Central Florida Real Estate~The Good, the Bad & The Ugly by LaShawn Norden, RE/MAX REALTOR

The Value of Personal Property in a Real Estate Transaction with a FHA Loan

Mon, 31 Aug 2009 16:06:53 -0500

Over the course of the last several months, I have represented several Buyers who have purchased a home using a FHA mortgage.

While one would think that all FHA loans have the same underwriting guidelines, when it comes to the value of personal property in a real estate transaction, this theory has proven to be incorrect.

In three of the five transactions, the "end buyer" for the loan requested a specific addendum to the Sale and Purchase Contract that stated that the personal property being conveyed with the home had no value and was being left out of convenience to the Seller.

In two of the transactions, I understood the reason why...the first seller was including a washer, dryer and a freezer with the home purchase and in the second transaction, a free-standing jacuzzi was being sold with the property. In the third transaction, however, the built-in appliances (range, dishwasher and microwave) were the only items to convey.

In chatting with the loan officer and their FHA underwriter, I was told that many of the "investors" who are the "end" buyer for FHA loans have their own criteria the underwriters must meet in order for them to purchase the loan.

So, in a industry where the rules change daily, it was recommended to me to add a clause to all FHA contracts that states:

"All personal property listed on the "As Is" Contract for Sale and Purchase agreement, as well as on the Seller's Real Property Disclosure, is being sold with the residence for the Seller's convenience and has no monetary value."

With that being said, if you are a Seller who has a stainless steel appliance package in your home, don't be alarmed if the Buyer's agent asks for you to sign an addendum stating that the appliances have no value. It's not that they are trying to get something for free...they are just working within a system where the rules change on an ongoing basis.

And if you are a Buyer, it might be a good idea to ask your agent to incorporate the above clause in your sales contract...just to be sure there are no last minute issues!

Serving Buyers and Sellers in Central Florida,

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157

LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Central Florida REO/Foreclosure Buyers: Didn't You Know, Deadlines Don't Matter?

Mon, 31 Aug 2009 11:58:04 -0500

OK, so maybe my headline isn't entirely true...deadlines DO matter...but only if you are the Buyer of a foreclosed/REO home.

At least it seems that way.

For some reason, it's becoming more common place for many of the Sellers (banks) of foreclosed homes in Central Florida to not respond to offers within the deadline given. I've been told by many listing agents that their Seller may respond to written offers on the same day they are presented...or, they may wait for days (or weeks) to respond...regardless of the date that the Buyer puts in their offer as the time period required for acceptance.

While it is understood that sellers of foreclosed homes want to obtain the highest possible price, there is no explanation as to why they don't respond even when they receive an offer that will net them a price higher than their listing price.

Not only is it frustrating to the Buyer and their agent, but the real issue here is that deadlines are written for a purpose...to generate a response. Banks should be more proactive and respond with an acceptance, a rejection or a counter offer so that the Buyer can determine whether they want to "stay in the game" or find another property to purchase.

With a surplus of homes for sale in the Central Florida market, it's a shame that qualified Buyers are held captive by these lenders who are either too overwhelmed to handle the business or don't really care if they lose more time and money waiting for the "next best" offer.

When buying a foreclosed/REO home, it's important for Buyers to know that while their offer may have a deadline for the bank to respond, they may not get one by the date given and will then have to make the decision to either extend their acceptance period or find another home.

And yes, this behavior is considered hypocracy at it's finest, because if the Buyer's offer IS accepted, the bank will then demand that the Buyer meet all of the deadlines they are given or will state that the Buyer is in default and can cancel the contract and/or make a claim to the Buyer's escrow monies.

While this business practice is certainly not "fair", this is the system/mentality of many Sellers/banks today and Buyers need to know what they can expect so that they can decide for themselves if purchasing a foreclosure/REO home is what they want...regardless of the waiting games they may have to play.

Representing Buyers throughout Central Florida,

LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty

(321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Bankruptcy: Option 9 for Central Florida Sellers who are facing foreclosure

Mon, 17 Aug 2009 18:35:17 -0500

There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

It is my goal, through this series, to address the 9 Options for sellers who are facing foreclosure so that the public and real estate agents alike can determine which options may be worth pursuing.

To get caught up, you may want to read:

9 Option Summary here

Option 1: reinstatement of your loan here

Option 2: Forbearance or Re-Payment Plan here

Option 3: Sell the Property here

Option 4: Rent the Property here

Options 5, 6 & 7 all involve refinancing or modifying of the borrower's loan, and that post can be read here

Option 8: Deed-in-Lieu of Foreclosure here

Option 9: Bankruptcy is the final option written in this series for a reason...to inform sellers that there are many other options they can and should consider if they are facing foreclosure.

