Coral Springs Real Estate - Lynn Pineda -Click here for Blog

Short Sale for Sellers (Chapter 4) What happens when you get an offer to purchase?

Fri, 22 Aug 2008 18:44:49 -0500

Your home has been on the market for sale as a Short Sale for a while now. In the last chapter we discussed Selling your Home as a Short Sale. You've had some steady showings and are anxiously awaiting for an offer as you continue to miss your mortgage payments. Another busy day has passed you're sitting at the kithen table and your phone rings; it's your Realtor...she informs that an offer has come in on your home. Finally! WOO HOO!... now what?

1. Remember all the documentation that your Realtor asked you to gather: hardship letter, paystubs, bank statements, tax returns, income & expense statement, etc ? These will be used to support other documentation put together by your Realtor to have the facts to present to your Lender to approve the sales offer.

2. Along with your financial documents, your Realtor, knowledgeable and effective in the Short Sale process, will put together a analysis of your home and its market area that will support the offer price. This analysis could include; other recent homes sold within your area and the prices paid by Buyers, the current inventory of homes for sale, the length of time your your home has been on the market, how long have homes been on the market in your area, the rate in which homes are in foreclosure in your area, the location & condition of your home, etc.

3. Included with the sales offer will be the oh so essential and accurate Preliminary HUD. Why would a Lender want to see this, you might ask? The Preliminary HUD or settlement statement can make the difference in whether or not the sales offer is approved. Do you have any unpaid property taxes, unpaid homeowner association fees, IRS liens, judgments? If so, these must be known prior to submitting the sales offer to your Lender. This will let your Lender know how much they are going to net from the sale; how much money they will be receiving. If these costs are not included on the Preliminary HUD and you get an approval from your Lender based on this Preliminary HUD only to find out that some past due fee was missed and not included, you might as well forget about trying to get that item paid out of the sale proceeds. But who will pay for it? It will be either you or the Buyer if the sale is to close.

4. Now at this point the success of the closing will weigh heavily on your Realtor as going forward she or he will be doing all of the negotiations with the Lenders's Loss Mitigation department. Their knowledge of short sales, negotiation skills and persistence will affect the outcome:

Why knowledge of Short Sales? They must know what is required by the Lender. It is vastly different from a tradtional Real Estate transaction.
Why negotiation skills? Because you Lender will be haggling for every penny and will need reasons supported by documentation and analysis of the market. The Lender is looking out for the Lender and you need someone who is looking out for you.
Why persistence? Because the Lender is probably dealing with 100's of cases similar to yours and if you don't have someone who is genuinely interested in your well being to avoid foreclosure than your file will remain at the bottom of the pile, getting closer and closer to foreclosure.

Coming soon we'll talk about the intricate details of Loss Mitigation negotiations.

The more you know, the better prepared, the better the outcome. Stay tuned for the next Chapter addressing Short Sales. Come back soon to see the next released Chapter.

Got something that you'd like addressed, let me know.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland and Sunrise in Broward, Dade and Palm Beach County of South Florida as your dedicated Realtor ready to work for you. Looking forward to hearing from you soon. Call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse.com

12222 NW 148th St Miami FL 33186 Short Sale Townhouse

Thu, 21 Aug 2008 17:31:40 -0500

What a perfect location; near a brand new shopping and dining plaza with Costco nearby and don't forget your visits to the nearby Metro Zoo. Great opportunity of buy this fabulous townhouse as a Short Sale in Carriage Park of Miami.

