Mark Horan P.A. “The Resident Chef’s Blog”

More and more investors are seeking properties in Central Florida. Finally there can be positive cash flow because the prices are so low. Rent rolls in this area could not rise high enough to cover mortgage payments during the past increases in housing sales.

Buyers from the UK are back in the market as the dollar falls. They are looking at short term rental units by Disney. These condos, single family, and townhomes can be rented by the week in the special zoned areas. Some rent for as high as $1000 weekly.

If rental properties are what you want to add to your portfolio, now is the time to get busy.

Right this minute, there are 678 Bank Owned Homes on the market in Osceola County Florida. This number is down. How can that be? Well, these homes are selling, and selling quickly. Of the Bank Owned Foreclosures in Osceola County, 239 are active and 439 are under contract pending sale. Banks are still holding back inventory to manipulate the supply and demand.

With interest rates on the rise, these competitively priced homes look even better. We are starting to see banks release more and they are also making repairs to these homes sold in “As Is ” condition. These homes are a great value. If home ownership is on your list, contact Resident Team Realty to see theirs. We have all Bank Owned Properties available for you to choose from. Call or email us today!

Mark Horan

“The Resident Chef”

Broker

Resident Team Realty, LLC

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Let’s face it, Bank Owned Foreclosures are what’s happening in Kissimmee, and Saint Cloud, Florida. If purchasing a home is your mission, a Bank Owned Foreclosure should be your aspiration. Find an agent experienced in this market segment. There are strategies that need to be used and ways to present offers so that they have the best exposure to be accepted.

Contracts should be submitted without contingencies when possible. Properties are listed below appraised values, so don’t be greedy if you find your dream home. The list price is a win win price. I have seen buyer’s try and negotiate a great deal and not be satisfied with a good deal, only to lose their dream home by another buyer willing to pony up the asking price. Your Realtor can guide you on your offer taking into consideration, time on market and condition. Do not be fooled into thinking that the condition has not been taken into consideration when the list price was figured. Many Bank Owned Foreclosures are appraised at least  3 times before they are listed. Bank do this so that they can price the home correctly to sell. If repairs are needed they also get bids from contractors so that the repair costs are reflected in the price.

The difference in this arena is the bank is not the homeowner. The home has never been their castle. They have no emotional attachment to the property. They calculate, the know the market, and they want to sell fast, but the price they sell a home at has impact on all of their Bank Owned Foreclosure inventory. You must understand that they are professionals. They want to dispose of the inventory, but not at the risk of a major devaluation of all their inventory by letting homes go below the market that they have created. That would be shooting themselves in the foot, wouldn’t it.

Use a Realtor that is specializing in distressed sales. They will know the rules and will help you acquire the home of your dreams.

Mark Horan

Broker/Associate
Keller Williams Realty
Phone: 407-301-0312
Email: mhoran@kw.com
Website: www.ResidentTeam.com

 Foreclosures in Kissimmee/Saint Cloud Florida are abundant. There are currently 769 foreclosed properties in this county. 403 are active listings and 366 are pending. We have just come out of a 30 day moratorium of foreclosures and the gates are about to open. Not to mention that 60% of loan modifications will end up in foreclosure. So the majority of the work that the banks have been doing to help the folks of this great country is going to be for naught. I haven’t even touched on the new wave of 3-5 years arms that are coming of age.

We are going to be in this foreclosure market for at least 2 more years. It may get worse before it gets better. Will prices get lower? Nobody can tell. Are banks holding back inventory to slow the decline of prices, nobody knows.

What we do know is, that there are great prices out there for first time home owners to use the $8,000 tax credit for seven more months. We do know that interest rates are at historic lows. There are great values and great financing, everyone should take advantage if home ownership is something that is desired.

We help folks purchase Bank Owned Foreclosures Everyday! Call us today to get the process started. Or visit www.ResidentTeam.com and sign up foor our V.I.P. Buyers program to start receiving Forecloses to view in you own home.

We have also started to impliment Market SnapShot so folks can see neighborhoods and what is listed and what is selling.

Jump in today before these interest rates are a thing of the past.

Mark Horan

Broker/Associate
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

Many of my clients have been asking me recently where they can find information regarding the value of their home in this turbulent market.  The website that is mentioned most often is Zillow.com and so I did some research to see just how accurate they are.

  You may be surprised to find out that over 50% of their Zestimates(the number on your roof when you type in your address) are more than 20% inaccuratehttp://www.zillow.com/howto/DataCoverageZestimateAccuracyFL.htm.  I have found a new resource that deals specifically with our area and focuses the information on your specific neighborhood not taking into account areas like Las Vegas, New York, etc…areas that have no impact on your properties value they way that other websites like zillow.com do. 

Take a look at a sample analysis below and if you would like a detailed report for your home and all of the listings and sales that take place from this point forward click below to sign up, be sure to check out the bird’s eye view!!  As always if you have any questions always feel free to give me a call.   

We at The Resident Team have partnered with

Market SnapShot to bring real time values for

Kissimmee and Saint Cloud, Florida. 

Mark Horan

Broker/Associate
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

Foreclosure Lists for Kissimmee and Saint Cloud, Florida. If you are looking to purchase a home at a great deal, The Resident Team can help by setting you up on our V.I.P. Buyers Program. We will send you all the Foreclosed Bank Owned Properties in the area with the criteria you desire.