While a bankruptcy may stop a foreclosure proceeding (which will allow the borrower time to reorganize their debt) the reality is that bankruptcy typically only stalls the foreclosure...it doesn't prevent it from happening.

The other reason why a bankruptcy may not be the best option is because it may hinder the sale of the property once the seller enters the bankruptcy process. For sellers who are trying to sell their home as a short sale, it is unlikely that any contract will be negotiated while the bankruptcy case is open...even though the sale itself may solve the financial stresses the seller is experiencing.

Before contemplating any one of the options above, Sellers should seek the advice of an experienced Real Estate professional and/or Real Esate attorney in their marketplace.

As a Certified Distressed Property Expert in Central Florida, I'd welcome the opportunity to talk with you or refer you to one of several reputable attorneys.

Facing foreclosure is scary...there is no reason why you should do it alone.

LaShawn Norden, PA, REALTOR, CDPE, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com

Deed-in-Lieu of Foreclosure: Option 8 for Central Florida Sellers who are facing foreclosure

Mon, 10 Aug 2009 16:52:50 -0500

There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

To get caught up, you may want to read the 9 Option Summary here.

Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here, Option 3: Sell the Property here and Option 4: Rent the Property here.

Options 5, 6 & 7 all involve refinancing or modifying of the borrower's loan, and that post can be read here.

Now that the first 7 options have been reviewed, the 8th Option for sellers facing foreclosure is being reviewed in this article.

Option 8: Deed-in-Lieu of Foreclosure: Sometimes this option is referred to by lenders as a "friendly foreclosure," as the homeowner "gives" the deed back to the bank in hopes that the lender will not have to initiate a lengthy foreclosure process in exchange for that lender releasing the seller from being responsible for any deficiency judgment. Typically, this type of solution works in cases where there is one mortgage only or when the second mortgage holder is willing to negotiate this type of arrangement with the first.

In the event the borrower has equity in the property, a Deed-in-Lieu of Foreclosure is not a recommended option as the owner loses their rights to the property and any equity they may have.

When facing foreclosure it is highly recommended that sellers hire a Real Estate professional who is not only experienced and educated but also has relationships with Real Estate attorneys, as some of the suggested options for sellers are best handled by both the REALTOR and the attorney working together for the seller's best interest.

For a list of recommended Real Estate attorneys in the Central Florida market, please contact me via email at LaShawn@LaShawnNorden.com . I'd be happy to provide you with a list of reputable attorneys who I know personally and who have had success in negotiations with lenders.

LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Refinance, Modification or Short-Refi?: There ARE Options for Central Florida Sellers facing foreclosure

Sat, 08 Aug 2009 16:41:25 -0500

There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

To get caught up, you may want to read the 9 Option Summary here.

Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here, Option 3: Sell the Property here and Option 4: Rent the Property here.

OK...now that you are caught up on the first 4 Options available, it's time to get to the next three Options, which I have included in this single article as all three relate to the mortgage on the property.

Option 5: Refinance the Property-Unless the borrower has equity in the home, sufficient document-able income and decent credit, a traditional refinance will not work. Because declining values are the "norm" in many areas in Central Florida, I would suggest contacting a Real Estate professional in your marketplace to ask their opinion of the value of the property BEFORE calling the mortgage holder. If the value of the property is a concern, it's better to find that out upfront.

Option 6: Morgage Modification-A "modification" is similar to a refinance in that the borrower would need to prove their income (ie: their ability to re-pay the loan). If they can, their mortgage holder may offer to extend the length of the loan (15 year mortgage to a 30 year mortgage...or some other variation) or they may agree to lower the interest rate on the existing loan in order to lower the monthly payments so that the borrower can afford them. Some mortgage companies/lenders may also reduce the loan amount due...which is Option 7 below, a Short -Refi.

Option 7: A Short-Refi-While not being offered by many lenders yet, there are a few who have recognized the need to reduce the principal loan amount for a borrower in order for them to be able to maintain the payments and avoid foreclosure. In order to qualify for this type of modification to the loan terms, the borrower would need to prove a hardship in paying the current mortgage as well as an ability to pay the new "proposed" mortgage amount.

While there are many companies who have jumped feet first into the "modification" pool, I would caution borrowers to first contact their OWN mortgage holder before seeking outside resources. In the event the borrower's OWN mortgage holder doesn't offer any of the above options, only then would I seek referrals to other modification companies...and when doing so, be extremely careful. Google their company name, contact the BBB in your market and ask for them to give you references.

For a list of mortgage lenders who have been in business for years and have positive reputations with both Real Estate professionals and consumers alike, please email me at LaShawn@LaShawnNorden.com

The final two options for Central Florida sellers who are facing foreclosure are Deed-in-Lieu of Foreclosure and Bankruptcy and each will be reviewed in single article format this coming week.

