Barry Smith

Well it has been a common scenario that the banks will forgive a deficiency...until now. I recently got an approval for a short sale from Bank Of America and the Short Sale Approval Letter which said: " XXXX and or it's investors may pursue a deficiency judgement for the difference in the payment recieved and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy."

Another Realtor who does a lot of short sales in my office said this was the first he has heard of this happening. After reading this approval letter, my sellers decided to withdraw their offer to short sale and I took their house off the market. Their options were short sale and have the possibility of a deficiency judgement or foreclose and have one as well. They did not qualify for a loan mod. I counseled them to seek the advice of an a good short sale and bankruptcy attorney.

With everything tightening up, it's getting harder and harder to close on short sales. Can I get an AMEN ?

$25 COULD HAVE SAVED A HEADACHED - While a friend of mine was away for Thanksgiving some neighbors of his called him to tell him that a hose had burst on his washer and flooded his house in an inch of water....for several days. So, then came the drying process using super dryers. The water had crept up the wall about a... foot. He lost some furniture and a few books. All this mess could have been prevented had he bought flexible stainless steel mesh hoses. They are virtually burst proof. They cost about $25 and worth every penny plus some good peace of mind. They are easily found at most hardware stores. It is; however, always a good idea to cut the water off to your house if you are going to be gone for more than a day. You just never know when a leak could happen.

Barry Smith, Keller Williams Realty, St Petersburg, FL FLRealtorBarry@aol.com 727-773-6677

A RESALE FACT: If you live in a condo or community that does not allow pets, then you have axed at least half of your potential buyers. Can you say wow? So my advice to you is to not buy into a building that does not allow for cats and dogs. It just does not make good business sense. A no pet building will make it much more difficult to sell. How about these statistics from the National Humane Society: DOGS: There are approximately 77.5 million owned dogs in the United States. Thirty-nine percent of U.S. households own at least one dog Most owners (67 percent) own one dog Twenty-four percent of owners own two dogs Nine percent of owners own three. CATS: There are approximately 93.6 ... See Moremillion owned cats in the United States Thirty-three percent of U.S. households (or 38.2 million) own at least one cat Fifty-six percent of owners own more than one cat On average, owners have two cats (2.45) More female cats are owned than male cats (70 percent vs. 65 percent respectively) Twenty-two percent of owned cats were adopted from an animal shelter Cat owners spent an average of $203 on routine veterinary visit. So you can see that way more than half the U.S. population have either a dog or a cat. Do you really want to axe more than half your potentials buyers ? Barry Smith, Keller Williams Realty, St Petersburg, FL FLRealtorBarry@aol.com 727-773-6677

Fourteen of Florida's metropolitan statistical areas (MSAs) reported increased existing-home sales in April and 11 MSAs also showed gains in condo sales. The national median sales price for existing single-family homes in March 2009 was $174,900, down 11.5 percent from a year earlier, according to NAR.Florida's median sales price for existing homes last month was $138,000; a year ago, it was $199,500 for a 31 percent decrease. The median is the midpoint; half the homes sold for more, half for less. The statewide existing condo median sales price last month was $106,600; in April 2008 it was $178,900 for a 40 percent decrease. According to NAR (Nat.Assoc.of Realtors), the national median existing condo price is $177,600 for March 2009.As you can see, Florida ranks below the national average in home and condo prices. Do you think it's a good time to buy ? ;-)

Good kitty litter makes all the difference ! Yes, I said kitty litter. Why do I care about kitty litter? ...because this brand of kitty litter is going to help you sell your house. How? Because a house that smells like kitty litter leaves an impression and not a good one. Smell, more than anything else, is what buyers remember. Studies have been done on memory and smell and your sense of smell is a powerful stimulant to memory. When you are old...or not...smell can trigger a memory from long ago. People remember smells longer than anything else. When a buyer leaves the house, they leave with an impression and a memory of what the house smells like. Did the house leave them with a good impression of a bad one? I wholly recommend this litter as I have used it before. I tried them all; this is "The One". The Best Kitty Litter is http://www.worldsbestcatlitter.com/Products/WBCL/default.aspx
It's the best because it totally arrests the smell of cat urine. It's also natural, it clumps and is very low dust. It's everything a cat lover could want ...and a Realtor !