Central Florida Realtor Blog

Florida’s Changing Market

Vicky Horan — Mon, 08 Mar 2010 20:05:20 +0000


Median Sales Price of Homes and Condos from 2006 - 2009

Year	Single Family Home	Condominium
2009	$139,000	$104,000
2008	$187,800	$164,400
2007	$233,600	$205,100
2006	$233,600	$211,300



The “bubble” busted in 2008. If you purchased a home between 2005 – 2007 with FHA financing and made  the minimum down payment, you are upside down in your mortgage. Even those who put down 20% with a conventional loan are still in a very tight position.
My recommendation is to sit tight on your homes unless you MUST sell due to a job transfer or extenuating circumstances. If you must sell, be prepared to take a hit. As your realtor, I don’t determine the market value of your home. The economic health of our nation does that.

It is also important to remember that pricing your home where you “think” it should be, will result in a futile marketing effort. If the house doesn’t appraise for the market value based on a certified appraiser, a lender WILL NOT loan the necessary funds to your buyer.
Save yourself and everyone involved in the transaction a lot of grief. PRICE THE HOUSE APPROPRIATELY FOR THE CURRENT MARKET, and you can move on with your life in your next home.

10 Things You Should Know About Bank Owned Properties….

Vicky Horan — Mon, 01 Mar 2010 20:15:53 +0000

1. Bank owned properties typically do not have utilities turned on. As you go through the inspection period, the buyer may be expected to bear the cost of turning the water and power on for the home inspections.

2. Bank owned properties do not pay for certain closing costs that are typically found on the sellers side of the HUD closing statement. This translates to higher closing costs for buyer.

3. The majority of bank owned properties will be missing appliances; most notably, the refrigerator.

4. Bank owned properties use Title companies that rarely are in the county the property is located in. This translates to higher closing costs to the buyer since a “courtesy closer” must be used to finalize the transaction.

5. Bank owned properties require a lengthy addendum to be signed before the asset disposition manager will execute a contract. This addendum takes precedent over any local FARBAR or FAR9 contract. This addendum is ALWAYS written in the banks favor.

6. Any modifications to the bank addendum usually results in the bank rejecting the offer in its entirety and moving on to the next offer.

7. Bank owned properties never have a sellers disclosure statement. It is a “buyer beware” situation.

8. Bank owned properties will typically provide a “Special Warranty Deed” at closing.

9. Many banks require that the buyer get qualified by the bank’s pre-selected mortgage lender. There is no requirement to use this mortgage lender, but the banks will not entertain an offer without the proper documentation from this entity. WHY???? Seller wants to be 100% satisfied that the buyer is a serious candidate for mortgage approval through a company they trust.

10. Expected time for a response on an offer to purchase from a bank could be anywhere from 3 – 10 days. This process varies greatly from bank to bank depending on the number and quality of staff they have working in their REO departments. It also will depend on how often the Asset Disposition committee meets. The more frequently it convenes, the quicker a response.

SUMMARY: EVERY bank has their own distinct and unique guidelines for processing an REO Property. Patience, tolerance, and understanding of the process is necessary when placing an offer on a bank owned property.

$8,000 FREE MONEY FOR FIRST TIME HOMEBUYER

Vicky Horan — Thu, 21 Jan 2010 05:33:57 +0000

$8,000 FREE MONEY FOR FIRST TIME HOMEBUYER:

Wouldn’t you love to own instead of rent? Wouldn’t it be nice to receive an income tax refund instead of writing a check in April???

Let me help you become a happy homeowner before the summer…Here are some important deadlines:

You must have a fully executed sales contract by April 30, 2010 AND close the transaction no later than June 30, 2010.

As with any government program, there are rules to follow. Contact me for a comprehensive packet to help you understand how you can qualify.

By the way, the next Tax Credit Workshop will be Saturday, January 23, 2010 at 1:30 p.m. It’s FREE. Bring a friend

Have a fantastic day!

BEWARE OF ROUND ROBIN AUCTIONS

Vicky Horan — Mon, 18 Jan 2010 19:17:23 +0000

Hello, this is my first post and I am very excited about entering the world of blogging. I plan to update once a week, so check back in 7 days. Today’s topic is entitled: BEWARE OF ROUND ROBIN AUCTIONS. I recently participated in such a process as a Realtor representing the buyer. We were given extensive information on the process with the understanding that the house would be sold Sunday night to the highest and best offer.

We were seriously misled. By 8:50 p.m. the listing agent had edited the Multiple listing databased and removed all evidence of an auction and made a price INCREASE to the home from $110,500 to $199,500. I am using this platform to make buyers aware that Round Robin Auctions are meaningless. It is a tool for the seller to create interest in the property at a low price with the intention that buyers will get caught up in the bidding process and offer a price that is higher than the seller would have obtained under normal circumstances. Sadly, the seller was mistaken and instead of selling his home as was advertised to the highest and best offer, he created ill will and mistrust.

In a Round Robin Auction nothing is binding and the seller is NOT obligated to accept any bids. Don’t waste your time. Time is money and most consumers have a limited amount of both.

Free Workshop – January 16th

Vicky Horan — Fri, 08 Jan 2010 12:39:49 +0000

Hello and Happy New Year!!

I am ready to conquer 2010! It is going to be a great year both professionally and personally because I have set my goals and have a road map to accomplish them.

First on the list: I am offering a free workshop for all those people who want to know more about the tax credit that has been extended to June 2010. It is now available to both first time homebuyers and those people who have owned a home or who are looking to sell their existing primary residence.

WHEN: JANUARY 16^TH 2010

WHERE: WATSON REALTY CORP.

ADDRESS: 1445 WEST S.R. 434, LONGWOOD, 32750

TIME: 2 P.M.

DURATION: 45 MINUTES

Please reply via vhoran@cfl.rr.com to let me know if you will be attending. Include your phone number for a reminder call.

This will be an educational/informative session. The only requirement is that you are not currently working with a Realtor.

THOUGHT OF THE WEEK:

An investment in knowledge pays the best interest.
~Benjamin Franklin

Is it really December??

Vicky Horan — Sat, 05 Dec 2009 12:20:56 +0000

Is it really December??

If you are like me, you are just recuperating from all the preparations of Thanksgiving….I am speaking literally since I have been under a doctor’s care for the last week. Thankfully, today I am feeling like there is light at the end of the tunnel…..it’s good to be feeling better.

Anyway, even though this time of year everyone’s personal life is very full, I want to remind you that the tax credit has been extended and ENCHANCED. There are now opportunities for long term homeowners to participate in a government tax credit. It is $6,500 – an exciting program and worth investigating. Please call me if you are considering a move. You must be under contract by April 2010 and close by June 2010.

Let’s make a deal!

Thought of the week:

Proactive people take the initiative and responsibility to make things happen.

They cause action rather than being victims of circumstance.

Compare Florida Insurance Rates

Vicky Horan — Fri, 20 Nov 2009 12:26:45 +0000

I’d like to take this opportunity to wish you a VERY HAPPY AND BLESSED THANKSGIVING. Enjoy the day and the excitement in the weeks ahead.

By the way, I have a great website that I would like to share with my loyal clients and friends regarding homeowners insurance and the importance of wind mitigation coverage. It is sponsored by the state of Florida: www.shopandcomparerates.com

QUOTE OF THE DAY

There is a genuine solace in the shared experiences of others.
~Lee Woodruff