Recently, I have been approved by HUD to participate in HUD Property sales. The properties are listed every Friday. They are up for bid for 10 days. The great thing about them is that the property inspection report is listed at the HUD site, and they are listed at the appraised value.

Don’t expect to purchase these homes under appraised value, this is a very competitive bid system. But at least you won’t be paying too much. If the process of Short Sale and Bank Owned purchases have you disillusioned, this could be just what you are looking for.

HUD properties can only be purchased with a HUD approved Real Estate Agent, so pick a good one that is familiar with the process.

Click anywhere on the company log to see our website.

Short Sales in Kissimmee/St Cloud Florida are a way to stop foreclosures. If you are behind on your mortgage and cannot refinance to make your loan affordable, a short sale may be a great way to avoid foreclosure. If you want to get an idea if your home is worth less than your mortgage amount, you can visit:

http://osceolahomevalue.com/

and you will be sent a value for your home. At that time you can determine your next step. The Resident Teamwill council you on all your options. without pressure.

To learn more about Short Sales you can visit:

What Is A Short Sale?

Commissions are paid by the mortgage company if they accept a Short Sale

In most cases the entire unpaid balance is forgiven.

You may also remain in the home during the process.

Protect your credit and stop the Foreclosure. Find out what your options are today!

Give us a call at The Resident Team 407-301-0312.

Or send us an email.

Short Sales in Kissimmee, Florida are down compared to where we were a years ago. Last year, Short Sales constituted every other listed property. Currently Short Sales represent less than 1 out of 4 of every listing. Is it because listing a Short Sale can be a long drawn out process, and Realtors are not as excited to list Short Sales any longer? With the amount of Foreclosures still a record levels I know it’s not because of lack of opportunities.

Loan defaults are raging. Mortgage lenders are not filing for foreclosure as fast as the historically in the past. Homeowners are being allowed to stay in there homes and lenders are not rushing to evict and foreclose. Courts are backed up and houses are sitting vacant and deteriorating without a caretaker. So, the Mortgage lenders are holding back.

The economy and unemployment are not getting better anytime soon. With the five year adjustable rate loans coming due for adjustment, loan defaults are on the rise.

With all these factors, Short Sales will be on the rise. But we are not seeing it. Could it be that the consumer doesn’t care if they have a foreclosure on their credit report. The banks are making credit a thing of the past as they take away credit lines on credit cards and raise the interest amount. They seem to be doing this ahead of the legislation that will limit their ability to make a profit with new guidelines. A foreclosure use to be something that was only whispered about with shame. Not anymore, with upwards of 15-20% in some areas hardest hit with the housing crisis.

Still, a Short Sale can stop a foreclosure and get the consumer out from under the dept of an upsidedown mortgage.

If you are behind on your mortgage, there are programs that are available to help you refinance in many cases. Be aware of firms that charge you a fee to avoid foreclosure, these are illegal in the State of Florida. Attorneys can help, but many times just refinancing is not enough because a change in income may not qualify you to even make the adjusted mortgage payment.

You may be holding off calling a Realtor because you can’t afford the commission. Home prices have dramatically declined, and your home may not be worth the amount of your mortgage.

Short Sales are designed to sell your home and not be responcible for the deficient balance of your primary residence. The rules are different for second homes and investment properties.

You have options, contact a competent Realtor. They will take you through the process of selling your home and their commissions in most cases are paid by your lien holder in the Short Sale transaction. We can help you when you have fallen behind and the property is on the way to foreclosure. But, don’t wait, time is needed to do a Short Sale. The foreclosure process here in Kissimmee starts after the third payment has been missed. The courts are backed up, and the foreclosure may take some time. It is important to get your options as soon as you can. We are here to help.

Foreclosures in Osceola County Florida still lead the way in the home sales market. November had 356 home sales. 257 were distress properties, Foreclosures and Pre-Foreclosures. There were 78 Short Sales sold, and 179 Bank Owned Properties. Osceola County is Kissimmee and Saint Cloud, Florida.