Lynn Pineda | Keller Williams Partners Realty | 954-464-1100

12222 SW 148th Street, Miami, FL

Short Sale Towhouse in Miami's Carriage Park - close to the Metro Zoo

3BR/2.5BA Townhouse

offered at $198,000

Year Built	1999
Sq Footage	1,580
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Uncovered spaces
Lot Size	Unspecified
HOA/Maint	$89 per month

DESCRIPTION

This isn't your typical townhouse-feels more like a single family home as there are no shared walls;seperated by storage shed 8'x6' & wall extension.Bright & charming home.White ceramic floor downstairs & wood laminate on staircase & upstairs. White and bright kitchen opens to large dining area & french doors to outdoor patio & small yard. Corner lot has larger fenced in yard than other units in community and very private. Bedrooms are located upstairs along with washer & dryer.You'll like the extra storarge shed outside about 8'x6';Close to new plaza with shopping & dining with metro zoo nearby.Short Sale buying opportunity

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Tile floor	Living room
Dining room	Breakfast nook	Dishwasher
Refrigerator	Stove/Oven	Microwave
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio

COMMUNITY FEATURES

Storage space(s)

Swimming pool(s)

Playground

OTHER SPECIAL FEATURES

8'x6' Storage Shed attached to towhouse

ADDITIONAL PHOTOS

Seller contact info:

Lynn Pineda

Keller Williams Partners Realty

954-464-1100

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 21, 2008, 1:12pm PDT

Short Sale Listing Agent doing their own BPO - have you heard of this?

Tue, 19 Aug 2008 21:10:28 -0500

This is a first for me but it happened today.

I have a Short Sale listing that I'm negotiating with Ocwen and they've requested that I complete a CMA document in the manner of a BPO. It's good for me as I can present the market statistics that will clearly support my Buyers offering price. I don't have to worry about an out of town Agent completing a BPO in an area that they know nothing about or having a BPO done by an Agent that spends 10 minutes on it. Sure it's extra work, but I feel it's worth it, if they truly look at the analysis. I'd much rather that they look at an accurate analysis of my Sellers property.

Why are they doing it is what's got me? To save $50? Gosh, who knows. Maybe Ocwen is on to something; realizing that the Listing Agent is most knowledgeable about the property so why not ask them? I'll let you know how it works out.

I haven't had this happen with any other Lender I've dealt with - has anybody else come across this?

8340 NW 52nd Ct Lauderhill FL Short Sale for $196,000

Tue, 29 Jul 2008 22:00:17 -0500

PRICE REDUCED IN GREAT FAMILY COMMUNITY IN LAUDERHILL - REDUCED TO $196,000

Lynn Pineda | Keller Williams Partners Realty | 954-464-1100

8340 NW 52nd Ct, Lauderhill, FL

Short Sale City of Lauderhill

3BR/2BA Single Family House

offered at $196,000

Year Built	1983
Sq Footage	1,582
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	Unspecified
HOA/Maint	$0 per month

DESCRIPTION

Fabulous Short Sale buying opportunity for a 3 bed/ 2 bath pool home in nice neighborhood in the City of Lauderhill just south of Commercial and just east of Pine Island. Yard has great opportunities for outdoor pleasure as it just needs a little sprucing up! Listing Agent specializes in Short Sales; call with any questions.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Tile floor	Family room	Living room
Dining room	Refrigerator	Stove/Oven
Microwave	Washer	Dryer
Laundry area - inside	Yard	Swimming pool

ADDITIONAL PHOTOS

Seller contact info:

Lynn Pineda

Keller Williams Partners Realty

954-464-1100

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 29, 2008, 5:56pm PDT

5362 NW 124th Way Coral Springs Florida Short Sale $249,700

Tue, 29 Jul 2008 21:38:36 -0500

Imagine your opportunity to live in a great family neighborhood of Mayfair at Wyndham Lakes of Coral Springs

Lynn Pineda | Keller Williams Partners Realty | 954-464-1100

5362 NW 124th Way, Coral Springs, FL

Short Sale in Mayfair at Wyndham Lakes of Coral Springs

3BR/2BA Single Family House

offered at $249,700

Year Built	1998
Sq Footage	1,556
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	1 Car garage
Lot Size	5,130 sqft
HOA/Maint	$47 per month

