A LOT OF CONDO AND TOWNHOME COMMUNITIES IN FLORIDA HAVE ISSUES WITH FINANCING, WHY?

A LOT OF CONDO AND TOWNHOME COMMUNITIES HAVE ISSUES WITH FINANCING, WHY?  

Some communities are classified as 'non-warrantable' which means it doesn't meet the standard guidelines set by the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac). These entities buy, package and resell mortgages, often repackaged as mortgage-backed securities. In this case, these two enterprises do not back the community.

Consequently, a buyer's lender must independently approve the condo building. Banks will have their own standards and criteria to establish if they're comfortable lending in non-warrantable communities. Typically, they scrutinize things like fiscal health of an HOA accounts/dues being up-to-date along with occupancy among other factors before approval.

WHAT MAKES SOME CONDOS NON-WARRANTABLE?

A condo can be considered non-warrantable for several reasons, typically based on the criteria set by Fannie Mae and Freddie Mac. Here are some common factors that could make a condo non-warrantable:

• High Investor Concentration: If a large percentage of units in the building are owned by investors rather than owner-occupants.
• Commercial Space: If a significant portion of the project's square footage is designated for commercial use.
• Low Occupancy Rate: If fewer than a certain percentage (commonly less than 50%) of units are sold or under contract to owner-occupant buyers.
• Lawsuits Against HOA: If there are pending legal actions involving the condominium association or homeowners association (HOA).
• Dues Delinquency Rate: If more than a certain percentage (commonly over 15%) of units are behind on their HOA dues.
• Amenity Ownership and Usage Restrictions:If amenities such as pools, gyms, or parking space ownership rights do not conform to specific guidelines.

If you're interested in purchasing or selling within a non-warrantable condo community, its advisable to work closely with your real estate agent and lender. They can help navigate financing options since traditional lenders might have stricter requirements or offer fewer loan products for such properties.

To Decorate Or Not To Decorate When Selling Your Orlando / Central Florida Home

 

We’re into the holidays, hard to believe! How can that affect the presentation of your Orlando home for sale?

You have the opportunity to make your house stand out on the block with some colorful décor. Who doesn't stop for a beat and think "That's nice" when they see corn stalks, pumpkins, and mums clustered around a gate post or an entry door?

Inside, holiday décor can lend a festive air and create a joyful atmosphere – something everyone wants to feel in their own home. It could be just the thing that makes a prospective buyer think "This is home."

Each holiday presents that opportunity – but do be cautious.

Homeowners who go "all out" in decorating could be harming, rather than helping the presentation of their homes.

Why? Because when it's over-done, visitors will focus on the decorations instead of the house. In some cases, décor can even hide some of a home's best features, while making rooms appear small and over-crowded.

So decorate. Add some lively color and create a festive mood. But keep a light touch. You want those visitors to focus on your home, not your decorating skills.

- Cathy Starkweather, Realtor 

Investment Home Specialist / Orlando Top Producer

cathystarkweather@gmail.com / 407.274.8476

Regal Palms Resort and Spa Floor Plans

3 Bedroom / 3 Bath with 1,492 heated square feet - All three are on-suites! One full downstairs on-suite and both bedrooms upstairs have garden tub/shower combo. One upstairs bedroom has a balcony. Stackable washer and dryer space downstairs.

3 Bedroom / 2.5 Bath Antigua Model with 1,457 heated square feet - In this floor plan, there's a lot of living space downstairs along with a half bath. All bedrooms are upstairs and bedroom 2 and 3 share a bathroom. The master bathroom has a garden tub/shower combo. There is room in this floor plan for a full size washer and dryer upstairs.

4 Bedroom / 3 Bath - Jamaica Model with 1492 heated square feet - Offers a bedroom and full on-suite bathroom downstairs. A stackable washer/dryer space downstairs. Three bedrooms upstairs and two share a full bath upstairs. 

