Celebration, FL

Celebration is a planned development community created by Disney ® In 1996 the first residents moved into town and now there are approximately 9000 residents and over 4000 homes and condominiums. The homes in Celebration are a mix of traditional, coastal, classical, & Mediterranean, all with pre-1940’s architectural designs. The town offers a combination of condominiums, townhomes and single family detached homes. Celebration offers 5 community pools along with numerous parks and playgrounds for the residents to use. Enjoy the miles of walking and bicycle paths throughout the community. Amenities include a public 18-hole golf course designed by Robert Trent Jr., public schools, Montessori schools, tennis courts and state of the art hospital and fitness center. Celebration is truly a place to call HOME.

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration. Whether you are a seller or buyer, we hope you find these Real Estate Statistics helpful.

As of January 1, 2012 here are the current Real Estate Statistics in Celebration Florida

There are currently 63 HOMES for Sale listed in our MLS system ranging from $267,890 for a 4 bed/2.5 bath in North Village to $5,999,999 Million for a 6 bedroom/5 bathroom home on Eastlawn.

There are 48 Condominiums/Townhomes for Sale in the MLS ranging from $99,900 for a 1 bed/1 bath in Siena to $469,000 for a 3 bedroom/2.5 bathroom townhome at the Carlyle

ACTIVE: HOMES
65 Total: 10 are pre-foreclosure/short sales/bank-owned (making up 15% of the inventory). Average Sales Price = $1,026,652 and Average DOM = 187
ACTIVE: CONDOMINIUMS/TOWNHOMES
48 Total: 13 are pre-foreclosure/short sales/bank-owned (making up 27% of the inventory). Average Sales Price = $240K. Average DOM = 248

PENDING: HOMES
33 Total: 24 are pre-foreclosure/short sales/bank-owned (making up 73% of the inventory). Average pending price = $506K and Average DOM = 103
PENDING: CONDOMINIUMS/TOWNHOMES
42: Total: 36 are pre-foreclosure/short sales/bank-owned (making up 86% of the inventory). Average pending price = $151K. Average DOM =100

SOLD: HOMES (last 30 DAYS)
6 Total: 3 are pre-foreclosure/short sales/bank-owned (making up 50% of the inventory). Average SOLD Price = $485K. Average DOM =70, AVERAGE LP/SP Ratio = 97%. Average SP/Sq Ft = $169.91

SOLD: CONDOMINIUMS/TOWNHOMES
11 Total: 4 are pre-foreclosure/short sales/bank-owned (making up 36% of the inventory). Average SOLD Price = $196K & Average DOM = 98, AVERAGE LP/SP Ratio = 95%, Average SP/Sq Ft = $128.39

If you would like Real Estate Statistics for your home in Celebration, please visit: www.Celebrationpropertyvalues.com

Simply All About You!

Hi Folks. I’ve ran across agents, several times this week, not sure how to handle a Short Sale when the property is owned by a trust. So I thought I’d take a minute to explain how this works. Actually I can do it in about 1 second........

…......exactly the same as you would handle any other Short Sale!!

Here’s why.

Short Sales are done for Borrowers. Even though the property is owned by a Trust the note was more than likely signed by an individual. The individual is the one you are doing the Short Sale for. He is the Borrower.

The ownership of the property was probably placed in a Trust after it was purchased. Usually this is done for estate and/or tax purposes.

So.....your listing agreement and the purchase contract would be in the name of the owner of record. This could be a Trust, LLC, INC or a person(s). You would need a copy of the Declaration page for the Trust, LLC or INC to see who is authorized to sign and act on the entity’s behalf. This is the person who signs the agreements.

The Borrower(s) is the person that took out the loan and signed the Note. This could be the same person that is authorized by the Trust or it could be someone else. Whoever it is, this is the person who must go through the Short Sale process. Simple.

Any questions?

1. Do I have to be behind on my mortgage payments to qualify for a Short Sale?

• Not necessarily. Some lenders will negotiate a settlement if you are current on payments. You won’t really know until you go through the process. If you are current on payments the lender may very well require you to “participate in the loss” by making a cash contribution, signing a promissory note or both.

1. What is a deficiency and how do I avoid it?

• A deficiency is the difference between the amount of money you owe and the amount of money paid to or collected by the lender. The deficiency is the “Short” in a Short Sale. A deficiency ALWAYS exist with a short sale. You cannot avoid it unless you just keep paying on your mortgage obligation. The real question is..........

1. What happens to the deficiency?

• The deficiency can be waived, written off, paid later, settled or the lender can, at least in Florida, choose to go in front of a Judge and ask for a Deficiency Judgment against you.