DESCRIPTION

Great family home in Mayfair of Coral Springs. Nice open layout in your living & family areas.Let the kids have their rooms at one side of your home while you'll enjoy your Master Suite & Bath at the other end. Master Bath has seperate tub & shower. Neutral colors throughout with beige carpeting and ivory tiled floors in kitchen, bathrooms and laundry room. White and bright kitchen with marbled look countertops plus an eat in kitchen looking out onto backyard. Short Sale. Listing Agent Knows Short Sales.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Tile floor	Family room
Living room	Dining room	Dishwasher
Refrigerator	Stove/Oven	Microwave
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio

COMMUNITY FEATURES

Swimming pool(s)

ADDITIONAL PHOTOS

Seller contact info:

Lynn Pineda

Keller Williams Partners Realty

954-464-1100

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 29, 2008, 5:25pm PDT

Coral Springs Real Estate Happenings during the month of June 2008

Mon, 28 Jul 2008 21:35:10 -0500

Summer has been in full swing as we push on through the hot summer temperatures hoping for an easy hurricane season and enjoy the planned summer vacations of special times with family and friends. The housing market continues to plug its way through some tougher times but like any strong and resilient city, the residents of Coral Springs will strive and survive!

Changes always seem to be contant and aren't any different here in Coral Springs. This month we've seen quite a significant increase in home sales while the average sales price has declined. Could this again indicate to us that a drop in prices will increase the number of home sales. That would seem to be the case this month. Home Buyers continue to purchase homes at great values. Take a look below to see where the Buyers are moving.

Short Sales and Bank owned (foreclosures) continue to be a prevalent part of the Real Estate Market here in Coral Springs. Homes continue to average being on the market over 7 months before they're sold.

The following is in comparison to last months: May 2008 Coral Springs Real Estate Home Sales

Check out what happened to Coral Springs Real Estate sales during June 2008

97 homes were sold (quite an increase from last month - good news!)
The average price was roughly $371,995 (a decrease from last month)
The prices ranged from $1,500,000 to $171,500
Homes were on the market approximately 236 days or near 8 months before they sold (an increase from last month)
Of the homes sold, 9.28% were Short Sales as closing time frames have increased with Short Sales due to the increase in pre foreclosure filings and 18.56% were Bank Owned. Does this indicate that many homeowners are throwing in the towel before they even try to sell their home as a Short Sale to avoid forceclosure? Or are Lenders digging in their heels and reducing the approvals? Or are those not knowledgeable in Short Sales attempting to sell a home as a Short Sale. Perhaps a bit of it all.

What neighborhoods had homes selling:

Applewood, Broken Woods, Brookside, Butler Farms, Coral Creek, Coral Springs Country Club, Coral Springs University, Coventry Cove, Cypress Glen, Cypress Lakes, Cypress Run, Eagle Trace, Feathertree, Forest Hills, Glenwood, Grand Isle, Grenadier Estates, Heron Bay, Hidden Hammocks, Kensington, LaPlacida Villas, Maplewood, Mariners Cove, Mayfair at Wyndham, North Springs, Pelican Isle and Pelican Trails of Wyndham, Oakwood, Pine Ridge, Ramblewood, Ridgeview Crossing, Royal land, Running Brooks Hills, Shadowwood, Springs Pointe, The Crossings, The Isles, The Springs, Venetian Isles, Vizcaya,West Glen, Westchester, Whispering Woods, Windsor Bay, Woodlake, Wyndham Lakes

(Those neighborhoods in bold had the greater number of homes sold in their communities and the communities of Eagle Trace and Ramblewood had the most of all in Coral Springs - so what does Eagle Trace and Ramblewood have going for it?

Now, what do we still have available and currently for sale in Coral Springs Florida? There are about 1113 single family homes currently for sale here in Coral Springs (a small drop in inventory from last month). Short Sales continue to be active as Buyers are looking for a well priced home and Sellers are looking to avoid foreclosure. Foreclosure filings continue to increase which means we'll continue to see an increase in Short Sales here in Coral Springs. If you have questions about the Short Sale process, please email me or call me with your questions.