4 Bedroom / 3 and a 1/2 bath - Bermuda Model with 1,856 heated square feet. All the building end units are this floor plan, the only way to have a townhome at either end of the building is to purchase this floor plan. This has it all - all the extra living space downstairs plus an oversized full on-suite in addition to a 1/2 bath downstairs. There's room for a full size washer and dryer upstairs. The master upstairs has a garden tub and private lanai. The two bedrooms upstairs have a shared bathroom.

Have more questions about Regal Palms or other resort communities in the Disney area? Call, email or text me - 

Cathy Starkweather

REALTOR & Vacation / Investment Home Specialist

La Rosa Realty, LLC, Celebration, FL

CathyStarkweather@gmail.com 

+01.407.274.8476

3 REASONS WHY SOME ORLANDO HOMES DON'T SELL

You've heard that Orlando is experiencing a seller's market. There are more people looking for homes than homeowners wanting to sell.

That means every house that's offered will sell quickly and for top dollar, right? No, that isn't the case. Even in a hot seller's market, some homes will remain unsold. 

Homes in Orlando fail to sell for 3 primary reasons:

• The Price
• The Pictures
• The Sellers

THE PRICE: Buyers want to buy, but they don't want to pay more than market value. Today's buyers are well-informed. They've been looking at homes on line and comparing them perhaps for weeks before choosing the homes they want to see. 

So, if a house is badly overpriced, they aren't interested. Yes, they can always make a much lower offer, but many prefer not to get involved in what they see as a hassle. 

In addition, even if the buyers are willing, their bank won't be willing. If they're getting a home mortgage loan to buy a house, it will have to appraise for at least the amount of the loan. 

THE PICTURES: Because more than 90% of all home buyers begin their search on line, the pictures your agent posts are of vital importance. The descriptions he or she writes make a difference, but it's the pictures that catch buyers' eyes and cause them to stop and learn more.

Unless an agent is a talented real estate photographer, he or she should hire a professional for this task. It is THAT important. 

THE SELLERS: That might sound strange, but sometimes home sellers are their own worst enemies.  They can prevent a home from selling in several ways: 

• Insisting on a too-high price
• Refusing to do clean-up, fix-up, and de-cluttering
• Making no effort to have the house clean and ready when buyers arrive
• Refusing to vacate the house while it is being shown
• Limiting days and hours when the house can be shown
• Refusing to negotiate

Whether we're in a buyers' market or a sellers' market, homes sell faster and for more money when homeowners and their agents work together, each doing their part. 

When you choose me to bring your Orlando home to market, I'll show you the true market value, make the house look its best on line, and work with you every step of the way. 

If you'd like to learn about my marketing plan, just get in touch. I'd love to talk with you. 

SOLD! 3 Bed Home In Celebration, FL - 1233 Golden Canna Lane

NEW LISTING AND OPEN HOUSE! Renovated 3-bedroom home in the highly sought after community of Celebration, #Disney. Updates include - New quartz countertops throughout; vinyl plank flooring downstairs; carpet upstairs; new A/C unit; full interior paint; all new knobs/pulls/fittings/fixtures and more! Don't miss out, view this home during an open house - today, July 3rd - 5-7pm or tomorrow, July 4th 10-noon!

SOLD! Successful Short Term Rental In Regal Palms Resort

To Decorate Or Not To Decorate? Presenting your Orlando home for sale during the Holidays...

We’re almost into the holidays, hard to believe! How can that affect the presentation of your Orlando home for sale?

You have the opportunity to make your house stand out on the block with some colorful décor. Who doesn't stop for a beat and think "That's nice" when they see corn stalks, pumpkins, and mums clustered around a gate post or an entry door?

Inside, holiday décor can lend a festive air and create a joyful atmosphere – something everyone wants to feel in their own home. It could be just the thing that makes a prospective buyer think "This is home."

Each holiday presents that opportunity – but do be cautious.

Homeowners who go "all out" in decorating could be harming, rather than helping the presentation of their homes.

Why? Because when it's over-done, visitors will focus on the decorations instead of the house. In some cases, décor can even hide some of a home's best features, while making rooms appear small and over-crowded.

So decorate. Add some lively color and create a festive mood. But keep a light touch. You want those visitors to focus on your home, not your decorating skills.