Mark Horan P.A. "The Resident Chef"

How Long Will It Be Until The Banks Open The Flood Gates. Banks are holding back bank owned properties to keep property values from plummeting. By hold 70% of the bank owned foreclosure off the market, the banks are slowing the depreciation of American home prices. The inherent problem is that the pipe line is filling faster than the bank owned properties are selling. By controlling the Real Estate market bottom, they are limiting the lose that they getting from the foreclosure crisis. I do see the dike springing a leak and the release of many bank owned properties are going to make a buying Fiorenze from the great deal we are going to see. I don't see prices of the foreclosures getting that much better, but the amount that is going to be sold will affect the median home price to drop. The fly in the ointment, the banks protecting the price market by not granting as many loans. So, does the government keep giving them money, while they are manipulating the housing market.

Only time will tell.

For a list of Foreclosures in the Kissimmee and Saint cloud, Florida areas, Contact the Resident Team by clicking the link below.

Yes in the current market here in Kissimmee and Saint Cloud , Florida Investors are reaping large rewards. With home prices at a 10 year low it is actually possible to purchase a home and have positive cash flow from your investment. The next two years are going to produce a large amount of future wealth.

The past 10 years prices were so high that the rent rolls didn't cover the mortgage amount. That has changed and the investors are here reaping the benefits.

For a list of Bank Owned Properties click The Resident Team's link below and request yours today!

I successfully negotiated another short sale yesterday. The second lien holder Wells Fargo agreed to release the lien for the contract amount of $13,000. But, they will not release the note of $85,000 dollars.

They won't stand in the way of the short sale, but they are holding the homeowner to the fire on the second mortgage. This is the second time that I have seen this in just a week. They are forcing homeowners that are distraught to file bankruptcy by not releasing the note. And they are not budging. It use to be that they were only asking, but now they are demanding.

Again the arena of Shorts Sales is ever changing.

There is a market segment that is red hot here in Kissimmee/Saint Cloud Florida. Bank Owned Kissimmee, and Bank Owned Saint Cloud Homes. There are currently 703 active Bank Owned Listings in Kissimmee and Saint Cloud and an additional 294 pending.

These homes are marketed below appraisal and are priced to sell. You really need to look them over, some are in much better shape than others.

There are currently 3 segments of homes for sale.

Homes for sale that are owner occupied. These homes are listed at appraised value or above. Most are above. These are the homes that the media talks about the doom and gloom. They have been sitting for a long time and as the market drops they don't because they need to get a certain amount. These homes are in a "Buyers Market". 160 days on market and above.

The next segment are Short Sales. These are usually at about appraised value. The thing to remember here is that the lien holder really does not care what the appraised value is, they are concerned with what the home owner owes, and they are trying to get 80% of the loan value. These homes are over priced and even if the selling agent drops the price, the bank is under no obligation to honor the list price , or advertised price the listing agent is advertising. 80% of short sales go into foreclosure and don't get sold as short sales they go into foreclosure. This is a market that I stay away from with buyers. I do short sales for sellers and I can say that I have never lost one to foreclosure. But, most agents don't have the skills or knowledge to pull off a short sale. 160 days on market and above.

Last but not least, are the Bank Owned properties. These properties are priced 20% below market. By the time the home goes on the market, at least 3 appraisals have been done. They do them about every other month during the foreclosure process so that they are aware of where the market is they can price the home 20% below appraisal. If there are repairs, they get 3 contractors to submit bids so that they know the extent of the repairs and they price the home 20% below appraised value minus the repairs. So you see, the pricing is very thought out. The idea is to price it below appraised value so that a mock auction occurs and they can retrieve the highest and best price. If offers come in lower, they do not accept them. They would rather lower the price themselves until they get multiple offers and get a mock auction. This is the case with 90% of the banks. Why take $10,000 less when they can drop the list price $10,000 and get 3 or 4 offers and have a mock auction and possibly get the price they started at. Bank Owned Properties are in a SELLERS MARKET. Under 60 days on market average. There is a lot of crap out there, but there are some great values.

I do not represent the banks, I represent you. It is my job to be straight with you. I do this 365 days a year and 7 days a week. If we find a home that is priced right and in good condition, we need to jump on it and we need to offer a price that will be accepted. Remember, if you want the bank to pay your closing costs. They don't need you as a buyer, there are many buyers in this segment. The bank looks at the net of the deal. so we need to offer with regards to what the bank will net if they accept your deal. This contingency will cost you deals unless the bank can net the listed price in most cases.

It's time to take advantages of lowered interest rates and aggressive pricing. The time to buy is now.

If your ready to buy a home, contact Mark Horan today and get started. The Resident Team will help you acquire a great deal starting today.