The Resident Chef's Blog

THE RESIDENT CHEF'S ORLANDO BANK OWNED FORECLOSURES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Tue, 27 Oct 2009 22:14:24 -0500

ORLANDO, BANK OWNED FORECLOSURE

The web address for this property is: http://www.ResidentTeam.com/968027

$1,099,900

NEW

Description:
BANK OWNED HOME ON SKI LAKE - QUICK RESPONSE TO OFFERS - QUICK CLOSING AVAILABLE - New construction by Arthur Rutenberg, Biscayne II w/2nd story bonus/game room and separate theater room-CALL TODAY... RECENT APPAISAL - as of May 18th 2009 showing home is worth well over list price. Amazing location in the heart of the Lake Nona area within a gated golf community4 bedroom with addl office, 3 way split plan, seperate room for wine cellar, and walk-in pantry. Drive through the canopy of 100 year old oak trees then kick back and enjoy the panoramic water views of Ski Lake Hart. ~150' frontage and 2 + acres allow privacy and quiet on the cul-de-sac. Clear the shurbs and weeds and have gorgeous views of the lake through towering cypress trees. Over $300,000 in upgrades and custom pool/spa included in price. Pella E argon filled casement windows, 2 wet bars, extended lanai. 10' pocket sliders, outdoor fireplace, brick paver patio downstairs and 16 porcelian tile upstairs covered balcony and completely wired for state-of-art sound systems. Brand New Elementary completed in Aug. 2007 located IN neighborhood. Community rec center, health club, baseball fields, tennis courts and 18 hole golf course -NOTE SELLER IS WORKING TO PROVIDE CLEAR TITLE FOR NEW BUYER - BUYER CAN SECURE HOME - BUT MUST BE WILLING TO WAIT - CALL TODAY...

Location: 10423 HART BRANCH CIR, ORLANDO, 32832

New or Resale: Resale

Type: Single Family Home

Price: NEW $1,099,900

Address: 10423 HART BRANCH CIR

City/St: ORLANDO, FL

Zip Code: 32832

Bedrooms: 4

Bathrooms: 5 full, 1 half

Square Footage: 4787

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

The Resident Team welcomes anyone looking to buy or sell their home. We use all the latest technology to search, market and get the results that you desire. You will be kept up to date all along the way. We are a partner you can trust. Don't just listen to us, read the testimonials of our past clients on our web-site, they are our true voice. Buying or selling a home can be the most stressful activity that a person can experience. It doesn't have to be that way! The Resident Team will strive to make it exciting and enjoyable! Contact The Resident Team today for your Professional Real Estate experience. We specialize in Bank Owned Foreclosures.

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All rights reserved. All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Approved Short Sale. Beautiful Home!

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Tue, 20 Oct 2009 22:40:37 -0500

DAVENPORT PRE-FORECLOSURE

The web address for this property is: http://www.ResidentTeam.com/733021

$350,000

CALL 407-301-0312

Description:
QUICK CLOSING! ALREADY BEEN NEGOTIATED AND APPROVED AT LIST PRICE.$10,000 TO BUYERS CLOSING COSTS. LUXURIOUS 5 BEDROOM 4 BATH 2 STORY HOME IN A GUARD GATED GOLF COMMUNITY. THIS IS PROVIDENCE! 10 MINUTES TO DISNEY. TENNIS, BIKE PATHS, FITNESS ROOM, LARGE POOLS WITH SLIDE,ELEGANT DINING, AND A GREAT GOLF COURSE. THIS IS RESORT LIVING. THIS SPACIOUS HOME HAS TWO MASTER SUITES, 3 CAR GARAGE, PAVERS,ROUGHT IRON STAIRWAY, 42 CHERRY CABINETS, GRANITE COUNTER TOPS, STAINLESS APPLIANCES. THIS IS THE ABD COVETED BRISTOL MODEL. THE BONUS ROOM AT THE TOP OF THE STAIRS IS GREAT FOR AN OFFICE OR SECOND LIVING ROOM. THE FIFTH BEDROOM IS LARGE ENOUGH FOR AN ENTERTAINMENT ROOM OR SECOND MASTER SUITE. THIS HOME WILL HOUSE THE LARGEST FAMILY WITH MANY OPTIONS.FROM THE ENTREE WAY TO THE FAMILY ROOM THERE ARE LOTS OF WINDOWS AND VERY BRIGHT. PLEASE COME SEE ALL THIS HOME HAS TO OFFER BEFORE IT'S GONE AND YOU HAVE MISSED IT.THIS IS A SHORT SALE.