To make sure you get them first, subscribe to my Blog. As a dedicated Real Estate agent who is not only experienced, but professionally educated regarding distressed properties, I'd welcome the opportunity to answer your questions and to help you determine if any one of the options shared are suitable for your personal situation.

LaShawn Norden, PA, REALTOR, (321) 377-1057, www.LaShawnNorden.com

Certified Distressed Property Expert (CDPE) & Accredited Luxury Homes Specialist (ALHS)

Rent the Property: Option 4 for Central Florida sellers who are facing foreclosure

Tue, 04 Aug 2009 08:49:09 -0500

There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

To get caught up, you may want to read the 9 Option Summary here.

Option 1: reinstatement of your loan here, Option 2: Forbearance or Re-Payment Plan here and Option 3: Sell the Property! here.

Much like the last option, Option 4 is also considered a "common sense option," but again, sometimes the obvious is often overlooked.

Option 4: Rent the Property

While this option may be less desireable than selling, it may be worth considering if the rent payments are sufficient to cover the monthly expenses. In some cases, it may even be worth considering if the rent payments will cover the majority of the monthly expenses and the owner can pay for any shortage.

For homeowners who are considering renting their property, I would highly suggest retaining the services of a Property Managment company who will qualify potential tenants via credit and background checks, collect the rent payments, draft the lease documents, coordinate repairs and follow the laws if a eviction is ever required.

Unless you know the potential tenant personally (and even then, there is no guarantee they won't stiff you on the rent), it is my belief that professional Property Management companies are worth every dollar they make!

If you are a homeowner who has a home to rent in Seminole, Orange or Volusia County in Central Florida, send me an email at LaShawn@LaShawnNorden.com and I'll be happy to refer you to quality Property Management agents in your marketplace.

In the event that reinstating, repayment and renting are not options for your personal situation, I'd welcome the opportunity to meet with you to discuss other options, including selling your home.

LaShawn Norden, PA, REALTOR, CDPE, ALHS, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Sell the Property!~Option 3 for Central Florida sellers facing foreclosure

Mon, 03 Aug 2009 17:57:37 -0500

There are many options for Central Florida sellers who are in foreclosure. While some may seem simple and obvious, many others may be unknown to the consumer and their real estate professionals.

To get caught up, you may want to read the 9 Option Summary here.

Option 1: reinstatement of your loan here and

Option 2: Forbearance or Re-Payment Plan here.

This particular article is what one might refer to as the "common sense option," but when financial pressures are mounting, sometimes the most obvious solutions get overlooked.

Option 3: Sell the Property!

For homeowners with equity, selling the property is certainly an option to consider. While some borrowers may owe more than their home is worth in today's market, there are many more who do have equity and just haven't thought about selling their home as an option.

Even if there isn't a lot of equity, being able to sell the property may be able to generate enough proceeds to cure the foreclosure and relieve the borrower from the financial stress of having to make the next mortgage payment.

In cases where there is a potential foreclosure on a home with equity, it is very important that the sales price be enough to cover:

Loan payoff (inclusive of interest)
Late payments
Penalties
Attorney fees
Real Estate brokerage fees
Pro-rated taxes
Title charges and closing fees
Liens (HOA, mechanics, etc)
Pre-payment penalties

In the event that the value the home is not high enough to cover the mortgage and the associated costs listed above, then a "short sale" may be the best option to consider...and that option will be the topic of a future article in this series.

To find a qualified Real Estate agent in your marketplace, ask your friends, family and co-workers for a referral. It's smart to consider hiring a full-time professional REALTOR who has references, a proven marketing plan, knowledge of your marketplace and strong negotiating skills. Since time may not be on your side, you need an agent who will be!

Subscribe to my Blog to find out about how you can avoid foreclosure by hiring a Certified Distressed Property Expert!

LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com

Serving Seminole, Orange and Volusia Counties in Central Florida

Forbearance or a Re-Payment Plan: Option 2 for Central Florida Sellers facing foreclosure

Tue, 28 Jul 2009 18:16:13 -0500

There are many options for Central Florida sellers who are in foreclosure.

As a Certified Distressed Property Expert (CDPE), there are many options that I can (and do!) suggest to Central Florida Sellers who are facing economic hardships and who are concerned about losing their home to foreclosure.

To find out about the 9 options for Sellers, you can read my blog post here.

You can my blog post about Option 1, which is reinstatement of your loan, here.

Today's post is about Option 2, which is Forbearance or Re-Payment Plan.

Option 2 is somewhat like Option 1 in that if a borrower who has missed mortgage payments did so due to a temporary situation such as an illness or a short-term job loss, they may be able to negotiate a re-payment plan with their lender to "make up" the missed payments.

If a re-payment plan is offered by the borrower's lender, it is usually because the borrower can demonstrate that they will have the necessary funds to repay the missed payments and legal fees...but may need several months to do so.

