Orlando Short Sales & Foreclosures » short sales

330 Garden Oak Court Apopka FL 32703

admin — Thu, 17 Jun 2010 00:23:09 +0000

330 Garden Oak Court Apopka FL 32703

Apopka Short sale. Absolutely BREATHTAKING 3 bedroom, 2 bath single story home with separate den or 4th bedroom. Georgous MASTERPIECE KITCHEN w/hard wood cabinetry! Tons of user friendly spaces and plenty of personal amenities abound in this one-story floor plan. Nestled in the quiet community, this rare gem is truly in a “CLASS ALL BY ITSELF”. Entertain in the formal living & dining rooms, or enjoy casual gatherings in the family room and cafe dining area which flow effortlessly into the kitchen and out onto the back patio…perfect for outdoor entertaining. Escape to the luxurious master suite with it’s huge bedroom! A split bedroom floorplan also compliments this bright & open home! A perfect location adds to this home’s overall appeal w/close proximity to shopping, dining & entertainment, downtown Orlando, airports, beaches, theme parks & easy highway access. Come TODAY & experience this EXCEPTIONAL home and lifestyle… for tomorrow may be too late.			$155,000 Short Sale
			Beds	3
			Baths	2
			SqFt	2,015
			Year Built	2004
			HOA Fee	$305/semi annual
			Taxes	$2,540
			Garage	2
			Pool	None
Room Sizes:		Exterior Features: Block,Stucco Style: Contemporary Exterior Features: Mature Landscaping,Trees/Landscaped Garage/Carport: 2 Car Garage,Door Opener,Washer/Dryer Hookup
Living Room	24×17
Family Room	NA
Kitchen	12×11
Dining Room	11×08
Master Bedroom	11×18
2^nd Bedroom	13×11	Interior Features: Attic,Blinds/Sh,Ceiling Fan(s),Smoke Alarm(s),Walk In Closet,Wshr/Dryr Hkup Master Bath: Garden Bath, Shower No Tub Appliances Incl: Dishwasher,Disposal,Microwave,Range,Range Hood,Refrigerator,Washer,Dryer Kitchen: Breakfast/Snackbar,Closet Pantry
3^rd Bedroom	15×11
Bonus Room	11×08

Other Orlando Area Homes of Interest:

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America’s best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City – Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

Avoid Foreclosure by Doing a Short Sale

admin — Mon, 14 Jun 2010 14:30:32 +0000

Orlando Homeowners in Trouble have many options!

Facing foreclosure in the Greater Orlando area is not only a financial crisis; it can also be an emotional crisis. So this is a time to take stock and examine your options.

There are several reasons why Orlando homes go into foreclosure. Perhaps the home was purchased at the peak of the real estate market and just before prices started to fall. Another scenario might be that the mortgage was interest only, so no equity was built up. Or perhaps the mortgage was an ARM and now the interest rates have risen, making it difficult for the Orlando owner to handle the mortgage along with daily expenses. The reason is part of the past, and these Orlando owners must now deal with the future. The first item on the agenda should be to avoid foreclosure.

If you can still pay your mortgage for the foreseeable future and don’t need to sell your Orlando home, then your best bet might be to wait out the market until the market is more favorable.

If you are unable to pay your current mortgage but could if refinancing was in the picture, you should negotiate with your Orlando lender. If they decline to refinance your mortgage then you should contact one of the government agencies offering assistance to homeowners who find themselves in your situation. This solution might include the agency working with your lender to strongly encourage them to refinance your home rather than foreclose.

The reasons your lender might not want foreclosure is because it really represents a no-win situation for both parties. A foreclosure is expensive and takes a great deal of time, and the lender ends up with an Orlando house they really don’t want, and when it goes to auction it likely will sell for far less than it should.

Steps in an Orlando Short Sale

A short sale is an involved process, but in a nutshell the Orlando seller needs to establish a selling price with the help of an Orlando Short Sale Expert, find a buyer and with an offer, in hand, and present the offer to the mortgage holder. Along with the offer you must disclose your finances, as well as a hardship letter that details why payments can no longer be made. Check with your lending institution to see if there is other information that is required. If the offer is ultimately accepted then you have taken the first step in your financial recovery.

Why a short sale is in your best interest. This is a step above foreclosure. Both show up on your credit report, but the short sale is less of a black mark than a foreclosure. While foreclosure is a legal settlement where lawyers and possibly their fees are involved, a short is between you and your lender, and you will be more able to buy another Orlando home, obtain credit cards at a better rate or even renting an Orlando home sooner than if you had gone through foreclosure. There is also a tax provision that waives income tax took effect 12/20/07. The provision excludes forgiven mortgage debt on a principal residence for the period of January 1, 2007 through January 1, 2010. Previously forgiven mortgage debt was considered the same as taxable income. Speak with your CPA for further information.