1. What is a Deficiency Judgment?

• A Deficiency Judgment is when a Judge issues a Judgment making you personally responsible for the deficiency and giving the creditor the right to go after you for the money you owe. In Florida the creditor has 5 years from the creation of the deficiency*** to ask for the Judgment and another 20 years to collect on it if granted. To collect they may take assets, levy bank accounts and garnish wages. ***Please seek legal advice on this matter.

1. Will I have to pay taxes related to the short sale?

• Maybe. A short sale IS a tax event. Just as with any real estate transaction the sale is reported to the IRS. In addition the “Short” may be written off as a loss to the lender. A loss to the lender is income to you. How this income is taxed is a question for your tax professional. You may also refer to the Debt Relief Act. Unless extended the Debt Relief Act is set to expire at the end of 2012.

1. How will a Short Sale affect my credit?

• How credit scoring works is one of the great mysteries of the universe! The Short Sale itself is not reported as “Short Sale”. Missed and late payments are reported. Also, how the transaction is reported makes a difference. Is it reported as “settled..”, “paid...”, “charged off..”? And have you been paying your other bills? There are just too many variables to be able to give you a precise answer. If your credit score is important to you then my advice is to make your mortgage payments.

1. What advantage is there to doing a Short Sale over just letting the lender foreclose?

• Credit scoring aside....on average you can get another mortgage within 2-3 years assuming you pay all of your bills after a Short Sale. A foreclosure will affect your ability to get a new mortgage for 5-7 years. A Short Sale also gives you the opportunity to negotiate a settlement. It gives you some control over the situation. With a foreclosure you are 100% at the mercy of the lender.

1. How long will the Short Sale process take?

• A normal Short Sale with no complications will take on average 2-3 months from time of contract. Some go much quicker and some take much longer.

1. Will my Short Sale be approved and closed or am I wasting my time?

• We close more than 90% of our Short Sales. As long as you participate, by providing me what I need, when I need it, then yes, your Short Sale will be approved and get closed.

1. When will I have to vacate the property?

• Unless we are able to negotiate something different the day of closing belongs to the Buyer. Most lenders will not allow you to rent the property back after closing so plan on moving. You will normally have 30-45 days notice prior to closing.

1. Who pays your commission?

• The listing agreement is between you and I. So legally you are responsible for paying my commission. However, just as in a regular transaction, the costs of the sale are deducted from the purchase price. This means the buyer brings money to purchase the property and we pay everything out of that. The lender gets whats left. You pay nothing. Unless it is required by the lender and you agree to do so.
  

Additional information:

• CDPE Site
• Contact Bryant
• FannieMae/HAFA Program
• FHA Preforeclosure Sale
• From The Lawyer's Mouth
• HAFA FAQ
• HAFA Guidelines
• IRS Debt Relief Act
• Is Your Loan Owned By FNMA?
• Military HAP Program
• My Short Sale Story
• Property Search Map
• Sample Approval Letters
• Short or Stay?
• Short Sale Approvals
• Short Sale FAQ
• Short Sale Network
• Strategic Short Sales
• Testimonials
  

I hope this helps. Please feel free to contact me with any additional questions you may have.

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Hi folks. Do You Want To Close More Short Sales? Of course you do. Here are some tips that may help.

• Educate the Sellers at time of listing. Make sure they fully understand the process and what is expected of them. Be sure they understand cash contributions, promissory notes, tax ramifications and what happens to the deficiency.

• Price the property at market value or more. Negotiate the cleanest contract you can get with a price that you can defend to the lender.

• Know the type of short sale i.e. FHA, VA, HAFA Non GSE, HAFA Fannie, HAFA Freddie, USDA..... and know why this is important.

• Be sure any major repair issues are addressed at time of listing. These could put limitations on the type of Buyer you are looking for. For example: If it needs a new HVAC system a Buyer will not be able to use FHA financing.

• Be in complete charge of the transaction. Know what you can and can’t do then make sure the lender understands that you know.

• Make sure the BPO agent has the information you need them to have PRIOR to them doing the BPO. And know what that information is.

• Make sure you are aware of ALL liens on the property prior to taking the listing.

• Understand that the Seller is not always the Borrower. That works both ways. Example: Child owns the property but the borrowers are the parents. Or...the Seller assumed a mortgage when they purchased the property but the loan is still in the original borrower’s name.

• Stay focused on the transaction. Don’t let “drama” cloud your vision.

• And most importantly, understand that “Short Sale Denied” means....this time. Find a new buyer and try again. And keep trying until you get the job done.

This is in no way a comprehensive list but it will give you some things to think about. Any questions?

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