In situations such as these, it is not uncommon for the borrower's lender to agree to allowing the missed payments to be moved to the end of the scheduled loan amortization plan as long as the borrower can provide the required documentation from their lender.

If a forbearance or re-payment plan is granted by the borrower's lender, the borrower needs to know that until ALL of the missed payments are caught up, the mortgage is not fully reinstated and any further missed payments during this same time period may result in foreclosure action.

In the event that you are a seller who is delinquent in your mortgage, a forbearance/repayment plan or one of the other 8 remaining options for Sellers facing foreclosure may be an option for you.

Contact a Certified Distressed Property Expert (CDPE) in your market place to see which option is best for you.

A list of CDPE professionals can be found by visiting the CDPE website here.

LaShawn Norden, PA, Certified Distressed Property Expert (CDPE), (321) 377-0157, LaShawn@LaShawnNorden.com

Serving Seminole, Orange and Volusia Counties in Central Florida

Reinstatement of the Loan: Option 1 for Central Florida Sellers facing foreclosure

Tue, 28 Jul 2009 08:58:58 -0500

There are many options for Central Florida sellers who are in foreclosure.

To find out about the 9 options for Sellers, you can read my blog post here.

Today, I'd like to review Option 1, which is reinstatement of your loan.

Reinstatement of your loan is often an option if the reason for the missed payments was temporary, such as an illness or temporary job loss.

In order to have the loan reinstated, the borrower must re-pay all of the missed payments, including late fees and legal fees if any were accrued.

Reinstatement must be approved by the borrower's lender and the amount owed should be obtained in writing from the lender in the form of a reinstatement letter. Because most reinstatements of the loan are time sensitive (meaning they have an expiration date), it is very important that the borrower pay all fees due by required due date.

Once the loan has been reinstated, they should continue to make regular monthly payments on their mortgage in order to avoid further action by their lender.

If you are a seller who is delinquent in your mortgage, reinstatement or one of the other 8 remaining options for Sellers facing foreclosure may be an option for you.

Contact a Certified Distressed Property Expert (CDPE) in your market place to see which option is best for you.

A list of CDPE professionals can be found by visiting the CDPE website here.

LaShawn Norden, PA, Certified Distressed Property Expert (CDPE), (321) 377-0157, LaShawn@LaShawnNorden.com

Serving Seminole, Orange and Volusia Counties in Central Florida

Sellers Facing Foreclosure Have Options...9 options for Central Florida Sellers

Mon, 27 Jul 2009 22:52:39 -0500

There are many options for Central Florida sellers who are in foreclosure.

Below are 9 options that are available to Sellers:

Reinstatement:
Forbearance or Re-payment
Sell the property
Rent the property
Refinance the property
Mortgage modification
Short-refi
Deed-in-lieu of foreclosure
Bankruptcy (if all else fails!)

If you own a home in Central Florida and are unable to pay your mortgage and are thinking that foreclosure is your only option, I'd be happy to schedule a confidential interview to see if any one of the above options will work for you!

LaShawn Norden, PA, Certified Distressed Property Expert, (321) 377-0157, LaShawn@LaShawnNorden.com

Serving Seminole, Orange and Volusia Counties

While Inventory May Be Plentiful, Buyers Need to Have Realistic Expectations

Tue, 26 May 2009 14:40:56 -0500

Having realistic expectations when purchasing a home is so important in today's market.

Over the course of the last year or more, every media outlet across the globe has reported the collapse of the real estate market.

And now, they suggest that there are hundreds of thousands of homes that Buyers can purchase that are in pristine condition, in desirable neighborhoods, with every upgrade possible, for a price that is not only attainable...but negotiable...and, that those homes can be purchased and closed on within a reasonable time period.

As much as I wish that to be true, in Central Florida, that's just not the case. As a full-time professional Real Estate agent who is actively working with a dozen or more buyers at any given time, here's what IS a reality in our marketplace.

YES, there are hundreds of thousands of homes listed for sale.
YES, some of them are in pristine condition (but less than 5%).
YES, even fewer of those that are in pristine condition are located in desirable neighborhoods or sought after school districts.
YES, there are a handful that had every upgrade possible (if those upgrades haven't been removed by the seller or vandals...such as the light fixtures, plumbing fixtures, appliances, counter tops, window treatments, etc)
YES, the listing price in the MLS might be in the range that you qualify for (that is, if that price has been approved by the seller's lender(s) in the case of a short sale) or isn't under valued to create a bidding war (as is the case with some foreclosures).
And YES, you might be able to purchase and close within a reasonable time period...if you rule out non-approved short sales (and even some pre-approved short sales are taking months to close) and foreclosures (as some have "title issues" that need to be resolved before closing").

