Back On Market! Contract Fell Through

In this market, things happen every day that simply make you shake your head in amazement. A client of ours upside down in a property in Clearwater Beach has been working for a year to do a loan modification with his lender... to no avail. Working with an attorney, he actually got an offer on the property that the bank ACCEPTED, then 2 days later they foreclose on the property! What??? Obviously they are repealing...

In this case, the owners of this gorgeous condo at Redington Shores Yacht & Tennis Club, going through their own financial and health issues, find themselves unable to keep up with this property weighted down with both a 1st and 2nd mortgage. They got a contract in which would be a short sale and presented it to the lender along with their hardship dilemma. After several weeks of intense scrutiny, the lender refused to even consider a short sale? So... the alternative??? Either let the bank foreclose on the property or be willing to accept a contract at a price where they can liquidate their future retirement and bring the balance of the funds to the closing table themselves.

So... that is the story with this condo. back on the market at $495,000 FIRM... $55,000 less than any other condo currently listed in the community! Seller will be ADDING close to $150,000 to the Buyer's purchase to make the transaction go through. Tough on the Sellers... an amazing opportunity for the Buyers. For information, click here.

This one couldn't wait! Just wanted you to know that a new short sale came on the market in Redington Shores Yacht & Tennis Club... priced at $374,900!!! This is an amazing opportunity to pick up a fabulous waterfront 3 bedroom/3 bath condo in a gated community in Redington Shores (in the coastal area of Tampa Bay, Florida).

Unit 305 in Building 3 came on the market yesterday and at this price it probably will not make it through the weekend! We are ready to answer your questions in regards to making an offer on a short sale. The things you make want to look at: 1) Take a look at our dedicated Redington Shores Yacht & Tennis Club website to learn more about the amenities this community has to offer; 2) Take a look at the actual MLS Information via the HOT DEALS page; 3) Learn more about Short Sales through our Blog (http://floridagulfpropertypurteeteam.blogspot.com/2010/02/short-sales-buyer-strategy-to-getting.html)

As a matter of fact, our Blog is filled with a library full of information about the Tampa Bay area and the Florida real estate market.

You will not want to miss this one! Call or Email us today...

Considering A Short Sale Over Foreclosure? New Fed Program May Help

We are frequently asked, "What is a short sale?" A short sale is when you sell your home if you owe more than its worth and you can't afford to make the payments. If you consider what it was like to qualify for the mortgage loan in the first place, now you have to qualify in reverse... that you cannot afford to continue paying. Many homeowners have found their homes reduce in value to a point where they owe more than it's worth. A short sale can be a possible way to unload it.

Effective yesterday, the short sale process has been simplified under the Home Affordable Foreclosure Alternatives program, or HAFA, which gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory and create an alternative to undervalued homes facing foreclosure.

The National Association or Realtors is offering webpage with information on how HAFA works at: www.realtor.org/shortsales

The U.S. Treasury Department guidelines and forms (updated March 26, 2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html.

Short Sales - Buyer Strategy To Getting The Best Deals

If you are considering a purchase in the Tampa Bay, Florida area, you are no doubt expecting to take great advantage of this market and the opportunity to save BIG $$$ on your purchase! You may have heard about all the foreclosures, but how knowledgeable are you on
SHORT SALES?
In a Short Sale, the seller is in a pre-foreclosure situation. He is not able to continue supporting the property (both its mortgage and expenses). Because of the fall in market value, both sellers and lenders are discovering that the current value of a property simply won't cover the balance of the mortgage.

So... consider the following example:
A couple purchased the beach front condo pictured above in 2005 for $679,000. They put 20% in cash down and took out a mortgage for $543,000. Along the way, with prices still climbing, they took out an additional line of credit for $60,000. You see where this is heading, right? The total debt against this condo is around $600,000. BUT the market value has slid up to 20-25% in this case... bring the current market value to between $509,000 and $540,000. To get aggressive in selling the condo quickly, we as realtors advised them to price it at $499,000... 26.5% less than what the seller paid.

In a short sale, the lender (in some cases both first and second mortgage lenders) is faced with making the decision whether to accept an offer on a property that is less than what is owed. Many factors come into this situation such as 1) The stacks of files with similar situations and the workload it represents to the lender; 2) The impact of the negative assets on the lender's balance sheet; and 3) The ability to recoup any of the loss from the original seller.

For that reason, the process can take a while. Buyers looking for an exceptional value and willing to be patient can wind up with an incredible deal! Really good short sale deals are usually under contract within the first two weeks of coming onto the market. Though our Buyer Program, we can enter the exact criteria of what a buyer is looking for with one of those criteria being a short sale. When a new property comes on the market that fits that criteria, an email notification automatically goes out to the buyer within minutes of it coming on the market! This is absolutely one of the best ways for a buyer to take advantage of the current market and save $$$!

Just Listed - Short Sale In Clearwater Beach!

JUST LISTED... Harborview Grande #600 in Clearwater Beach fits the profile perfectly for a property in the perfect location with lots of extras to make it an incredible second home/rental income-producing investment!

1. One of the few complexes in Clearwater Beach that allows 7-day rentals. Excellent rental history.

2. Desirable 6th floor corner location on west side of building with bay or beach views from every room!

3. Built in 2006, solid block (concrete) construction with all the current building codes.

4. 11 ft ceilings, 30 ft balcony stretching across living room and master suite.

5. Large master bath with large soaking tub and separate shower, double sink vanity and separate water closet.

6. Inside washer/dryer.

7. Digital thermostat with temperature and humidity control!

8. Fully designer furnished down to the coordinating dinnerware!

This is a short sale and therefore subject to lender approval of any offer. This unit originally sold for $690,000 PLUS the upgrades and furnishings. Listed last Friday at $459,000!!! In the first two days, there have been 7 calls on it. THE GOOD DEALS ARE SELLING FAST! Other Hot Deals