Elementary economics is being manipulate in the local housing market here in Kissimmee and Saint Cloud , Florida. Supply and Demand. It appears that the supply is being controlled by the banks. As the market has stabilized, inventories are declining. Bank Owned homes under $200,000 have been priced between $68 and $82 a square foot. In this past week, the trend has been to price these distressed properties at $100 a square foot. If there are buyers, and the inventories are drying up, these prices are bound to raise. Inventories are being manipulated.
There are many families in homes that they have stopped paying their mortgage for 10 months or more, and the foreclosure process hasn't even been started. Traditionally, 3 missed payments triggers a foreclosure filed. The delay, the lenders are saying they have too much inventory to start the process.
The only cynical answer I can come up with is lenders are being subsidized by our government for mortgage non payment.
Short sales have also slowed way down in the negotiating. Lenders, with large REO inventories are not trying to negotiate a settlement in lieu of foreclosure. Just more delays.
Government intervention will stretch this "Housing Crisis" past the time for normal recovery.
Currently, a short sale impacts your credit by decreasing it about 140 pts I'm told. A foreclosure up to 400 points. But what has change is how a short sale is being view on your credit report. Lenders are treating a short sale as they threat a foreclosure in your ability to obtain and retain your credit. I have seen them close credit cards and reduce credit limits as well as inflating interest rates.
So why should a homeowner continue to do short sales and not just let their homes go into foreclosure? If the home is your primary residence, and you short sale it, you have no further obligation to the creditor. If you are foreclosed on, the creditor can come back at you for the deficient amount after the creditor disposes the property up to 2 years.
I feel that in the future, with the amount of short sales, foreclosures, and bad credit card dept, in order for lenders to stay in business, the system will undergo an overhaul. But only time will tell.
I am hearing buyers ask "What Should I offer?" every day on Bank Owned Properties. What you need to remember is that the Bank wants to sell. They are listing the homes below appraised value. But how can you be sure? Every bank orders Broker Price Opinions, BPO's on their inventory monthly. They want to know if the market is trending one one or the other. Then they price accordingly. They know that there are first time home buyers out there trying to spend there $8,000 of Obama dollars. They also know that the foreign investor is in the market because the dollar is weak. They also know the domestic investors have been waiting for years to get in this position for their portfolios.
So, the ten million dollar question isn't what the bank will take, it's am I going to be high enough to out bid the other buyers? I have looked at the trend for August on sold properties and the majority of Bank Owned Properties are selling over asking price. So, when looking to buy a Bank Owned Foreclosed Property, forget what it's listed at, and understand what it's worth. They are all good deals!
Below I have attached a link that will show the sale prices as compared to the listing prices.
Bank Owned Properties continue to be the push in Kissimmee/St Cloud, or Osceola County Florida. Bank Owned Properties are what we specialize in at Resident Team Realty LLC. For a complete list of Bank Owned homes, just email us and we will get your search started.
There are currently 242 Bank Owned Properties active on the market today. To view these properties, just click on the link below.
Below, you will find a link to the MLS listing of the property that you were interested in. If we can be of more service please contact us!
Email us at: ResidentTeamRealty@yahoo.com or Call: 407-301-0312
Click Additional Information box to see listings.
Mark Horan
"The Resident Chef"
Broker
Resident Team Realty, LLC
Phone: 407-301-0312 Fax: 407-426-1101
Email: ResidentTeamRealty@yahoo.com
Website: www.ResidentTeam.com
Out of state home buyers are continuing to ask, how much are the taxes on a particular property. Florida is different than most states. Properties are assessed on the last sale price. So if a home is being sold as a bank owned property, the sale price is greatly reduced from the last sale pricing most cases. If a home sold in the past for $450,000, the taxes will be over $5,000 a year. If that home currently sells for $250,000, the taxes will be reduced almost 50% the next year.
We also have homestead exception. This allows a resident to deduct $50,000 from the assessed tax value. In Florida, the tax assessment for Florida Residents can only increase to a maximum of 3% a year from year to year. Non residents are capped at 5%.
These are the current laws. They may change some what because of the amount of foreclosure sales effecting the overall tax roll income for the state. But they have not done anything about it yet.
Use the current taxes as a guide, not the rule when concidering a purchase.
Mark Horan
"The Resident Chef"
Broker
Resident Team Realty, LLC
Phone: 407-301-0312 Fax: 407-426-1101
Email: ResidentTeamRealty@yahoo.com
Website: www.ResidentTeam.com
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I have the recipe to make home buying and selling a great experience. "See What's cooking in Central Florida Real Estate" Call today 407-301-0312 or visit me on the web @ www.residentteam.com
Visit www.ResidentTeam.com
I am currently working with families that are in pre-forclosure. I enjoy listing homes and working with families that are trying to buy a home. Call me! I can help you, it would be my pleasure.
