Received a call last month from someone actually believing that they could purchase a home in Orlando, FL for  a “transfer value” of $10.oo. The call came from a client who had been on Trulia and saw a listing for RealtyTrac.com for a 4 bed 2 bath house for a $10.00″transfer value” and he wanted to place an offer.  This company has these all over the Internet, on every site, every side bar, every place you can advertise. (SEE AD FOR YOURSELF).  After some investigating on this company and these types of ads, I ran across a lot of misleading information about these little listings and feel it is a HUGE injustice to home buyers to be so horribly misled. I began receiving more and more calls and emails about these types of listings, so I decided  to write this post explaining how and why these ads are deceiving and how and why they are able to be displayed and advertised despite their misleading nature.

We’ve all seen them before -beautiful homes with great pics advertised on Trulia , Zillow, Cyberhomes and more for RealtyTrac.com. These adstypically highlight or advertise a ‘listing’ for a great house with 4 beds  , and 2 baths for a $10.00 ‘transfer value’ and despite our best, clear-headed thinking and judgement we click it, after all , what could happen! From there, the website you are on will show you a beautiful listing with a $10.00 “transfer value” price tag which sounds like all I have to do is pay $10.00 and they will transfer the home to me! This ad is convincing, highlighting the schools in the area, the aerial maps ,square footage of the home and many of the features that an authentic listing would have on Trulia or Zillow with a description that says:

“Bank Repossessed- This property has completed the foreclosure process and is now owned by the foreclosing
lender, which took title to the property for an estimated consideration (loan
balance plus other fees and costs). Foreclosing lenders are often motivated to
sell bank-owned properties (also known as REO, or Real Estate Owned) quickly
because they are non-performing assets. Please register for a free trial with
RealtyTrac to access complete information for this property, including full
address, foreclosure details, lender information, and more. “

Wow, sounds great right,?

Wrong!  Anyone seeing this might think:

“Hey Sign me up. I have $10.00 to spend to transfer this property to me! Who doesn’t for a house like that? As a matter of fact I have a lot more than that so I can probably buy about 800 of these things right? I don’t have a law degree or real estate license or understand a lot of the jargon, but the general consensus sounds good. Maybe I should register and check it out!”

And people do every single day. They register and fall for the gimmicky ad which to get you to click on their site and register with RealtyTrac.com for their paid tracking program on area foreclosures – a service which is free to you by searching the orange county court property records and tax records online.  If you are feeling a bit silly for believing such a property could exist for such a low price,….DON’T. In just one day of being advertised, 1,237 people clicked on exactly like you clicked on the same home on Trulia (see link) and out of that amount, probably 400 of those people registered with them online! You may be asking “well,..how can they advertise it if it isn’t accurate” and this is the concern of many Realtors like myself that run into these ads and here is the answer:

READ THE FINE PRINT!!!!

In the ad,  (see link) there is a little tiny question mark next to transfer value, if you blink you will miss it but when you click on it you get a disclosure in a pop up box that says:

“Amount paid for the property the last time it sold. In the case of Pre-Foreclosure and Auction properties, this amount represents the amount the owner in default paid for the property when he or she  originally purchased it. In the case of REOs, this usually represents the winning bid amount at the auction and, therefore, the amount the foreclosing lender needs to recoup to break even.”

Wow now that’s a mouthful especially for a person that is not licensed or a lawyer! The average reader may interpret this to mean that this is a.) the amount someone paid when the house was sold last or b.) is the total amount the owner of the home paid when they bought it or c.)  the amount the bank paid in a winning bid amount that is also the amount they need to break even on their purchase of the home.

