Mark Horan P.A. "The Resident Chef"

Short Sales Are always Changing. The basics stay the same, but the rules do change. Last month it was the 2ND mortgages refusing to forgive the debt but release the collateral. They are tired of just getting $1,000 to $4,000 as consideration for their mortgages. They know that if the property gets Foreclosed on, they get nothing. But is the amount of consideration fair. So, they got together and decided that they would take the token amount and demand an unsecured note from the homeowner but not stand in the way of the Short Sale transaction.

Now, Freddie and Fannie are not negotiating the compensation of the Realtors that are orchestrating the Short Sale. It doesn't make sense to take commission money from the ones helping them. That's counter productive. As long as the commission does not exceed the customary rate.

With the changing times, The Resident Team in Kissimmee and St. Cloud, Florida felt that it had to change too. So we hired a Short Sale negotiator. This full time position lets our staff do what it does best, help people buy and sell Real Estate and not spend hours on the phone talking to loss mitigation negotiators. With being free to help homeowners, our business has experienced a spike in productivity.

The Resident Team welcomes any homeowner that needs counseling on the Short Sale and Foreclosure process. Call or email us today. Your correspondence will be strictly confidential.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

When Purchasing Bank Owned and Short Sale Properties, Trust the Professional. Your Realtor. These transactions can be tricky and unusual to the home buyer. Each seller has their own disclaimers and work at different speeds. Purchasing distressed properties isn't the traditional way Real Estate is bought and Sold. It is normal for the average buyer to feel uneasy and uncomfortable with how the transaction transpires. That is why you the buyer hired a Real Estate Professional. Their coaching and advise is motivated to aid you in your purchase. They will ask you to do things that seem unconventional at times, they need to be trusted if you have hired the right one.

Incredible deals are being transpired daily in this market segment, but you must remember that this segment is currently a seller's market here in Central Florida. It's the seller's rules. If you are willing to play by them, then you will get a property at an amazing deal.

The Resident Team is currently working with buyers in the Bank Owned Market, and Sellers in the Short Sale Market. We have the integrity and experience buyer's demand.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

What is The Difference Between Foreclosure, Pre-Foreclosure, REO, and Bank Owned?

These are the questions we are asked by home buyers daily. So, I will try and clear up this jargon for you. When a homeowner has missed payments, currently after the third payment is missed, the lender files a lis pendence. This is there notice to the courts and the homeowner that the lender is going to foreclose on the homeowner and take the property that is the collateral on the mortgage. The courts are now taking about 9 months for this to go to court and take possession of the property. This is PRE-FORECLOSURE. The homeowner now either needs to pay the back payments and make the mortgage current, or sell the property to stop the process. The problem for most homeowners is that their home is worth less than their mortgage balance. In this case, they can ask the lender for a loan modification. This would allow the homeowner to keep their home and continue paying. The second option is to sell their home. This is where short sales are used. The Realtor gets an offer on the property and begins negotiating with the lender to accept the sale for less than what's owed and stop the foreclosure.

FORECLOSURE is the process of a court forced sale of the home at the court house. This is what the lender is suing the homeowner for. The lender wants to receive payment for the delinquent loan.

Most FORECLOSURE sales at the court house are attended by the lenders. With the number of these auctions daily, the banks are buying the properties themselves. This inventory of homes are the BANK OWNED PROPERTIES or REO's. REO comes from the lenders balance sheet and listed as REAL ESTATE OWNED.

For help with stopping FORECLOSURE in the Kissimmee and Saint Cloud, Florida area, call or email us by clicking on the link below.

Short Sales aren't such a Dirty Word Anymore. Why are they seemingly easier currently. Maybe the amount of foreclosed homes becoming bank owned properties. You ask, what does this have to do with short sales? I will tell you. As banks are increasing their inventories of REO's or Bank Owned Properties. Bank's are not releasing their total inventories trying to control pricing with supply and demand. I have heard that 70% of Bank Owned Properties are being held back to create a bottom in price. They are releasing them for sale to replace the Bank Owned Properties that are being sold. Thus declining inventories to hopefully bring up pricing so that their inventories increase in value.

But, REO are coming faster than the sales. Inventories are increasing and the banks need to slow the incoming flow. If they can negotiate short sales, they will decrease the amount of foreclosure homes that add to their REO inventories. Banks are figuring this out,but the asset management companies are still difficult to deal with. Saxon is the worst we have dealt with all year. They lose files, destroy files, and don't communicate well. Under staffed I assume. But lack of caring is evident.

We are experiencing faster negotiating times which make it easier for the buyer's to hold on and not flake out and disappear. If you are behind on your Mortgage in Osceola County Florida, and reworking your mortgage is not an option, call The Resident Team for a free confidential counciltation to see if a Short Sale is an option that could help you.

Email us or call us. For information and comments from our past clients, click on the link below.

The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com

Introducing The Community of Harmony. Just East of Saint Cloud.

Much more than a planned community, the Town of Harmony was shaped with a purpose from the start - to build an environmentally responsible community where like-minded individuals can share common dreams and ideals. This award-winning town was designed with the idea that people and nature can co-exist. Harmony is nestled among 11,000 acres of pristine Florida nature, with 7,700 acres of protected habitat. We offer a selection of home designs extending from 1,248 to 7,028 square feet of living space and spanning in price from the mid $100,000's to $1.7 million. All of our homes are built to be fully Energy Star compliant.

Our K- 12 schools are within walking distance for all residents. We offer access to community owned boats so residents can enjoy our two privately owned fresh water natural lakes. Harmony has miles of natural or urban trails throughout the community. To ensure fun for all ages, we also have a full time activities director on staff, offering a wide variety of programs for our families. Harmony features the only Johnny Miller-designed golf course in Central Florida. Rated 4 ½ stars by Golf Digest magazine, the Preserve offers a challenging game to players of all skill levels - a 7,428 yard, 18-hole signature course.

If this sounds like a community for you, Contact The Resident Team Today! We can send you a list of all the Bank Owned Properties in this community.


The Resident Team
Keller Williams Realty
Phone: 407-301-0312
Email: markhoran@NUMBER1EXPERT.com
Website: www.ResidentTeam.com