Is A Short Sale Right for Your Situation?
Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!

“It’s only a buyer’s market if you’re ABLE to buy!”

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Facts & Resources

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

125 Conch Key Way Sanford FL 32771

admin — Mon, 24 May 2010 13:38:00 +0000

125 Conch Key Way Sanford FL 32771

Sanford Short Sale. Stunning floor plan! Impeccable condition home boasts gorgeous UPDATED kitchens & baths w/rich wood cabinetry, Italian tile, & STAINLESS APPLIANCES w/fresh designer paint throughout! The chef will love the spacious kitchen with preparation island, breakfast bar, & cafe dining area which opens up into the casual family room. Enjoy entertaining in the formal living and dining rooms. Escape to the downstairs master suite w/large garden bath, walk in shower, dual vanities and spacious walk in closet. The options for the HUGE loft are only limited by your imagination! This ROCK SOLID charmer features a WIDE OPEN floor plan w/BONUS/GAME room, large laundry room & picture perfect backyard living! Nestled in a wonderful neighborhood w/COMMUNITY POOL. This special home really has it all! An ideal location also adds to this gem’s overall appeal w/only a few minutes to downtown Orlando, airports, highways, beaches, the attractions, entertainment, dining, shopping & more! HURRY today and seize this exciting ownership opportunity…for tomorrow may be too late!			$150,000 Short Sale
			Beds	4
			Baths	2.5
			SqFt	2,844
			Year Built	2005
			HOA Fee	$150/quarterly
			Taxes	$3,297
			Garage	2
			Pool	None
Room Sizes:		Exterior Features: Block,Stucco Style: Contemporary Exterior Features: Patio/Porch Open,Irrigation System,Sliding Doors Garage: 2 Car Garage,Attached
Living Room	14×10
Family Room	16×15
Kitchen	13×13
Dining Room	16×10
Master Bedroom	22×13
2^nd Bedroom	12×10	Interior Features: Blinds/Sh,Cath/Vaul Ceil,Smoke Alarm(s),Walk In Closet,Wshr/Dryr Hkup Master Bath: Dual Sinks, Garden Bath, Tub with Separate Shower Stall Appliances Incl: Hot Water Electric,Disposal Kitchen: Breakfast Bar,Pantry Bonus Room 22×19
3^rd Bedroom	13×11
4th Bedroom	13×11

What about these homes for sale?

How to Lose a Short Sale

admin — Sat, 03 Apr 2010 02:24:39 +0000

How to Lose a Short Sale
Ways of Irritating Lenders-and Loosing a Short Sale

Why do banks even consider taking a short sale? They will be loosing thousands of dollars and they already have the right to foreclose. There are many reasons banks have for wanting a short sale to go through, even though they will be loosing money on the sale. If the owner does not do a short sale, they will more than likely be going into foreclosure very quickly. A foreclosure for a bank is a costly and frequently takes months to get done. In a normal market that might not be that bad, but I our current condition with foreclosures causing the prices of homes to plummet a wait of 4 months could cause the value of the property to drop thousands of dollars.

So why if it is in their best interest to do short sales, do banks frequently loose buyers by taking far too long to respond to an offer, not calling the agents back when they say they will, not approving a sale even though they previously said the bank would take that sales price? It really comes down to how the bank has been approached by the agent.

Banks are people too! If you had an irate rude person calling your office everyday and complaining about how terrible you are doing your job how hard would you fight to get them a good deal? You wouldn’t, you would “accidently” loose their paperwork and let them stew in their own juices. Now imagine you had 15 people a day calling you and yelling and criticizing you. Then one person calls and is nice, one person is considerate of you time and energy; how well would you treat them?

