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I had a couple get approved yesterday for a $112,000 FHA loan. Within 30 minutes of the lender sending the approval letter they were in the car driving straight through from Illinois to view homes in Poinciana, Florida today.
Do you know how long a drive that is? 17 hours!!! “And what would cause someone to spend all day looking at houses after driving 17 hours?” you may ask. I’ll tell you what…just check out the picture. That is a 2,500 square foot, 4 bedroom, 3 bath home that just sold for $87,000.
We spent the day looking at similar properties in the same price range. Incredible deals out here in Central Florida right now. I decided to do a little research inPoinciana, Florida today. Here’s what I found. The average sold price of a 4 bed, 2 bath, 2500 sq ft home in June of last year was $105,816. That’s incredible! But wait…it gets better. The average sold price for the same type of homes was $122,727 this month.
Seems obvious to me which way the prices are going. If you’re waiting for the prices to drop before you buy a home, I think you’re going to miss the train. All over the media economists are saying the United States economy is finally stabilizing. Well folks, the gravy train is pulling out and you better get on board.
Five years from now home prices will go up. Right now you have an incredible opportunity to make a great investment for your future. Will you take it?
....and you want it to be less than 7 years old with over 1500 sq ft of living area. Maybe this will help:
Based on current market statistics, properties similar to the ones you are requesting are selling for $35 to $37 per sq ft living and 110% of the asking price. In order to stay under $60,000 you need to focus on properties with 1700 sq ft or less. 185 Conch and 1966 Michigan both fit.
The stats that are below show that since 10/1/2009 there have been 29 sales. There are 21 pendings and only 9 actives in this price range. I eliminated the short sales and the properties that are priced too low (based on market data) and that left the 2 properties mentioned above.
The average days on market are 23 and that of course includes the time it takes to get bank addenda signed. This tells me most are selling quickly and with multiple offers.
Hi folks. Just when I think I have this Short Sale stufffigured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.
Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I need the last 2 months bank statements from the Borrower. Please fax these over to me by the end of business today or I will return the check and close the file. Thank You."
YIKES!!! This call came in at 1:00 in the afternoon while I was out of the office. So needless to say I had to scramble to reach the Seller and luckily she was able to get the statements to me in time. I was lucky because my Seller was in the hospital but just happened to have her relative in town who was able to run around and get this taken care of.
The Buyer has already spent about $10,000 rehabbing since he closed on the property two weeks ago.
The frustrating part is that Chase had issued the approval and approved the final HUD for closing.
This has happened to me 3 times over the last few months. You know....I can understand the Lender requesting additional information after closing to complete a closing file but this threatening to return the check and close the file is really starting to piss me off. AND....they only give you a few hours to solve the problem after it took them 7 months to approve the deal.
So....I wonder what would happen if they did return the check and closed the file? The deal has already been closed so I'm pretty sure they can't undo that. Could they? Could they refuse to remove the lien even though all closing conditions were met? What do you think?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Short Sale for sale in Poinciana Florida. 4 bedrooms 2.5 baths with over 2200 sq ft of living area on a huge double lot (.91 acre). Ceramic tile roof, Atrium, screened and covered rear porch, garden off the master suite, lots of cabinets in the garage, gated entry, security system and much more. Located 1 mile from SoliVita and 2 Championship golf courses.An incredible price of $95,000
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and put it down on a house that was selling for $183,000.
Of course what they couldn't have predicted was that their daughter who was supposed to move in with them and help with the mortgage payment decided after living in Florida for 2 months that she didn't like it. So she moved, Mom and Dad were now stuck with a house they couldn't afford.
When I first met them they were very depressed and couldn't wait for a buyer to come along and pay them $150,000 so they could move back home. Their mortgage balance at the time was about $90,000 and they didn't understand that their property was worth far less. How could they be upside down on their mortgage already?
These folks had done everything "right". They bought a house that was priced OK and put 60% down. Who would have ever though that within 24 months their equity was gone. And this wasn't just paper equity that we hear about so often. It was $100,000 CASH!
I sure wish I would have met them before they placed all the money they had into a property. Telling people of this age they have lost everything is by far the worse part of my job.
Eventually I was able to get them to understand that all of their equity was gone. They needed to pack up and move back to NY to be with friends and family. So that's what they did. Almost 80 years old and having to start over while living with their daughter. My job is so sad some days.
And to make it worse. They told me the only reason they were even doing the short sale was so I could get paid because I was so honest with them. WOW!!! Incredible strength in the face of adversity. It's almost over Alline....I promise.
Location:
Kissimmee Poinciana Florida
Liens:
1st mortgage with Chase for $100,000. They agreed to accept $35,000 (35% or what's owed)
Seller is bringing no money to closing and is NOT siging a promissory note.
The biggest one was getting Chase to understand that these folks were disabled living on Social security and did not have bank accounts and did file tax returns.
Keeping the same Buyer on board for 7 months.
And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
The most attractive communities in Poincianna are Belle Laga and Solivita,
Solivita® is very easy to get to, and travel from, via Orlando International Airport, with direct service to more than 70 U.S. cities and dozens of international destinations. This 55+ retirement community is a very special place to visit. And it's all just 20 miles south of Walt Disney World!
The most attractive communities in Poincianna are Belle Laga and Solivita,
Solivita® is very easy to get to, and travel from, via Orlando International Airport, with direct service to more than 70 U.S. cities and dozens of international destinations. This 55+ retirement community is a very special place to visit. And it's all just 20 miles south of Walt Disney World!
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