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Lending, Tumbleweeds and their similarities

02-04-10
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist: Real Estate Agent in Coral Springs, FL
  • view my blog
  • Office: (954) 464-1100
  • Mobile: (954) 464-1100

I have a Sellers Short Sale Listing here in Coral Springs Florida with a highly qualified Buyer who can't get financing to purchase a condominium. He's a Dream Buyer, High credit score, Secure employment, 30% down and the Star-Like qualities go on and on but nobody will let him buy my Seller's condo that he just loves and has wanted to live in for a long time.

So what's happening here with Lending? Here's the specifics of the obstacles:

  • Association delinquency over 25% of units
  • Owner occupied units at 59%

What do the Lenders want?

  • Most want a Association delinquency of under 15% yet we found a Lender who will take on the over 25% delinquency
  • Lenders want a owner occupied rate of about over 75% and we're at 59%. Here's where we hit the brick wall

Please tell me how such Lender refusals benefits anybody? The way to get condo communities turned around is to get this type of almost risk-free, dream Buyer buying in these condo communities with their present high rates of delinquencies. The more you get Buyers who will pay their HOA fees, the chance is afforded to get these condo communities functioning again. Yet, with the stance that Lenders are now taking can only result in a tumbleweed effect. Tumbleweed how?:

  1. Distressed homeowners can't sell home, increases HOA delinquency
  2. Distressed homeowners home results in a foreclosure
  3. Increase in Bank owned homes in condo communities further erodes market values in community.
  4. Increase in losses by these Bank owned homes with less money to lend.
  5. Distress, delinquencies and losses grow and grow hence TUMBLEWEED EFFECT

Is this the way to focus on seeing a recovery in the Real Estate market?

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Blog_tag

5036 NW 122nd Ave Coral Springs FL $289,000 Coventry Cove in Wyndham Lakes

02-03-10
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist: Real Estate Agent in Coral Springs, FL
  • view my blog
  • Office: (954) 464-1100
  • Mobile: (954) 464-1100
Coventry Cove in Wyndham Lakes of Coral Springs $289,000 Short Sale


Overview
Maps
Photos
Description
$289,000
Single Family Home
For Sale
Main Features
3 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2203 sqft
Location
5036 NW 122nd Ave
Coral Springs, FL 33076
Lynn Pineda

 Lynn Pineda
See more Coral Springs, FL real estate for sale


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Blog_tag

Foreclosures in Coral Springs Florida

02-03-10
Terri Poehler Parkland & Coral Springs Real Estate
Terri Poehler Parkland & Coral Springs Real Estate: Real Estate Agent in Parkland, FL
  • view my blog
  • Office: (954) 905-1417
  • Mobile: (954) 294-3937

This is a Dawn of a New Day. If you have always dreamed of owning your own home but didn't think you could afford it. Think again. There are homes in South Florida for prices you wouldn't believe.
Maybe you have dreams of upgrading, moving to a bigger home with a pool? You can do this! It's easy.

I'm a phone call away and I can get you the facts. I can get you where you want to go. There's a ton of information out there and I know how to get it! It would be a shame not to take advantage of this great sale that is going on right now. The smart buyers are moving NOW.
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Blog_tag

Young family buys a Short Sale here in South Florida

01-28-10
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist: Real Estate Agent in Coral Springs, FL
  • view my blog
  • Office: (954) 464-1100
  • Mobile: (954) 464-1100

I represented Buyers here in South Florida who wrote a Short Sale sales contract at the end of October and we had a successful closing today with no headaches along the way. Yes, it's true....a smooth Short Sale. They happen more than you think. If you beleived everything written on a Short Sale you'd think they never close.

Today, I had the pleasure to represent Buyers in a Short Sale purchase. I routinely represent Buyers and Sellers here in Coral Springs and the surrounding towns. These Buyers were lovely Buyers. What fun to help a young family search for their first home. What did these Buyers get out of their Short Sale?

  1. A well cared for beautiful single family home in mint condition. Yes, again contrary to what is often written, many a Short Sale are in excellent condition. This home was spic and span clean!
  2. Their offering price was for $170,00 but they paid $168,000 due to the Buyers appraised value coming in at $168,000 with the Sellers Lender agreeing to the reduction. Most such situations that I have experienced where the appraised value comes in lower, Lenders have agreed to reduce to appraised value.
  3. First time home Buyers tax credit; a great savings.
  4. Joy, complete Joy!

4 Comments
Blog_tag

Sharing a story of how the community of Coral Springs Florida helps Haiti people

01-24-10
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist
Lynn Pineda-REALTOR® Coral Springs FL Short Sale Specialist: Real Estate Agent in Coral Springs, FL
  • view my blog
  • Office: (954) 464-1100
  • Mobile: (954) 464-1100

Compassion is at it's best when disaster hits.

My church, Church by the Glades, announced at our services last weekend that they were going to donate 100% of their offerings over this past weekend to Haiti in the form of money. We all know how desperately needed money is in Haiti. When Pastor David Hughes announced this at the service I was attending last Saturday at 5:30, it didn't surprise me at all. This is what we, who are so blessed, are supposed to do when others are in need and going through devastating times. I'm blessed to be a part of Church by the Glades here in Coral Springs Florida. God rocks at Church by the Glades. Church by the Glades sent $160,000! WOW!

If you're here in South Florida and are looking for a Church to make a difference in your life, check out Church by the Glades. You'll be glad you.

4 Comments