An Active Contingent short sale is when a buyer and seller have a sales contract in place. This contract for sale along with many additional documents is now sent to the Lender who holds the mortgage. The lender will review the file and assess the value of the property. If the lender finds the contract price in line with the assessed value of the property the deal will move forward to closing. If the lender finds the value higher then the contract price they will go back to the buyer and seller asking for more money. If the buyer agrees to pay a higher price for the property the deal moves forward to closing. If the buyer does not agree the house will go back on the market as an active listing with an approved short sale price. The next buyer that comes along will have to pay the approved short sale price for the property to sell.
So if you find a property that is Active Contingent Short sale it is letting everyone know that they are in the process of getting bank approval. This takes 3 to 6 months. Because the process takes so long it is common for the buyer to give up and move on. So Active Contingent Short sale allows the property to still get exposure in case the deal fall thru.
This is process is a necessary evil do to the fact that so many buyers owe more on their homes then they are worth.
Did you know you do not pay a Real Estate commission when you short sell your home. The Lender will pay the commission to the Real Estate company out of their pocket. The cost to the home owners to sell the property as a short sale should be very small.
When your lender agrees to a short sale in real estate it means the lender is accepting less than the total amount due. For owners who can no longer afford to keep mortgage payments current, a short sale is a great alternative to bankruptcy or foreclosure.
A successful short sale requires several parties to work hand in hand. Lenders have varying requirements and may demand that a borrower submit a wide array of documentation. As your Realtor I will be working hand in hand with you, your lender and the title company to facilitate the Short sale. Many of my sellers have added an Attorney to your short sale team. The cost of a Lawyer is as little as $500. You may find that adding an Attorney to your Short Sale team will give you a great sense of security.
Just some quick stats for Lee County Florida pending sales
January 2008 31 homes went pending
February 2008 24 homes went pending
March 2008 27 homes went pending
April 2008 49 homes went pending
May 2008 56 homes went pending
June 2008 45 homes went pending
July 2008 85 homes went pending
August 2008 113 homes went pending
September 2008 141 homes went pending
October 2008 208 homes went pending
November 2008 277 homes went pending
December 2008 457 homes went pending
This data was gathered form MLS Alliance
courtesy of Caroline Sheehy 'Realtor' (239) 707-0317
carolinesemailaddress@yahoo.com
Search for Foreclosures like a Realtor by clicking on the below link
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Miromar Lakes Golf and Country Club Foreclosure REO |
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This is one example of a high end Foreclosure in Lee county florida. In 2006 this condo sold for $700,000 now you can pick it up for $428,900. |
| Mirasol offers beachfront living with panoramic views of Lake Como and the Miromar Lakes Beach Club. Perfect for entertaining, Mirasol II features a resort-style pool and two spas to complement the world-class amenities of Miromar Lakes Beach & Golf Club. All residences in this five-story building offer private balconies, above ground-level parking and luxurious appointments. |
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Caroline Sheehy 'Realtor' Century 21 Sunbelt Realty |
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Prop Type | Residential | Prop Subtype(s) | Mid Rise (4-7) | |
| GEO Area | Miromar Lakes | Subdivision | Mirasol | ||
| Beds | 2 | Living Area | 2061 Tax Data | ||
| Baths(FH) | 3 (2 1) | Price/Sq Ft | $208.10 | ||
| Year Built | 2006 | ||||
| PID | 14462512000010308 | Lot Acres (approx) | |||
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| Please contact me to find your dream home. Thank you, Caroline Sheehy (239) 707-0317 caroinesemailaddress@yahoo.com www.time2buy-realestate.com |
| Property Information Bank owned foreclosure with great views of the pool and lake. This home features 2 Bedrooms, 2.5 Baths + a Den. Granite countertops, breakfast room, 10 foot coffered ceilings and a whole lot more. |
| Status Type | Resale Property |
| Waterfront | Yes | Waterfront Descrip. | Lake |
| Boat/Dock Info | Dock Lease | Short Sale | No |
| Foreclosed/REO | Yes | Zoning | Ag-2 |
| Building # | 1073 | Unit Floor | 3 |
| Total Floors | 6 | Den | Yes |
| Furnished | Unfurnished | Ownership Desc. | Condo |
| Approx Total Area | 2233 | Lot Size- Frontage | 0 |
| Lot Size- Back | 0 | Lot Size- Left | 0 |