845 GALWAY BOULEVARD APOPKA FL 32703

admin — Wed, 17 Feb 2010 00:11:06 +0000

845 GALWAY BOULEVARD APOPKA FL 32703

Apopka Short Sale. SIZZLING “original owner” jewel boasts a beautiful eat-in kitchen w/island & rich oak cabinetry, gleaming GOLDEN HARD WOOD FLOORING, recessed lighting, DUAL MASTER SUITES, a spacious loft & a massive SCREENED LANAI w/ Italian ceramic tile! WOW! This elegant Apopka home also features a gorgeous open foyer, impressive architecture, massive floorplan & user friendly spaces… all nestled on a large lot w/wooded view & MUCH MORE! Breckenridge is a highly sought after community that teems w/ natural surroundings, playgrounds & a sparkling community POOL! A perfect location adds to this home’s overall appeal w/ close proximity to highways, downtown Orlando, shopping dining & entertainment! Hurry today & fulfill your home & lifestyle dreams… for tomorrow may be too late. Virtual Tour: http://www.realestateshows.com/show.php?mls			$200,000 Short Sale
			Beds	5
			Baths	3.5
			SqFt	3,236
			Year Built	2006
			HOA Fee	$760/SEMI ANNUAL
			Taxes	$4,569
			Garage	2 Car
			Pool	None
Room Sizes:		Exterior Features: Block,Stucco Style: Exterior Features: Irrigation System,Oak Trees,Patio/Porch Covered,Trees/Landscaped Garage/Carport: 2 Car Garage,Attached Roof: Shingle
Living Room	19×16
Family Room	NA
Kitchen	16×11
Dining Room	13×11
Master Bedroom	16×13
2^nd Bedroom	12×11	Interior Features: Attic Vent,Blinds/Sh,Ceiling Fan(s),Intercom System,Smoke Alarm(s),Walk In Closet, Wshr/Dryr Hkup Master Bath: Tub with Separate Shower Stall Appliances Incl: Dishwasher,Disposal,Hot Water Electric,Microwave Hood,Range Kitchen: Pantry Bonus Room 13×11
3^rd Bedroom	11×11
4^th Bedroom	11X11

Not for you? What about one of these Orlando area homes?

Orlando, Florida Short Sale Home Buyer Tips: An Interview with Chris Myers of the Orlando Property Group

admin — Sat, 13 Feb 2010 02:27:16 +0000

Orlando, Florida Short Sale Home Buyer Tips:
An Interview with Chris Myers of the Orlando Property Group

We were interviewed by Kevin Sandridge of the blog site, www.floridamortgageblogger.com. Kevin is one of Orlando’s premier mortgage broker’s, and through doing business together, we’ve come to respect his industry knowledge greatly. Below is the interview.

Home sales numbers in the Orlando, Florida area are up, and there’s one single reason why… bargains in this area haven’t been available like this for over 30 years! However, the help of an experienced Real Estate Agent is a must if really want to ensure a smooth transaction on your next Orlando, Florida area home purchase.

Once again, I headed straight to Orlando, Florida Short Sales Real Estate expert Chris Myers, with the Orlando Property Group to ask exactly why he thought this just might be the best time to enter the housing market here. This is what he had to say:

Kevin Sandridge (KS): “Chris, thanks so much for taking time out to talk with us here at the Florida Mortgage Blogger about the Orlando real estate market. I know our readers always love the information and insight you provide.”

Chris Myers (CM): “My pleasure, Kevin. It’s always nice to stop by.”

KS: “So Chris, there’s a little bit of a buzz generating lately around whether now is really a good time to enter the housing market here in the Orlando, Florida area. Why do you think this is?”

CM: “You’re right, Kevin. There has been a noticeable upswing in buying activity in the area, and I think one of the main reasons is that there are a lot more homes in the Orlando area for folks to choose from. Whether they’re trading up to accommodate a larger family or moving into the area to take on a new executive position, buyers can basically take their pick of excellent properties in prime locations inside Orange, Osceola, Seminole, Volusia, and Lake Counties.

All told, there were nearly 25,000 properties for sale in the Orlando area in October, including single-family homes, condos, town houses, duplexes, and villas. It’s just a matter of people finding a home that fits their budget in a location they like.”

KS: “There sure seem to be a lot of great deals out there. I imagine a lot of first time home buyers might be looking to take advantage of homes that are either in pre-foreclosure or foreclosure status. What are some things they should be careful of when looking at these types of homes?”

CM: “That’s a great question, Kevin. There are several areas that deserve special attention from short-sale buyers. These include, but aren’t limited to:

The time required to complete short-sale transactions
The home’s condition and “as is” nature of the short-sales contract
How to finance their short-sale purchase
How to contend with multiple short-sale offers

The Timing of Your Orlando Area Short Sale

The first thing buyers interested in pre-foreclosure status homes need to understand is the waiting period involved with many Orlando area short sales. Even the smoothest transactions can take months to complete. It’s not at all out of the question for short sales to take up to three or four months before receiving an answer from the bank”

The Physical Condition of Your Orlando Area Short Sale Home

The home’s condition is another thing to take into consideration. The majority of pre-foreclosure and foreclosed homes are sold on an “as-is” basis. This is not necessarily a bad thing. Often, they are only in need of some minor cosmetic repair. Other times, however, they can lean more towards your “handyman special” and come without any major appliances. The key here is for buyers to be sure and negotiate time enough to properly inspect the Orlando area home you’re considering and, if necessary, provide a means to cancel the contract should the home’s condition be completely unacceptable.

