Manatee County Real Estate news.

Real estate prices are rising as inventory and interest plummet

Joe Murphy (Coldwell Banker) — Wed, 08 Aug 2012 08:40:56 -0700

The Media has finally caught up with what I and many other Real estate experts have noted. Prices are rising. Supply and Demand control prices of commodities, and homes for sale (real estate) is a commodity. Most people tend to think of a home for sale as a product (i.e. a computer, apple, car) but really a house is an assesst that has a value that can change based on market forces. In the past few months I have seen more multiple offer situations on well priced homes, and bidding wars that are reminicent of the heady boom years of 2005-2007. Recently I made an offer for a bank owned home for 10% over the asking price, CASH, and our offer was beaten by an even HIGHER offer! That same week a home sold for 12% over the list price. Buyers definitely have more confidence in this market as many are learing quickly that you have to act fast and come in with a good offer if you expect to get the home you want

For the past few months interest rates have been dropping. This past week I helped a family lock into a 30 year fixed mortgage for 3.375%, with no points! That is the lowest I have ever seen for a conventional 30 year fixed mortgage. This in effect increase the buying power of the home buyer making a more expensive home more affordable.
Home inventory here in Florida, and specifically in Manatee and Sarasota counties has also dropped to the lowest levels in the past 8 years. In 2007 there were over 12,00 homes condos and vacant land for sale, today there is little over 3,000 total. Considering that there is about 400-450 units being sold each month, we are at about a 6-7 month inventory assuming no new homes come on the market.

I believe that the inventory will be increasing in the coming year as there is a very large shadow inventory of short sales, foreclosures, and bank owned homes that are being held off the market. Perhaps deliberately in an attempt to help raise prices, or simply because the banks, and court systems can not handle the volume of foreclosure properties. The big question is whether the distressed inventory can be absorbed as it come on at the same rate, or will it start to stack up and create more inventory than can be sold?

With 47% of the homes underwater in the Sarasota and Manatee real estate markets any increase in value has to make homeowners feel more optimistic that their homes will soon be increasing in value. Rising values will also hopefully help keep those homeowners that were close to having to short sell perhaps able to now sell "normally". This could have a huge benefit in improving home owners credit scores, and confidence with the market.

The major impact that will be felt by all the news reporting home value's rising is increased demand from buyers. Anyone that has been on the fence about whether now is the right time to buy should be kicked into action by the latest real estate news as reported in the Wall Street Journal this morning.

Freddie Mac reporting records record 3 BILLION DOLLAR PROFIT second quarter profits.

Fannie Mae reported a 2.7 BILLION DOLLAR PROFIT.

Corelogic Inc. Reported yesterday that PRICES ROSE by 2.5% in June from a year ago, and that prices are up by 6% from the prior quarter. (That's a massive increase from their projected 1% decrease they were expecting)

71 of the nation's top 100 metropolitan areas saw prices rise on year over year basis in may, compared with only 19 markets in December.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Foreclosures in Florida show no sign of a decline

Joe Murphy (Coldwell Banker) — Thu, 17 May 2012 07:26:02 -0700

Wall Street Journal reported today that the amount of seriously delinquent loans is still a major concern despite news of improvements in the real estate market.

Demand for bank owned homes, short sales, and regular sales have never been higher that what we have seen in the past two months. Inventory of homes for sale in Manatee and Sarasota county have hit their lowest level in years.

As of the first of April, there were less than 3,500 total units for sale in Manatee county. With almost 900 of those homes going under contract in March, that puts our supply of homes into the appreciation range. 3 months of inventory is a sign that prices will be going up, and in certain neighborhoods that has been occurring.

Balance that against the almost 30,000 homes in some stage of foreclosure in Sarasota and Manatee, and the almost 18% of of Florida homeowners that are seriously delinquent a long term problem with foreclosures is not going to be going away anytime soon.

Yesterday I showed three Bank owned homes for sale in Bradenton. None were on the market for over a week, and all three already had multiple offers. That is remarkable amount of demand for bank owned homes for sale.

Bank of America and Chase have really taken a lead role in getting through the back log of foreclosures in the Sarasota / Bradenton home market.

I had closed a Chase short sale earlier this year where the seller was able to get a 25,000 dollar cash incentive to go through with a short sale. What is more remarkable is that that homeowner was short selling an investment / rental home for sale. Typically most of the government short sale programs including HAFA really are only designed to help homeowners short sale their primary homes.