Location: 449 CHELSEA AVE, DAVENPORT, 33837

New or Resale: Resale

Type: PRE-FORCLOSURE

Price: CALL 407-301-0312 $350,000

Address: 449 CHELSEA AVE

City/St: DAVENPORT, FL

Zip Code: 33837

Bedrooms: 5

Bathrooms: 4

Square Footage: 3962

MLS#S4639070

ENTREE WAY	STAIR CASE
LIVING ROOM	KITCHEN
FAMILY ROOM	BONUS ROOM
DOWNSTAIRS MASTER BEDROOM	MASTER BATH
UPSTAIRS MASTER SUITE	BEDROOM 1
BATHROOM	BEDROOM 2
GUEST BATH	POOL 1
POOL 2	TENNIS
GOLF

Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Short Sales and Your Credit Report.

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Thu, 08 Oct 2009 23:19:37 -0500

Currently, a short sale impacts your credit by decreasing it about 140 pts I'm told. A foreclosure up to 400 points. But what has change is how a short sale is being view on your credit report. Lenders are treating a short sale as they threat a foreclosure in your ability to obtain and retain your credit. I have seen them close credit cards and reduce credit limits as well as inflating interest rates.

So why should a homeowner continue to do short sales and not just let their homes go into foreclosure? If the home is your primary residence, and you short sale it, you have no further obligation to the creditor. If you are foreclosed on, the creditor can come back at you for the deficient amount after the creditor disposes the property up to 2 years.

I feel that in the future, with the amount of short sales, foreclosures, and bad credit card dept, in order for lenders to stay in business, the system will undergo an overhaul. But only time will tell.

The 5 Year Arm.

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 30 Sep 2009 23:40:01 -0500

What is going to happen to our economy and housing industry, when the 5 year arms adjust in 2010. My take is, you ain't seen nothing yet. Homeowners are sitting in their homes, not paying their mortgage and banks are now not filing for foreclosure because their inventory is full. This is happening....

What Should I Offer?

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Tue, 01 Sep 2009 10:41:04 -0500

I am hearing buyers ask "What Should I offer?" every day on Bank Owned Properties. What you need to remember is that the Bank wants to sell. They are listing the homes below appraised value. But how can you be sure? Every bank orders Broker Price Opinions, BPO's on their inventory monthly. They want to know if the market is trending one one or the other. Then they price accordingly. They know that there are first time home buyers out there trying to spend there $8,000 of Obama dollars. They also know that the foreign investor is in the market because the dollar is weak. They also know the domestic investors have been waiting for years to get in this position for their portfolios.

So, the ten million dollar question isn't what the bank will take, it's am I going to be high enough to out bid the other buyers? I have looked at the trend for August on sold properties and the majority of Bank Owned Properties are selling over asking price. So, when looking to buy a Bank Owned Foreclosed Property, forget what it's listed at, and understand what it's worth. They are all good deals!

Below I have attached a link that will show the sale prices as compared to the listing prices.

04-Res Customer Gallery

THE RESIDENT CHEF'S KISSIMMEE BANK OWNED FORECLOSURES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 23 Aug 2009 22:42:48 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/937540

$154,900

NEW

Description:
**CORPORATE OWNED**This custom model has several upgrades! Priced for a quick sale and available for immediate occupancy, Orangebranch Bay is a stunning community of new homes in a great location! This home is loaded! Treat yourself to luxury and make your home at Orangebranch Bay today!