Coral Springs is a fabulous town and it would be my pleasure to help you if your Real Estate needs include selling or buying. I've lived here in Coral Springs since the early 80's and it truly is a wonderful town to live in with so much to offer.

Please note that this data was taken from MLS information and it's accuracy is subject to property record updates and I'm not guaranteeing its accuracy.

4741 NW 6th Place Coconut Creek FL 33063 Single Family home $190,000

Sat, 26 Jul 2008 12:13:53 -0500

Be the first to snatch this home that has just received the green light from the Lender on the price as original Buyer gave up waiting.

Lynn Pineda | Keller Williams Partners Realty | 954-464-1100

4741 NW 6th Place, Coconut Creek, FL

Short Sale in Coconut Creek Florida

3BR/2BA Single Family House

offered at $190,000

Year Built	1994
Sq Footage	1,635
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	Unspecified
Parking	Unspecified
Lot Size	4,158 sqft
HOA/Maint	$37 per month

DESCRIPTION

Lender has given APPROVAL OF PRICE from prior offer withdrawn by Buyer who gave up waiting. Fabulous short sale buying opportunity in Coconut Creek FL of Coco Palm. Terra Cotta colored tile floors throughout living areas. Kitchen has wood cabinets with lovely coordinated tile countertops. All white appliances.Eat in kitchen. Large Master Bedroom with Roman tub and shower plus Master has huge walk in closet. 2nd & 3rd bedrooms are good sized too. Laundry room indoors & newer AC. Nice yard has patio for your outdoor dining & relaxing. SHORT SALE.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Tile floor	Living room	Dining room
Breakfast nook	Dishwasher	Refrigerator
Stove/Oven	Microwave	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

OTHER SPECIAL FEATURES

Banana Fruit Tree

ADDITIONAL PHOTOS

Seller contact info:

Lynn Pineda

Keller Williams Partners Realty

954-464-1100

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 26, 2008, 8:26am PDT

Short Sale in Coral Springs Florida - 3 bed/2 1/2 bath Townhouse $249,000

Tue, 22 Jul 2008 20:53:38 -0500

Sharp, Short Sale in Fairway of Heron Bay of Coral Springs Florida, waiting for you. Living in this townhouse comes with privledges to the three community pools and spas, two exercise gyms, tennis courts, racquetball, bike paths, prestigous golf country club and more!

Lynn Pineda | Keller Williams Partners Realty | 954-464-1100

5743 NW 127th Ter, Coral Springs, FL

Short Sale in Coral Springs 3 bed/2 1/2 Bath Townhouse

3BR/2.5BA Townhouse

offered at $249,000

Year Built	2000
Sq Footage	1,644
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	2
Parking	Unspecified
Lot Size	2,800 sqft
HOA/Maint	$261 per month

DESCRIPTION

Lovely place to call home.Warm & welcoming color palette. Eat in kitchen w/white wood cabinets & slate blue tile counter. Open living & dining area. Walk beyond to spacious Master Bedroom, walkin closet & Master Bath w/jacuzzi tub; seperate shower & toilet behind closed door. Wooden floored staircase takes you to 2 spacious bedrooms & a 2nd bath. Downstairs you'll find a 1/2 bath. Brand new top of the line Kenmore front load washer & dryer.Well maintained & clean home.Short Sale.Realtor knows short sales.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Tile floor	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Attic
Washer	Dryer	Laundry area - garage
Balcony, Deck, or Patio	Yard	Jacuzzi/Whirlpool

COMMUNITY FEATURES

Business center	Clubhouse	Fitness center
Swimming pool(s)	Sauna/Spa	Tennis court(s)
Golf course	Playground	Gated property
Secured entry

OTHER SPECIAL FEATURES

(2) Fitness gyms, racquetball and tennis

(3) swimming pools

ADDITIONAL PHOTOS

Seller contact info:

Lynn Pineda

Keller Williams Partners Realty

954-464-1100

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 1, 2008, 6:11pm PDT

God wants me to be a Rockstar!