Financing Your Orlando Area Short Sale

As with any home purchase, you’ll want to be sure you get all of your ducks in a row in terms of financing your Orlando area short sale. There’s a conception out there that FHA loans can’t be used to purchase short sales. This is untrue. They can in fact be used. Actually, as you and I have discussed, Kevin, FHA is in some cases even willing to waive their 90 day seasoning requirements if the home a buyer is purchasing has moved into foreclosure.

Contending with Multiple Offers

The Orlando, Florida area has an unbelievable number of short sale opportunities available right now. We’ve all heard the “buy low, sell high” stock purchase philosophy. Well, the same philosophy applies to the housing market. The US housing market is currently 3.8% undervalued. The Orlando market is in far worse shape value wise. According to a December 3, 2008 Orlando Business Journal article, the October median home price here in Orlando, Florida was $177,900, 25 percent less than the $238,500 reported in October 2007.

KS: “That’s amazing – and a real chance for folks in the right financial position to gain a great deal of built in home equity at the time of purchase! Just look at the picture -home affordability is near an all time high, interest rates are holding steady at very attractive levels.

CM: “That’s it, exactly, Kevin. And the thing here is that savvy investors are absolutely on top of this situation. So much so, that nearly every well-priced Orlando, Florida short sale I’ve seen or been a part of recently has had multiple offers on it. Short sale buyers in our area need to be prepared to act immediately if they find the perfect house. They also need to be ready to offer the seller’s asking price or even a little over the asking price in some cases, as attractively priced short sales can often become the focal point of some pretty fierce bidding wars.”

Establishing the Asking Price in a Florida Short Sale

KS: “Chris, one question I hear often from my clients concerns setting the sales price of a home in a short sale. Who typically decides the asking price for short sales here in the Orlando area?

CM: “In most cases, Kevin, the banks or lenders holding the note make the final determination as to how much money to ask for the home. Most banks are willing to do what it takes to sell them quickly, and they understand the power of market value. However, their main objective is to recoup as much money for themselves as possible, so they aren’t apt to just give the home away for a song.

My advice to people interested in buying a home here in the Orlando, Florida area via a short sale is this: Don’t get greedy if the house is already priced well. Have your real estate agent do a market analysis to determine the home’s true value and go from there. But remember, the bank will be far less willing to negotiate a lower price if multiple offers start pouring in.”

KS: “OK. So get your offer in early, and make it as competitive as the situation dictates. Got it. But what about up front money? Let’s talk briefly about what making an offer and whether good faith deposits are encouraged.

At the peak of the last housing market boom, sellers were fielding multiple buyer offers at once. Often, buyers who failed to put down good faith deposits were left out in the cold. Since we’re now in a buyer’s market, can you talk a bit about whether good faith deposits are still a must?”

CM: “Good faith deposit, or escrow deposit is actually required in order to make an offer on an Orlando, Florida area short sale. However, the actual amount of that deposit is negotiable. Typically, sellers are looking for earnest money deposits of about $1,000. It may be a buyers market, but only if your able to buy. Seller’s recognize this and want to know you’re not only willing to buy, but capable as well. It also shows them that you won’t simply walk away, after they’ve taken the home off the market.”

KS: “So I take it that, just as with a typical new or existing home purchase, you agree with me that buyers should get pre-qualified for a Florida home loan before beginning their Orlando, Florida area short sale shopping experience?

CM: “Absolutely. It’s imperative that a homebuyer get pre-qualified before beginning their home search. That’s really the first step. In fact, when someone calls us about a property, we help them get in touch with the right Florida home loan professional to make sure their financing is in order.

Many homebuyers think they know their credit score, or what they can afford, but when the price is broken down into monthly payments, and things like taxes and insurance are factored in, they sometimes find they don’t want to spend as much. It goes the other way, too. Buyers think they may be in the position of paying one amount, but discover through the help of their Florida home loan specialist that they are actually comfortable buying more home than they originally thought.

In any case, I can’t stress enough how important it is for everyone – homebuyers or not – to understand where they are in terms of their credit report. The credit bureaus freely admit that data entry error and other errors occur in the area of credit reporting.