Location: 3911 CARRIZO CIR, KISSIMMEE, 34746

New or Resale: Resale

Type: Single Family Home

Price: NEW $154,900

Address: 3911 CARRIZO CIR

City/St: KISSIMMEE, FL

Zip Code: 34746

Bedrooms: 3

Bathrooms: 2

Square Footage: 2712

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
. All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S KISSIMMEE BANK OWNED FORECLOSURES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 23 Aug 2009 22:34:31 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/937536

$178,900

NEW

Description:
BANK OWNED. Corner lot, pond view, gated community, upgraded kitchen, move-in condition, paver driveway. $75 document review fee to be paid by the purchaser and due at closing. All contracts/offers are subject to seller senior management approval and any offers or counter offers by seller are not binding unless the entire agreement is ratified by all parties.

Location: 3500 SOMERSET CIR, KISSIMMEE, 34746

New or Resale: Resale

Type: Single Family Home

Price: NEW $178,900

Address: 3500 SOMERSET CIR

City/St: KISSIMMEE, FL

Zip Code: 34746

Bedrooms: 4

Bathrooms: 3

Square Footage: 2724

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Bank Owned Properties In Kissimmee/St Cloud Florida

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 23 Aug 2009 16:20:36 -0500

Bank Owned Properties continue to be the push in Kissimmee/St Cloud, or Osceola County Florida. Bank Owned Properties are what we specialize in at Resident Team Realty LLC. For a complete list of Bank Owned homes, just email us and we will get your search started.

There are currently 242 Bank Owned Properties active on the market today. To view these properties, just click on the link below.

Below, you will find a link to the MLS listing of the property that you were interested in. If we can be of more service please contact us!

Email us at: ResidentTeamRealty@yahoo.com or Call: 407-301-0312

Click Additional Information box to see listings.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Property Taxes in Florida

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 05 Aug 2009 20:30:21 -0500

Out of state home buyers are continuing to ask, how much are the taxes on a particular property. Florida is different than most states. Properties are assessed on the last sale price. So if a home is being sold as a bank owned property, the sale price is greatly reduced from the last sale pricing most cases. If a home sold in the past for $450,000, the taxes will be over $5,000 a year. If that home currently sells for $250,000, the taxes will be reduced almost 50% the next year.

We also have homestead exception. This allows a resident to deduct $50,000 from the assessed tax value. In Florida, the tax assessment for Florida Residents can only increase to a maximum of 3% a year from year to year. Non residents are capped at 5%.

These are the current laws. They may change some what because of the amount of foreclosure sales effecting the overall tax roll income for the state. But they have not done anything about it yet.

Use the current taxes as a guide, not the rule when concidering a purchase.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S KISSIMMEE, FLORIDA VACATION HOME REO PROPERTY

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 05 Aug 2009 19:10:26 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/929970

$237,900

NEW

Description:
BANK OWNED. ZONED SHORT TERM RENTAL - Shop no further! 5 bedroom, 3.5 bath home with indoor laundry, luxury bath, and kitchen with breakfast area. DOWNSTAIRS MASTER SUITE. A real stunner. Gorgeous pool to cool off hot summer days. FULLY FURNISHED and ready to go. Priced to sell!

Location: 7939 MAGNOLIA BEND CT, KISSIMMEE, 34747

New or Resale: Resale

Type: Single Family Home

Price: NEW $237,900

Address: 7939 MAGNOLIA BEND CT

City/St: KISSIMMEE, FL

Zip Code: 34747

Bedrooms: 5

Bathrooms: 3 full, 1 half

Square Footage: 2618

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S KISSIMMEE, FLORIDA BANK OWNED PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 05 Aug 2009 19:03:23 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/929957

$240,000

NEW

Description:
BANK OWNED. GATED COMMUNITY. One of the best values you'll see in the area and for the price! This 5 bedroom home has had TLC and features roomy 2-car garage, terrific curb appeal, and outstanding master bedroom suite. The setting you've dreamed of. Fantastic buy!