Chase and Bank of America offer these cash incentive programs for a certain group of homeowners in Florida. However this is a soft marketed program so not all him owners that are considering a short sale know that the program exists.

My BEST advice is to contact your lender, ASAP, and see if your home loan would qualify for the cash incentive programs that exist. I think that more under water homeowners could really prevent a foreclosure and use this cash incentive program to help them secure an alternative housing plan renting for a few years, and then being able to buy later on.

If you have any questions about doing a short sale, loan modification, please feel free to give me a call text, or email. I would be happy to give you any advice that I could to help navigate the confusing process of a short sale.

My Team and I have over 200 closed short sale transactions closed over the past 6 years. We are short sale experts for Sarasota and Manatee County. We are always ready to help our next customer

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

M5828661 $245k 11315 28TH STREET E CIR, PARRISH

Joe Murphy (Coldwell Banker) — Mon, 30 Apr 2012 08:45:31 -0700

This is not quite Paris, but Parrish is a great town east of Bradenton and close to Lakewood Ranch, close to River Wilderness Golf and Country club and Ellenton Outlet Mall

You will love this open floor plan, come and check it out.

Short Sale. Lake front Pool home with a great room layout. Located in River Woods subdivision in Parrish, this home has a very open and bright feeling, with volume ceilings, and a large 8 foot sliders to the lanai. The outdoor area is the focus of this home with a large heated pool and spa. Relaxing views of the water from the pool area really make a great place to relax. Large kitchen, and eat in area. separate den. The garage is over sized, and extra deep so even if you have a big vehicle you are in luck! Tenants in place with lease that is thru to October 2012. Sale is subject to the lease. Seller is represented by experienced short sale attorney, and will assist to make this a smooth process. Short sale subject to lenders approval. Listing price does not satisfy all outstanding liens against the property. Any offer is subject to lender approval

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

$339K 15216 21ST E AVE, BRADENTON

Joe Murphy (Coldwell Banker) — Mon, 30 Apr 2012 08:39:50 -0700

short sale home for sale in Mill Creek. Bradenton, FL 34212. Custom home for sale in East county. Excellent A rated school district, and a great low fee neighborhood make this 2006 built home a must see. Paver drive, 3 car garage, heated pool and spa, crown moldings, tray ceilings, granite counter tops, luxurious master bathroom, 4 full bedrooms, 3 full baths, and a den too. A great short sale home for sale. Your comments are appreciated

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

M5828662 $348K 8403 SAILING LOOP, LAKEWOOD RANCH Florida

Joe Murphy (Coldwell Banker) — Mon, 30 Apr 2012 08:30:45 -0700

We all love Lakewood Ranch. Great 4 bedrooms in this gated community next to downtown.

Come and check it out.

Urban convenience in the Heart of Lakewood Ranch. Imagine being able to walk two blocks for a Starbucks, or dinner? Here in the centrally located Edgewater gated community in Lakewood Ranch you can have the best of both. This home has an open great room layout, with large windows, and 12 foot ceiling heights. Natural Gas, reclaimed irrigation and northern exposure make the home incredibly efficient. Real wood floors and contemporary open feel is perfect for entertaining, yet the spacious home leaves space for everyone to stretch out. If you have ever considered a move to the city, but would like a newer, gated, east county location, this is your next home. Located adjacent to Main Street and across from the Lakewood Ranch Hospital walking to work, dinner and a movie would be easier than driving. Not a bad idea to save on gas! The home is in absolutely immaculate condition. Move in condition. Original owners have maintained the home in better than new condition. The home has never had any pets. The corner lot is very private, and quiet too. Come and take a look at the virtual tour, video, or schedule a showing, you won't be disappointed

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

$274.9K 7914 GRAND ESTUARY

Joe Murphy (Coldwell Banker) — Mon, 30 Apr 2012 08:24:38 -0700

One of the best views from a Coach home at River Strand. Well kept unit, inventories are way down in this great golf community. You won't be dissapointed.