Here is the actual truth behind these little disclaimers:

a.) “Amount paid for the property the last time it sold”

Yes $10.00 could have been a fee included in the amount paid for the property by the owner but it certainly is not the only amount!!!! Most likely this is the recording fee for the property deed or some other small nominal fee associated with the title for the property that was purchased by the owner. However the way it is written makes it seem like the owner paid $10.00 for the property the last time it sold and it makes the lie convincing.

b.) “In the case of Pre-Foreclosure and Auction properties:” “this amount represents the amount the owner in default paid for the property when he or she  originally purchased it”

Same thing here! In a pre-foreclosure property – the home owner is still the property owner until the foreclosure gets a final judgement so this would be a nominal fee the home owner paid as part of their property purchase (most likely a recording fee that they are referring to) which technically is an amount paid by the owner for the property, it is not the TOTAL amount paid but it is an amount that was paid by them. Then the disclaimer goes on to say “in an auction property, this this amount represents the amount the owner in default paid for the property when he or she  originally purchased it”   An auction property could mean a tax sale, a foreclosure or any type of auction including an owner selling a property tied to an estate sale.  Realistically could such a property have had an opening bid of $10.00? Again, yes but most likely this is not the total paid for the property and is still very misleading.

c.) ”In the case of REOs, this usually represents the winning bid amount at the auction and, therefore, the amount the foreclosing lender needs to recoup to break even.”

Once the mortgaging bank is awarded a final judgement from the courthouse, the property is usually auctioned off with a starting bid of the total amount of the judgement. So in a case where there is a property that was listed for a $10.00 transfer value, this is referring to the $10.00 paid over and above what was originally owed to the mortgaging bank not the total amount of the judgement. Again, very misleading but cleverly written to get your interest and encourage you to sign up.

These ads work very well to get people thinking that there are hundreds of rock bottom homes out there for 2,900 sq feet going for $10.00 in Orlando and I am here to tell you this is not the case.  In the early 20th Century, George C. Parker and William McCloundy went around selling similar ideas to travelers from far and wide showcasing the wonders and glory of a very popular piece of real estate in New York. Unlike then, the laws have changed so that these types of scams cannot directly sell you something you cannot buy, however there is no law against trickery to get you to click onto their site. In our high-speed world, SEO and google page rankings determine the lead quotient and 500 leads = 300 calls – 150 sales so if this works for 1,237 people in one day, Realtytrac’s SEO  results and registered users will be sky high. It works and no one is stopping them but be smart enough to read between the lines and not buy into their gimmick! After all, if you really believe you can buy a 4 bed, 2 bath 2900 sq foot home for $10.00,… I’m sure George C. Parker and William McCloundy still have a bridge to sell ya!

 You guys asked for it and now we are delivering. The Orlando Real Estate Chick is now featuring a weekly webisode full of all the fun, drama, and chaos of Orlando’s only Real Estate Chick, rocking contracts, making deals and enjoying the ups and downs of life under the sun with 1 zannie husband, a sweet little daughter, and three fun-loving crazy dogs!

Catch up with Melissa A. Scire and have her let you into her home in this one of a kind show that will ont only keep you informed about Orlando’s real estate market but will let you know all about the fun and mayhem of balancing the real estate industry as a young fun mom of 1, happily married to her husband and assistant in the biz.

We promise not to bore, and deliver the laughable, true to life happenings of Orlando’s Best Real Estate Chick, Melissa A. Scire!

Please watch our very first promo video and stay tuned for next week’s first webisode launch titled “Adventures in Condo Land!”

In honor of the event we are currently holding a Songify contest for the best posted Songify featuring the funniest or most unique songify for the  The Orlando Real Estate Chick – Melissa A. Scire!

To qualify you must :

Create a songify labeled:  The Orlando Real Estate Chick which must include :

Full Agent name : Melissa A. Scire

Title: The Orlando Real Estate Chick

Tel: 407-575-6455

Website: TheOrlandoReal EstateChick.com

Winner will receive a $100.00 giftcard to www.restaurant.com  and will have their songify link featured on our site for the next month!

Send the link to your songify privately only please! Good luck and thank you for your love and support!

