Bank Owned Property (Orlando, Davenport: mortgage, foreclosures, appraise)

[miamiboy54]

Originally Posted by prozario

I am looking at few bank owned property around $200K range in Davenport. Can someone give me some idea how much bank would typically go down from their asking price. Keeping in mind that bank has to pay taxes, maintenance etc. so they might be bit motivated to sell. Has anyone done recently - how much can I expect them to go down from asking price.

Prozario- If you are interested, contact me PM about my house, in the Davenport area, for $219,000

[cfIfan]

If you are using a good realtor, you can find alot of decent properties in the Davenport area for less than $200,000. This is one of those areas where prices will fall lower simply because it is a short term rental zoned area. If you look in Poinciana you can fond properties in the $150,000 area, and Davenport is the same. I know because ive just worked with a client and we closed on a property last week and the sales price was $169,900 and the seller paid all the closing costs.

[FlaBoundGal]

cfIfan-

How much are mortgage companies requiring for a down payment on the purchase of a persons primary property? I have heard 20%, is this true? Or is that for investment property?

[cfIfan]

This depends. If you are an over seas investor, i.e non US citizen, my brokers require between 20-35% deposit. If you are a US citizen it simply depends on your credit. Mortgage companies have tightened up their pricedures now, but if you non US you can still easily get a mortgage. Simply because your putting down a sizeable chunk of change down as a deposit, the mortgage is considered low risk.

May i ask your particular situation?

[FlaBoundGal]

cfIfan-

I am a US citizen. Looking to purchase a primary residence in East Orlando. I need to be near UCF.

[cfIfan]

In that case, as far as im aware it will all depend on your credit as to what type of mortgage you can get. The 20-30% only applies to non US citizens buying property here, and that is because they dont have social security numbers and so by putting a large deposit the lenders dont do intensive credit checks. Have you already spoken to a mortgage broker here in Florida to find out what you can get pre approved for, because that would be your next step.

[GregTraub]

FlaBoundGal - For primary residences there are still a few 100% financing options available...though they come with alot more restrictions than in past years. Typically though, a 3-5% downpayment is your minimum.

Any bank or loan officer can pre-qualify you, a Good bank or LO will get you into the best program (down payment terms, interest rate, low or no Mortgage insurance, and actually getting the loan done!) Mortgage brokers have their place, but in today's mortgage market alot of the banks aren't offering their loan programs through these brokers anymore (because most of the fraud over the last few years came through this mortgage broker business). Make sure to apply with a bank as well if you are going to apply through a broker. I have a great LO at wachovia if you need.

As far as East orlando, have you checked out the lake picket area? bridgewater? Oviedo? or just sticking to the more known Waterford Lakes, Avalon etc?

[cfIfan]

I dont know which brokers you use here in Central Florida, but the lady who i recommend is fantastic. You are right, there are alot of restrictions, but in the last 2 weeks alone ive had several clients she has been able to get 100% mortgages for and thats with the big lender (dont want to say as i may get an infraction....lol). Not only is she a great mortgage broker, but she assists people with bad credit, advising on how to improve it both in the short term, so as to get a better mortgage, and in the long term.

[GregTraub]

Originally Posted by Magnulus

There are foreclosed homes all over the Orlando metro area. Waterford Lakes isn't unique. The area grew too fast and there aren't that many well paying jobs. Waterford Lakes has slightly more crime than surrounding areas and there is more traffic, but other than that there isn't alot wrong with the area. However, there's not alot right with it, either.

What do you mean not many well paying jobs???? Lockheed Martin, Siemens, UCF, Technology corridor, etc. C'mon there is a high concentration of well paying jobs in this area! Just because there are alot of low paying retail jobs that the college students fill doesn't mean the area doesn't have great paying jobs.

[GregTraub]

Originally Posted by cfIfan

I dont know which brokers you use here in Central Florida, but the lady who i recommend is fantastic. You are right, there are alot of restrictions, but in the last 2 weeks alone ive had several clients she has been able to get 100% mortgages for and thats with the big lender (dont want to say as i may get an infraction....lol). Not only is she a great mortgage broker, but she assists people with bad credit, advising on how to improve it both in the short term, so as to get a better mortgage, and in the long term.

Never said all mortgage brokers are bad....I used to be one! Sometimes the brokers can do better than the big banks, and give clients better service too. It always comes down to the individual that is handling the loan.

Was just mentioning some of the major changes that have happened in the last 6-12 months in the Mtg Market. WAMU completely pulled out of wholesale operations (wholesale = Broker originated loans) Wachovia, BOA and I'm sure quite a few other big banks have limited the programs they allow brokers to originate.