Once a Buyer determines their price range, where they want to live and what features they expect the home will have, many Buyers are coming to the conclusion that they need to be more realistic with their expectations as they aren't finding that exceptionally priced home with all the bells and whistles in a sought after community that is zoned for great schools...at least not at the significant discount that they thought they would.

Working with a REALTOR who knows the local inventory and can educate Buyers on what they can expect to find within their price range is a huge advantage for Buyers in today's market.

If you are a Buyer who is interested in purchasing a home in Central Florida, specifically in Seminole County, I'd welcome the opportunity to educate you on what you can realistically expect to find in your price range!

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty (321) 377-0157, LaShawn@LaShawnNorden.com

Buying a Government Owned Home in Central Florida? If So, Be Prepared to Pay

Fri, 24 Apr 2009 21:56:12 -0500

If you are considering buying a home in Central Florida that is owned by a government entity such as Fannie Mae or Freddie Mac, you need to be prepared to pay the documentary stamps on the deed as part of your closing costs at the time of settlement.

In a traditional sale, the FAR/BAR contract (both the FAR/BAR8 and the FAR/BAR AS-IS contract) specify that the Seller pay the documentary stamps on the deed unless otherwise noted in an Addendum and agreed upon by both parties.

With that being said, because Fannie Mae and Freddie Mac (otherwise known as the Seller) are not permitted by law to pay this fee, properties that are owned by them WILL have a clause in their required Addendum that states that the Buyer must agree to pay this expense.

In Florida, the cost of Documentary Stamps is 70 cents per $100 of the sales price...which could add $1,400 to the Buyer's closing costs for a home priced at $200,000.

While some Buyers may not mind paying this additional fee, others have a limited amount of cash to apply to their closing costs. To prevent any last minute need to break into the piggy bank, Buyers can always ask the Seller to contribute a flat amount or a percentage of the sales price towards their closing costs. Depending on the offer, the Seller may agree to the contribution, which makes it a "win-win" situation for both parties.

For additional tips on how to structure an offer on a governement or bank-owned property, call or text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

New Listing in Central Florida~181 Crown Point Circle in Longwood near Sabal Point Golf Course

Fri, 24 Apr 2009 00:32:17 -0500

LaShawn Norden | RE/MAX Central Realty | (321) 377-0157

181 Crown Point Circle, Longwood, FL

Carefree condo living in Longwood community overlooking Sabal Point Golf Course. Lovingly cared for & priced to sell!

2BR/2.5BA Condo

offered at $110,000

Year Built	1985
Sq Footage	1,406
Bedrooms	2
Bathrooms	2 full, 1 partial
Floors	2
Parking	1 Car garage
Lot Size	Unspecified
HOA/Maint	$235 per month

DESCRIPTION

Ideal time to buy this well-maintained DUAL Master Suite condo in Longwood/Wekiva area. Maintenance free living includes NEW carpet, NEW paint, NEW roof, NEW A/C, NEWER plumbing (in 2005) AND a oversized screen-enclosed lanai & an upstairs balcony overlooking the Sabal Point Golf Course. Priced to compete by a traditional seller who has lived & loved this property and community for years! Pride of ownership shows and the location can't be beat. Steps from the community pool and minutes to shopping, dining & entertainment options galore!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Tile floor	Family room
Dishwasher	Refrigerator	Stove/Oven
Microwave	Washer	Dryer
Balcony, Deck, or Patio

COMMUNITY FEATURES

Garage parking

Swimming pool(s)

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

LaShawn Norden

RE/MAX Central Realty

(321) 377-0157

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 23, 2009, 9:17pm PDT

When buying a bank-owned foreclosure (REO) in Central Florida, those who have the gold make the rules!

Sat, 11 Apr 2009 19:49:17 -0500

Over the last year or more, there has been a shift in the real estate market, with the number of homes that are short sales and bank-owned foreclosures growing by the day. As a matter of fact, in reviewing the number of active homes for sale in Central Florida, I estimate that more than 40% of the inventory that is available for sale is either a foreclosure or a short sale.

With that being said, one of the most notable attractions to foreclosures for Buyers has been the fact that they are often listed at prices that are 20%-40% less than other comparable active listings that are for sale within the same community. Banks and those real estate agents who are representing them have taken this approach to pricing in an attempt to create interest from buyers who will recognize the value, write an aggressive offer and agree to follow the "less than buyer friendly rules" that are required when purchasing.

This trend is certainly noteworthy for Buyers, as it's becoming more obvious each day that the "those who have the gold make the rules" theory is in full force when it comes to buying a bank owned home.