| Lot Size- Right | 0 | Pets | Limits |
| Pet Comments | Limits | Elevator | Common |
| Cable Available | Yes | Garage | Other/Remarks |
| # Garage Spaces | 1.00 | Legal Unit | N/A |
| Construction | Concrete Block, Stucco Siding | Parking | 1 Assigned, Guest, Under Bldg Closed, Wheelchair Access |
| Community Type | Boating, Gated, Golf Course | Cooling | Central Electric |
| Restrictions | Deeded, No Commercial | Roof | Tile |
| Exterior Features | Patio, Tennis Court | Irrigation | Lake/Canal, Reclaimed |
| Security | Gated, Guard at Gate, Patrolled, Security Guard | Flooring | Carpet, Tile |
| Water | Central | Rear Exposure | SW |
| Windows | Single Hung | Sewer | Central |
| Heat | Central Electric | View | Lake, Pool/Club, Water |
| Kitchen | Pantry | Private Pool | No |
| Interior Features | Built-in Cabinets, Fire Sprinkler, Pantry, Smoke Detectors, Walk-in Closet, Wheelchair Access | Master Bath Descrip | Dual Sinks, Separate Tub/Shower |
| Private Spa | No | Equip/Appliance Incl | Dishwasher, Disposal, Dryer, Microwave, Refrigerator/Ice, Self Cleaning Oven, Smoke Detector, Washer |
| Guest House | No | Dining Description | Breakfast Bar, Breakfast Room, Dining - Living, Eat-In Kitchen |
| Amenities | Fishing Pier, Golf Course, Marina, Priv Beach Pavilion, Private Membership, Restaurant, Sidewalk, Streetlight, Tennis | Approval Info | Application Fee |
| Special Info | Other/See Remarks | Possession | At Closing |
| Maintenance Includes | Insurance, Lawn/Land Mainten, Legal/Accounting, Manager, Pest Control Exter, Rec Facilities, Repairs, Reserve, Security, Street Maintenance | Terms | Buyer Finance/Cash |
| Road | Paved Road, Private Road |
New tax breaks
This year, we saw these changes, beneficial to the taxpayer:
Housing Act
If you don't itemize your deductions on your federal tax return for 2008, you can still take a property tax deduction on your real estate to increase your standard deduction. You'll find that bonus on Page 2 of your 1040.
Also, if you are a first-time homebuyer (haven't owned a home for at least three years), you'll get a new credit if you purchased your home after April 8, 2008. (The credit applies into next year, too, for a home purchased before July 1, 2009.) Your deduction is the lesser of these two options: 10 percent of the purchase price, or $7,500 (if married filing jointly or single, head of household), $3,750 (if married filing separately). This credit phases out if your income tops $150,000 (if married filing jointly or single, head of household) or $75,000 (if married filing separately).
The credit operates like an interest-free loan and must be paid back over 15 years in equal annual installments, beginning the second year after you claim it. It doesn't apply to vacation or rental property - only to primary residences.
The new law reintroduces the 50 percent bonus depreciation on personal property, which was initiated after 9/11 to boost personal spending but expired in 2005. While mostly used by businesses, if you have a rental property, you can now take 50 percent of the purchase price of any personal property such as a stove or refrigerator for the rental. There is no cap on this.
Mileage deduction rates
The mileage deduction rate changed twice - January and July. Business miles are deducted at 50.5 cents per mile before July 1, 58.5 cents per mile after July 1. Medical miles (going to and from doctors, lab tests, etc.) are deducted at 19 cents per mile before July 1, 27 cents per mile after July 1. Also deductible are miles driven to make charitable donations. They stayed at 14 cents per mile, but remember, if you're eating up gas miles while out and about, stop to drop off a donation, and you'll get an extra deduction for your miles.
Smart moves
Certified public accountant Sheryl Brown of Taking Care of Business recommends these strategies for reducing your tax bill:
Market losses
If you sustained market losses in your investments this year and decide to pare off losers, do so before year-end. You not only get to offset these losses against capital gains in your securities transactions, but you also can take off another $3,000 (if married filing jointly or single, head of household) or $1,500 (if married filing separately) against your personal income, as well as carry forward additional losses for future years.
If you have profits in your investments, some with multiple purchase prices within the same stock or mutual fund, sell your highest cost shares, thereby reducing the capital gain that will be taxed.
Incidentally, investments held less than one year (short-term) are taxed at your usual marginal tax bracket, but those held a year or longer garner long-term capital gains, which in 2008 are taxed at the relatively low rate of 15 percent if you're in the 25 percent marginal tax rate or higher. Starting this year, there is no tax on long-term capital gains if you are in the 10 percent or 15 percent tax brackets.
