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Short term rental Orlando short sale March 29, 2010

Posted by orlandoshortsalefl in Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, Orlando short term rental, Orlando short term rental condo, short sale short term rental.
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I usually do  not place my listings on my blog, however my homeowners are very close to losing their property to a court foreclosure. I was hoping someone out there would be interested in this short term rental by the magical mouse attractions. I can not list the name due to copyright.

Fully furnished including pots, pans, plates and utensils. On site management can rent condo or owner can have third party management company or rent on their own. Near all the Magical attractions. Fifth floor unit, but dont worry there are elevators. Rear porch overlooks pool and fountain. Two pools main pool has pool bar and food service. Game room and fitness center. Maintenance fees include all utilities. Front desk concierege for your tickets to the attractions. MLS®: o4968232

To view this listing on my website use this: http://tinyurl.com/yh5txvk

The condo is a 2 bedroom 2 bath unit. The lender has given verbal approval of the $152,000 purchase price. I have 3 units at this price in this complex. If you are interested please contact me at paganorealtor@gmail.com. To view property client and bank request pre-approval or current proof of funds letter.

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SFR certified Realtor March 20, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, short sale realtor.
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OK so your thinking what the heck is an SFR REALTOR®.

Well there are many designations out there on the internet for people who are supposed to be certified to help distressed homeowners. The certified distressed property expert, the certified short sale specialist, the Awesome short sellers etc.

However none of these designations except for SFR is acknolwedged or accepted by the National association of Realtors (NAR).  SFR is a short sale and foreclosure specialist REALTOR®. Now first of all NAR does not just hand out this designation, you have to pass an online course on short sales and Bank owned properties. Once the process is complete it takes 2 weeks to process your application and certify you for SFR.

But why is this designation so important? Because to truly help people in this market you must be aware of all the new trends taking place in this industry. The banks make up new rules daily to suit themselves. The only way we can combat this is with an orginization as large as the National association of Realtors. NAR is on the side of the consumer and so am I.

I am very proud to be a SFR REALTOR® there are only 9,748 of us as of today throughout the USA. This is a small number out of the 100,000+ Realtors in the USA. The next time you speak to a REALTOR® about selling your home as a short sale ask them if they carry this elite designation of SFR.

  You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Home Buyer tax credit March 17, 2010

Posted by orlandoshortsalefl in 6500 tax credit, 8000 tax credit, repeat buyer tax credit, Tax Credit, tax credit information.
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The following article was listed on realtor.org. I wanted to post this to let everyone know the end of the credit is approaching at the end of April. If you want to use the credit without filing an amended return for this tax year you must purchase and close on this home before tax day on April 15th. 

Click on the following IRS link for the tax credit information. Remember you can Qualify for $6,500 even if you are not a first time home buyer. Read the rules for long term resident. remember to seek advice from your CPA or tax advisor to get your credit. http://www.irs.gov/newsroom/article/0,,id=218336,00.html 

You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here’s what you have to do to get your benefit: 

  1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
  2.  Decide whether to: 
    • apply the credit to your 2009 tax return, filed on or before April 15, 2010;
    •  file an amended 2009 return; or, 
    • apply the credit on your 2010 return, filed on or before April 15, 2011.
  3. Attach documentation of purchase to your return.

Documentation of Purchase 

Details concerning the precise documents required to confirm your purchase have not yet been released. When this information becomes available, we will include instructions and links to the appropriate forms. 

When to Apply the Credit 

Buyers purchasing homes on or before December 31, 2009 may claim the credit on their 2009 tax returns. 

Buyers purchasing in 2010 will have the option to: 

  •  Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
  •  File an amended return for 2009 if their purchase is completed after April 15, 2010; or,
  •  Claim the credit on their 2010 tax returns.

Applying the Credit to Your 2009 Taxes 

You will need to do three things to claim the credit on your 2009 tax return: 

  1. Fill out Form 5405 to determine the amount of your available credit;
  2. Apply the credit when you file your 2009 tax return or file an amended return;
  3. Attach documentation of purchase to your return or amended return.

 Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104 

If you have specific questions about the tax credit ask your mortgage professional. Don’t miss out on this tax credit it does not happen often.