If you are looking to rent a home in Central Florida, you are not alone!  Since April 1st of this year, in Orange County alone, there have been over 1800 properties leased or rented according to the MLS.  Similar numbers can be traced to last year at the start of the foreclosure explosion  in the earlier half of the year.  With many Central Floridians in a holding pattern when it comes to being able to purchase a home, it is little surprise that rental prices are on the rise from last year’s numbers. In fact the average rental price in Central Florida is $1,000 , up 15% from last years numbers.

With such a strong marketplace for rentals, it is important that prospective tenants arm themselves with the knowledge they need to get approved on that next lease application so here is what you need to know before you apply.

1.)  Double Check Your Scores and Clean Up mistakes Before You Apply – They could Cost You Your Lease and Big $$

3 Things You Should Know Before You Apply!

1.)  Fix the FICO!!!

As a Realtor who assists many would be tenants with lease applcations I have seen the disappointment when an application is denied. The primary reason for the denial 9 times out of  10 is a low FICO score. The average fico score required for an approval on a lease is 600 according to most property managers here in Central Florida. If your score falls below this range, you may have a lot of explaining to do when it comes to applying for a lease. Individual owners renting their homes out are very judgemental when it comes to low FICO scores and will usually require additional security deposits upfront in excess of what is usually being asked due to low FICO scores. With so much competition for the best leases, owners can afford to cherry pick their leases for the best credit scores and this means you may find yourself at the back of the line when applying for that home lease.  With credit applcation averaging a $50.00 per application fee, this could be a big mistake that could cost you a lot down the road so clean up that credit before it is time to move and dispute any inaccurancies on your report.  Freecreditreport.com is a great resource to utilize to check your score, and get a full report with a free monitorig trial to help you get your score higher.

2.) Honesty is Always the Best Policy!

Have a bankruptcy? Foreclosure? Previous Landlord dispute?  if so be sure to let them know up front. When you agree to a lease applcation you agree to submit yourself to a background check, criminal check, and credit check so your entire history will soon be shared with the property owner. Lying about your rental history, credit, or background will only cost you the lease but if you sit down and explain the details behind the blemish in your background, many owners will see this as a sign that they can trust you.  While spilling your situation can be humbling, it is a great way to show how you have gotten past a hardship and are ready to build credit and trust with a literal new lease on life.

3.) Be Prepared and Get on the Move!

Regardless of when you begin to look at leases, there are only so many properties available and the good ones go quick, so you really dont have have a lot of time to waste. Don’t delay in getting that applcation in asap.  Most properties listed for rent in the area are fishing for a move in date right away and in the leasing arena, he who had the closest move in date, best credit, and deposit in hand , usually wins. Make sure you have at least your first month’s rent and security deposit saved and approximately $250.00 for 5 applcation fees at $50.00 per applcation as you may not strike gold on the first applcation depending on how desirable the property is. At approximately $50.00 a pop, these non-refundable application fees can really add up so be sure to double check that there is not already a lease in the works before putting down your non-refundable deposit for the application as you may just be making a donation to the owner’s early retirement fund.

As long as you follow these basic rules, you should be in tip top shape to find a great Central Florida rental property and if you need assistance locating a rental property in the Orlando area, be sure to contact me  for advice, listings, and showings for some of the areas best property leases.

If there is one real estate market that appears to be recession proof it is the short-term rental condo market in Central Florida. With condo property sales reaching all new high levels, foreign cash buyers are igniting the market here in Orlando, particularly for properties listed for less than $100K. 

 If you think the boom in 2006 and 2007 was as good as it gets, think again. Today’s condo sales are  making those numbers green with envy with closings in Lake, Orange, Osceola, Polk, and Volusia County hitting a total of 606 in March of this year as opposed to 552 in March of 2006. We hit a total  of 560 closings  in April of this year as compared to 444 in April of 2006. Now only 12 days into May, we are at 109 condo sales for the month of May so far.

