About Lake Mary's Magnolia Plantation

These statistics should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
SADDLEWORTH	10/30/09	$1,800,000	$1,411,750	5	7	7715	Y
LAKE MARY	10/01/09	$1,595,000	$1,240,000	3	2	2678	N
BRACKENHURST	10/27/09	$850,000	$825,000	4	4	4473	Y
HENLEY DOWNS	10/23/09	$749,900	$684,000	4	4	3914	Y
SIMONTON	10/19/09	$649,900	$476,090	4	3	3185	Y
SWEETGUM VALLEY	10/30/09	$599,000	$560,000	4	2	3930	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

A few tidbits of note ...

Homes listed above $500,000 often take longer to sell than properties priced at the lower end of the market. While many houses priced below $500,000 may take 6 or 7 months to sell, homes in upscale neighborhoods may take as much as 2 years to unload.

Keep in mind that some of these sales are for Short Sales or Foreclosed/Bank-Owned properties. Under these situations, the Sold Price may be considerably below the Original List Price. Sorry to say, ‘distressed’ sales drag down the values of all the other homes in the neighborhood, whether or not they’re Short Sales or Foreclosures. On the other hand ...

Steep discounts may NOT reflect a distressed situation. Just because a house sold for considerably less than original list price doesn’t necessarily mean it was a foreclosure or short sale property. Because luxury homes are often one-of-a-kind, it’s difficult to find comparable properties that will help in determining current market value. In the end, it’s a buyer — and not the seller — who determines the market value of a property.

What’s the long-term outlook for the Orlando FL real estate market? Prices have leveled off in recent months. Even so, due to rising unemployment and foreclosure/short sale saturation, it will probably take several years — perhaps as long as a decade or more — for home prices to completely recover.

What about homeowners who are having difficulty keeping up with mortgage payments but can’t sell because their house is worth less than the amount owed on their loan? There are several solutions, but the way a Realtor^® can help is by selling the house as a Short Sale.

These smart homeowners didn’t have to lose their house to foreclosure. Instead, they hired a real estate agent to help them sell their house as a Short Sale.

By finding a ready, willing, and able buyer, they were able to stop foreclosure proceedings in their tracks and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they’ll be able to purchase a new home with a conventional mortgage.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
LAKEBREEZE	09/28/09	$140,000	$140,000	3	2	1502	N
MILL RUN	09/28/09	$157,000	$140,000	3	2	1520	N
HOLBROOK	09/10/09	$258,000	$172,000	4	2	1744	N
FLETCH	09/21/09	$225,000	$190,000	4	2	1960	Y
CHERRY LAKE	09/24/09	$349,000	$355,000	5	2	2980	Y
SHADYREST	09/29/09	$999,999	$540,000	5	4	3839	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

• Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
• Have no choice but to sell their house
• Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

• Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
• Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making their Short Sale claim.
• Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
• Lender Approval - After the lender has received everything, they will order an Appraisal or Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to also contact an attorney and/or tax accountant.

These smart homeowners didn’t have to lose their house to foreclosure. Instead, they hired a real estate agent to help them sell their house as a Short Sale.

By finding a ready, willing, and able buyer, they were able to stop foreclosure proceedings in their tracks and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they’ll be able to purchase a new home with a conventional mortgage.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
WILLOWLAKE	08/24/09	$724,900	$515,000	5	3	3542	Y
HIGH	08/21/09	$350,000	$239,400	4	3	2590	N
STONEHILL	08/28/09	$300,000	$230,000	4	2	2142	Y
BLAIRMONT	08/28/09	$345,000	$320,000	4	3	3280	N
SERENITY	08/26/09	$369,900	$335,000	4	2	3108	Y
BOWLING GREEN	08/21/09	$275,000	$260,000	5	3	2751	Y
LAKEBREEZE	08/25/09	$223,000	$159,794	3	2	1611	Y
MAINSAIL	08/25/09	$175,000	$162,000	3	2	1611	N
DUBLIN	08/07/09	$160,000	$155,000	3	2	1546	Y
BRIGHTVIEW	08/28/09	$149,900	$144,500	3	2	1563	N

Properties have been listed and sold by various MLS members. Data drawn from the My Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

• Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
• Have no choice but to sell their house
• Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

• Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
• Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making their Short Sale claim.
• Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
• Lender Approval - After the lender has received everything, they will order an Appraisal or Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to also contact an attorney and/or tax accountant.

The terms Distressed Sales or Distressed Properties are often used to describe houses facing various stages of foreclosure.

Usually, such houses are sold at steeply discounted prices, and because they are, they have a damaging effect on the market value of all the other homes in a given neighborhood or community.

The following ‘distressed’ properties have recently been sold as REOs or Short Sales.

