot 80 Remington IV "C" Elevation 1966 Sq. Ft. Under Air

Single Story 4 Bedrooms & 2 Baths
Added: 2' Rear Extension & 2' Garage Extension


Silestone® Quartz Kitchen & Island Counter tops, Level II 42" Maple Cabinets w/ Crown Molding, Tiled - Foyer, Living/Dining Room, Kitchen, Nook, Family Room & Bathrooms. Full Security System, Covered Porch, Pond/Conservation Home site,

Décor Color Interior Paint, Upgraded GE® Stainless Steel Appliances, incl. 25c.f. Side/Side Refrigerator. Cultured Marble Vanity Tops, Laundry Room Upper Cabinets w/GE® Washer, & Dryer. Upgraded Front Entry Door, On-Q® Structured Wiring & More!

~ Digital Photos of the interior colors available.~



Price: $343,630 Our Price:*$303,630

14755 Stonebriar Way, Orlando, FL 32826 Estimated Closing: August







Lot 79 Chelsea "A" Elevation 2054 Sq. Ft. Under Air

Single Story 3 Bedrooms + a Flex Bedroom & 2 Full Baths
Added: 2' Rear Extension & 2' Garage Extension


Kitchen & Island Counter tops & Backsplashes Granite & 42" Maple Cabinets w/ Crown Molding, Tiled - Foyer, Kitchen, Nook, Bathrooms, Laundry Room, & Walkways. Full Security System, Covered Porch, Pond Home site, Décor Color Interior Paint, Upgraded GE® Stainless Steel Appliances, incl. 25c.f. Side/Side Refrigerator. Cultured Marble Vanity Tops, Laundry Room Upper Cabinets w/GE® Washer, & Dryer. Upgraded "Double" Front Entry Doors, On-Q® Structured Wiring & More! ~Digital Photos of the interior colors available.~



Price: $355,410 Our Price:*$315,410

14761 Stonebriar Way, Orlando, FL 32826 Estimated Closing: AUG









February 15, 2007













Lot 69 Sheffield "D" Elevation 1656 Sq. Ft. Under Air

Single Story 3 Bedrooms & 2 Baths
Added: 2' Garage Extension


Granite Kitchen & Tiled Backsplash, Level II Maple Cabinets w/ Crown Molding,
Tiled - Foyer, Living/Dining Room, Kitchen, Nook, Family Room & all Bathrooms. Full Security System, 15 x 10 Covered Porch w/ Pavers, Pond Home site, Décor Color Interior Paint, Upgraded GE® Stainless Steel Appliances, incl. 25c.f. Side/Side Refrigerator. Cultured Marble Vanity Tops, GE® Washer, & Dryer. Upgraded Front Entry Door, Garage Door Opener, On-Q® Structured Wiring & More!
~ Digital Photos of the interior colors available.~



Price: $344,192 Our Price:*$304,192

15015 Stonebriar Way, Orlando, FL 32826 Estimated Closing: August

















Lot 68 Chelsea "B" Elevation 2054 Sq. Ft. Under Air

Single Story 3 Bedrooms + a Flex Bedroom & 2 Full Baths
Added: 2' Rear Extension & 2' Garage Extension


Silestone® Quartz Kitchen & Island Counter tops & Tiled Backsplashes, under Cabinet Lighting. 42" Maple Cabinets w/ Crown Molding, Tiled - Foyer, Kitchen, Nook, Family Room, Bathrooms, Laundry Room & Walkways. Full Security System, Covered Porch, Pond Home site, Décor Color Interior Paint & Rounded Corners, Upgraded GE® Stainless Steel Appliances, incl. 25c.f. Side/Side Refrigerator. Cultured Marble Vanity Tops, GE® Washer, & Dryer. Garage Door Opener, Upgraded Front Entry Door, On-Q® Structured Wiring & More!
~Digital Photos of the interior colors available.~



Price: $356,560 Our Price:*$316,560

15021 Stonebriar Way, Orlando, FL 32826 Estimated Closing: AUG


| Orlando Beautifully Planned Inventory Homes

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Feb 10, 2007

Inventory Homes at Hartwood Reserve, 8% co-broke, immediate closing available


INVENTORY HOMES
Community Features: Gated community, clubhouse w/ gym, swimming pool, tennis and basketball court and tot lot.


