Kari A Battaglia Realtor Venice Florida Short Sales

Today I received an email from the National Association of Realtors Realtor Action Committee stating that Congress restored the loan limits for FHA. Realtors have been working hard to help preserve this right and finally our hard work has paid off. This is a big step towards our real estate market recovery. Below is the full letter I received.

"Last night Congress restored the loan limits for the Federal Housing Administration (FHA) for two years.

As you know, in late September the FHA, Fannie Mae; and Freddie Mac loan limits were reduced in 42 states pricing potential home buyers out of the American Dream of home ownership and holding back the housing recovery.

NAR immediately went to work with the goal to get the loan limits restored in Congress. For weeks that goal seemed unlikely.

You, and countless other REALTORS® like you along with YOUR leadership and YOUR management team worked to educate Congress that well-qualified buyers didn't need yet another hurdle to access affordable mortgage financing.

They finally listened. Because we were persistent. And because we were right.

The reinstated FHA loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families in 669 counties in 42 states and territories, where the average loan limit reduction after the reset last month was more than $68,000. The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets, the floor will remain at $271,050. However, Congress chose not to apply the loan limits restoration to Fannie Mae and Freddie Mac. Fannie-and-Freddie-backed mortgages will remain at 115 percent of local area median home prices up to $625,500.

The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011. NAR will continue to press Congress to use the additional time to complete their work on a five-year reauthorization of the program, which ensures access to affordable flood insurance for millions of home and business owners across the country.

I know that when we work together we can accomplish anything we set our minds to in order to preserve, protect and defend the American Dream of Home Ownership."

I don't normally post complaints but I have had about enough of this lender and their shenanigans and I am hoping that this post will reach someone who might give a darn.

I have been working on a HAFA Short Sale with Flagstar since February 2011. Flagstar is THE WORST BANK on the planet to deal with. THEY ARE NOT IN COMPLIANCE WITH HAFA TIMELINES and don't seem to care at all. Standard response from anyone that answers the phone - the file is in review and if we pull the file you will loose your place in line in the "que" and you will be starting all over again. I have been calling 3 times a week or more since February 2011 and so have the sellers. It is the same story everytime.

I realize that lenders are receiving thousands of short sale requests and don't have time to speak to Realtors about the file but to have no recourse when the file is being mishandled is crazy. Their investor is not being properly represented and the sellers are at a loss as well as I am. They will not even disclose who the investor is on the file. They do not want the investor finding out exactly how their files are being handled.

My sellers HAFA Short Sale should have been approved 2 months ago. Buyers accepted Flagstar's counter and we complied with request for contract addendum to change in price and closing date and submitted HUD with closing date no more than 2 months out from date of Flagstar's Counter Letter. I have now submitted another HUD extending closing date another month as I have not had any response to buyer's acceptance of counter offer. This file should have been closed already. There are no reasons for anymore delays.

There is no accountability and the US Government should be taking a strong look at Flagstar's loss mitigation department and the countless number of complaints regarding their lack of communication and response during the short sale process. You cannot even speak to a manager or escalate a file. They manipulate you with fear and tell you that if they speak to you about the file then you will loose you place in the "que" and will have to start all over again. In reality you have fallen into Flagstar "black hole" without any hope of finding a way out.

If Flagstar is going to blatently violate the HAFA guidelines without any recourse then why are they allowed to be a participant in the program at all. It is a waste of everyone's time to work with this lender. Shame on you Flagstar!

JUNE JULY AUGUST

AVERAGE SOLD PRICE $950,000 $4,562,500 $1,536,667

LOWEST SOLD PRICE $950,000 $1,550,000 $ 700,000

HIGHEST SOLD PRICE $950,000 $7,575,000 $1,960,000

AVERAGE DAY ON MARKET 258 83 676

AVERAGE LISTING PRICE $3,822,800 $3,692,500 $2,096,333

LOWEST LISTING PRICE $1,175,000 $990,000 $695,000

HIGHEST LISTING PRICE $6,499,000 $6,395.000 $3,999,000

Summary of Sold Homes for Manasota Key Florida

01/24/2011 2480 Alamander 3/2 1979 $128,900 $128,900 0.00% 120*

02/23/2011 6155 Manasota 3/4 2007 $1,390,000 $1,350,000 -2.88% 405

02/28/2011 8075 Manasota 4/3 2011 $449,900 $400,000 -11.09% 47

03/25/2011 1755 Manasota 3/2 1978 $125,000 $125,000 -0.00% 74**

04/15/2011 1710 6^th St 3/2 1997 $300,000 $240,000 -20.00% 149

04/27/2011 1724 Fessler 3/2 1977 $280,000 $150,000 -46.43% 802

05/05/2011 8300 Manasota 2/3 1950 $1,500.000 $1,000,000 -33.33% 265

05/27/2011 1403 Manasota 3/2 1978 $125,000 $125,000 0.00% 53**

07/15/2011 2660 Alamander 2/2.1 1989 $269,900 $260,000 -3.80% 41

08/23/2011 1774 Gale St 2/2 1987 $219,900 $197,00 -11.62% 74

08/26/2011 1730 Manasota 2/2 1976 $109,000 $102,000 -6.86% 251

09/02/2011 725 N Manasota 2/2 1977 $995,000 $775,000 -28.38% 1

09/16/2011 2560 Lemon 3/2 1992 $149,900 $160,000 +6.31% 119*

Summary of Activity for Manasota

01/01/11-06/28/11 8 $441,738 69 $1,738,072 4 $312,950

06/28/11-09/24/11 5 $257,333 46 $1,766,991 5 $1,308,760

Just a Note...

What a great time of year. The air gets crisper, fall festivals fill the calendars, the back to the school rush is done and everyone seems more settled into life's routines. The summertime fun is behind us and the holiday rush hasn’t yet begun, but the days are sure and steady, don’t you think?

Sure and steady can be a good thing, especially when you are considering big decisions like buying or selling a house. Know I’m here if you need me, and a steady force you can count on when you’re weighing all your options. Also know that when you’re looking for additional resources for your home or family, I’ve usually got some great recommendations you can lean on as well. Whether it’s a roofer or plumber, handyman or even tutor, you’d be surprised how many names and numbers I might be able to help you with.

As a real estate professional, I am blessed to get to know people from all walks of life and if I don’t have a referral for you, I’m sure one of my colleagues will. Just call me and ask. My business is more than just real estate — it’s helping people just like you in whatever way I can each day. Have an amazing October, and remember, I’m just a phone call away!

Took this photo of a huge spider that is at the door way to my home office. This guy is very scary and I believe him to be a Banana Spider. What do you think my Venice Florida Realtor and friend, Jim Bath? He also just found himself some breakfast. This is fasinating as well as I wish he move to someone else's yard. Do you know what kind of spider this is?