Location: 1662 TAYLOR RIDGE LOOP, KISSIMMEE, 34744

New or Resale: Resale

Type: Single Family Home

Price: NEW $240,000

Address: 1662 TAYLOR RIDGE LOOP

City/St: KISSIMMEE, FL

Zip Code: 34744

Bedrooms: 5

Bathrooms: 3

Square Footage: 3336

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S ST CLOUD, FLORIDA BANK OWNED PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 29 Jul 2009 20:53:08 -0500

SAINT CLOUD, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/926724

$163,900

NEW

Description:
Beautiful, well maintained home in Saint Cloud! In ground pool with screened front and rear porches, spacious kitchen and bathrooms with solid surface counters, master suite with large bath and wood floors.. a fantastic buy! Make it yours today!

Location: 1822 ASHTON E DR, SAINT CLOUD, 34771

New or Resale: Resale

Type: Single Family Home

Price: NEW $163,900

Address: 1822 ASHTON E DR

City/St: SAINT CLOUD, FL

Zip Code: 34771

Bedrooms: 3

Bathrooms: 2

Square Footage: 1884

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S DAVENPORT, FLORIDA FORECLOSURE PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 29 Jul 2009 20:44:51 -0500

DAVENPORT, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/926726

$226,900

NEW

Description:
Lovely spacious home in upscale gated community of Providence. Good cond with solid surface counters, tile floors, full bath downstairs w/lg shower. Master bath accented with wall tiles, dbl sinks, gdn tub & sep shower. Neutral colors & upgraded fixtures. Sold As-Is, no seller disclosure.

Location: 135 PRESTON AVE, DAVENPORT, 33837

New or Resale: Resale

Type: Single Family Home

Price: NEW $226,900

Address: 135 PRESTON AVE

City/St: DAVENPORT, FL

Zip Code: 33837

Bedrooms: 5

Bathrooms: 3

Square Footage: 2856

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
© Best Image Marketing All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Buying Bank Owned Properties

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 29 Jul 2009 18:20:05 -0500

When buying Bank Owned Properties, you are buying them "As Is". That means that you can expect the seller not to do any repairs. What it doesn't mean is, that you can not inspect and back out of a deal if your inspection uncovers something that you don't like. Sellers of these properties do not want to force you to buy, or take advantage of a buyer, you.

The inspection process takes place after the offer is signed by both parties and a firm agreement is made. The inspection process is a part of the contract, usually coming 7-10 days after the effective date.(The date the last party signs the offer to purchase to make it a purchase and sale contract.)

Because the sale is an "As Is" sale, doesn't mean that the seller won't do repairs. The buyer just needs to ask. If the sellers thinks that the repairs are warranted, they may do them or reduce the price of the sale to reflect what the repairs may cost.

Also, the inspection is the last out of the buyer on a cash sale. Do not be afraid of an "As Is" contract. Everything can be negotiated in most cases.

"When do You Think The Market Will Stabilize?"

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Tue, 28 Jul 2009 17:47:41 -0500

"When do You Think The Market Will Stabilize?" I was asked today by an asset manager about a condo in an area in Kissimmee. Here is how I responded.

"Hidden Cove is in an area that is economically dyeing in town. The low cost of housing has brought crime in the area. This community is slowly deteriorating. This is a gated community, but the gates don't work. Stabilizing will start when unemployment gets back to single digits. Our county is already at 10.4% which is above the national average. Tourism is the biggest part of our economy. Hotels and the theme parks are down with projections of 2010 not being any better.

My wife works for Marriott hotels in her 25th year. Next years bookings are down and the projections are not good. Property values are still declining and with Home Valuation Code of Conduct (HVCC)rules, I don't see any change. I sold a 2009 home last week for $215,000 only to have the appraisal come in at $135,000. This was a brand new home. The appraisal did say the replacement value was $195,000. So if builders are going to lose 30% of value on completion, they won't build. If they don't build, foreclosures are going to rule the appraisals under HVCC. So, until the economy picks up, and the foreclosures stop. the values here in one of the top 3 foreclosure markets in the United States has no chance of recovery.

This market is not stabilizing yet, and it will be one of the last in the US. Values are down about 25% in single family homes over the last year. Condos, because of the number of condo conversions that took place from 2004-2006, the condo market is down almost 40% in the past year. HOA dues are not being paid, so the community deteriorates.