As evidence of how drastic this shift has become, below are a few of the more common "rules" that banks are now requiring Buyers to follow when submitting an offer on their REO (real estate owned) properties:

Provide a pre-approval letter from the selling bank's preferred lender. Although the Buyer may have a pre-approval letter from their own lender, many bank-owned homes (especially those owned by Countrywide) will require that the Buyer get pre-approved by a designated lending representative before the offer is submitted to the bank for review.
Accept the house in as-is, where-is condition. Simply put, the bank will make no repairs to the property, even if they are required by the Buyer's lender or FHA/VA to obtain the loan.
Agree to pay outstanding Homeowner Association fees, without disclosing how much is owed.
Agree to pay for documentary stamps on the deed. In Florida, that fee is .70 per $100 of the sales price. For Buyers purchasing a $200,000 house, those fees will be $1,400.
Agree to have all inspections completed prior to offer submission. This requirement thereby eliminates the "inspection" contingency in the contract.
Agree to pay a per diem charge for each day after the closing date if the property does not close, regardless of why it didn't close.
Agree that the property must be on the market for a minimum number of days before the bank will consider any offers.
Agree to provide their escrow deposit in the form of a cashier's check to the seller's attorney.
Agree that once the Buyer's offer has been verbally approved, that they will then be required to accept additional terms and/or conditions on an Addendum that will follow. Some of these addendums are so completely favorable to the Seller (Bank) that the Buyer might feel as though they are waiving their right to breathe for fear of their offer being rejected.

Regardless of whether you think these rules are "fair" or not, the banks and their agents are not making exceptions. They are what they are and Buyers need to know that the "Golden Rule" as they once knew it, has a whole new meaning today.

If you are considering buying a foreclosure (REO) property in Central Florida, you need to know what's expected.

As a full-time professional REALTOR with experience in foreclosure sales, I'd welcome the opportunity to further educate you on what you should and can expect when buying a home that's owned by a bank. Feel free to call or text me at (321) 377-0157 for a free consultation.

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Charity Event & Art Exhibit in Lake Butler community, "Chaine du lac" on March 31st from 5P-8P

Tue, 24 Mar 2009 11:14:06 -0500

Please join me on Tuesday, March 31st from 5 o'clock until 8 o'clock for a charity event in Windermere's coveted "Chaine du lac" community.

"Chaine du lac" is a enclave of luxurious estates on the banks of Lake Butler in Windermere, Florida and home to those who desire privacy and prestige.

In addition to being able to tour an exceptionally priced custom estate within the community, guests can preview fine art and purchase raffle tickets for a variety of prizes. Music, catered food and a cash bar will also be provided.

The cost of admission is only $10 per person. All proceeds from the event, which is being co-sponored by SunTrust Mortgage & Events By Lisa, will benefit the United Cerebral Palsy organization.

Mark your calendars as this is an event not to be missed!!

Date: March 31, 2009

Time: 5 o'clock until 8 o'clock

Location: 3414 Cocard Court, Windermere, FL 34786. For more information on this property, please view the virtual tour here.

RSVP: to LaShawn Norden, PA, REALTOR, RE/MAX Central Realty by cell/text at (321) 377-0157 or by email at LaShawn@LaShawnNorden.com

LaShawn Norden, PA, REALTOR, Accredited Luxury Homes Specialist, (321) 377-0157

RE/MAX Central Realty

LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Need Appliances for a Central Florida Foreclosure or Short Sale property? If so, Sears Commerical to Host Event 3/29/09 for You!

Tue, 24 Mar 2009 09:39:53 -0500

Sears Commercial in Altamonte Springs, Florida will be open to the public for a rare Friends & Family Event this Sunday, March 29, 2009 from 3PM until 9PM.

Sears Commercial sells pretty much anything you would need to outfit a kitchen...and at prices less than retail!

Because this event is "By Invitation Only" you'll need to call Shirley Perrotta at 407-767-6249 to make sure she has you on the guest list.

As a full-time professional REALTOR in Central Florida, I'd like to help you not only find the right home for your needs and budget, but also make sure that you have reputable referrals as well.

Be sure to tell Shirley that I referred you...that way, she'll be certain to keep me on the VIP list so that I can share future events with you!

LaShawn Norden, PA, REALTOR, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com, RE/MAX Central Realty

Advocating for Buyers & Sellers in Central Florida

If it Walks Like a Duck and Quacks Like a Duck, it's Probably...

Thu, 19 Mar 2009 11:54:34 -0500

a Duck.

With that being said, I am personally challenged by the fact that listing agents do not truthfully market the condition of the property in the Multiple Listing Services (MLS).

Don't get me wrong, I'm not asking agents to "hurt" their sellers by revealing less than desireable qualities about a property (like the need for paint or flooring), but I do think that if the ceiling has fallen in, all appliances and light fixtures have been removed, the pool is swampy and/or the property has mold growing on the baseboards and walls, that the listing agent should disclose such when marketing the property...even if they do so in the REALTOR only Remarks section in the MLS.