7914 Grand Estuary Trail unit 102. Upstairs coach home with dramatic water and golf course views in the River Strand golf community in Bradenton, FL. Upgraded to the max, and lightly lived in, this is a great place to call home, or have as a vacation property. Golf included lifestyle in a gated country club, resort atmosphere. Extensive upgrades, and immaculate condition will certainly impress if you compare. Travertine floors on the patio, extensive crown mouldings, and a very nice built in this unit shows great. The view from the balcony is a"ten" with water views, and long golf course view of the golf course and the nature beyond.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

4473 Streamside Court #1707 Sarasota, FL 34238 MLS # M5828273

Joe Murphy (Coldwell Banker) — Mon, 30 Apr 2012 08:11:32 -0700

sweet condo in the gated Airelle community of Palmer Ranch in Sarasota, 2 bedrooms and 2 baths,

listed for $189000 close to the beach with a few upgrades(tile and floor).

Give it a shot and please send me your feedbacks.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

6312 Laurel Creek Trail Covered Bridge

Joe Murphy (Coldwell Banker) — Thu, 05 Apr 2012 17:28:13 -0700

Former model home in Ellenton, this 4 bedroom 3.5 baths was a vacation home and was barely lived in. If you are looking for a pool and spa home in this area, please check it out.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

7339 Hawkins Road Sarasota, FL

Joe Murphy (Coldwell Banker) — Thu, 05 Apr 2012 17:18:58 -0700

You are looking for a project or a major renovation. Look no further, this could be your major fixer upper in Sarasota few miles east from interstate 75 on Clark road. This is your handyman special.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

88 sugar mill Oaks Country Club homesite

Joe Murphy (Coldwell Banker) — Thu, 05 Apr 2012 17:11:27 -0700

Is there a better homesite than this one, very private in the exclusive Oaks Country Club

in Osprey south of Sarasota. Great area for your dream home in this gated community.

Check it out.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

$277k 7310 Wexford Court Lakewood Ranch, FL 34202

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:24:08 -0700

Totally updated and with a sparkling new salt water pool, this is the lowest price pool home in Lakewood Ranch Country Club. Built by Neal Homes, this is a maintenance free home. 2 spacious bedrooms and a den, Brand new Laminate, and tile floors., completely repainted, new stainless steel appliances all make this a move in ready, home for you. Lowest priced home with pool in Lakewood Ranch Country Club.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

219k- 8102 Grand Estuary 101

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:21:10 -0700

3 bedroom 2 bath 2 car garage 1800 sqft

The ulitimate home for sale - a first floor golf course and water view in River Strand. The view from the screened lanai will impress you with a big water view, and expansive golf course and nature views. Located a short distance to the Manatee River, there is usually a pleasant breeze, and a few ducks splashing in the water. You have a view of the golf course too, but they are across the lake, so there is no real issue with golfers looking for golf balls in your back yard.

This 3 bedroom 2 bath ground floor unit has an oepn floorplan, and nice upgrades like wood cabinets, granite counter tops, and a very large master bedroom. Two walk in closets as well. The master bath room has dual vanities, and a large walk in shower, and seperate tub as well.

Located in Bradenton, FL. River Stand is a great place to call home whether you are here for a month, or year round. 27 holes of golf, and a great tennis facility all included with your purchase makes this a great neighborhood if you are looking for an active community. The view this unit has with it's rear souther exposure big water views, and golf in the distance is by far one of the best you will see in this price range, or above.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

349k-14727 2nd Ave NE Cir- Country Meadows

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:17:55 -0700

3 bedrooms 3 baths, den, pool and spa, 3 car garage

Step through your double etched glass doors into your lovely entry! This home shows like a model and has many upgrades to boast about - kitchen fit for a chef and with lots of storage in paneled wood cabinets - crown moulding as well! This home has been professional decorated and is a pleasure to show to your clients who are looking for a large master bedroom with two walk in closets and a luxurious bath, a great room floor plan that overlooks the sparkling oversized heated pool and spa in a very private setting. Custom window coverings, upgraded fan and light fixtures. Paver drive and walkway. Extra large lot with mature landscaping. Furnishings negotiable. No CDD fee.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

439k- 14743 7th NE Ave Country Meadows

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:13:37 -0700

Feeling cramped? Realdy to make the move into your own "Executive Home"? This spacious, warm and inviting home is dripping with upgrades - chef's kitchen including stainless steel appliances, glazed cabinetry, beautiful and durable silestone counters and plenty of storage! Open and flowing floor plan allows you to view your gorgeous lanai from many angles and entices you to let the outside in with sliding doors! Imagine dining al fresco, looking at beautiful landscaping and swimming in your inviting pool. Relax in your huge master bedroom, listen to your favorite music on the sophisticated surround sound system. Owners have upgraded ceiling fans, installed plantation shutters and new ceiling light fixtures. There are no CDD fees! Owners are extremely motivated and are welcoming offers!