I hope this helps. Sell as quick as you can, or wait 2+ years.

This sounds grim, but it is what I believe we are looking at. Maybe if we abandon conventional financing, and only use the Government programs, offered by our Government lenders Freddie & Fannie, we have a chance. Seems convenient.

Home Valuation Code of Conduct (HVCC)

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Wed, 22 Jul 2009 22:00:27 -0500

Home Valuation Code of Conduct (HVCC) rules go into effect on May 1, 2009. The rule which takes effect on all Freddie Mac and Fannie Mae loans is highly controversial in the real estate industry. These new rules are devaluing Real Estate inventory. This is hurting sellers and buyers. Because of the new guidelines, properties are declining drastically in value. No long does it matter what shape a home is in. It does not matter if granite counter tops of cherry wood cabinets. Square feet is the determining factor.

Brand new homes are value the same as distressed properties. Banks are the only winners here. Buyers contracts are being canceled due to low appraisals, as well as sellers. If the HVCC stands, new home starts will cease to continue. We wil lose one of the largest parts of our economy and the recession will worsen.

The HVCC must be overturned.

Homes are now Being Appraised at Less That the Materials to Build Them?

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Mon, 20 Jul 2009 12:53:37 -0500

Well, I Just had a brand new home appraised using distressed properties as comparables. The builder discounted the home , and the appraiser just devalued it $80,000. That's 37%. If builders cannot build a home and at the very least cover the materials, we are in for an economy with no new home starts.

Something needs to be done. Giving banks money is not solving our problems. Appraisers are using the lowest comps they can find regardless of condition or age. If banks don't need the loans to make money, the appraisers run unchecked. This is a very bad economic indicator.

THE RESIDENT CHEF'S KISSIMMEE, FLORIDA BANK OWNED PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 19 Jul 2009 23:14:30 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/917508

$114,900

CALL 407-301-0312

Description:
Cul De Sac 3/2 in Shannon Lakes. Formal living / dining combo. Family room with built ins. Master suite with garden tub & separate shower. Additional room off the master suite. Sold As Is. Not a short sale.

Location: 2008 SHANNON LAKES CT, KISSIMMEE, 34743

New or Resale: Resale

Type: Single Family Home

Price: CALL 407-301-0312 $114,900

Address: 2008 SHANNON LAKES CT

City/St: KISSIMMEE, FL

Zip Code: 34743

Bedrooms: 3

Bathrooms: 2

Square Footage: 1842

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S CELEBRATION, FLORIDA FORECLOSURE PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 19 Jul 2009 23:08:33 -0500

CELEBRATION, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/921124

$799,650

NEW

Description:
BANK OWNED. Amazing home at an amazing price! This gorgeous pool home overlooks the golfcourse in fantastic Celebration! Dual fireplaces, Soaring coffered ceilings, Large kitchen, large screened porch, and in law suite are a few perks! This home also features a dual master suite. One uostairs, one down. This home is so beautiful just needs some love to make it perfect!

Location: 618 GOLFPARK DR, KISSIMMEE, 34747

New or Resale: Resale

Type: Single Family Home

Price: NEW $799,650

Address: 618 GOLFPARK DR

City/St: KISSIMMEE, FL

Zip Code: 34747

Bedrooms: 5

Bathrooms: 5 full, 1 half

Square Footage: 5707

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
. All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

The Economy Driven Foreclosure

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 19 Jul 2009 21:15:51 -0500

I have been saying thing are going to get worse with the amount of foreclosures when the 5 year arms adjust. I believe that to be true. What I didn't factor in was how the economy is going to factor in with those folks that bought a home at the limit of their budget. Yes the interest rate is fixed, but the income isn't. There are many people that went ahead and financed a 15 years note at a fixed rate. They sucked it up and knew that for 15 years they were going to have a high mortgage. But what they didn't count on was the unemployment rate rising to the highest rate in over a decade.