Good credit is the key to financial stability and long term wealth, and you know, Kevin, just how much of an impact 10 or 20 points can make in terms of the long term money folks will pay out over a 30 year fixed rate mortgage. Too often I’ve seen good people end up with lower than expected credit scores due to information about late payments or other derogatory data being added to their credit reports erroneously. Meeting with a qualified Florida mortgage broker early on in the home purchasing process gives people the time required to combat this type of situation should it arise.

I’ll end by saying that even in situations where people have met with a Florida mortgage broker and were pre-approved for a Florida home loan, they still need to follow up to be sure nothing has changed on their credit – or that the program they qualified for is still active. Lending standards have changed so dramatically lately, that the only way to know where you stand for sure is to consult a qualified Florida mortgage broker.

Selecting the Right Realtor to Handle Your Orlando, Florida Area Short Sale Purchase

KS: “That is some valuable advice, Chris. And is basically what I tell all of my clients and referral partners as well. I’d like to round things out by asking you to provide some insight into how home buyers interested in Orlando, Florida short sales should go about selecting the right Realtor?

I imagine that, just as with the legal profession – where a lawyer may specialize in criminal defense or patent law, Realtors have their particular strong suits as well. Some may deal primarily with luxury homes and short sales, such as yourself, while others specialize in commercial real estate or conventional residential real estate. What qualifications should folks interested in Orlando area short sales be looking for in a potential Realtor, and what are some questions they should ask?

CM: “That’s such an important question, Kevin. You’re absolutely correct in that Realtors do tend to specialize or achieve professional comfort zones with specific types of real estate transactions. The thing you most definitely do not want to do is trust your short sale purchase to a real estate professional who is learning as they go. We’ve outlined many of the “built in” challenges that come with just about every Orlando area short sale – including

longer than average wait times to close,
gauging the condition of a short sale home,
price negotiation and financing, and
the need to contend with multiple sales offers on the property you may want to buy.

Quite simply, the care and feeding of a short sale is not something you want to entrust to someone who does not have a proven track record for success with them. Between the timing involved, paperwork they entail, and the sometimes repeated negotiations required to close an Orlando area short sale – you want a real estate professional on your side who can close the deal. Here are some key things to look for:

First, it’s important to choose someone you can trust. You’ll be working with your Realtor throughout the short sale process, and you’ll have to be comfortable sharing information about your finances – but also your hopes, dreams, and the fears you may have regarding the short sale purchase itself.
It’s also important in today’s market that you have an agent who’s skilled in short sales and foreclosures, as many of the homes you’ll be viewing (some say about 40-50% of Central Florida homes) are in some stage of distress. These types of sales can be very tricky, and it’s crucial that your agent possess the knowledge and experience required to serve your best interests.
Lastly, though I truly believe that most Realtors are honest, hard working professionals who keep their clients’ best interests as a priority, we are in a tough economy. The most smoothly managed short sales are not without some significant challenges or obstacles, and there are cases where even the most seasoned short sale real estate professional may have to circle the wagons in order to get the deal done. I’d hate for someone to lose out on purchasing a home that really fits their family’s unique requirements simply because they didn’t select a Realtor with proven short sale experience.

KS: “Wow. Well said, Chris, and once again you’ve provided us with some invaluable information for those looking to buy homes here in the Orlando, Florida area via the short sale process. Thank you so much for your time today, and we hope to have you back again very soon.”

CM: “Thank you Kevin, it’s always a pleasure.”

KS: “Remember folks, whether you’re buying a home to live in or you’re looking for one as an investment, work with an experienced real estate agent who knows the local Orlando, Florida area. Your Realtor® can prepare a Comparative Market Analysis (CMA) to help you make informed decisions. An agent who specializes in short sales and foreclosures can explain the benefits and pitfalls of buying properties in those categories, too.

A good real estate agent is worth their weight in gold! If a real estate purchase in the Orlando area is in your future, either as a home owner or investor, talk with a Realtor® now about the advantages of taking action in today’s affordable market.”

If you’re currently in the market to buy a home, and are wondering if now is the right time to pull the trigger, check out this article Chris Myers wrote detailing whether now is the right time to buy an Orlando, Florida area home.

Is A Short Sale Right for Your Situation?
Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale?
Call or email me TODAY to go over your options!!!!!!

“It’s only a buyer’s market if you’re ABLE to buy!”

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Orlando Florida Facts & Resources

Short Sale Rule Changes

admin — Sat, 02 Jan 2010 02:49:57 +0000

New Short Sale Rules Speed Up the Process

Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.

