Mark Horan P.A. "The Resident Chef"

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

"When do You Think The Market Will Stabilize?" I was asked today by an asset manager about a condo in an area in Kissimmee. Here is how I responded.

"Hidden Cove is in an area that is economically dyeing in town. The low cost of housing has brought crime in the area. This community is slowly deteriorating. This is a gated community, but the gates don't work. Stabilizing will start when unemployment gets back to single digits. Our county is already at 10.4% which is above the national average. Tourism is the biggest part of our economy. Hotels and the theme parks are down with projections of 2010 not being any better.

My wife works for Marriott hotels in her 25th year. Next years bookings are down and the projections are not good. Property values are still declining and with Home Valuation Code of Conduct (HVCC)rules, I don't see any change. I sold a 2009 home last week for $215,000 only to have the appraisal come in at $135,000. This was a brand new home. The appraisal did say the replacement value was $195,000. So if builders are going to lose 30% of value on completion, they won't build. If they don't build, foreclosures are going to rule the appraisals under HVCC. So, until the economy picks up, and the foreclosures stop. the values here in one of the top 3 foreclosure markets in the United States has no chance of recovery.

This market is not stabilizing yet, and it will be one of the last in the US. Values are down about 25% in single family homes over the last year. Condos, because of the number of condo conversions that took place from 2004-2006, the condo market is down almost 40% in the past year. HOA dues are not being paid, so the community deteriorates.

I hope this helps. Sell as quick as you can, or wait 2+ years.

This sounds grim, but it is what I believe we are looking at. Maybe if we abandon conventional financing, and only use the Government programs, offered by our Government lenders Freddie & Fannie, we have a chance. Seems convenient.

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Well, I Just had a brand new home appraised using distressed properties as comparables. The builder discounted the home , and the appraiser just devalued it $80,000. That's 37%. If builders cannot build a home and at the very least cover the materials, we are in for an economy with no new home starts.

Something needs to be done. Giving banks money is not solving our problems. Appraisers are using the lowest comps they can find regardless of condition or age. If banks don't need the loans to make money, the appraisers run unchecked. This is a very bad economic indicator.

I am taking this time to post an email I received about a blog I wrote sometime ago How Long Will It Be Until The Banks Open The Flood Gates. I agree with every point of this email.

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Message details:
From: Dana

Subject: from California (Sent via Activerain)

Just read your article about banks holding back their bank owned properties and all I can say is wow! YOU are on the mark! I own a repo cleaning business here in California. Business is sparse right now- regardless of how many homes I drive by that appear vacant, a mess, bank owned and NOT for sale.
In my desire to get to the bottom of my lack of new business... I have been asking LOTS of questions to many people in the know.
I talked with a broker in Temecula Ca a few weeks ago. She told me that she has a friend who works in Wells Fargo loss mitigation department. She said that thanks in large part to Obama's TARP billions- the banks now have the money to pay the taxes and other things on these banks owned homes for about another two years.
The banks are sitting tight on these empty houses in an attempt to drive prices back up. There little plot appears to be working.
Unlike a year ago- when the market here in California seemed rather flooded with unsold REO properties, most bank owned homes that come up for sale on the MLS today- are snapped up and SOLD within hours and a few days of being listed. Most have multiple offers $20-30 thousand ABOVE list price! The banks have intentionally created a NEED for higher priced homes and inventory- by intentionally holding back! While at the same time- they are starting to lend out the millions in new home construction loans to home builders here in Ca. Talk about double ending the deal?
As well, most say the home modification programs that were supposed to be helping distressed home owners are a giant joke. Most RE agents and brokers know of few people who have actually gotten loan mods and the help Obama kept promising. The banks appear to keep foreclosing and taking back their properties, they've taken the billions in government TARP money and made a run with most of it. Just thought you'd like to know. ;-)

I really don't think it's an unwise strategy for the banks. The real problem is that their balance sheets look so good from the TARP that they don't need to lend money. That's where the problem lies. Nobody can get a loan. The banks are not willing to help homeowners restructure their loans until they commit Harri Cari with their credit scores by missing three mortgage payments. What happens then, credits ruined, let them foreclose is the statement that I have been hearing.

By taking away the lending institutions pain, lenders don't need to do what it is that they are in business to do. LEND!

Dana, I had to post your email. It was filled with such good information and got me to say what has been getting under my craw.

So, if you are looking for a home.....and you have CASH... We are here to find you that perfect home.