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Bank of America and Orlando Short Sales April 28, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale taxes, Orlando short sales.
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OK, as of yesterday April 28 2009, the Countrywide brand for mortgages ceased to exist. What will this mean for your short sales? Well, I was on hold for a longer period of time yesterday. They declined one of my short sales and then re-opened the file the same day. I was told the net price on the same previously declined file was to low.

So I would have to say not much has changed, yet. The BOA/Countrywide switch has been coming for a while now. I am still optimistic that we will have some changes in the short sale department. Just remember Countrywide and BOA or just plain Bank of America now, has alot of pre foreclosures on their hands to deal with. In my estimation 1 of 10 short sales will be a BOA short sale. This could possibly be higher as I am being conservative.

I will keep you posted as we go along and see if they get any better. Please remeber whether you have a Bank of America short sale or Wells Fargo, Wamu-Now Chase or J.P. Morgan Chase, Suntrust, etc. I can Help you. Foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com.

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Orlando short sale bottom April 27, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale taxes, Orlando short sales, Uncategorized.
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I just came across this article in Forbes.com I have copied a piece of it for you all to review. This crisis is here to stay with us in Florida for a long time. Just remember I can help you avoid a foreclosure. I specialize in short sales or pre foreclosure negotiations with the bank. Contact me at www.scottnwendy.com or paganorealtor@gmail.com

 

How Low Will Real Estate Go?

By Matt Woolsey, Forbes.com

Apr 17th, 2009

To figure out which housing markets have yet to reach bottom, we looked at the 50 largest metropolitan statistical areas in the U.S., as defined by the Office of Management and Budget and, using calculations from Moody’s, analyzed each area’s spending power, unemployment, housing and credit availability going back 27 years.

Over that time, each area’s home prices have fluctuated differently according to these factors. Moody’s calculations determine how much each area’s home prices would have to change to bring that particular housing market back to a state of balance. The further from equilibrium, the further the market has to go. Projections were made on the basis of the current rate of price decline, absorption rate, employment and salary deterioration, and how long it would take each metro to wash out to a historical point of balance.

All of this adds up to bad news in one of the states hardest hit by the real estate bust, Florida–particularly Miami, Orlando and Jacksonville. Home prices are down 32%, 27% and 9%, respectively, in year-over-year terms, and are expected to decline a further 53%, 48% and 39% in each area, according to our calculations. Each has decade highs in unemployment, not to mention still out-of-balance price-to-home-price ratios.

In Miami, home prices are $234,200 at the median, and that’s still six times the median income of $39,350, making it one of the nation’s least affordable markets. Unaffordable housing markets are hit particularly hard when unemployment spikes, especially over multiyear periods. In Miami’s case, unemployment has gone up steadily since 2007.

“These price decreases tend to add up in metro areas that have had continuous increases in the unemployment rate over the past two to three years,” says Andres Carbacho-Burgos, an economist at Economy.com.

And unemployment has a nasty way of compounding with other factors.

“Rising unemployment is accompanied by a whole host of other occurrences–rising defaults and foreclosures, reduced mortgage originations, falling incomes, reduced industry investment and construction, increasing outmigration, and lower long-term income prospects,” says Carbacho-Burgos.

In other words, as jobless rates go up a little, home prices sink a lot.

Top 5 Places With Fast-Falling Home Prices 

1. Orlando, Fla.
(Orlando-Kissimmee metro area)
Price correction necessary: 48%
Median income: $36,330
Median home price: $175,200
Unemployment rate: 9.7%
Projected bottom: June 2011

2. Miami, Fla.
(Miami-Fort LauderdalePompano Beach metro area)
Price correction necessary: 53%
Median income: $39,350
Median home price: $234,200
Unemployment rate: 8.2%
Projected bottom: June 2011

3. Jacksonville, Fla.
(Jacksonville metro area)
Price correction necessary: 39%
Median income: $37,690
Median home price: $160,700
Unemployment rate: 9.2%
Projected bottom: June 2011