If Kiplinger magazine is correct, those numbers should hold steady for awhile with Orlando, FL gearing up for a big comeback as Kiplinger’s #4 city posed for a comeback partly due to increases  in  tourism numbers and jobs in the medical and science arenas set to increase with the introduction of new facilities to the area in years to come. 

With REO inventory on a slow down since the foreclosure explosion, bank owned condos are pending for sale within days of  entering the market with the average property getting anywhere from 15-25 offers before going pending so if you are looking to buy be prepared to make an offer quickly. This cash only club of condo investing is booming with prices still low enough to be called smart buying decisions for years to come. 

For more information on condo investing please email me  today for a showing appointment.

I talk to a lot of clients who end up working with me after choosing an agent to quickly show them a property that they found on their own. While there are instances where this works out great on the first try, there are many instances where it is doomed for failure. Choosing an agent like this is like expecting to be happy with an agent who’s name was pulled from a hat.

 There are a number of factors that influence a choice to meet an agent to see a property including advertisements of the agent, interest in a specific home associated with the agent, the ability of the agent to meet with you first before another agent is able to, or many times just a spur of the moment decision to call someone due to a sense of urgency on a particular listed property for sale. 

 Unfortunately all of the above reasons sometimes can lead to a mismatch when it comes to finding the best agent to work with.
A homebuyer, specifically a first time home buyer should do their research first BEFORE picking up that phone. Many home buyers think they have to go with the agent highlighted on the property’s ad when truth be told,  ANY agent can show you ANY home of interest which is active for sale in the MLS, so take the time to find the right agent. While you may risk losing out on a property while taking the time to review your choices for an agent, choosing the wrong agent could cause you much bigger problems down the line than possibly losing out on one particular property.

Some things to consider when choosing the right agent for you are:

Does the agent have an active real estate license in good standing? To find this information, you can check the agent’s license status on http://www.myfloridalicense.com

Does the agent belong to the Multiple Listing Service (MLS) and/or a reliable online home buyer’s search service? Multiple Listing Services are cooperative information networks of REALTORS® that provide descriptions of most of the houses for sale in a particular region.

Is real estate their full-time career? What real estate designations does the agent hold?

Is he or she already representing the seller? This discussion is supposed to occur early on, at “first serious contact” with you. The agent should discuss your state’s particular definitions of agency, so you’ll know where you stand.

In exchange for your commitment, how will the agent help you accomplish your goals?
Other questions to consider include:

Whether or not the agent is able to show you properties when you are available to look.

Do they specialize in the areas of real estate you are considering (i.e short sales, foreclosures , re-locations)?

Are they a local expert on the areas you are considering?

Will they adhere to your budget and show you homes that meet your requirements and needs?

Do they mesh well with your particular vision of your home buying experience? Do they compliment, not hinder your experience?

No one wants to do business with the guy holding the contract and the “sign now” attitude that disappears before the ink is dry on the contract. With unlicensed activity at a all new high level, it is more important now than ever that you protect yourself and your future investment which is only as good as the expert you hired to help you with it.

  The good news is you are not obligated to work with an agent unless you commit yourself to that agent with a signed agreement.   Now that you are free to choose, take these things into consideration and don’t be afraid to interview your agent. In this market, buyers have the power to choose wisely and don’t be afraid to ask the tough questions.   After all, when you work with an agent as a buyer, it is completely free to you as the agent’s fee is covered by the seller of the property. Toss that agent that’s giving you the run around and hire someone you can rely on.

The Orlando Real Estate Chick

If you are a buyer considering representation and would like to schedule an  appointment to speak with me regarding representation, please email  me or call me at 407-575-6455. I love being interviewed by buyers and always take the time to answer every question you may have.

