About Winter Springs' Tuscawilla

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
HUCKLEBERRY	08/19/09	$259,500	$157,500	4	2	1974	Y
SPRINGVIEW	08/12/09	$359,900	$250,000	4	3	2400	Y
WINTHROP	08/21/09	$265,000	$255,000	4	2	2402	Y
LANCERS	08/28/09	$100,000	$100,000	3	2	1096	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.

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
REDTAIL	7/7/2009	$239,900	$180,000	3	2	1613	N
STONE GABLE	7/22/2009	$190,000	$212,300	4	2	1877	Y
CHESTERFIELD	7/10/2009	$199,900	$185,000	3	2	1759	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.

Of the homes that have sold so far in 2009, 60% are ‘distressed’ properties in some stage of foreclosure. This explains why prices continue to decline at an unprecedented rate.

Average Price per Square Foot, though, is exhibiting some indirection. Could this indicate a bottom? Only time will tell.

Orange & Seminole Counties

Single-Family Homes

Average Price Per Square Foot

Source: Trendgraphix, Inc. and My Florida Regional Multiple Listing Service. Reports based on sales data available for the most recent month of activity.

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
Bahama	06/19/09	$249,900	$247,000	4	2	2619	Y
Seneca Meadows	06/05/09	$279,900	$292,900	5	4	3474	Y
Tuscora	05/29/09	$265,000	$240,000	4	2	1938	Y
Bear Creek	05/27/09	$439,000	$405,000	4	2	3440	Y
Deer Run	05/21/09	$215,900	$220,000	3	2	1962	Y
Trotwood	05/20/09	$219,000	$219,000	3	2	1927	Y
Verandah	04/29/09	$310,000	$310,000	5	3	3542	N
Cheetah	04/24/09	$245,000	$245,000	3	2	2135	Y
Wescott	03/27/09	$299,488	$295,000	5	3	2465	Y
Little Creek	03/13/09	$204,000	$202,000	3	2	1552	Y
Vistawilla	02/20/09	$304,900	$285,000	5	2	3451	Y
Augusta National	01/29/09	$200,000	$183,000	3	2	1378	N
Moss	01/15/09	$400,000	$365,000	4	4	2918	Y
Winding Waters	01/05/09	$279,900	$248,500	4	3	2361	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.

Located in the northern suburb of Winter Springs, just west and north of Oviedo, Tuscawilla is often considered a distinct town. As a master-planned community containing over 4,500 homes, Tuscawilla has the feel of an exclusive enclave comprised of neighborhoods that range from modest to upscale.

There is no end to activities available, including several lakes allowing boating, waterskiing, fishing, and swimming; fitness centers; some of the best fishing around; miles of jogging and biking trails; a nature trail; tennis courts; parks with playgrounds, basketball courts, soccer fields, and baseball fields.

Enjoy the Tuscawilla Country Club, which includes an 18-hole golf course, tennis courts, pool, dining facilities, pro shops, and clubhouse. Club membership is not required but convenient, as is the nearby Greeneway Tollway 417, the University of Central Florida, and the Oviedo Marketplace Mall. Plus don’t forget the outstanding schools Seminole County is renowned for.

Street	Date Sold	List Price	Sale Price	Beds	Baths	Sq Ft	Pool
LITTLETON	6/15/2009	$299,900	$270,000	3	2	2101	N
AUGUSTA NATIONAL	6/12/2009	$225,000	$220,000	3	2	1826	N
TUSCORA	6/12/2009	$254,900	$240,000	3	2	2000	N
OXBOW	6/5/2009	$179,900	$169,000	3	2	1243	N
CHEETAH	6/5/2009	$279,900	$271,000	3	2	2101	N
NANDINA	6/4/2009	$350,000	$320,000	4	3	2753	Y
ELK	6/1/2009	$299,900	$235,000	4	2	2094	N
TUSCORA	5/29/2009	$265,000	$240,000	4	2	1938	Y
BEAR CREEK	5/27/2009	$439,000	$405,000	4	2	3440	Y
DYSON	5/22/2009	$599,900	$535,000	4	3	3612	Y
DEER RUN	5/21/2009	$215,900	$220,000	3	2	1962	Y
GREENLEAF	5/20/2009	$519,900	$475,000	4	3	2936	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.