DISCOUNTED

Hickory – B 1,984 sq. ft. $369,020 ( - 60,020) $309,000 3 bd, 2 ba, 2 car garage, lot 278 Avail. Immediately 4520 Powderhorn Place

Hickory – A 1,881 sq. ft. $336,755 ( - 47,755) $289,000 3 bd, 2 ba, 2 car garage, lot 82 Avail. Immediately 3448 Tumbling River Drive

Oak – B 2,049 sq. ft. $411,888 ( - 57,888) $354,000 3 bd, 2 ba, 2 car garage, lot 198 Avail. Immediately 3678 Peace Pipe Way

Magnolia – A 2,247 sq. ft. $389,120 ( - 61,120) $328,000 4 bd, 2 ba, 2 car garage, lot 138 Avail Immediately 3483 Tumbling River Drive

Hawthorn - C 2,296 sq. ft. $414,340 ( - 55,340) $359,000
4 bd, 3 ba, 2 car garage , lot 132 Avail. Immediately 3459 Tumbling River Drive

Hawthorn – B 2,296 sq. ft. $394,325 ( - 50,325) $344,000 4 bd, 3 ba, 2 car garage, lot 80 Avail. Immediately 3456 Tumbling River Drive

Hawthorn – C w/ bonus room 2,296 sq. ft. $463,168 ( - 70,168) $393,000 4 bd, 3 ba , 2 car garage, lot 186 Avail. Immediately 3706 Peaceful Valley Drive

Maple – A 2,537 sq. ft. $423,071 ( - 53,071) $370,000 4 bd, 3 ba, 2 car garage, lot 57 Avail. Immediately 4461 Powderhorn Place Drive

Maple – B w/ pool 2,537 sq. ft. $528,722 ( - 69,722) $459,000
4 bd, 3 ba, 2 car garage, lot 243 Avail. Immediately 4610 Peaceful Valley Court

Maple – A 2,537 sq. ft. $440,318 ( - 68,318) $372,000 4 bd, 3 ba, 3 car garage, lot 220 Avail. Immediately 3531 Wind River Run


For more information, please contact Christine or Ty at 352-243-7411.
All information and prices regarding these homes is subject to change without notice.
All initial loan applications must be made with HomeBanc. (2-8-07)







Hartwood Reserve Inventory Homes Cont’d (Page 2)



Maple – B w/ bonus room 2,922 sq. ft. $501,089 ( - 67,089) $434,000 4 bd, 3 ba, 2 car garage, lot 217 Avail. Immediately 3543 Wind River Run

Maple – C w/ bonus room 2,537 sq. ft. $506,740 ( - 67,740) $439,000 4 bd, 4 ba, 3 car garage, lot 79 Avail. Immediately 3460 Tumbling River Drive

Mahogany – B 2,998 sq. ft. $522,515 ( - 83,515) $439,000 5 bd, 4 ba, 3 car garage, lot 46 Avail. Immediately 4505 Powderhorn Place Drive

Mahogany - A 2,849 sq. ft. $455,885 ( - 46,885) $409,000
5 bd, 4 ba, 2 car garage, lot 216 Avail. Immediately 3547 Wind River Run

Persimmon – B 3,201 sq. ft. $470,654 ( - 50,654) $420,000
4 bd, 3 ba, den, 3 car garage, lot 284 Avail. Immediately 3707 Peace Pipe Way

Persimmon – A 3,201 sq. ft. $455,560 ( - 39,560) $416,000
4 bd, 3 ba, den, 2 car garage, lot 285 Avail. Immediately 3711 Peace Pipe Way

Persimmon – C w/ pool 3,756 sq.ft. $588,905 ( - 89,905) $499,000
5 bd, 4 ba, den, 2 car garage, lot 261 Avail. Immediately 3687 Peaceful Valley Drive

Persimmon – A 3,291 sq.ft. $522,920 ( - 63,920) $459,000 4 bd, 3 ba, den, 3 car garage, lot 37 Avail. Immediately 4630 Peaceful Valley Court





| Orlando Inventory Homes at Hartwood Reserve, 8% co-broke, immediate closing available

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Jan 18, 2007

Gracious Living in Lake Nona

Gracious Living in Lake Nona

COMING SOON: Gorgeous Park Square homes in a gated community with access to one of the most pristine lakes in the area! With pricing starting in the upper $200s, your clients can now afford to live the Lake Nona lifestyle they've dreamed about!

Water's Edge is designed to fulfill the dreams of discerning homeowners.

· Park Square’s 'Lake' series of homes

· Award winning neighborhood school

· Prestigious Lake Nona address

· Great community amenities

· Lake access park and boat ramp

· Convenient location near the new medical campus and technology corridor

We are taking home site reservations this week and will open sales on Saturday, January 27th. Bring your clients in early so they can preview the homes and get pre-qualified prior to the opening. Call today to make an appointment for your clients to preview Water's Edge and reserve their home site.

Freda Realty

407-383-4021


| Orlando Gracious Living in Lake Nona

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