So what did these people do, they saw the low rates and scurried to the banks to refinance at a low rate for a 30 year mortgage. They have equity, no problem right? Oh... big problem. Appraisers are using dilapidated foreclosed homes as comps. Homes that have been abandoned, ones that have leaky roofs, ones that have black mold growing in the attics and walls, and homes that have been foreclosed on that have been stripped, no A/C or cabinets, or appliances. Yes, that is what is happening in the appraisal industry. They were blamed for inflating the values of homes in the increasing market and blamed for the crash. So now they are going to get back at the housing market and devalue it faster.

Now these people are being hit with the decrease of income from the economy. So they contact the lender to try and see if they can qualify for one of those new finagled loan modifications that the President so proudly said is now available. But guess what. You can't get any lender to even talk to you unless you have missed 3 payments. So let me get this straight, unless I give up and miss 3 payments, the government won't help me. I feel that this is UNAMERICAN. All I wanted to do was refinance from a 15 year note to a 30 year note. To offset the burden of my spouse being laid off because of the economy by having a lower monthly mortgage payment. I will not miss the payments and destroy my credit. But if I do. I will probably have the same anger as most Americans in this position and tell the bank to stick it and foreclose on me. My credit will already be ruined.

If you noticed, I changed to first person in the blog. That's because I went through this personally.

The Foreclosure Market

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Sun, 19 Jul 2009 20:48:53 -0500

I am taking this time to post an email I received about a blog I wrote sometime ago How Long Will It Be Until The Banks Open The Flood Gates. I agree with every point of this email.

You've received a contact message from your Contact Form on the ActiveRain network.

Message details:
From: Dana

Subject: from California (Sent via Activerain)

Just read your article about banks holding back their bank owned properties and all I can say is wow! YOU are on the mark! I own a repo cleaning business here in California. Business is sparse right now- regardless of how many homes I drive by that appear vacant, a mess, bank owned and NOT for sale.
In my desire to get to the bottom of my lack of new business... I have been asking LOTS of questions to many people in the know.
I talked with a broker in Temecula Ca a few weeks ago. She told me that she has a friend who works in Wells Fargo loss mitigation department. She said that thanks in large part to Obama's TARP billions- the banks now have the money to pay the taxes and other things on these banks owned homes for about another two years.
The banks are sitting tight on these empty houses in an attempt to drive prices back up. There little plot appears to be working.
Unlike a year ago- when the market here in California seemed rather flooded with unsold REO properties, most bank owned homes that come up for sale on the MLS today- are snapped up and SOLD within hours and a few days of being listed. Most have multiple offers $20-30 thousand ABOVE list price! The banks have intentionally created a NEED for higher priced homes and inventory- by intentionally holding back! While at the same time- they are starting to lend out the millions in new home construction loans to home builders here in Ca. Talk about double ending the deal?
As well, most say the home modification programs that were supposed to be helping distressed home owners are a giant joke. Most RE agents and brokers know of few people who have actually gotten loan mods and the help Obama kept promising. The banks appear to keep foreclosing and taking back their properties, they've taken the billions in government TARP money and made a run with most of it. Just thought you'd like to know. ;-)

I really don't think it's an unwise strategy for the banks. The real problem is that their balance sheets look so good from the TARP that they don't need to lend money. That's where the problem lies. Nobody can get a loan. The banks are not willing to help homeowners restructure their loans until they commit Harri Cari with their credit scores by missing three mortgage payments. What happens then, credits ruined, let them foreclose is the statement that I have been hearing.

By taking away the lending institutions pain, lenders don't need to do what it is that they are in business to do. LEND!

Dana, I had to post your email. It was filled with such good information and got me to say what has been getting under my craw.

So, if you are looking for a home.....and you have CASH... We are here to find you that perfect home.