Town home or Condo? Single-family or duplex? Gated Community or Guarded? Downtown or by the water? in the world of real estate , there are enough choices to make your head spin and much like fashion, in the words of Heidi, “one day you’re in, and the next day;  you’re out” especially when it comes to today’s turbulent real estate market. In fact right now most Americans are in,…debt that is, (up to their elbows), and although property is a  necessity of living, purchasing it has  become a roller coaster ride decision. When to buy? Where to buy? W.I.I.F.M (What’s In It For Me?), Will I lose my job, house, both???!!???

With all this to consider, finding the right fit is absolutely the most important decision you can make and the stress gets to most people particularly if you are new to real estate especially for most of my female homebuyers  who come to the table with high emotions and high expectations.

So with that said, here are a few things for us ladies to remember when shopping real estate here in the Orlando area and they all require you to think shoe!!!!!

1.) Window Shop first:

  We all love the lure of the high style shoe boutique on perfect shop lane with the beautiful window displays, allowing you to shop windows for hours and window shopping is a must for real estate. Taking a look at the first great property you see with your Realtor and putting your money down on the spot is never a wise decision. While we have all been guilty of  impulse shopping and kicking ourselves for it later, buying a home is a one decision that will hurt a lot longer than any pair of heels will (even at designer prices). Over-spending can hurt you on both buys whether its the perfect pump or a come and get it condo fully loaded with all the bells and whistles. Not window shopping can mean the difference from banking a buck and breaking the bank so double check your budget, and think about how this will affect your life over the next few years. Will this decsion be one you will regret in a few hours like those five minute heels you love but can never wear or is this home a house with staying power like those perfect marathon day to night stunner shoes you can’t get enough of. There are a lot of pitfalls in shoe shopping and real estate so before you hit the ATM to plop down a deposit on a home or the perfect set of heels, do your research! That house or  pair of heels may look nice now , but they may kill your budget later down the line and leave you with blisters. If you want your choice to have staying power, you will need to do take a step back and evaluate if this is a 2 year house or a lifetime house, as you would a one-hour shoe, or 12 hour shoe. If you are planning on having another child, that 2 bed 2 bath contemporary condo that is a perfect fit now may be a overstuffed nightmare in a few years so make sure you know what you want in your life, in your home, and on your feet. 

2.) Don’t Get Caught Up in the Sample Sale Syndrome

As a New York City hometown girl myself, there were only two words that could make my heart race when it came to fashion, “sample” “sale”. The opportunity to buy designer shoes at insanely low prices in a private industry sale that most will kill to attend and many left in bruises, often meant snagging the best deals to be had for killer heels. While the Louboutins or Manolo Blahniks  you broke your wrist over may be well worth the price, it is important to not get wrapped up in the drama of home buying just like the drama you’d find at a New York City Sample Sale.  In real estate, there are foreclosure properties and short sale properties that many would beg, borrow, and steal for particularly in the luxury sector of Orlando (Dr. Philips, Windermere, and Winter Park) and while many are only listed for a day before going pending due to all the bells and whistles and ridiculously low prices, it is important to not let the tunnel vision of the perfect price and the lure of Brazilian cherry floors (that show like a hot pair of Jimmy Choos) sway you out of your comfort zone when it comes to your budget, or coax you into a impulse buy that may cost you later. Homes need to be properly inspected and tried on just like a great pair of heels or you may just be left with  sole-ful woes later on.

3.) Finding the Right Fit!

Are you the class clown oddball of the bunch? The social butterfly with perfect pores? The traditional nice girl next door? The wild child who lives life by the seat of her pants?? Whatever your style makes sure your home fits the bill the same way the perfect shoe compliments your persoanlity and style.  If you are a student who loves the social scene and the cutting edge of whats hip – consider a trendy downtown condo. A mad scientist obsessed with privacy and a flare for architecture - consider creating your own dramatically different domicile. A wall flower romantic dreamer who is looking to recapture Norman Rockwell at his best- well a white picket fence may just be for you.  Either way, the home you choose like the perfect shoe will have a lot to say about you and keeping that in mind, you should have a lot to say and think about before making your final choice!