The rules announced earlier this month from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida’s housing market.

The effect of the new rules will likely be somewhat limited because only banks that owe the federal government TARP bailout funds must comply. And according to Balanoff, even when certain banks do push for faster short sales, there is so little consistency among mortgage negotiators that he doesn’t expect the new deadline measures to be applied or enforced evenly.

Read more about the short sales rules »

Searching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America’s best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City – Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.

Loan balloons will Explode Foreclosures

admin — Sun, 26 Jul 2009 19:54:28 +0000

A coming wave of mortgage adjustments threatens to prolong, and possibly worsen, the foreclosure crisis, industry analysts warn. Estimated 2.8 million option adjustable-rate mortgages are scheduled to reset in the coming years, with the peak in mid-2011. Those resets will cause those borrowers’ monthly payments to balloon, potentially triggering a third wave of foreclosures.

“We do believe there is another wave coming, and I personally believe it will be the tsunami,” said L.R. “Chip” Waterman of Hunt Real Estate ERA in Sarasota, who specializes in foreclosed and bank-owned properties. “There’s no way we’ve begun to see the end of this.”

“I think we’re past the absolute tsunami of foreclosures, but we still have many more to go through,” said Ken Chapman Jr., a Sarasota attorney and president of the Sarasota-Bradenton Attorneys Real Estate Council.

As of the close of business Friday, lenders have filed 3,602 foreclosure suits this year in Manatee County Circuit Court, court records show. There were 3.034 filed at the same point in 2008, which went on to set a local record with 5,592 in all. The state and national pictures are not much better. More than 1.5 million U.S. properties received a foreclosure filing or were seized by lenders in the first half of 2009.

More are on their way: More than 10 percent of Florida homeowners with a mortgage were at least 30 days behind on their payments during the first quarter of 2009, the Mortgage Bankers Association said. Another 10 percent already were in foreclosure.

The national delinquency and foreclosure rate was one in every eight, the highest in records going back to 1972, the bankers group said.

Many took out option adjustable-rate, or Alt-A mortgages, which allowed them to buy more house than they could have afforded using a traditional 30-year mortgage during the housing boom. Under most so-called option ARMs, initial monthly payments often covered just part of the interest, with the unpaid interest portion added to the loan’s balance. After a set amount of time, the loan resets and the borrower is required to also begin paying off the balance.

That will cause the monthly payment to balloon, something many borrowers had planned to avoid by either selling the house for a profit or doing a refinance. But housing prices slumped and credit tightened, leaving borrowers owing more than their homes were worth, unable to sell them for a profit or refinance, and struggling with higher payments.

“A lot of those people have gotten a rude awakening,” Chapman said.

As of April, more than half of such loans in the United States were either at least 60 days’ delinquent or in foreclosure, according to First American CoreLogic. Those numbers likely will increase, as resets are not set to peak until mid-2011.

Job loss a threat

Another threat to prolong the foreclosure crisis is growing unemployment.

“You can’t make the house payment if you don’t have a job,” Waterman said.

Manatee’s jobless rate hit 11.8 percent last month, the highest since the state began calculating it in 1975. The state and national unemployment rates also are near record highs.

“Unemployment is going to be driving it,” Chapman said.

While that could fuel new foreclosure filings, there’s still the thousands of already-filed cases that have yet to make their way through the courts.

“You’ve got a buildup out there that hasn’t even happened yet,” Waterman said.

Lenders held back in pursuing judgements and taking back homes late last year and in early 2009, the result of temporary moratoriums and the rollout of government programs designed to prevent foreclosures.

But those programs have had limited success to date, and even that might not be permanent. The rating agency Fitch recently said it expects three of every four homes that the government’s “Making Home Affordable” program saves from foreclosure will end up there eventually, largely because the homeowners have too much debt beyond their mortgage.

That has led to fears that lenders will flood the market with repossessed homes and drive down prices even more, thus delaying recovery of the housing market and the broader economy.

Chapman hopes that scenario doesn’t happen, and that the foreclosure crisis will ease.

“We’re nearing the end of the down cycle, but we’ve got a long way to go before we climb out of that hole,” he said. “We just don’t know how deep that hole is and how long it will take to climb back up.”

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Low Priced Foreclosures Incite Bidding Wars

Low-priced foreclosures incite bidding wars

admin — Wed, 22 Jul 2009 18:41:34 +0000

PHOENIX — Each time Lance and Kelli Thorson thought they had found their first home, someone would outbid them. It’s already happened at least 15 times.