Street	Date Sold	List Price	Sale Price	Beds	Baths	Sq Ft	Pool
EGRETS LANDING	06/24/09	$161,500	$155,000	3	2	1683	N
ASHBROOKE	06/23/09	$269,000	$274,000	4	3	2507	N
ROLEX POINT	06/22/09	$650,000	$600,000	5	3	4924	N
BRIDGEWATER	06/18/09	$975,000	$700,000	4	5	4578	Y
RACCOON	06/04/09	$354,900	$355,000	3	3	2835	Y
FALCON CREST	05/29/09	$161,000	$158,000	3	2	1501	N
MORNING GLORY	05/29/09	$154,900	$153,500	3	2	1790	N
SPAULDING	05/27/09	$479,900	$450,000	4	4	4368	Y
LAKEWORTH	05/26/09	$289,900	$290,000	4	2	1891	N
EAGLE CLAW	05/21/09	$302,000	$302,000	4	3	2361	Y
ADELE	05/15/09	$244,900	$226,500	5	3	3160	Y
PALLISTER	05/15/09	$305,000	$305,000	3	3	2308	N
SERENITY	05/15/09	$299,900	$265,000	4	2	2926	N
BRACKENHURST	05/04/09	$1,199,900	$900,000	4	4	4559	Y

Properties have been listed and sold by various MLS members. Data drawn from the Mid-Florida Regional Multiple Listing Service. This report is valuable for estimating current market values in the designated community or subdivision.

‘REO’ stands for Real Estate Owned. REOs are properties that have already been foreclosed and are now owned by the bank.

A Short Sale is a property where the original purchaser of the house still has legal ownership but may be in foreclosure (final judgment rendered), pre-foreclosure (served with notice to foreclose), pre-foreclosure (delinquent on mortgage payments), or pre-pre-foreclosure (will soon default unless the house is sold soon).

What is a Short Sale?

A Short Sale occurs when market conditions make it impossible to sell a house at a price that allows the borrower to pay off the mortgage loan and associated closing costs in full. In these cases, the mortgage lender must agree to Short Sale terms before a house can be sold. Why? Because the payback of the loan will be ‘shorted’ a significant amount and the lender will be forced to take a loss.

Understanding How a Short Sale Can Often Help

Mortgage lenders must cooperate with borrowers in order to facilitate a Short Sale. Doing so helps them avoid the even higher costs associated with foreclosure proceedings.

Selling a house as a Short Sale can be complicated and time-consuming. The same proof of financial condition submitted when the homeowners first took out their home loan must be submitted anew in order to successfully settle the loan under Short Sale conditions. Lenders must evaluate each Short Sale on a case-by-case basis, and the approval process can often be long and frustrating ... or sometimes short and sweet.

Once a purchase contract is being considered for a Short Sale, foreclosure proceedings, if there are any, can usually be put on hold.

In order to approve a Short Sale, lenders take into account several factors, among them the borrowers’ personal and financial situation, local real estate conditions, the market value of the house, and the strength of the purchase contract. Borrowers must also make a convincing argument that they —

• Cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other long-term financial crisis
• Have no choice but to sell their house
• Can’t repay the loan in full given current market values

The Process of a Short Sale

Homeowners must jump through a few extra hoops, but these extra tasks are no more difficult than the process they originally went through to purchase their house.

• Put House on the Market - Because the borrower’s lender must validate that the house was marketed and contracted at arm’s length, a homeowner cannot sell the house on his own but must list it with a real estate broker.
• Short Sale Package - Once a Sale & Purchase Contract is finalized, homeowners must assemble personal financial information that will be submitted to their lender in support of making a Short Sale claim.
• Selling & Marketing Package - Your real estate agent should put together a Market Report reflecting the selling circumstances of the house as well as the real estate conditions of the neighborhood and town.
• Lender Approval - After the lender has received everything, they will order a Broker’s Price Opinion, which is an independent determination of the house’s market value. Then, after evaluating everything, the bank will make a decision.

As difficult as a Short Sale may be, it’s important for homeowners to be prepared for anything and to proactively deal with any problems that come along. It’s also important for them to contact an attorney and/or tax accountant to give them consul and aid in the Short Sale process.

Magnolia Plantation is a 24/7 guarded golf course community located in Lake Mary, Seminole County Florida 32746. Magnolia Plantation is very convenient to shopping and the highways and located off of Markham Woods Road.

Magnolia Plantation consists of over 500 single-family homes built in the 2000’s with over 2000sf on 1/3 + acre lots.

Magnolia Plantation is home to the Magnolia Plantation Golf Club.

Magnolia Plantation is a great place to live!

For information on Lake Mary and Seminole County real estate and Lake Mary and Seminole County homes for sale in addition to Lake Mary and Seminole County relocation contact Marc Grossman, your Lake Mary and Seminole County Realtor @ 407-463-1034. Additional information is available for Seminole County real estate, Orange County real estate, West Volusia County and South Lake County.

To learn more about Marc and the services he has to offer, visit his website.

Marc Grossman, GRI - http://www.OrlandoHomes-4u.com/ - 407-463-1034

You can read Marc’s other blogs Real Estate Morsels, Real Estate Off The Leash & Real Estate Cracker

Marc donates 10% of his net proceeds to Hospice of the Comforter.

Marc It Sold!