Sandra Roman

Just when you thought you couldn't afford your dream home, here comes the real estate fairy with her magic wand. Except the real fairies are the banks holding millions of dollars worth of inventory and they are fast tracking these properties out of their hands into yours. It never ceases to amaze me, the offers some banks will accept. I have had buyers offer such low amounts on condos in Orlando,FL that I was almost emabarrassed to present the offer. Just as I held my breath, bracing myself for the rejection, I got a huge surprise! Yes, the bank said Yes! Of course the bank may want to close right away and or the property is being sold in "as is condition" but so be it! Ninety percent of the time, it is a wonderful opportunity to buy a property completely untouchable several years ago. I say, don't keep debating whether this is the best time to buy...the answer is yes. Now is the time to make your move....Find your real estate fairy.

Next time your condo deal is falling apart because the lender won't approve the buyer's mortgage don't lay down and die. Review the reasons why and if it has anything to do with the condo complex's HOA delinquency rate; Don't be shy, tell the mortgage agent to ASK FOR A FANNIE MAE EXCEPTION. It may cost the buyer a $200. review fee and it can take another 2 weeks to get approved but it is worth a try!

Fannie mae, will want to know how the complex is planning to lower it's HOA delinquency and what are their long term goals. Best to have the HOA president send a letter explaining what methods the complex has in place to collect past due monies and other strategies to keep the community solvent. If the HOA Pres won't help then go to the CAM of the complex, they get paid and the seller can lean on them to cooperate. I have had two Fannie Mae waivers issued recently. In both cases they were approved easily and to the immediate benefit to all parties concerned and to the long term benefit of the complex, which can now become a Fannie Mae approved property.

Market stats are in for July 2011 in the Central Florida and bank owned properties represent over 47% of all sales. Short sales are aapproximately 27% and the rest are regular sales. !0 years ago in August, banked owned were less that 1%, short sales also less than 1 % and if you were selling your house, you had an excellent chance of getting closed within 45 days....Not so fast today.

Unless you really need to sell, sit it out another two years. I know that sounds like forever, but the competition is tough. The privately owned properties most likely to sell now, will be single family homes, priced at market value, well maintained and in desirable neighborhoods......(condos buyers are still having a hell of time getting mortgages mostly because the complexes themselves have high HOA delinquency rates; the lender allowable rate is only 15%.

Good news for buyers...the world is your oyster...Buy your dream house today with as little as 3.5% down. The prices are lower than last years....and yes, prices seem to have struck the bottom of the abbyss and will linger there thru the end of the year. SO act now. Get into your new home by Thanksgiving!

Yes, low appraisals have been nailing the coffins shut on condo sales in Orlando. Appraisers are scrambling all over town looking for suitable comps and often to find just one is like Eureka, to find three is close to a miracle. It seems the appraisers are grabbing at straws to come up with a value. Most recently, while representing the buyers, the appraisal for a condo came in at $17K below contract price. Big difference considering we are only talking about a sales price in the mid $100 K. Both the sellers and buyers were dishearten.

But just when we thought the transaction was dead in the water; Like Lazarus resurrected , the lender, if you can believe this, actually dismisses the appraisal! The lender states the appraiser used one comp over 6 months old, and another comp that was in "pending" status and not actually closed....and therefore not acceptable. YEAH! So we are all back to the drawing board. The appraiser has to find better comps even if it's miles away.

I guess the moral of this story is that it actually looks like the lenders are showing some flexibility, and concern for their clients. They may be "getting it", that to stimulate the real estate market and to make money, they have to lend money.

This is a good opportunity for all the buyers, who thought that cash was the only way to acquire a nice condo in OTown, to actually dive in and test the water. Call your mortgage agent today and find out about their condo streamline financing options. The condo prices are extremely affordable....and let's face it, you gotta live somewhere, so why not own your own place?

Fear is a terribly paralyzing emotion. Fear of the unknown. So many of us are cemented spectators, watching the parade go by and never participating. It's time to jump in. Not blindly, but equipped with facts and figures.

Fact: Condo prices in most of Florida are still low.....banks are practically begging you to take these properties off their hands.

Fact: The rental market is healthy. People need shelter, low to moderate priced housing is the bread and butter of the rental market.

Fact: You can buy a condo in Orlando for as little as $40K dollars, keep it empty, live in it or rent it and make money on your investment.

Figure: Baby Boomers are retiring everyday, many looking for second homes in warmer climates.

Figure: Orlando ranks first as a family vacation destination. Orlando has the second largest number of hotel rooms in the country and is one of the busiest American cities for conferences and conventions

Figure: Orlando has over 80 golf course within a 30 mile radius of the center of the city.

Figure: Orlando ranks as the fourth most popular city, based on where people want to live, according to a 2009 Pew Research Center study.

Now you know...So don't just sit there...Make your move!