Regions Bank Mortgage Short Sale March 12, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sale taxes, Orlando short sales, Regions bank mortgage short sale, short sale, Stop foreclosure.
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I wanted to update everyone on my latest dealing with Regions Bank. They are awesome to work with. Regions and Wells Fargo should teach the rest of the industry how to do short sales effectively. 

First of all with Regions bank you must show you have a hardship. The hardship letter must be written and signed and we must send the bank the listing agreement, financials and authorization letter. This is the same for all lenders except for one thing. With Regions bank you get a real live person to speak to. The faxes are imaged within 24 hours. This blows away the rest of the banks by far. 

Next you will get a negotiator assigned in less than 30 days. This is my second time with Regions and the negotiator was assigned in less than 30 days. WOW! This is unheard of for a short sale. Regions has it down when it comes to getting the file closed. 

I also want to add the negotiator will actually answer their phone. This is also not a normal thing with these banks. If you have a Regions Mortgage consider yourself one of the lucky few. If you are in Florida we can list your house and get you started with this process. One last very important thing, do not wait until it is too late, because regions bank does foreclose if they have no other option. 

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

PMI and Promissory note on short sale March 11, 2010

Posted by orlandoshortsalefl in FHA and MI short sale, Mortgage insurance and short sales, Orlando Short Sale, PMI, PMI and promissory note, Promissory note, short sale PMI, Stop foreclosure.
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I have been asked this question three times this week so I wanted to post my experience with PMI and a short sale. Don’t let any agent tell you that PMI is a deal killer, In my experience it is NOT. 

First of all not all of you will have Private mortgage insurance (PMI)on your loan. FHA is called Mortgage Insurance (MI). This only applies to the first lien. I ask each and every client if they have PMI. If your agent does not ask you, make sure you tell them. 

The reason this is important is PMI can hold up a short sale just like a 1st or 2nd mortgage can. Also make sure the agent does not make a big deal out of this with the bank. Why, because I have had clients with PMI and the PMI company did not ask for a thing and we closed.  Another little know fact with the PMI company, they will negotiate if asked. 

Most agents do not know enough to ask or when they are confronted with a promissory note they say OK. Wrong answer, I always get my clients the best possible terms and outcome for a short sale. This is what experience will get you. I have negotiated with the PMI companies with a favorable outcome each time. 

Most likely if they ask for a promissory note they will not back down on getting one. However they will negotiate the note down. The note is usually 0% for blank number of months. The months can be negotiated as well. The PMI company will pay out to the first lender so they want some money back from you. 

This next part is not tax or legal advice. I always recommend my clients speak with an accountant or attorney. I will however give you my opinion, I am not recommending this either, OK here goes. A promissory note is unsecured debt just like a credit card. The lender has released you from the mortgage as this was a secured debt. If you take the promissory note and pay on it for a while. You could and again I am not recommending this but you could re-negotiate the amount with the holder of the prom note. I know of some people who have done this successfully. Disclaimer, I am not giving you tax or legal advice. Just a thought… 

If you have a short sale in Florida I can and will negotiate the PMI as well. We will need to list your home and if needed contact the PMI lender to negotiate. If you hire another agent make sure they have negotiated PMI. This is not the same as a negotiation with the bank. The PMI lender may also want to speak with you as the homeowner. Before you agree to anything talk to your agent, and or your attorney. 

 When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Florida Foreclosure information March 10, 2010

Posted by orlandoshortsalefl in Florida Foreclosure, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, short sale.
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Since I am on a roll with my blog, I wanted to give you some info on an article I just read in the Orlando Regional Realtor Association market statistics.

RealtyTrac’s® U.S. Foreclosure Market Report™ for January 2010, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

The above is the nation as a whole and RealtyTrac’s® system is very good at this. California, Florida, and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44 percent of the national total.                 

For a closer look here at home again from RealtyTrac’s® system. Orlando-Kissimmee had the nation’s 10th highest foreclosure rate in January, with one foreclosure in every 143 homes (no increase from December 2009).

