About Oviedo's The Sanctuary

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
LAKE MILLS	10/19/09	$578,333	$440,000	5	4	4600	Y
HEIRLOOM ROSE	10/29/09	$500,000	$470,000	5	4	4319	Y
OLD CARRIAGE	10/19/09	$649,000	$520,000	5	3	3376	Y
WEMBLEY	10/02/09	$599,000	$416,000	5	3	4220	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.

The Sanctuary in Oviedo, FL, was developed by Crosswinds & Engineered Homes, who incorporated many upgraded features and distinctive architectural details into their houses, among them brick pavers, multi-faceted roofs, balconies, pillars, and dome and tray ceilings. Find in The Sanctuary a large community center complete with clubhouse, fitness center, meeting rooms, and pools.

The Sanctuary is divided into two parts, one containing smaller homes and standard lots and the other boasting larger homes with premium lots. The two phases are separated by a daycare and Lawton Chiles Middle School. The Sanctuary also offers playgrounds, basketball and volleyball courts, a soccer field, and tennis facilities, making it one of the most popular communities in Oviedo.

Street	Date Sold	List Price	Sale Price	Beds	Baths	Sq Ft	Pool
GERBER DAISY	08/05/09	$235,000	$173,000	3	2	1549	N
OPEN MEADOW	08/21/09	$448,500	$347,000	4	3	2995	Y
SPRING HEATHER	08/04/09	$290,000	$219,000	5	3	2410	Y
GERBER DAISY	08/20/09	$195,000	$170,000	5	3	2639	N
SWEETSPIRE	08/03/09	$161,500	$165,000	3	2	1810	N
ROSE MALLOW	08/31/09	$450,000	$406,000	4	2	3334	Y
MCGUIRK	08/21/09	$307,500	$295,000	4	3	2555	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.

Location: Oviedo, FL

Lender: Wachovia (originally through World Bank)

Initial Purchase Price of Home: Over $450,000

Loan Amount Owed: Approx $375,000

Hardship: Loss of job necessitating relocation

Initial List Price: $315,000

Final List Price: $295,000

Sold Price: $295,000

Last Mortgage Payment: Homeowners never stopped making payments

Time to Obtain Lender Approval for Short Sale: 15 days

Days from Listing to Sold: 153

Complications: 1) Buyer #1 dropped out when lender approval came in because the buyer of his house backed out and he was unable to obtain financing. 2) Buyer #2 backed out only three days after signing contract and before deposit was submitted.

What Went Right: Buyer #3 came in at full list price and full cooperation.

Monetary Contribution Required of Homeowners to Finalize Short Sale: $0

I have received many, many leads directly attributable to ActiveRain and have been actively working with ‘Rainer’ buyers and sellers, but this is my first ActiveRain closing.

Not only did the buyer become aware of me through ActiveRain, but because of ActiveRain, I knew just how to make this Short Sale happen!

These are just a few of tips I received ~~

• Set the initial list price at or slightly above market value
• Lower the price gradually over time
• Require that the buyers give lender at least 60 days to approve
• Require an initial earnest money deposit from buyers to substantiate their seriousness
• Require a mortgage pre-approval
• Put together a complete Short Sale Package, including authorization, listing agreement, contract, hardship letter, financial package, and marketing report
• Contact the bank at least once a week
• And above all, stick with it!

Location: Oviedo, FL

Lender: Wachovia (originally through World Bank)

Initial Purchase Price of Home: Over $450,000

Loan Amount Owed: Approx $375,000

Hardship: Loss of job necessitating relocation

Initial List Price: $310,000

Final List Price: $292,000

Sold Price: $292,000

Last Mortgage Payment: Homeowners never stopped making payments

Time to Obtain Lender Approval for Short Sale: 15 days (not a misprint)

Days from Listing to Sold: 153

Complications: 1) Buyer #1 dropped out when lender approval came in because the buyer of his house backed out and he was unable to obtain financing. 2) Buyer #2 backed out only three days after signing contract and before deposit was submitted.

What Went Right: Buyer #3 came in at full list price and full cooperation.

Monetary Contribution Required of Homeowners to Finalize Short Sale: $0

So thanks to everyone here. I couldn't have done it without you!

2 Important Reasons to Consider a Short Sale

1. Helps to avoid the devastating consequences of foreclosure
2. Allows homeowners to sell house without incurring insurmountable debt.

3 Criteria to Qualify for a Short Sale

1. Homeowners cannot keep up with loan payments due to unemployment, job relocation, divorce, medical expenses, or other hardship circumstance.
2. Homeowners have no choice but to sell their house.
3. Homeowners cannot pay off the mortgage loan and associated closing costs in full given current market conditions.

1 Important Reason Why Short Sales Aren’t Easy

1. Because the payback of the loan will be ‘shorted’ by a significant amount and the lender will have to take a loss, homeowner’s lender must approve the Short Sale contract before the house can be sold.

5 Benefits of a Short Sale

1. Allows homeowners to compete in a depreciating real estate market.
2. May reduce or eliminate liability.
3. May minimize damage to credit rating.
4. May allow homeowners to purchase a house with a Fannie-Mae-backed loan in 2 years or less.
5. Makes homeowners feel they are doing the right thing by taking care of the problem responsibly.

10 Steps to a Successful Short Sale

1. Prepare house for showing.
2. Sign listing agreement with real estate agent.
3. Work with agent to utilize a strategic pricing strategy.
4. Show house in usual manner.
5. Sign strong contract offer.
6. Prepare Short Sale Package for submission to lender.
7. Let your agent follow up with lender on regular basis.
8. Obtain written approval from lender.
9. Close on sale of house.
10. Start over with clean ‘financial’ bill of health.

4 Considerations for Your Lender to Approve the Short Sale

1. The borrower’s personal and financial situation
2. Local real estate conditions
3. Market value of the house
4. Strength of the purchase contract

10 Agent Services ... from Start to Finish!

1. Counsels homeowner on the Short Sale process.
2. Provides full marketing services.
3. Works closely with homeowner on pricing strategy.
4. Provides liaison and negotiation services with lender.
5. Helps homeowner prepare Short Sale Package.
6. Assists homeowner to compose Hardship Letter.
7. Keeps homeowner informed every step of the way.
8. If necessary, supports homeowner in obtaining extension of final foreclosure decision.
9. Coordinates closing.
10. Provides relocation assistance if needed.

* * * * * *

Proudly selling real estate in Oviedo, East Orlando, Winter Springs, Lake Mary, City of Orlando, Maitland & Winter Park

Neighborhoods in Oviedo - Aloma Woods, Bentley Woods, Little Creek, Kingsbridge, Riverside at Twin Rivers, Alafaya Woods, Live Oak Reserve and many other others

Neighborhoods in East Orlando - Avalon Park, Eastwood, Stoneybrook, Waterford, Cypress Springs and many others

Neighborhoods in Winter Springs - Tuscawilla, Parkstone and many others

Neighborhoods in Lake Mary - Heathrow, Magnolia Plantation, Timacuan, Woldunn and many others

Neighborhoods in the City of Orlando - Baldwin Park, Lake Nona, Delaney Park, Thornton Park, College Park, Colonialtown, Audubon Park and many others

Neighborhoods in Maitland - Dommerich Estates, Lake Sybelia, Lake Colony, Maitland Club, Maitland Forest, Minnehaha Shores, Stonehill and many others

Neighborhoods in Winter Park - Comstock Park, Lake Knowles Terrace, Sylvan Lake Shores, Charmont, Orwin Manor and many others

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Specializing in Short Sales and Luxury/Lake Properties

To put your home on the market, please feel free to reach me direct at (407) 227-7763.