THE RESIDENT CHEF'S KISSIMMEE, FLORIDA FORECLOSURE PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Fri, 10 Jul 2009 20:36:46 -0500

KISSIMMEE, BANK OWNED

The web address for this property is: http://www.ResidentTeam.com/912354

$169,900

NEW

Description:
Seller offering 3% seller paid points towards a permanent interest rate buy down, and 3% for closing costs with Prospect Mortgage. 2 story beauty, Bellalago community, 4 bedroom, 2.5 baths on large corner lot. Brick pavers, barrel tile roof, 2 car garage. Master bedroom on first floor with large master bath. Inside laundry room, kitchen with separate eating area. Formal living room + dining room, separate family room. Ceramic tile in kitchen + all wet areas. Double sliders from kitchen + family room to covered porch. Good location close to schools + shopping area. Gated community, lots to offer in amenities in this resort style community including pools, fitness, water access + 24 hour security. Must see! HOA includes monthly fee + club fees

Location: 3548 SOMERSET CIR, KISSIMMEE, 34746

New or Resale: Resale

Type: Single Family Home

Price: NEW $169,900

Address: 3548 SOMERSET CIR

City/St: KISSIMMEE, FL

Zip Code: 34746

Bedrooms: 4

Bathrooms: 2 full, 1 half

Square Footage: 2489

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

THE RESIDENT CHEF'S KISSIMMEE, FLORIDA FORECLOSURE PROPERTIES

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Fri, 10 Jul 2009 20:30:46 -0500

KISSIMMEE, FORECLOSURE

The web address for this property is: http://www.ResidentTeam.com/917524

$109,999

NEW

Description:
BANK OWNED! Brand New Caserta in BELLALAGO ! Beautiful 3 Bdrm, 2 bth Home w/ Formals,Fam Rm, Breakfast nook, Walk in closet and garden tub in Master. Gated Community w/ gorgeous clubhouse, pool & playground. Assoc fee includes cable and irrigation!

Location: 3621 NORTHWOODS DR, KISSIMMEE, 34746

New or Resale: Resale

Type: Single Family Home

Price: NEW $109,999

Address: 3621 NORTHWOODS DR

City/St: KISSIMMEE, FL

Zip Code: 34746

Bedrooms: 3

Bathrooms: 2

Square Footage: 1687

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Resident Team Realty, LLC
Resident Team Realty, LLC
1813 West Virginia Dr.
Kissimmee, FL 34744
407-301-0312 Fax: 407-426-1101
Email: markhoran@NUMBER1EXPERT.com

www.ResidentTeam.com is brought to you by Resident Team Realty, LLC
Orlando, Kissimmee and St. Cloud, Florida

NUMBER1EXPERT®
All information deemed reliable but not guaranteed.

Mark Horan

"The Resident Chef"

Broker

Resident Team Realty, LLC

Phone: 407-301-0312 Fax: 407-426-1101

Email: ResidentTeamRealty@yahoo.com

Website: www.ResidentTeam.com

Disaster among Success

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Fri, 10 Jul 2009 00:30:27 -0500

The last 2 weeks have been very trying. 5 contract cancellations I filled out. In the past 6 years I may have done 2. Appraisals, not getting loans, and just plain a changing of the mind. There have also been good things happening, 3 accepted contracts this week and a short sale listing sold. truly a week to take the good with the bad. Making your closings bullet proof is getting harder and harder. Cash, that's right cash is king.

As economic times influence day to day life, many portions of our business are making our lives harder to get to the table. Appraisors are being ultra concervative and mortgage brokers are testing the mortgage guildlines. If you throw enough against the wall, some will stick.

What happened to the latest EPA report.

Mark Horan P.A. "The Resident Chef" (Resident Team Realty, LLC) — Tue, 30 Jun 2009 01:33:55 -0500

The latest EPA report on the global temperature, the planet is in a cooling cycle until 2030. What happened to this report, the government hide it. Nice, on the heels of the latest government grab, cap and trade. You know, the bill that had 300 amendments that were added at 3am on the day of the vote, All homes sold will have to go through a energy efficient study by government officials. If they deem necessary, windows, insulation, appliances, and doors will have to be replaced before any home can be sold. WE might as well level all homes built before 2001. This will make reselling a home a thing of the past. The cost of these upgrades will make selling a home impossible. Energy increasing 25% is just the tip of the, excuse me ice berg.

We will never get out of the housing crisis with this type of legislature. Vote no Senate!