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

$ 169k 7803 Grand Estuary Trail Unit 108 Bradenton, FL 34212

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:09:48 -0700

Ground floor end unit condo is so spacious and bright that it feels like a single family home. Located in the River Strand golf community, this 2 year old condo is in like new condition. Golf and club membership transfers with the sale, so if you love to golf you will love it here with 27 holes of championship golf to play as much as you want.

The view from the unit is spectacular, water views, privacy, and the manatee river beyond. With it being a ground floor unit you can walk right out, so pet owners.. rejoice! Spacious 2 bedrooms, and a separate den as well. This is a must see, priced at a bargain price of 169,000

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

724 Ixora Ave Luxurious waterfront pool home. Better than new

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:04:34 -0700

A true rare find. This is an inviting 4 bedroom canal front home in Ellenton. Built to last, this home was built sparring no expense to finishes, and quality construction. Solid Concrete construction, metal roof, and impact energy efficient windows make this home very energy efficient. 12 foot ceiling heights and a great room floor plan make the perfect place to hang out with family.

The Huge kitchen with wood island, professional grade appliances will make your inner chef emerge. Your family and guests will be spoiled as all the bedrooms feature private luxurious bathrooms.
The master suite and spa like bathroom will make you look forward to going to bed each night.
The deep water canal will make your boat, jet skis, happy. Protected from the river, just a short 30 minute run to the gulf of mexico.

This is a great waterfront home for sale if you are considering anywhere from Sarasota, Bradenton, St. Pete, this should be on your short list. There are very few homes built this recent (2008) that are priced this well. Take advantage of the current real estate market, and buy this home for well below it's replacement cost.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

429k Rye Wilderness Pool Home

Joe Murphy (Coldwell Banker) — Sun, 01 Apr 2012 17:03:23 -0700

16736 4th ave ne bradenton, FL 34212

Custom Built home on an awesome deep lake view home site must be seen to appreciate. I hope to do justice for this showpiece home. What you think of a Florida home this is it. with wide open spacious great room design, Large, and functional modern kitchen, and pocketing sliders that open to the the shimmering pool and spa. This home is built for entertaining, with a large dining room, and spacious and private guest rooms. This home for sale also has a large great room that can be used as a junior suite with a private bath, or as a large game room, or office. A well built home with energy efficient features including a radiant barrier roof, tankless gas hot water, solar heating for the pool. Located in Rye Wilderness the home sits on one of the most desirable lots, a long driveway leads to the side load 3 car garage, The home's rear section faces south with a natural lake behind the home and preserve areas that show Florida's nature. Private, Spacious, and priced competitively. This is a chance to buy your dream florida home for less than it cost new. Normal sale with no issues with lenders or short sale hassles. Come and take a look today.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Bank of America Settlement and new Tenant program

Joe Murphy (Coldwell Banker) — Fri, 30 Mar 2012 12:27:33 -0700

Let's make a deal!!!! You have heard by now the Monster Banks settlement with 49 state attorneys

general. $26 billion for homeowners underwater to help them reduce principal.But wait, it will not help everybody.

Mortgages owned by Freddie Mac and Fannie Mae are not eligible. Also, only $20 billion would go to homeowners to help them refinance or reduce their principal.

Some 750'000 people who were Foreclosed on between 2008 and 2011 will get approximately $2000.

Bank of America will fork out close to $12 billion, followed by Wells Fargo and JP Morgan with close to $5.5 billion each and Citigroup with around $2 billion.

BOA has also launched a pilot program that will allow homeowners who are looking at foreclosure to stay in their home and give the title back to the bank. The upside for them, their mortgage debt will be forgiven.

The test program will have approximately 1000 clients in New York, Nevada and Arizona go through it and could add other states if deemed successful.

Now I guess this should be a positive sign of taking responsibility and "helping" troubled homeowners, but let's not forget that they were facing stiff penalties and lawsuits from pretty much every state.

