Oviedo, FL

The annual Oviedo Police Not So Scary Halloween Fall Fest 2009 is being held on Saturday, October 31st from 4 to 6 PM at the C.O.P.S. & Volunteer Center at the Oviedo Marketplace Mall (by Dillard's). This free event is sponsored by the Oviedo Police Explorers, the Oviedo Juniorettes (Oviedo Women's Club), the Oviedo Optimist Club, the Oviedo Police Community on Patrol Volunteers, Oviedo Home Depot and Plaster Cottage. The event is for pre-school and elementary school-aged children.

For more information about the "Not So Scary Halloween Fall Fest 2009" family-friendly event contact Officer Grace Robertson at 407-971-5708 or by email at grobertson@cityofoviedo.net.

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.

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.

City of Oviedo, FL Recognized by Relocate America and CNN Money as a Top 100 City to Live

Being selected this past spring by Relocate America as a Top 100 City to Live was a first for the City of Oviedo and now we have received more recognition for our great City. The City was recently recognized by CNN's Money Magazine as a Top 100 Best Place to Live! The recognition by both of these sources demonstrates that Oviedo is "growing in the right direction."

Click on the links below to review more information and the complete lists of Cities.

Relocate America http://www.relocateamerica.com/florida/cities/oviedo
CNN Money Magazine http://money.cnn.com/magazines/moneymag/bplive/2009/snapshots

Two-storey beauty with 4 bedrooms and 3 baths, formal everything, screened lanai, downstairs guest bedroom/office, updated kitchen, and hardwood floors.

The homeowners had originally listed their house with another agent and called me based on an expired mailing I had sent them months before.

We listed the house in February 2009. Since the subdivision is new, it was ripe for an epidemic of short sales and bank-owned offerings. Fortunately, the owners purchased in the early phase of development.

The homeowners took pride in everything, always had a model-ready home to show, and always were accommodating for showings.

Realtors® had to go through me to arrange for appointments. We did this so the owners would only have to talk to one agent — me — and also so that agents couldn’t take advantage of the homeowners with last-minute showings or broad timeframes.

We priced the house right from the outset, only once lowering the price once by a meager $5,000.

We showed the house a whopping 66 times! The owners were despairing, wondering what was wrong with their house. I kept telling them, “Nothing.” It was only because there were so many short sale and bank-owned bargains out there, not just in Live Oak Reserve but in nearby subdivisions, as well.

We received one low-ball offer that didn’t go anywhere.

Over the months, the inventory of homes available in this sought-after subdivision depleted from over 30 to less than 15. By then, most of the houses for sale were priced well above our price, and of those available with similar square footage, their home offered the best value.

Still, the owners let the initial 6-month listing agreement expire so they could think about whether they really wanted to sell.

THEY REALLY WANTED TO SELL.

After about 10 days, we put the house back on the market.

Two days after re-listing, the right buyers toured the house. They had just gotten a contract on their house and evidently had their hopes pinned on finding a house in Live Oak Reserve.

Thanks to the buyer’s agent — who was with my brokerage — the contract was clean and straightforward. No negotiations were necessary. Sale, however, was contingent on the buyer’s house closing, plus they wanted a quick close.

A month later, without any glitches, both houses closed.

The homeowners have taken up temporary residence while we search for the house they intend to be the very last house they will ever buy.

Oviedo, FL - Centerline Homes' Isles of Oviedo neighborhood is continuing to attract a variety new home buyers who are looking for a great location and an exceptional value. "The Isles is a hit with first-time buyers who are tired of renting," stated Deb Marton, Centerline Homes' Vice President of Sales. "Our exceptional location and selection of 2 & 3 bedroom townhomes with garages are also proving very popular with young families." The Isles location is second to none. The 417 Greeneway is two minutes away which makes commuting to any part of town a snap. Additionally, the Oviedo Marketplace mall is within walking distance providing a choice of restaurants and entertainment. Priced from the mid-$100's, buyers are encouraged to visit the Isles furnished models today.

Call 407-278-0350, or visit www.CenterlineHomes.com for additional information.