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"Mark did an Excellent job as our Realtor. He was always available to contact. He worked out all of our issues with the seller for us. We did nothing. He believes he is there to serve you first and foremost. He is easy to talk to and he gives you as much assistance as he can. I would recommend Mark Horan anytime! He was very professional."
"Joseph and Kim Algero"
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"Enjoyed working with Mark and the end results. His follow-up at & after settlement was exceptional"
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"Mark went above and beyond helping us find our home!"
"We found Mark on the internet. We met him at our first showing and liked him immediately. Our experience was positive! The buying transaction was simple for us- thanks to Mark's preparation. We have recommended him to our friends who may be doing the same as we did. Mark went above and beyond helping us find our home! His frequent calls (for 3 plus months) let us know he was really trying to find us the perfect place. And he did. Thank you Mark!
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" My lender was being difficult"
"My lender was being difficult and Mark took the time to developed a positive relationship which resulted in a successful short sale closing. Mark Horan is the most contentious Realtor I know!!""Michael and Tina Johnson"
"Fellt very comfortbale with Mark"
"Felt very comfortable with Mark while I was completeing my transaction. As a first time homebuyer Mark took the time to show me the ropes. I was never rushed or pushed around and felt very confident with Mark by my side. It was nice to know I have one more friend in this great community!"
"Shamus O'Marra"
Mark Horan certainly knows what he’s talking about
"Mark Horan certainly knows what he’s talking about when it comes to real estate. Being a REALTOR®, he has a keen sense and a unique perspective when it comes to the real estate market and the things that affect it, like mortgages. His expertise makes him the perfect resource for information about the upcoming legislature regarding the real estate market and loans."
" Realtor.com "
"I couldn't have received better service if I tried!"
I am also a Keller Williams associate, The Resident Team was highly recommended by Mark's Team Leader. Upon further conversation with Mark, I felt he was trust worthy and I had an excellent feel for the short sale process. I know that in every profession there is room for improvement, and areas to learn. However, in my instance I can honestly say, I couldn't have received better service if I tried!
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" extremely satisfied "
" We, Pereda Homes, Inc and Beverly Perez, are extremely satisfied with the quality of care we have received from Mark. We feel that he has had our best interests at heart and has been most helpful at every turn. We want to continue to work with Mark in securing other real estate because of his zeal and perseverance in finding property that fits our needs."
" Pereda Homes Inc. and Beverly Perez "
" Honesty"
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" My house sold in only 2 weeks "
" My house sold in only 2 weeks and closed in the same month. Things could not have been easier for us ! Thank you Mark, you are the best "
" Steve and Beth Maus "
" Thank you "
" Thank you for explaining everything to us in detail and giving us a perfect understanding of what was going on in selling our home."
"Your timely responses, thoroughness, and detailed plan were reassuring and you made our lives simpler. We could not have done it without you, Mark!"
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" Thank you Mark, our condominium sale proved to be a very pleasing experience. You were very professional in all dealings and were considerate enough to attend our closing."
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" The best "
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" THE GREAT SAVE"
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"All our needs were met!"
"Mark and his Team were always prompt in replying to our emails and the team worked diligently to make our closing successful. Matthew the closing coordinator went above and beyond the call to make our transition into our new home a reality!"
"Frank and Judy Sacchetti"
"First Time Home Buyer"
"As A First Time Home Buyer, Mark Took The Time To Make Sure I Understood Everything About The Process. Mark Was Very Patient And Informative."
" Miriah Wells "
Second Property Sold !
"This is the second property Mark has sold in under 2 weeks. He was professional, curious, and knowledgeable about the real estate market"
"Clarine Wells"
Service was excellent.
"Mark was very helpful and empathized with my needs.
He kept me informed and up to date. He did not push me against my will, he worked with my needs."
"Andrine Ann Margaret Stanhope"
Mark did an Exceptional Job!
"Mark did an exceptional job in every sense. We have bought and sold a large number of homes in the past, and Mark did far better than any other Realtor we have worked with. We highly recomend him."
"Richard and Nancy Boss"
He showed me the home that met my expectations.
"I was unsure about the area T wanted to purchase in. Mark took me all over. When he knew what I was lookinh for, he showed me the home that met my expectations."
"Keith Harlan"
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