Oviedo, FL

Oviedo is a progressive city on the rise. If you head northeast from Orlando into Seminole County, the City of Oviedo will come into view: a growing city that is modern, young, and vibrant, with some unique historic pockets and in-town neighborhoods. Oviedo was incorporated in 1925 and since then Oviedo has come a long way from its roots - yet its agricultural past is still evident in some areas.

Oviedo residents enjoy a "small town" feeling and an exceptional school system and numerous recreational amenities. Carved out of the hammocks along Lake Jesup, this City of approximately 34,000
residents has become a preferred location to raise a family or establish a new business - all within easy access of the amenities offered throughout Central Florida. All of Oviedo's schools, elementary through high school, are A-rated, which is evidenced by the fact that 41% of the City's residents are college graduates. Seminole Community College, just east of the City limits, and the University of Central Florida to the south provide pre and post graduate study and opportunities for research and development.

Despite the economic downturn, Oviedo benefits from a variety of positive characteristics including one of the highest average household incomes in Central Florida, the positive influences of being in close to UCF, the UCF Research Park and the Kennedy Space Center. Oviedo also has approved plans and funding for a public/private partnership to develop a new town center which is known as Oviedo on the Park.

Become a neighbor in the great city of Oviedo, visit Isles of Oviedo to learn more!

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.

The following are the market sales statistics for Oviedo, Seminole County, Florida for July 2009. Oviedo is made up of the zip codes of 32765 & 32766, which is partly considered Chuluota. For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas.

A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.

The average sales price, as opposed to the median sales price, is the total volume of sold properties divided by the number of properties sold.

The sales to list price ratio is just that, you're dividing the average sales price by the average list price and coming up with a percentage that tells you how much of the list price the average homes sold for.

There needs to be a disclaimer here. These stats are only as good as telling us what it being purchased and happening at a certain period in time. Also, it needs to be fully understood that not only is real estate local, but it is hyper-local. What this means is that the trends that we hear about are overall. Let's put it this way, what's happening in one neighborhood, may not be realized in the neighborhood next door.

Additionally, these are only monthly statistics and to get a better scope of what is happening, you need to look at a longer period of time. More high-end homes might be sold in one month as opposed to another. By looking at a longer period, you will get a better overall picture. It is all relative and this has to be understood when utilizing these stats.

Single-Family Homes

68 homes sold during the month of July.

The average sales price is $245,642 with 110 days on the market.

The median sales price is $226,750.

The sales to list price ratio is 92%.

The most expensive home sold for $675,000 in Kingsbridge West and was on the market 59 days

The least expensive home sold for $70,000 in Midway with 88 days on the market.

The average sales price for the same period a year earlier was $311,332 with 174 days on the market with a sales to list price ratio of 95% on 77 sales, a 12% decrease.

The month to month changes show a decrease in the average sales price of 5% and a decrease in the median sales price of 12%. There was also an increase in sales volume of 11% with a 1% decrease in the sales to list price ratio.

Condos, Townhomes & Villas

18 homes sold

The average sales price was $98,073 with 106 days on the market.

The median sales price was $78,500.

The sales to list price ratio is 97%.

The most expensive townhome sold for $193,000 in Stratford Green and was on the market 238 days.

The least expensive condo sold for $25,000 in Villas at Lakeside after 72 days on the market.

The average sales price a year earlier was $194,219 with 100 days on the market with a sales to list price ratio of 93% on 10 sales, an increase of 80%.

The month to month changes show an increase in the average sales price of 37% and an increase in the median sales price of 43%. There was an increase in sales volume of 13% with 1% increase in the sales to list price ratio.

All but 4 units sold in Villas at Lakeside with the most expensive being a 3 bedroom unit selling for $68K.

For information on Oviedo and Seminole County real estate and Oviedo and Seminole County homes for sale in addition to Oviedo and Seminole County relocation contact Marc Grossman, your Oviedo 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 Off The Leash & Real Estate Cracker

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

Marc It Sold!

• A divorced couple where she moved back to her hometown and he must live with his parents until another job comes along.
• A single woman who lost her job and, after sending out hundreds of letters and resumes, is going back to school to pursue a different career.
• A married couple who purchased an off-campus townhouse for their college son, only to learn shortly after his graduation that the husband would have to hit the pavement in search of another job and that the townhouse—no longer needed by the son—is a liability.
• A growing family where the wife lost her job and the husband was forced to relocate to another state.
• A couple who split up, each to go their separate ways and rebuild their lives, but not before losing their house.
• A family with busted dreams in which he was laid off and had to look for employment in another state and she had to give up a good-paying job to follow.
• A woman who, after facing a series of life-altering calamities including illness, accident, and divorce, will have to lose her home of nearly 20 years.
• A divorced mom facing bankruptcy and the loss of her house.
• Another woman facing divorce and searching for a home not too far from the children’s dad.
• A young woman who found love and marriage with a man in another town, had to rent out her house when she couldn’t sell, only to lose her job, watch her new husband lose his job as well, and have to deal with non-paying tenants.
• Recent newlyweds where she lost her teaching job and he was forced to take a major cut in pay.

I don’t see a deadbeat among them. Do you?

These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they hired a real estate agent to market their houses on the My Florida Regional Multiple Listing Service (MLS).

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	Sale Price	Beds	Baths	Sq Ft	Pool
VALENCIA	7/7/2009	$379,900	$240,000	4	3	2130	N
WILLA LAKE	7/29/2009	$300,000	$225,000	4	2	2177	Y
WHISPER OAKS	7/2/2009	$169,000	$160,000	4	2	1488	N
CARRIGAN WOODS	7/10/2009	$249,000	$190,000	4	2	1972	Y
WHISPERBAY	7/23/2009	$170,000	$179,000	3	2	1840	Y
PARKER CANAL	7/17/2009	$189,900	$185,000	3	2	1592	Y
LOWERY	7/30/2009	$149,000	$117,000	3	2	1316	N
TEALBRIAR	7/30/2009	$300,000	$190,000	3	2	1840	Y

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.