4. Tampa, Fla.
(TampaSt. PetersburgClearwater metro area)
Price correction necessary: 36%
Median income: $37,530
Median home price: $151,500
Unemployment rate: 10.2%
Projected bottom: December 2010

5. Los Angeles, Calif.
(Los Angeles-Long BeachSanta Ana metro area)
Price correction necessary: 29%
Median income: $45,390
Median home price: $354,300
Unemployment rate: 10.2%
Projected bottom: March 2010

 

Orlando Short Sale foreclosure date April 18, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale taxes, Orlando short sales, Uncategorized.
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I had this question come up yesterday. “can I have a foreclosure stopped if the date for auction has already been set?”

Yes and no. I have had some success with the lender moving the date as long as we had a valid contract in place prior to the sale date. Once we get to this point the bank has already invested quite alot of money in attorney fees. They are ready to foreclose.

However the simple fact is a short sale will almost always net the bank more money than a foreclosure. This will hold true 9 out of 10 times. Just remember it is easier to start the process in month 1 to 3 than to start a short sale in month 5 to 6.

Contact me with any questions at www.scottnwendy.com

Foreclosure is the last resort, I can help!

Orlando short sale tax day April 15, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale taxes, Orlando short sales, Uncategorized.
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Many of you may have received a 1099 from the lender discharging the balance of your debt for the mortgage. This is due to the short sale on your property not covering the entire balance of the mortgage.

Now is the time to seek professional help from a tax accountant or tax attorney. You will need to file IRS form 982 with your return. Do not forget the lender has forwarded this 1099 to the IRS. The IRS will consider this income.

Your tax professional will file form 982 with the IRS. I will provide a link to the form http://www.irs.gov/pub/irs-pdf/f982.pdf

You can view and read the Mortgage forgiveness debt relief act and debt cancellation at: http://www.irs.gov/individuals/article/0,,id=179414,00.html

I am not a tax adviser or tax professional, this information is being provided so you will not forget to file form 982 today with your tax return. All questions regarding this form should go to your tax adviser.

Please remember foreclosure is the last resort. I can help! contact me at www.scottnwendy.com or by phone.

Orlando short sale use form 982

Orlando short sale use form 982

 

 

 

 

Stoneybrook West short sale April 10, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sales, Uncategorized.
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Stoneybrook west short sale

This is the Stoneybrook West Short Sale listing I placed on the market on Monday. This listing had two contracts by Tuesday. This proves the market is picking up, when we can get multiple offers on a property in this amount of time

Here is my description in MLS. “What a view! Golf course frontage on the 6th fairway. Whether you are in the kitchen, family room or the upstairs covered deck, that runs the length of the home. The kitchen has been upgraded with dark cabinets, black granite counters and stainless steel appliances. The family room has double sliders, with a black marble corner fireplace. The dual entry staircase leads to the loft, bonus room and bedrooms. Master bedroom has double french doors, as well as his and hers closets. There is a separate bonus room, perfect for home theater. Off of the bonus room is a large loft area. You do not want to miss this home”.

You can go to my site at www.scottnwendy.com to view all the pictures. Remember foreclosure is the last resort. I can help!

Orlando Short Sales Update April 9, 2009

Posted by orlandoshortsalefl in orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sales, Uncategorized.
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I just want to update everyone on the status of the Orlando market. The short sales and the foreclosures are selling at a steady pace throughout central Florida. March was a great month for single family and condo sales.

The majority of the homes sold are bank owned and Orlando Short sales. I currently have 8 active listings with 4 under contract. These homes are awaiting third party approval from the lenders.

Last month I worked with Wells Fargo, Aurora, Bank of America, Regions bank and of course Countrywide. The lenders are being very receptive to the short sales.

I listed a home as a short sale in Winter Garden on Monday and had two contracts on this home by Tuesday. The buyers are out there and there are homes closing every day.

I want you all to remember the bank pays me to help you sell your home. There is no out of pocket expense to you. Please contact me at www.scottnwendy.com or paganorealtor@aol.com

I can help! Foreclosure is the last resort in this market.