The silver lining in all of this is some families will not be out of their homes and the one who are will be compensated.

If you have a loan with any of these banks, please give us a call at 941-780-3260 to evaluate your situation

or go to our website www.manateemoves.com for more info.

We have a knowledgeable team here to help you.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

new refinance program to help underwater homes owners

Joe Murphy (Coldwell Banker) — Wed, 01 Feb 2012 21:33:55 -0800

This month President Obama is announcing a new program to help homeowners who want to refinance their home loans to today's lower interest rates but have been unable to do so due to being underwater.

Right now in Manatee county almost half of the homes that have mortgages on them owe more than the current value. If you are underwater in your home refinancing to get to a lower payment is simply not possible as any lender would require that the home be appraised, and the loan could not be for more than the current appraised value.

The new loan refinance program will have a limited population that it will really help, but could be a boon for those who have a high interest rate loan, and are underwater. There are some catches to the program though.

You have to be current in your payments for the last 6 months, and you can only have been late on one payment in the 6 months prior
The home loan amount has to meet what is considering conforming loan limits. In Sarasota and Bradenton, homes that have a loan amount below 416,000 would qualify. If you have a jumbo mortgage, then you are out of luck.
how they intend to pay for the program that should cost 5 billion or more is to add a tax to to the major banks. This will be then passed onto everyone through higher fees. This is assuming that the program that gets through the congressional process that would need to approve this aid program.

Some really good points to the new program

If your home is underwater the program will allow up to 140% OVER the current market value to be appraised.
If you owe over 140% on your primary loan, then apparently there is a caveat that the lender would have to reduce your principle to this amount (140% of market value). In my opinion, most homeowners would probably rather sell their home, as a short sale, then to keep a home so far underwater.
They are proposing a streamlined application process that my sources (wall street journal) state would only involve verifying employment. Typically on a loan application, or refinance there is a lot of paperwork to provide, including tax returns, bank statements, etc. An easy process to apply should really help

I think that this program is well intentioned, however it seems to me to a posturing effort that will allow President Obama to show that he is out to help distressed homeowners. If this Refinancing program is blocked by Congress, then this could be a talking point that he will use to show how he is on the side of the people, and Congressional Republicans are against homeowners.

The biggest issue with this program is that it does not address those homeowners that are late, or behind in their mortgage. I meet with many homeowners in Manatee and Sarasota county that are frustrated with their low home values, and feel trapped by the negative equity. Many have had issues keeping up with the mortgage payments, and even if they are late, once in the past year, this program doesn't help them whatsoever

A recent new short sale home seller in Bradenton summed it up best. He had bought in 2005, with an adjustable rate loan. It was a home that was within his budget, but do to the recession, he was unable to keep up with the payments. He had called his lender, Bank of America, to do a loan modification to lower his interest rates, but was drug through the process with no positive outcome. He fell behind in his mortgage payments, while waiting for the help that never came.

Bank of America suggested that he short sale his Bradenton home as an alternative to foreclosure. So now I am able to help him sell his family's home and avoid a foreclosure. He owes 400,000 on a home that was 550,000 in 2005. Now that home will sell for in the 250,000 range.

They are frustrated as they are going to have to move into a rental, and have damaged credit. Plus losing the 150,000 in down payment for the purchase. Meanwhile this short sale home will sell to a new homeowner who will get a much lower interest rate, and have a mortgage close to half of what he was paying.

It's hard not to get angry when you know the next owner of your home will be paying much less to purchase, and monthly payments that they could have easily afforded.

My proposal, would be to have ALL homeowners mortgage payments reset to what the current market value is today. When the home sells in the future, the negative equity portion would be recaptured by the investor/lender. All homes will eventually sell, so there will be an eventual gain to the lender. This idea would keep many thousands of families in their homes, and help stabilize the market by eliminating all those that don't want to sell but are forced to give up their homes through a short sale or foreclosure.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Help! Short sale held hostage by the association attorney

Joe Murphy (Coldwell Banker) — Thu, 12 Jan 2012 23:26:57 -0800

One of the most recent frustrations I am dealing with in closing short sales here in Bradenton, FL has been created by associations that are unwilling to bend on outstanding HOA and Condo fees. Has anyone else had an association attorney prevent a sale of a home over delinquent fees?

