Want a Short Sale? Best to Wait

Effective Apr 5, the current frustrating system of buying a ‘short sale’ home will change. That's when the federal government will begin to provide financial incentives to lenders to do more short sales. The rules also help standardize the process, so your chances of negotiating a distressed-property bargain will increase.

Read entire story from wsj.com.

Foreclosure Counseling

Lending a helping hand to homeowners facing foreclosure, a local program offers counseling and mitigation services to East Orlando in an attempt to keep roofs over its residents' heads.

The Helpful Hands Foundation Foreclosure Counseling Assistance program, which works to raise financial awareness through education and foreclosure assistance, has helped more than 500 homeowners save their homes with an additional 450 currently working with them.

From one-on-one, case-specific counseling to workshops open to the public, Helpful Hands counselors work to educate local residents on the process of foreclosure and help them understand that they have options.

Read the whole story from East Orlando Sun.

SunRail in East Orlando?

East Orlando won't be getting any stations in the first wave of SunRail funding, but that doesn't mean local leaders aren't anxiously waiting for the rail to branch out to this end of Orange Co.

Gov Crist signed the $1.2 billion SunRail legislation into law on Dec 17. Local politicians have said that they would like to see SunRail stations at the airport, UCF and the new UCF medical school in Lake Nona, which will have a new veterans hospital in the spring.

Read the whole story from East Orlando Sun.

HOA Strong-Arms Homeowners

As many east Orlando communities deal with delinquency rates of 30% to 50% in HOA dues from homeowners, the Stoneybrook HOA took a drastic measure to penalize homeowners who are behind on their HOA dues.

Read the whole story from OrlandoSentinel.com.

East Orlando Steps Closer to ‘City’ Status

After four years of working to make East Orlando its own city, the East Orange County Incorporation Effort feels like it is finally making real headway.

Last week the group released a study that suggests incorporating East Orlando as a city would keep more tax dollars on the east side and provide more government services for the population.

Read the whole story from East Orlando Sun.

New Sheriff Station Coming

East Orlando will soon be home to a new Orange Co Sheriff station located at Lake Underhill & Rouse. Expected completion was planned for summer 2009, but the facility is still under construction at this time.

Best Selling Communities 2010

East Orlando is experiencing brisk sales this year with 307 homes and $46,000,000 changing hands. 75% of these sales were distressed (bank-owned or short sales). Top selling single family communities are:

New East Orlando Rec Centers

There are two up and coming rec centers coming in 2010 to east Orlando. Each rec center will offer a 24,000 sq ft fitness center with cardio and weight-lifting equipment along with indoor basketball, soccer and volleyball.

1) South Econlockhatchee Park, 3800 S Econ Tr (est completion date Mar 2010)
2) Goldenrod Park, 4863 N Goldenrod Rd (est completion date Jun 2010).

Read more from Victor Manuel Ramos, Orlando Sentinel.

Distressed Sales Still Dominate

In Jan, 73% of all Orlando home sales were distressed sales (bank-owned or short sale). The average home spent 90 days on the market before going under contract & sold for an average 94% of asking price.

“Homeowners should note that Orlando’s median price is being downwardly distorted by the significant proportion of distressed and bank-owned sales,” says ORRA Chairman of the Board Kathleen Gallagher McIver. “This distorted median price does not equate to an across-the-board loss of value for traditional homes in good condition.”

Learn more from Orlando Regional Realtor Assn.

203(k) Loan

There are many great, affordable available for sale in East Orlando and many of these homes are in need of repair. Due to cost and time, the average buyer shies away from these homes. When will we have the time to do necessary repairs and more importantly, where will we get the money?

For a homebuyer with the time and money to buy a distressed property, a 203(k) loan may be something to consider. With a 203(k) loan, a homebuyer can get one mortgage loan at a long-term fixed (or adjustable) rate to finance both the acquisition and the rehab/repair of the property.

Learn more from HUD.