When working with Buyers, it would certainly be helpful to know BEFORE I show the property that the property will need a tad bit more than just "TLC" or "elbow grease" in order to make it habitable.

If Buyers (and their agents) knew that the house needed thousands in repairs, they would then be able to make an educated decision about whether to see the home...but if that information is not provided in the MLS, the Buyer and their agent unknowingly can walk into a "disaster-like" home that the Buyer would have never even considered had they known the truth upfront.

In addition to disclosing "issues" such as the ones listed above, I would also think that listing agents who are marketing these types of homes would want Buyers to know if the home will require cash to purchase or if it will or won't qualify for FHA or VA financing. Since many more Buyers today are purchasing using a VA or FHA loan, it would be worthwhile to know if the property will meet the loan requirements before choosing to see it.

Lastly, if a property has mold...PLEASE protect yourself, the Buyer and their agent by putting a note on the front door stating so. Many people have sensitivity to mold and this is a liability house of cards ready to come falling down! Should a sign be posted on the door and the Buyer and/or their agent choose to enter anyway, they are assuming the risk...not you.

While I do not see the world through rose colored glasses, I do know that if a duck is a duck, there is no point marketing as a swan!

For your viewing pleasure, I have included a few photos of homes I've shown to unsuspecting Buyers lately because neither they (or I) knew the truth prior to the showing.

LaShawn Norden, PA, REALTOR, (321) 377-0157, RE/MAX Central Realty, Advocate for Buyers and Sellers in Central Florida, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Stats Every Central Floridian Needs to Know About What's Selling & Why

Mon, 16 Mar 2009 23:50:48 -0500

The Orlando Regional Realtor Association produces a trade publication for it's members that is often filled with statistics related to the local real estate market. Here are a few that every Central Floridian needs to know about Lake County, Orange County, Osceola County and Seminole County:

Year over Year Decline of Median Sales Price by County~ (January 2008-January 2009)

Osceola County experienced a decline of 35.99%
Orange County experienced a decline of 34.70%
Seminole County experienced a decline of 28.88%
Lake County experienced a decline of 25.93%

First Time Home Buyers

In 2005, only 33% of the purchases were made by first time home buyers
In 2008, 41% of the purchases were made by first time home buyers

Foreclosures by County

With foreclosures on the rise, according to a search of the MLS (link to site is available here), the February 2009 statistics of active properties for sale indicate that:

29.98% of the properties in Osceola County are foreclosures
24.24% of the properties in Orange County are foreclosures
16.52% of the properties in Seminole County are foreclosures
13.00% of the properties in Lake County are foreclosures

Closed Sales for January 2009

54.57% of the 1,050 sales that closed were distressed and bank-owned properties. Sales by County were:

28.80% of the sales in Orange County were distressed or bank-owned
12.88% of the sales in Osceola County were distressed or bank-owned
8.5% of the sales in Lake County were distressed or bank-owned
4.38% of the sales in Seminole County were distressed or bank-owned

Sales of existing homes in Florida rose 27% in December 2008, which the 4th consecutive month of increased sales activity.

Median Sales Prices by County as of January 2009

Lake County ~ $135,000
Orange County ~ $150,000
Osceola County ~ $125,450
Seminole County ~ $165,00

As a full-time Real Estate professional in Central Florida, it's my job to not only know these statistics, but to share them with the Buyers and Sellers that I represent and advocate for. In today's market, it's more important that ever to hire a REALTOR who knows the market and how to best position you for success.

I'd welcome the opportunity to be yours.

For more information on local statistics, including the value of homes in your marketplace, text/call me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com for an objective & honest evaluation of your buying or selling needs.

LaShawn Norden, PA, REALTOR, (321) 377-0157, RE/MAX Central Realty, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Advocate for Central Florida Buyers & Sellers

Not All "Waterfront" Properties in Central Florida are Created Equal...

Mon, 16 Mar 2009 22:46:56 -0500

Especially when compared to this property!

In all of Seminole County, Florida, there is nothing that compares to this property!

This one-of-a-kind showplace boasts more 135+ feet of direct frontage on Lake Monroe, which is the 8th largest lake in the Orlando area and is part of the St. Johns River waterway, which has direct access to the Atlantic Ocean.

Outfitted with a private dock and nearly 5,000 SqFt of indoor living/entertaining areas, this 1950's home has been completely remodeled into a contemporary haven.

Unlike any other in the Central Florida marketplace...this renovated estate has perfectly manicured grounds, grand oak trees and blooming azaleas that beckon you inside, where you'll enjoy resort-style living with the finest upgrades.

From the inside out, this impeccably maintained home features panoramic water views through plantation shutter-dressed windows, a spacious and open floor plan and designer appointments throughout. Every inch of the property from the foyer to the pool cabana has been upgraded and maintained to the highest standards.