Banks that foreclose on homes in Florida, and are part of a HOA or condo association will get 12 months of fees paid upon the sale.

In two current short sale files I am representing the HOA fees are over 12 months in arrears, and as part of the negotiations with the seller's lender(s) they will agree to pay 12 months of the hoa fees. Their rational is that since this is all the HOA would get in a foreclosure sale, then they should be satisfied with the same amount with a short sale.

This is a common sense and rational conclusion.

Two association attorneys are unfortunately not willing to bend off the total amount of the back hoa fees, and the extensive attorney's fees, and penalties.

In both cases the attorney that represents the home owners association has taken the position that if you want the deal to close, then the entire amount that is owed shall be paid. In both cases the sellers are not in a position to pay these charges, and the buyers are either unable, or unwilling to pay these additional fees.

In one case the sale is around 100,000, and the total outstanding hoa, condo, and assocation attorney fees are in excess of 18,000! The lender in this case has agreed to pay the association/attorney 12,000.

This lender has stated "the buyer should pay the fees, or the real estate agents should."

I will say that the lender has taken almost 8 months to finally approve the short sale which in itself has really caused the charges to run up.

I find that it makes no sense that these home owner's associations are doing their residents any justice. By preventing the sale they are ensuring that they net the same or less money. They are also most likely going to cause that property to sit vacant, longer, and probably foreclose and sell for less money than the home's current value. Furthermore, there is all the lost revenue from having a new owner move in and start paying. The neighbors may not want to offer a break to seller who is short selling because they either don't care, or are made that they are selling but the net effect is lost revenue for the neighborhood, and a decrease in the value of the properties.

I am amazed that the HOA associations residents would allow this extortion to be allowed. Here is Sarasota and Bradenton there are in excess of 25,000 homes in some state of foreclosure. And this does not include those that are delinquent, and not yet filed. Everyone needs to get on board to help fix this crisis in housing, including the attorney's and the hoa/ condo boards that they represent.

I believe that the law that required foreclosing banks to have to pay outstanding HOA fees has done more damage to the short sale process. It was well intended, but the effect that it has had with Short sales is regrettable.

My best advice to my short sale customers is to keep paying the HOA fees to the best of their ability otherwise run the risk of putting in a ton of effort for no effect. My hope is that this is an isolated incident, and will not become a trend for more associations to pursue hardball negotiations in short sales.

www.manateemoves.com

real estate for sarasota and bradenton

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Manatee county real estate homes for sale show continued stability

Joe Murphy (Coldwell Banker) — Wed, 12 Oct 2011 18:08:44 -0700

The numbers for the month of September 2011 have come in and inventory has stayed stable. The total amount of listings was up slightly to 3,500 units, up from 3488.

525 homes went pending in the month, and 431 homes were sold in the month of September.

This is typically the slowest time of the year for Real Estate for sale in Bradenton, and Sarasota Markets. However I think that it has been brisker than last year, and homes for sale that have gone pending has increased by 8% from last September 2010.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Should you Rent or is it time to Buy? 3 questions you need to ask if you are renting

Joe Murphy (Coldwell Banker) — Thu, 29 Sep 2011 02:14:34 -0700

1. How long do you plan to stay put?

Renting has one major advantage over buying a home. Mobility. If you want to move across town, or around the country, simply pack up and go when your lease is up. Owning a home is not quite as simple. You will have to sell your home which can take time. If you are planning to live in the area for at least 3 years minimum, then buying a home may make more sense then renting.

If you are not sure if you like the area, have a need or desire to move soon, then buying a home is probably not a good idea. One thing to keep in mind as a home buyer is if you had too could you rent the home for more than your cost to own? This is a basic premise for any real estate investor. Buying something that does not cash flow does not make any sense. So if you buy a home in Bradenton for 150,000 a good estimate of your payment will be 1,100-1,300 a month. Right now, that price range home gets about that or more for an average rent.

2. How is your Credit?

Interest Rates are so low right now! I had a customer lock in a FHA home loan at 3.75% last week (Sept, 2011)!! That was for a 3.5% down, 30 year FIXED mortgage. Low interest There are three considerations if you are considering renting verse buying a home in bradenton, fl. ates translate to lower payments, and increase the amount of money you can qualify to borrow. If you are even slightly considering buying the very FIRST step is talking with a reputable,local lender.

