WHY 50% of SHORTSALES DON’T SELL….

Wow, that is a loaded question but here are a few answers:


The property may go into foreclosure before the short sale is completed. The banks “short sale” department does not communicate with the foreclosure department, so while you are waiting for a response on the short sale, the property is being auctioned off in a foreclosure at the courthouse steps. Yes, that does happen.

1) The seller may file bankruptcy which can put the stops to any foreclosure and seller may decide they want to continue living for free in a home they have stopped paying for….

2) While you wait, the Seller disappears. Why hang around and go through a hassle to fill out more paperwork that will not result in a penny in your pocket? Goodbye; off to a new life.

3) The bank never responds…the voice mail is always full; no human answers the phone…not even 6 months later…

4) The bank responds but wants $25,000 more than the property is worth…banks do not need to operate on common sense; they can do anything they want.

5) The property may not be financial due to the seller stripping out even the bare necessities: No kitchen, no appliances, no bathrooms, no light fixtures, no air conditioner, no pool pump, no carpet, no wood floors, no doors and like I just saw last week….no electric wires either…all the wiring was pulled from the walls into the attic…seriously.


Get the picture?


Eve
407-539-1053

Carriage Pointe- USDA Financing Eligible

Taylor Morrison new contstruction single family homes are eligible for USDA Financing which is allows $0 down for qulalified borrowers.

• Homes priced from $199,000-$320,000
• 3 & 4 bedroom floor plans with 1606 - 2520 sq. ft.
• Homes ready in time for $8000 tax credit
• Oversized Homes Sites 75'x125'
• $65/mo HOA inclues gated community and tennis court
• Located in Winter Garden close to SR 429
• Great area shopping and schools

August Orlando Real Estate Statistics

Orlando Regional Realtor Association has produced Orlando Real Estate statistics for August 2009.

• Average Mortgage Rate: 5.26%
• New Listings: 4,232
• New Contracts: 3,324
• Sales are up 45.45 percent over July 2008.
• Normal sales made up 58.01 percent of July sales; distressed and bank-owned made up 41.99 percent.
• There are 7,713 pending sales, more than double that in July 2008 (3,258).
• There were more newly filed contracts in July (3,696) than in any other month this year. There were 1,947 newly filed contracts in July 2008.
• The overall median price rose 2.92 percent to $135,000 last month, but is still 35.10 percent lower than last year.
• The median price for normal sales is $165,000; the median price for bank-owned sales is $84,500; and the median price for distressed sales is $139,500.
• Affordability declined in July to 181.48 as a result of the increase in median price. There are 11,198 homes in Orange and Seminole counties currently listed in MLXchange that are considered affordable ($245,005).
• Inventory decreased by 600 homes from June to 16,361. There is 8.05 months of supply at the current sales pace (economists consider six to seven months of supply to reflect a balanced market).
• Condo sales increased by 175.37 percent compared to July of last year, with the majority selling for $50,000 or less.
• Under Contract: 8,237
• Back on Market: 436
• Expired Listings: 1,014
• Withdrawn: 1,339
• Average Days on Market: 93
• Sales Closed: 2,112

For historical months, please click here.

New FHA Condo Approval Guidelines

FHA has recently released a Mortgagee Letter that will change how condominium projects are approved for FHA financing. HUD will eliminate spot approvals and the current FHA Approved Condo List on all case numbers issued on or after October 1. FHA will now allow lenders to determine project eligibility, review documentation and certify that it is compliant to HUD's guidelines and regulations. There will be two condominium project approval options. The documentation requirements will be the same for each option. The first option is a HUD Review and Approval Process option referred to as HRAP (probably will be longer and more costly). The second option will be Direct Endorsement Lender Review Process referred to as DELRAP. This option is restricted to lenders who have unconditional Direct Endorsement authority and staff with knowledge and expertise in reviewing and approving condominium projects. It's too early to tell how these changes will affect FHA condominium financing. Lenders are currently scrambling to figure out how they will deal with the additional liability of certifying these projects with all the current condominium challenges and exposure. For more information on financing a home please contact Eric Intihar of US Mortgage of Florida at Eric@SpecialtyMortgage.com

Florida is #1 for British Buyers

HomesOverseas.co.uk editor Marc Da-Silva says Britons continue to favor Florida when looking to buy properties in the United States, and favorable exchange rates make this a perfect time to do so.“Florida is basically the most popular place for Brits looking to buy,” says Da-Silva. “It is always going to appeal to people looking to move overseas for, arguably, a better quality of life, as well as holidaymakers.”He notes that the Britons prefer the Sunshine State’s climate, and daily flights to and from the United Kingdom make Florida easily accessible.

Save Money Using Foreign Currency

Are you using foreign currency to purchase US Real Estate? Before you transfer your money from your bank, shop around for the best rates. Yes, currency exchange companies can save you money by offering interbank rates. That means you can get a better rate than your bank, which leaves more money in your pocket. International home buyers who use foreign currency for their real estate purchase may save 4-6%, get free advice from currency exchange expert, lock in rates for future the purchase, and transfer the money to the US via same day transfer on time for closing. For more information, please contact Buyers Broker of Florida

Need an 8 Bedroom Home?

Not too many builders, build or allowed to build an 8 Bedroom Home. But one builder is maximizing the potential and building an 8 bedroom 4 bath home with game room and study featuring 5,107 sq. ft., 3 car garage in the best school districts in Orlando for just $350,000. This home is perfect for multi generational living or family that has alot of multi purpose space for office, play room, library, fitness room, craft room with plenty of room still left for guests. Other new constructions homes start at $250,000. For more information on this community, please contact, Buyers Broker of Florida.

Market Statistics for July 2009

Orlando Real Estate Sales picking up and according to recently published statistics from Orlando Regional Realtor Association, sales are up 45% since July 2008 and pending sales have doubled. Median price of a home starting to creep up at 2.92% to $135,000. There are an 8 month supply of inventory of homes, and 6-7 months is considered a balanced market. For buyers time is now to buy, as I have seen in past few months, bargain homes no longer available, and underdesireable properties now going under contract rising. Here are additional statistics:

• Average mortgage rate: 5.34%
• Inventory of homes: 17,231
• New Listings: 4,158
• New Contracts: 3,696
• Under Contract: 7,713
• Back on Market: 787
• Expired: 849
• Withdrawn: 1266
• Sales Closed: 2,141
• Average Days on Market: 103