This wasn’t how it was supposed to be in a depressed housing market like Phoenix. Buyers are supposed to be able to walk in, and get pretty much whatever they want. Now, the Thorsons have taken up a tactic not seen since the heydays of the housing bubble — they are making offers on homes before they’ve seen them, as many as three per day.

“It’s frustrating because we’ve jumped through all the hoops and there still isn’t a reward,” Kelli Thorson said.

In Phoenix suburbs and other areas of the nation saturated with foreclosed homes, low prices for bank-owned properties are sparking bidding wars that drive up sale prices, entice investors and frustrate traditional buyers who make dozens of offers and still can’t land a home.

Experts say the environment is strikingly similar to what they saw at the height of the real estate bubble.

“This market is about as abnormal as the hypermarket that we came out of a few years ago,” said Jay Butler, director of the Realty Studies program at Arizona State University.

Just as they did during the boom period, investors now are stocking up on homes, driving up prices and forcing traditional buyers to the sidelines in some areas, Butler said.

Because they often pay cash and buy several houses at once, investors are attractive to banks trying to shed dozens of foreclosures, he said. Traditional buyers add time and hassle to the process because they have to be approved for a mortgage.

The market won’t stabilize until investor influence diminishes and it is once again driven by buyers who plan to live in the home, Butler said.

The problem is centered in newer, lower-priced communities affordable for young families and other first-time home buyers. They’re the same neighborhoods that were overrun with foreclosures as mortgage rates adjusted and home values dropped.

Homes are now listed at much lower prices than when they were sold just a few years ago. In the Phoenix area, the median resale home price last month was $125,000, down from a peak of nearly $265,000 three years ago. Prices have risen from a low of $115,500 in April, when agents say they began seeing a buying frenzy.

Real estate agents have been noticing the problem for the past two to three months, said Walter Molony, a spokesman for the National Association of Realtors.

It is especially acute in heavy foreclosure areas such as Las Vegas, Phoenix, southern California and southern Florida, where prices are correcting to levels well below their peak during the boom, Molony said. In those areas, it’s not uncommon for sellers to get multiple offers.

The Thorsons thought they were ideal home buyers. They saved money, have good credit and little debt. But at house after house, the prices are being bid up above the asking price.

They made an offer on one bank-owned house, only to hear a counter offer that was $33,000 above the initial asking price of $117,000.

Federal legislation designed to help people stay in their homes has slowed the flow of foreclosures into the market, lowering the inventory and increasing the demand for remaining homes.

In Maricopa County, which includes metropolitan Phoenix, nearly 32,000 homes are on the market, down 30 percent from January.

In the Las Vegas area, home inventories are down nearly 10 percent since March, according to data from the Greater Las Vegas Association of Realtors. Last month, 4,702 homes were sold in southern Nevada, a record number; 74 percent were foreclosures.

Las Vegas real estate agent Jonathan Abbinante said he has clients who are making three offers a day on homes they’ve never seen. If they get a response, they’ll check out the house and decide whether to continue or back out.

He said he sees a similar frenzy for houses he’s selling.

“I sell homes right over the Internet,” Abbinante said. “That’s what I did in 2004.”

Bidding wars often result in prices higher than a home’s appraised value, putting traditional buyers at a disadvantage against cash buyers who don’t need an appraisal to secure a loan. That’s happening a lot lately, said Jerry Lou Davis, a real-estate agent in foreclosure-heavy Merced, Calif. She saw similar activity early in the housing bubble.

For the Thorsons, with a lease expiring next month and a second child on the way, the pressure to find a home is growing. Kelli is eager to paint and decorate. She already has plans mapped out for their 2-year-old daughter’s room.

“Buying a first home is supposed to be a really exciting thing to do for a family,” Lance Thorson said. “But all the hoops you have to jump through kind of take away from that excitement.”

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Experts Worry National Debt is Next Crisis

Read Also: Obama Worries Powell Says he is Doing too Much

Bidding wars break out on low-priced homes

admin — Wed, 22 Jul 2009 18:38:36 +0000

Bidding wars are returning to South Florida’s housing market, as investors and first-time buyers compete for homes and condominiums listed at $200,000 or less.

The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.

Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition.

“When they find a good listing, people are pouncing,” said Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties.

Agents say the heated competition has been building in recent months, a result of low mortgage rates and the $8,000 tax credit for first-time buyers that expires Nov. 30.

Steady sales increases during the past year gradually have worked off the inventory of available homes. Real estate agents are convinced that the overall market has hit bottom or is close to one.

Housing market researchers have a different take.