The interesting trend is the relationship of list price to the sold price. In August I ran the numbers and 92% of Bank Owned Properties sold at or above list price with 181 homes sold. The amount of homes sold is about the same, but last month 86% sold at list price or above. (About 95% of those were above list price.)

This can be contributed to a decrease in buyers bidding on these homes, or possibly Banks wanting to move more homes. The majority of the homes that sold for less than list price were only discounted less than $10,000.

Distressed properties are listed below appraised value. So even if a buyer is paying over list price in most cases are still getting a great deal. Most buyers when buying distressed properties understand that they are really not negotiating with the selling bank on the price. So trying to beat them on the price is futile. Buyers are competing with other buyers to purchase these properties. The homes that are selling below list price are home that are not getting much action because the bank miss priced the home, or the home has more damage than the bank thought when it was appraised. These issues come to light after a home inspector uncovers issues. So the bank will reduce the sale price if they agree with a home inspectors findings.

So always, always have a distressed home inspected so all repairs are documented and you know what your purchasing. This is your way out of a contract if problems were not visible when your offer was made.

The majority of buyers are first time home buyers taking advantage of the $8,000 extended tax credit. They are about 60%. There are also a large amount of foreign and domestic investors. This is a great time to buy a home.

Why is Purchasing a Bank Owned Property in Kissimmee and Saint Cloud, Florida in December a good idea? There are many reasons, First, interest rates are not going to get lower and will eventually start to increase. Next Inventories are starting to build, so there are many homes to choose from. If you can utilize the tax credit, that is a great way to purchase.

But more importantly, December is traditionally to lowest home sale month of the year. What this means is, there will be less competition because of the limited buyers. If you have been paying attention to the market, then you are aware that many Bank Owned Properties are being bid by multiple offers that rise the sell price. Eliminate the competition, the sale prices go down.

So, if you are on the fence and are just going to wait until after the holidays, this may cost you thousands of dollars. Find a Realtor and get started today.

Mark Horan

“The Resident Chef”

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

I am hearing buyers ask “What Should I offer?” every day on Bank Owned Properties. What you need to remember is that the Bank wants to sell. They are listing the homes below appraised value. But how can you be sure? Every bank orders Broker Price Opinions, BPO’s on their inventory monthly. They want to know if the market is trending one one or the other. Then they price accordingly. They know that there are first time home buyers out there trying to spend there $8,000 of Obama dollars. They also know that the foreign investor is in the market because the dollar is weak. They also know the domestic investors have been waiting for years to get in this position for their portfolios.

So, the ten million dollar question isn’t what the bank will take, it’s am I going to be high enough to out bid the other buyers? I have looked at the trend for August on sold properties and the majority of Bank Owned Properties are selling over asking price. So, when looking to buy a Bank Owned Foreclosed Property, forget what it’s listed at, and understand what it’s worth. They are all good deals!

Below I have attached a link that will show the sale prices as compared to the listing prices.

04-Res Customer Gallery

While Foreclosures are hitting the market as Bank Owned Properties here in Central Florida, the frequency for buyers wanting to purchase properties sight unseen has been rising. I am getting a couple of requests for contracts by email from out of state buyers a week. This is something that I wouldn’t recommend, but it can be effective if the right Realtor is chosen. Find a Realtor that has a background in purchasing investment properties. Find a Realtor that specializes in Bank Owned Foreclosures. Also find a Realtor that performs Broker Price Opinions. These are the Realtors that are working this market and are successful doing it. Their opinion matters. You want to make sure that the Realtor evaluates the property as if they are purchasing it themselves and understand what the costs of repairs are.

With all that said, ALWAYS employ a professional home inspector to go through every part of a house and furnish you with a written report. This is your last chance to back out of a deal if the home isn’t in the condition it appears.

Mark Horan

“The Resident Chef”

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

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