I have many that I can recommend that can qualify you in as little as an hour. Once you know what you can afford, and it doesn’t make you fall out of your chair, it’s time to start shopping. If you qualify for a payment that feels uncomfortable, I would make sure to keep to a manageable number. Remember that as a home owner now you will have maintenance and repairs that can come up. Plus, you might want to upgrade those carpets, or paint those walls.

This home was bought by an investor to be rented sold for 180k rents for 1,900 a month

I had a customer call me this past week interested in getting a new rental home. They are a young couple that have never owned a home, and have been renting for their whole independant lives.

The property they like was snapped up the moment it hit the market. The rental market here in Bradenton and Lakewood Ranch is very, very fast! Rent prices have been steadily rising as well.

For example a single family home in Heritage harbour that 3 years ago rented for 900 now will get 1200 or more. They were going to need to have first, last, and security deposit, pet fee, background checks etc. They would need 4,100 dollar just to move into the rental. I was able to qualify them for a 150,000 loan for less than1,100 a month TOTAL PAYMENT. Plus they are able to move in to their brand new home with less than 1,700 dollar TOTAL OUT OF POCKET!! That’s 2,400 less than renting a home.

If you find out that your credit is not that great then you can at least know what needs to happen to improve so that you can qualify in the future. Credit scores are really important right now, and if you have great credit, and a stable income, qualifying for a loan shouldn’t be an issue.

3. Are you ready for the responsibilty of home ownership?

This home could be bought with 5,000 out of pocket, and have a payment less than $950 a month. It would rent for 1,600 a month

This question is not meant to insult anyone, but I too once rented an apartment. My situation was unique in that I had already owned a home before renting. It was nice to be able to just call down when there was an issue with something in the apartment. For me, after enjoying having my own home, and the privacy of no neighbors right next to me, and above me, and below, I was ready to buy another home in the Sarasota Bradenton area within a few months.

Buying a home is usually one of the largest purchases that someone makes in their life. Home ownership gives you a feeling of pride, stabality, and has the benefit of price appreciation too. Instead of paying someone else mortgage, you are paying off your own.

In conclusion, I think that if you are renting right now, and you have good credit, want to stay put for a few years at least, and are up for the challenges and joys of your own home this is the best time to buy.

Prices have dropped in the Sarasota Bradenton area to the prices that homes for sale back in 2000 and before. The entire real estate market is on sale. Interest rates are at all time lows as well. That makes what you can afford increase so you can get more home for your money. On top of that rental rates on investor owned homes in Sarasota and Bradenton have seen major increases in rental rates.

There is a lot of cash buyers out in our sarasota/bradenton real estate market that are snapping up all the good investment properties as quick as they come up. Maybe it’s time for you to jump in too.

If you are interested in getting pre qualified, and talking buying a home. Give me a call, we have upcoming first time home buyer workshops that we can give you information about. Call me anytime phone/text/email I am ready to help you! Joe Murphy Expert Real Estate agent for Sarasota and Bradenton

http://www.manateemoves.com/blog/can-owning-be-less-expensive-then-renting-3-considerations/

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

New hope for homeowners hoping to modify the home loans from Freddie Mac

Joe Murphy (Coldwell Banker) — Wed, 14 Sep 2011 11:12:51 -0700

There may be hope for those that have tried for a loan modification without success. Freddie mac has announced that they will have a program for modifying delinquent borrower's mortgages for those that have tried, and failed prior modifications, and also for those that do not qualify for the HAMP program.

I have heard of lots of talk of loan modification programs, but I am always hopeful that the idea of permanent loan modification for troubled borrowers could become commonplace. This new modification program is set to begin in January.

To find out if you have a Freddie Mac loan to be eligible, check out their loan look up tool, here you can find out if Freddie mac owns your mortgage.

https://ww3.freddiemac.com/corporate/

In the hundred plus short sales that I have helped sell for customers here in Sarasota and Bradenton, I would estimate that more than half had tried, unsuccessfully, to modify their mortgage. They typically call me when they reach a point of frustration dealing with all the paperwork that needs to be submitted, and the slow process. Usually only to find out that they do not qualify.