One home in every 143, Wow this problem is not going away any time soon. This is the time for all homeowners to exercise their right to a short sale on their property. The banks are willing to work with you. The first step is tough asking for help. I understand this, but the alternative to do nothing and get your home foreclosed on is not a solution.

When you hire an agent ask them to show you their approval letters or some of their closed sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com or you can use my 24 hour recorded info hotline 1-866-647-8425 EXT 104

Wells Fargo short sale March 9, 2010

Posted by orlandoshortsalefl in Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando real estate, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale, Stop foreclosure, Wells Fargo short sale.
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I wanted to let everyone know of my most recent Wells Fargo short sale approval. The closing was smooth and the negotiator was professional. This is by far the best bank to work with next to Regions Bank. The process is still efficient however they have become slower assigning a negotiator. My clients are still able to send in their own financials, this is a plus for some.

The assignment of the negotiator can only be due to the high volume of short sales they are processing. Also I now have to call multiple times to request a BPO or appraisal to be done. In the past this was ordered without me calling.

If these are the only downsides to Wells Fargo, I will take it. I now have various contacts within the bank. This is always a plus when you are trying to negotiate the short sale. If you are in Florida and have a Wells Fargo loan, I can list your home and help you get the short sale approved.

When you hire an agent ask them to show you their approval letters or some of their closed short sales. You want to have an expert on your side. Wendy and I have this and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com 1-866-647-8425 EXT 104

Short sale Bank of America March 8, 2010

Posted by orlandoshortsalefl in Bank of America short sale, Foreclosre, Foreclosure, Foreclosure in Orlando, orlando foreclosure, Orlando pre foreclosure, Orlando Short Sale, Orlando short sale Realtor, Orlando short sales, short sale.
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I am sorry I have not posted in a while, I have been on hold with Bank of America. Ok well it sure seems like it sometimes. We have closed many short sales in the last few months. However one bank stands above the rest in challenges. Guess who?

Here are some of my recent Bank of America Short sale complaints. As a Orlando short sale REALTOR® I work with this bank at least 50% of the time. No easy task at all. I am not sure if you are all aware of the new system the bank has in place called Equator. This is supposed to streamline the short sales. The problem is a computer is decision maker on your property’s value and on the time it takes to complete each task. The computer will close your file if you are too slow. I have refused to use this system when I list a new short sale. So far so good, however one day I will be told this is the only way you can do a short sale.  That will be a dark day for sure.

The next problem, I had happen once before. Back in August we were scheduled to close on a Bank of America short sale. Three days before closing they sold the second lien to another loan servicer. We did close in September but not before I sent a letter to every board of directors member at the new lien holder. What a mess, you would think once in a life time. Well it happened again In February. Bank of America sold the second lien again, this time the investor sold it. This was 5 days before closing. We were able to close again because we had a good negotiator at Bank of America. I will give him, not the bank credit for this.

Does this seem like the right hand does not know what the left hand is doing? Oh yea it does. The communication within the banks department’s is terrible. They should put a system in place when a short sale is approved hands off the liens. It happened to me twice in 6 months. How many other people has this happened to? Other agents may not have known what to do and the short sale would have fallen through.

The bank is like a puzzle. More like Rubik’s cube. You never know what you will get when you turn the thing. The last complaint for now, Not only can the Equator computer close out you sale. So can short sale support computer for an insufficient offer. This happens before you are ever assigned a negotiator. No one calls to tell you this. It is a surprise when you call in for an update. The bank does not care that you have a buyer and a seller in distress. The next step is like pulling teeth. Try to find out what the offer should be. For some reason it is a secret. My advice here is call in and speak to different team members. Someone will have a heart and give you a price range. I just did this today.

OK these are my complaints for now. I will say we are closing Bank of America short sales. BUT they are no easier now than they were before. If we are ever going to get some of these sales closed quicker, the banks are going to have to step up and work with you and me.

When you hire an agent ask them to show you their Bank of America approval letters. You want to have an expert on your side. Wendy and I have this expertise and we have the documentation to back it up. Remember foreclosure is the last resort. Contact me at www.scottnwendy.com or paganorealtor@gmail.com 1-866-647-8425 EXT 104