Because of mounting job losses and the lingering recession, the bidding wars are mostly confined to homes offered at deeply discounted prices. Also, housing experts say, the market needs more than investors and first-time buyers taking the plunge for a rebound to occur.

Analysts don’t expect across-the-board price increases soon and predict that prices in Broward and Palm Beach counties will keep falling, albeit at a slower rate, through this year and into 2010.

The bidding wars “are a good sign, but I don’t think it’s the sign that we’re at the bottom,” said Brad Hunter, a housing analyst with Metrostudy, a market research firm with an office in West Palm Beach.

Rising unemployment is sure to lead to more foreclosures and property sales later this year, which almost certainly will lower prices, Hunter and other analysts say.

Some observers suspect that lenders are holding back the supply of foreclosed homes, promoting bidding wars to increase prices now before the flood of new listings further depresses prices.

Banks dispute that notion. They say they’re overwhelmed with foreclosures and try to market them for sale as quickly as possible.

“The longer we hold them, the more money it costs us,” said Nancy Norris, a spokeswoman for banking giant Chase.

The bidding wars in South Florida are giving sellers more leverage after three years of buyers calling the shots.

Investor Greg Bales bought a three-bedroom home in Lauderdale Lakes three months ago for $65,000 — $1,900 less than what it sold for in 1985.

Bales, 41, beefed up the curb appeal with a new paint job, trees and other landscaping. Inside, he installed laminate floors, granite countertops, new kitchen appliances and an alarm system.

He put the home back on the market July 10 for $139,900 and fielded 10 offers, three for more than the asking price.

He selected a bid from a first-time buyer for $145,000, and the deal is expected to be complete next month.

“We would have had a bunch more offers, but my real estate agent told the people it really wasn’t worth their time if they weren’t submitting a full-price offer,” Bales said.

Eric Cormier of Philadelphia is searching for a small home for his sister-in-law in Delray Beach. He offered $120,000 cash for a house listed for $152,000, only to be out-bid by a few thousand dollars.

Another home he considered received four offers in one day.

“I was surprised,” said Cormier, 47. “I thought there was a fire sale going on in Florida.”

In some cases, first-time buyers are losing homes because sellers prefer dealing with cash investors, who don’t have to fiddle with financing.

Meanwhile, some real estate agents are creating “drama pricing” — listing properties for far less than the market value to attract bidders and drive up the eventual selling price.

“It’s like ‘Ta-da’ ” said Douglas Rill, an agent for Century 21 America’s Choice in West Palm Beach. “It creates so much of a buzz that it results in a bidding war.”

Drama pricing typically happens with short sales. Those homes aren’t as much in demand because buyers know that it can take months for the deals to close. In a short sale, a lender accepts less than what’s owed on the mortgage and forgives the remaining debt.

Tony Thomas, 44, is looking for a home about $200,000 in central Palm Beach County. He made three offers, only to be told each time that another buyer out-bid him.

His agent, Liz Golub, told him to “run like a bunny” to make strong offers as soon as properties come on the market. The strategy paid off recently when the owner of a home near Lantana accepted his offer. But because it’s a short sale, the bank must approve the deal, and that could take months.

“It’s frustrating,” Thomas said. “I have not seen the benefits of this buyer’s market right now.”

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Tee Time Anybody…Hello?

Orlando Short Sales & Foreclosures » short sales

330 Garden Oak Court Apopka FL 32703

330 Garden Oak Court Apopka FL 32703

Exterior Features:

Interior Features:

Other Orlando Area Homes of Interest:

Avoid Foreclosure by Doing a Short Sale

Orlando Homeowners in Trouble have many options!

Steps in an Orlando Short Sale

125 Conch Key Way Sanford FL 32771

125 Conch Key Way Sanford FL 32771

Exterior Features:

Interior Features:

What about these homes for sale?

How to Lose a Short Sale

845 GALWAY BOULEVARD APOPKA FL 32703

845 GALWAY BOULEVARD APOPKA FL 32703

Exterior Features:

Interior Features:

Not for you? What about one of these Orlando area homes?

Orlando, Florida Short Sale Home Buyer Tips: An Interview with Chris Myers of the Orlando Property Group

Orlando, Florida Short Sale Home Buyer Tips: An Interview with Chris Myers of the Orlando Property Group

Short Sale Rule Changes

New Short Sale Rules Speed Up the Process

Loan balloons will Explode Foreclosures

Low-priced foreclosures incite bidding wars

Bidding wars break out on low-priced homes

Orlando, Florida Short Sale Home Buyer Tips:
An Interview with Chris Myers of the Orlando Property Group