Retirement contributions
Get 2008 contributions into your retirement plans by the end of the year, if they are solo 401(k) (your own business) and traditional 401(k) (you work for someone else). With Roth and traditional IRAs, you have until April 15, 2009, to make your 2008 contribution. If you're thinking of setting up a SEP IRA, it must be established by Dec. 31, but you have until April 15 to make your contribution.
Max out your retirement plan if you can: $15,500 for 401(k), $20,500 if you're 50-plus; $5,000 for Roth and traditional IRAs, $6,000 if you're 50-plus. If you're older than 70, you also must elect to take your Minimum Required Distributions from your retirement plan by Dec. 31. (The first year you can wait until April 1 of the year after you turn 70). Late withdrawals earn a 50 percent penalty.
Educational tax credits. If you are a student or have a student, remember that educational tax credits are dollar-for dollar against your taxes for qualified educational expenses. The Hope Credit is $1,650. The Lifetime Learning Credit is $2,000. There are also income tax deductions for tuition and fees, though you're limited to choosing one of these three options per student per year.
Please contact me with any of your Real Estate needs. carolinesemailaddress@yahoo.com
Thank you,
Caroline Sheehy www.time2buy-realestate.com
239-707-0317
Serving Lee and Collier county Florida. Cape Coral, Fort Myers, Estero, Bonita Springs, Naples, Fort Myers Beach, The Islands, Lehigh Acres,
Providing Superior comprehensive services, with integrity, in the acquisition and sale of Real Estate.
You can search like a Realtor for Free:
Just follow the link below
http://time2buy.listingbook.com/?node=3
This service is provided by Caroline Sheehy 'Realtor'
Serving Lee and Collier County Florida
Please accept this letter as recognition for the superior representation Caroline Sheehy provided us with throughout our recent real estate transaction. Real Estate purchases can be stressful to begin with, but when one is relocating, matter usually become even more taxing. The professionalism that Caroline demonstrated throughout all facets of this business matter is akin to the customer service values of old. Every aspect of our contract was monitored, and the particulars which needed to be addressed by ourselves were set up in a timely and virtually seamless manner. Leonard and I felt completed to express our gratitude for the more than palatable service that Caroline provided, which realistically speaking, is what most people dream for. Bernadette and Leonard D'Onofiro, Osprey Cove, Fort Myers, Florida
This letter is in reference to Caroline Sheehy. She has been our realtor since September 2008. Caroline has worked side by side with us to find the home that would fit our needs. We have run into many obstacles in our searches, at times we were ready to give up and Caroline was right there to give us advise and hope. She is the most kind, considerate, devoted and out going realtor we have ever met. She doesn't give up until her clients are pleased. She has worked day and night to find us a home. There are some realtors that show you a few homes and then say " well I keep looking for more homes" but you never hear from them. Caroline is has searched in every area of real estate sight, she could find for new listings. She is a amazing person and a very hard worker. Caroline has a lot of knowledge in the sales and the prices of homes. She knows what is selling in the neighborhood and the prices per square foot. Caroline definitely does research on the homes she shows to her customers. We referred my brother to Caroline and he purchased a home and was very satisfied. Anyone we talk to that is interested in buying a home, we give them Caroline's business card. Our oldest daughter is moving down from NY in May and we have already told her to contact Caroline and it doesn't matter where she has her office. In the future if we are to sell or purchase another home we will find Caroline Sheehy to do business with. Dan and Lisa Eames, South Fort Myers, Florida
I recently purchased a home with the help of Caroline Sheehy. This is my fourth home purchase, additionally; I have sold three homes through various realtors. Caroline is by far the most dedicated, patient, professional, hard working, friendliest, and tenacious of all. During the process we encounted numerous problems with issues such as an open permit problem, a listing error by another realtor, that required renegotiation, and a few financing/closing issues. Caroline was with me all the way. She guided me through each of these issues to a successful closing. Needless to say, I was and remain impressed. My next sell or buy will be through Caroline. regardless of what agency she represents. I carry a supply of her business cards in my car and when I hear of someone in the market for a home, believe me, they hear all about Caroline. She is the best. Robert F. Blair, Fort Myers, Florida
To Whom it May Concern:
This letter is a testimonial to the professional and proficient manner in which our Realtor, Caroline Sheehy, handled our search and eventual purchase of our first home. Caroline was always available to answer any questions we had, no matter how simple or detailed, with a very pleasant and prompt response. She never tired of showing us the numerous properties we viewed, and there were many. Once we decided on a property, Caroline walked us through the various steps involved in the process of closing. She was invaluable. I have no hesitation recommending her to anyone in the market for a house, and have already told my friends and coworkers about the wonderful job she did. She truly cared about finding the perfect home for us.
Sincerely, Jamie MacKenzie and Jeffrey Singleton
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