Are you tired of looking through numerous websites? Having to look at homes that are too small or too expensive? We can customize your search to only include the homes you are looking for.

 It’s FREE.

Your first search will show everything available, then the search will email you everything that gets listed with that search criteria as soon as it gets listed for up to 60 days. You will have your own website to isolate the properties you like, and also post notes to those homes.

Just visit www.ResidentTeam.com Click on V.I.P. Buyers Program, fill out your personal needs on the registration form. That’s all there is to it and start receiving the homes that you want.

Mark Horan

Broker/Associate
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

I find buyers in this market of many Bank Owned Properties trying to beat the banks on already a discounted properties. Remember, they lost money on the loans that they foreclosed on to obtain the properties. They have already taken the lose and they are now sitting on an asset, not a toxic loan. They are motivated to sell the asset at 20% below appraised value, but they are not going to let a buyer steal it.

The buyers that I have been working with don’t seem to get this concept. In turn they try to steal the property only to lose it to a higher offer. We are at the bottom of the Real Estate market here in Kissimmee and Saint Cloud, Florida. Inventories are decreasing, and sales are increasing. What follows next is pricing increases, supply and demand principal. Banks are controlling the flow of Foreclosed Bank Owned Properties into the market. They do not want to fill the market, hence cause to supply to out wiegh the demand. That would decrease the value of their whole inventory. They won’t let a buyer steal their property.

Buyers, be content to great a great deal. Stop listening to the TV and stop trying to steal a property. As a Real Estate Professional, my job is to help buyers aquire a property. Not put in low offers that won’t be accepted.

To purchase a home at a great deal, contact The Resident Team today!

Mark Horan

Broker/Associate
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com 

Homes For Sale in Osceola County, What are the best deals? Bank Owned Properties or Short Sales? Well, by nature Short Sales have to be approved by a third party. Did you know that the listing Realtor picks a price that they can get an offer to start the negotiating? This price isn’t given by the bank. So, the list price can be lower than the actual price the bank may approve. Also, it will take 60-180 days to get an answer in most cases.

Bank Owned Properties are usually listed 20% below appraised value. This is determined by broker price opinions that the bank orders during the foreclosure process. The list price of Bank Owned Foreclosures are approved by the bank and can be negotiated in a week to 10 days. So, what is the best deal? I will leave that up to you.

How is price determined in Osceola County. Not by Zillow as so many of you think is the expert. Did you know that even Zillow gives their accuracy only 2 stars out of 4. Only 19% are within 5% of the value. And 59% are within 20% of value. When talking about thousands of dollars this is a large spread. For More Information visit Zestimate Accuracy This really tells the story.

To help determine value or information about Bank Owned Properties or Short Sales. The Resident Team is here to help. Call or email us today.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

What is up with appraisers?  Today I received an appraisal on my own home. You guessed it, the appraiser used only Bank Owned Properties as comparable. Distressed properties are the best I can do to equate value on my home? Well the appraisal was $80,000 light in my opinion. The thing that I found infuriating was that with the six homes the appraiser used as comps I have been in and took buyers to.

One home had so much mold in it that you could not breath in the house. After I showed the home my lungs hurt for over two hours. There was black mold growing on the interior walls creeping up from the floor to about the height of a chair rail. At least 2 feet from the floor. This home was disgusting and it needs to be condemned for health reasons.

Anther home was built in 1979, complete with the blue tiles in the bathroom and blank white cabinets. You know, the ones with laminate over particle board. The lot was .3 acres, my home is .67 acres. Not quite comparable.

A third Bank Owned Property was used that actually has holes in the ceilings from water damage caused from a faulty roof in the rear of the home. I showed that home too a few months ago. My clients thought the “sky lights” were a little much. As well as the possibility of the mold that had to be in the attic from the cascade of water from the bad roof. Another poor comp.

I check the comps myself after looking at the appraisal. I found 4 comps over the $80,000 that I felt I was shorted. My home is 2,400 sqft. 9 rooms, 3 bed, 2 bath. .67 Acres, Brazilian Cherry Floors, Brazilian Cherry 36″ kitchen cabinets, stainless appliances, Absolute black granite counter tops. My master bath is 14′x14′. Roof 4 years old. My homes value $230,000 to $240,000. She came back at $165,000. This is just disgraceful. The four I found were over $280,000 and the lots were 1/2 the size of mine. Even at that low of an appraisal, I do have equity, but the rate of the refi is based on the percentage amount of equity.

This Conservative approach is going to cripple the housing market.

Just sounding off.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

I have recently attended my companies convention. I came away with a new perspective about my business and my career. I have a skill set to negotiate and close Short Sales. Two days before Christmas I finally lost my first Short Sale to Foreclosure.I was devastated, I failed.

After that happened I decided not to persue Short Sale Listings here in Kissmmee and Saint Cloud, Florida. I was burned out and disillusioned with negotiating with the lenders. The convention changed that. I realized that I had to change my business plan. So I decided to leverage the negotiating with a full time negotiator. I found a negotiator that is very talented and has the right temperament. So now I am currently looking to take on more Short Sales and help out homeowners wishing to avoid Foreclosure.

I council homeowners on their options. If they feel that that they can and want to keep their home, mortgage modification is in order. If not, we proceed with the Short Sale.

For questions about avoiding Foreclosure, The Resident Team is at your service. Email us or call today.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com