In the Freddie Mac program the borrower must be at least 60 days past due. The mortgages that are modified will have the interest rate set to 5% and have the term of the loan extended to 40 years. What help make this program work is that Freddie Mac will offer cash incentives up to 1,600 dollars for each approved modification. That's cash to the lender/investor. Giving the lender a financial incentive to modify just make the difference.

One other interesting points to the program is that being 'owner occupied" is not a requirement for the program, so this can potentially help investors that own rental properties obtain a modifications as well. usually being not a primary residence disqualifies a loan for modification,

Once the borrower is approved for the modification, they will be in a 3 month trial process, and if they can keep their payments current, the modification becomes permanent. I have heard from many people that have had a modification and a trial payment period find out that at the end of the trial the loan modification was not approved, usually without a concrete answer as to why.

Here in Sarasota and Bradenton we have almost half of all homeowners underwater owing more than their home's value. There are over 16,000 active foreclosures on the market in just Manatee county. That does not even take into account the properties that are delinquent, and not yet into the foreclosure pipeline. Hopefully this new Freddie Mac Loan modification program will be able to help home owners here in Sarasota and Manatee counties avoid foreclosure, or having to short sale properties that they would rather keep.

If you need help or advice about buying, selling property here in Sarasota and Bradenton please feel free to contact me. Joe Murphy, Short sale expert for the Sarasota and Bradenton area.

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Should lenders be forced to do principle reductions for underwater borrowers?

Joe Murphy (Coldwell Banker) — Thu, 01 Sep 2011 00:53:01 -0700

I was impressed to see the argument presented for Compelling the lenders in the United States to agree to reduce the principle of underwater homeowners to the actual value of their home.

As an experienced short sale real estate agent, I have seen too many families lose their home, and have a new owner buy it with a payment that they, the sellers, could have afforded.

"Why can't they give me the same deal the new buyer gets?" This is a common complaint that many people that are going through a short sale. Here in Bradenton, FL there are almost half of all homes underwater. With over 16,000 homes in some stage of foreclosure, and probably double that in people about to go into default, this could become worse.

The website that just launched the new bottom line, http://www.newbottomline.com/underwater_mortgages_report, really has a great proposal outlining the potential benefits and effects from a wide scale mortgage reduction program.

I know many, people here in Bradenton that would welcome the idea of a lower mortgage payment, and not feeling the weight of being trapped upside down in the their home. This will give those homeowners that really would rather stay n their home rather than short sale their home. With less distressed homes to sell, the real estate market could start to stabilize.

I suggest that you take a look at the article, and if this makes sense, they even have a petition to send to every state's Attorney General. Let me know what you think? I believe that principle reduction might be part of the solution to getting our economy back on track?

Do you think it's fair for underwater home owners having their principle reduced?

Underwater Report

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

World's fastest short sale! Less than 1 day, and it was approved!

Joe Murphy (Coldwell Banker) — Tue, 24 May 2011 13:54:52 -0700

Submitted the contract and approved in less than 24 hours!

Most everyone who has considered buying a short sale thinks that there is nothing "short" about a short sale. This is not always the case!

Time frames for a short sale offer to be approved typically are measured in months not days. This was my fastest approval for my career. The offer was executed on Saturday, and submitted in over the weekend. By 5 pm on Monday, we had a written approval from Wells Fargo for the short sale to close within 30 days.

Wells Fargo home mortgage company has never worked this fast before! A lot of the credit has to go to the sellers who had applied for HAFA benefits well before the offer was submitted. They were approved for HAFA, and in fact are getting a moving credit too.

If you know someone that needs help with a home that has a mortgage for more than it's value a short sale should be seriously considered as an alternative to foreclosure.

I have noticed a big drop in the active inventory of short sales here in the Sarasota and Bradenton Real Estate market. I am hopeful that this is a sign of how things will go now that the major lenders like wells fargo, bank of america, chase, and fannie/freddie have the systems in place to get through all the files.

Also, with the recent slow down in listing inventory, I think that the stacks of files that have clogged the system will diminish.

If you need help from a short sale expert here in Manatee and Sarasota county, make sure to give me a call. Joe Murphy, Short sale expert for Sarasota / Bradenton.

COLDWELL BANKER RESIDENTIAL Real Estate
11215 SR 70 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please know I am here to help.

Call/Text/email me anytime. I am an experienced agent who can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com