Tue, 22 Jul 2008 20:19:45 -0500

I been wanting to share this. This was a recent message communicated by our Paster at my church, Church By the Glades here in Coral Springs. Our church is so innovative in trying to reach people to have a relationship with God. Currently we have a series on "Twitter" as in "Twitter" the social networking site that so many of us belong to. How do we all communicate?

Our pastor delivered his message by saying how we're all different and can be defined simply by being a bottle of H20 (water); existing, going through daily life, not having a lot of flavor to us, not talking about our relationship with God, not encouraging others to be their best, just blending in, etc.

We could be a bottle of prune juice; always negative, finding fault in others, bringing others down, a real drain to be around, the person others run from - thus prune juice - LOL

We could be a bottle of Rockstar, a energy drink, filled with ingredients to energize us. We should strive to encourage others, look for the good in people, believe that God has a fabulous plan for us and talk about God to others to lift them up.

Not only is this important in our relationship with God but also in our relationships with our clients in our Real Estate business. Who would our customers like us to be? I would imagine a Rockstar. Lets keep the prune juice in the cupboard.

Do Lenders approve Short Sale offers at gargage sale prices?

Sat, 19 Jul 2008 15:36:38 -0500

You would think they do when I look at some of the offers that Realtors submit on some of my Short Sale Listings here in and around Coral Springs. Aren't Buyer's Agents looking at comparables within the homes neighborhood to determine what is a good market value for a particular home? Or are they just allowing the Buyer to offer a garage sale price? Most Short Sales should be priced to move at the price they are listed so why do Buyers and their Agents feel that they automatically must low ball the list price by 20% - 25%? Lenders may want to move the property but they simply won't give it away.

Greed can be a nasty thing; what about buying a Short Sale property that is probably already priced just below fair market value? No, let's not....let's see if we can milk them for even more - yes, greed is affecting a lot of Buyers and their Agents.

It sure would be great if we all could get on the same playing field and move the market into getting homes sold at great values as this will benefit us all. Is this more prevalent here in South Florida or is this happening in your neck of the woods too?

Happily serving in and around Coral Springs Florida of South Florida to include such cities as Coconut Creek, Parkland, Sunrise and more.

Considering a Short Sale? Have some questions? Please call me at 954-464-1100 or email me at lynnp@ImagineYourHouse.com

City of Coral Springs is top notch when it comes to quality

Sun, 13 Jul 2008 18:09:00 -0500

The city of Coral Springs Florida is very proud of being the first city in the nation to receive the Malcolm Baldrige National Quality Award. It serves as a model city after receiving this prestigious award on April 23, 2008. The city has been striving to be the best for its residents and businesses since it has been following the criteria specific to the Malcolm Baldrige National Quality Award that started 15 years ago.

What exactly does this mean to you as a resident of Coral Springs or as a local business owner?

It means that the city listens to the wants and needs of its residents. You as a resident voices your concerns and this city listens to you.
Keeping taxes low here in the city will mean that you get more for your money here in Coral Springs.
Bureaucracy doesn't have its place here in Coral Springs as they try to chip away with the roadblocks that bureaucracy can create. Employees push to find the best way to get something done and are held accountable.
With recent changes to reducing property taxes in the city which has meant a reduction in the monies available for its operating budget, the employees are looking closely at options as to not adversely effect services here in Coral Springs.

So if you're thinking of moving to Coral Springs, this award clearly solidifies what the city of Coral Springs is all about. And for those of us already living here, what a pleasant reminder as to why we call Coral Springs home. I've lived here with my family since the early 80's and it truly is a great place to call home.

Coral Springs Florida, a great place to live, work and play!

As a Realtor, servicing in and around Coral Springs Florida, I'd be glad to help you with any of your Real Estate needs if you're buying or selling.

You can reach me at 954-464-1100 or email me at lynnp@ImagineYourHouse.com