Poinciana, FL

Hi folks. A few months ago I had  Sellers call me who had just received notice that their property was being sold at auction in 10 days. Of course they wanted to know if I could help. As the good little Broker that I am I said “Maybe”. I asked a few qualifying questions and found out the property was:

• Purchased as a “flip” that flopped.

• They had a first Mortgage with 1st  Horizon and a 2nd with Etrade.

• The mortgage balances totaled roughly $220,000 and the property was worth about $60,000.

• The Sellers had recently divorced.

• One was in California and the other was in China.
  

The biggest obstacle of course was the auction date barreling down on us. Both Sellers would have to get me their financial information very quickly AND we would need to find a Buyer…… yesterday.

So my question is……..would you take this listing?

***In order to be successful with Short Sales you have to be able to pick and choose who to work with. You have to make sure the Sellers qualify and you have to make sure they are motivated. Want to learn more?

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks,. I sell a lot of properties sight unseen over the Internet. Including this one. Of course it's prudent to go have a look before the final paper work is signed. If not.....well......you may end up with this '"Needs TLC" property.

Beautiful Foreclosure "For Sale"

Hard wood flooring throughout.

Very open and roomy kitchen.

His and Her "Spickets" in the master bath.

Reinforced storm windows

AC pad included at no extra charge.

So what do you think? Need TLC or total Rehab needed?

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

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Hi folks. Today I have mixed emotions. Lenn Harley has a great featured post today basically showing how asinine our Government has been by throwing away trillions of dollars to bail out banks while ignoring the true issue……lack of equity. According to Lenn (and I agree) we have an equity problem in this country. Until this problem is solved nothing else matters.

Homeowners will need to move or want to move at some point and if they can’t sell because they owe too much they are stuck. So they are forced to make hard decisions. Some will stay and stick it out but I’m afraid many more will just walk away and let their homes be foreclosed on.

In my opinion, this is going to be the next major waive of foreclosures. Right now it seems like things are starting to get better. In some of the hardest hit areas inventory is down and sales are up. Don’t be fooled. This is the eye of the storm.

Banks have been slower to foreclose and in fact, according to some sources, have more than 500,000 properties that they are sitting on. My guess is that this number is higher. These will be released to the market soon.

Now, I am a firm believer in meeting your financial obligations. I know I do. TLW and I sold several of our properties last year and had to bring large sums of money to closing on a couple of them. It sucked. But we did it anyway.

However, there are many people where bringing money to closing is just not possible. What would you do if you had a better job opportunity that would require you to move BUT you were upside down on your mortgage by 200 grand or so? A loan mod won’t work and you don’t qualify for a Short Sale. Do you just stay in your house? Or do you walk?

My question is…..Why won’t the lenders do a Short Sale anyway? Why does there have to be a hardship? Why can’t the hardship be that you are stuck in a situation that is not going to change for a decade or more? I mean let’s face it, at some point, MOST people will need to sell. Unless they have an option to Short Sale without proving a hardship they are screwed and we are screwed.

One of my Sellers received this today:

• I have reviewed the information submitted and the sellers do not qualify for any liquidation options. They are showing a large surplus income and they do qualify for home savings options. I need to know that they are interested in pursuing home retention and would need a rescinding of the listing so that we can proceed with home saving options. I need to know this no later than Friday, May 22nd.

That “large surplus income” is from the husband who makes about $700 a week and a wife who is on unemployment. They owe over $200,000 on a property that is worth $60,000. They have never refinanced. Hubby’s job relocated him to a different store and he now has to commute over 100 miles a day FURTHER than when they bought the house.

This property will now be foreclosed on even though I have a cash buyer under contract at a price higher than the property will be worth in a few months. This foreclosure, that is avoidable, will drag property values down even further in this neighborhood.

The owners credit will be shot, the Buyer misses out on a good buy, the neighborhood’s values will take another hit, I wasted 2 months of my time and the Lender…….will get some more money from us, the tax payers.

Does this suck or what?

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

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How cool is that?

Let's jump right in to my Poinciana Market Report for March 2009.

*****This report will encompass Poinciana Florida zip codes 34758 and 34759 excluding Solivita, Lake Marion Shores and Cypress Woods. This data was pulled form the Mid-Florida Regional Multiple Listing Service on 3-13-09. 

Check it out. Inventory is DOWN to 812 properties. Thirty days ago there were 932 properties on the market. That's a decrease of 15%. 

Now here's the biggie. There were 152 closings in March 2009. That's the highest amount of resale closings in a month.....EVER! That's EVER as in "We have NEVER had that many closings in any 30 day period since Poinciana was established in 1973". 

Folks this is huge. Inventory is down and sales are way up. This is actually right in line with what you hear on the National news. 

But let's look a little closer. Of the 152 sales last month, 121 were either REOs or Short Sales. That's 80%. 

Of the 385 closings thus far for 2009, 315 were distressed properties. That's 82%. 

In December 2008 the average home sale was for $85,023. In March 2009 it was $70,620!! So, even though inventory is way down and sales are at an all time high, values have still declined by 17% in Q1 2009. 

Why is that? Usually declining inventory and increased sales cause prices to go up. Well that would be true except.......80% of the sales are distressed properties. Lenders and pre-foreclosure Sellers are not concerned with maximizing price they are concerned with selling their property quickly. The way to do that is to be the best priced property on the market. 

In order to be the best priced property on the market listing agents keep "leap frogging" their listings ahead of the others. If you price your listing at $50,000 I'm going to price mine at $49,000 and so on and so on. Make sense? 

I did further research today to try and find out when the absolute peak of the market was in Poinciana Florida. I found it. It was May 2006. In May 2006 there were 102 sales in the Poinciana neighborhoods. Of these there were NO distressed sales. The average price was $220,206 or $136.28 per sq ft. 

The average price for March 2009 was $70,620 or $41.24 per sq ft. Folks that's a decrease of 70% since the peak of the market a little less than 3 years ago. 

What does all of this mean? It means that Poinciana is getting very, very close to hitting the bottom. If you are waiting for this......now is the time to start looking for a place to buy. Now I by no means believe prices will start going way up but I do believe they are going to level out and slowly start increasing. Don't wait too long to get back into the market. 

So how's your market?

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

POINCIANA FLORIDA REAL ESTATE MARKET REPORTS

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