Outdoor living is just as luxurious. The grounds have been professional landscaped with ambient lighting that showcase the heated pool, cabana with water closet & dressing areas, Summer Kitchen, shuffleboard court, two stately screen-enclosed rooms and privacy wall that promotes intimacy and security.

Opportunities such as these are rarely available. Come discover Florida lakefront luxury living at its finest! Tours of this stately compound, for sale at $1.8M are available to qualified candidates by appointment.

For more photos and information on this fine home, view the virtual tour here.

LaShawn Norden, PA, REALTOR, Accredited Luxury Home Specialist, (321) 377-0157, RE/MAX Central Realty, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

The Need for an Inspection Contingency when Purchasing Short Sales and Foreclosures

Sun, 15 Mar 2009 21:30:56 -0500

Regardless of whether you purchase a brand new home from a builder, a re-sale home from a traditional seller, a short sale or a bank-owned property (a foreclosure), one of the most important steps in the buying process is to have the property inspected by a certified, licensed and insured Home/Building Inspector.

While you may elect to hire a licensed roofer, plumber, electrician and HVAC contractor to individually inspect these four main components (considered a Four Point Inspection), there are many certified Home/Building Inspectors who can & do provide a comprehensive inspection of the property by evaluating the below componets & more:

Roof
Plumbing
Electrical
HVAC (Air & Heat)
Water Intrusion
Pool Equipment
Operational status of the appliances
Structural issues
Cosmetic issues

Many properties that are being marketed as short sales or foreclosures are being sold "as-is" with a "right to inspect," which typically means that a Buyer is assuming all of the risk when purchasing the property and that the Seller is not willing to make any repairs or give financial concessions for such repairs...which is all the more reason why a Buyer should know what "issues" the house has and how much money will be needed to correct those "issues."

More importantly, many lenders will not loan money on a property with wood rot or termites, roof leaks, active water intrusion, faulty plumbing or electrical wiring, structural issues, etc. because those properties are considered higher risk (especially if the Buyer is purchasing via a FHA or VA loan program).

With that being said, Buyers should make sure that their Contract for Sale and Purchase includes an "Inspection Contingency"which allows for them to have a specific amount of time to conduct any inspection they want, to secure estimates for any repair that might be needed and to withdraw from the Contract if they are not satisfied with the inspection results or the costs associated rectifying those repairs.

If you are a Buyer who wants to purchase a home in Seminole or Orange County, Florida and would like more information on how a "Inspection Contingency" can protect you, call/text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com

LaShawn Norden, PA, REALTOR, Advocate for Buyers & Sellers in Orange & Seminole County, (321) 377-0157, RE/MAX Central Realty, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

Hey Central Florida Sellers...Have you considered doing THIS to sell your home???

Thu, 12 Mar 2009 00:19:58 -0500

I've seen a lot of crazy marketing antics over the years, but this one beats them all!

Recently, a local Seminole County "For Sale By Owner" ran an ad on Craig's List and found a few talented people who would be willing to "market" their home for sale for five hours (they were each paid $10/hour)...here's a few photos I took.

Like many others who were drawn by the "circus-like" activity, I too stopped by to ask the Sellers what they were asking for their home....

Once I heard, it became evident that they needed more than a juggler and a unicycle rider to sell their property...they needed a full-time REALTOR® who could help them price their home appropriately and market it accordingly!

While these particular Sellers have chosen to go the self-promotional route (and I do wish them the greatest success!), I'm fairly confident that even if they were to pay 100 people to stand on the side of the road dressed in drag and waving attention-getting flags, that if their home is not priced right, it won't sell.

Moral of the story: Hire a full-time professional Real Estate agent who will not only market your home creatively, but who will advise you on the proper price and then negotiate the best terms for you when you get a contract.

I'd welcome the opportunity to interview for the position as your Central Florida REALTOR®

I may not sing or dance or ride a unicycle, but I can and do SELL HOMES!

(321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

LaShawn Norden, PA, REALTOR®, Your Central Florida Marketing & Negotiation Advocate!

A Black Eye Can Be Painful. Does Your Central Florida Home Have One?

Sun, 08 Mar 2009 22:35:46 -0500

When selling a Central Florida home, it's important for Sellers and their listing agents to have knowledge of what potential "black eyes" the property may have so that it can be priced accordingly. Just a couple of years ago, Buyers had fewer choices which made them more willing to accept a property with a "black eye."

Today, the exact opposite seems to be true.

With inventory at an all time high, Central Florida Buyers are more critical than ever of "black eye" homes and Sellers are feeling the pain. In reviewing sales statistics for Central Florida homes, it is evident that aggressive pricing is the one of the most effective ways to give relief to homes with "black eye" characteristics such as these:

Property backs to a road. Regardless of whether the road is lightly or heavily traveled, this objection can impact the value of a property by as much as 10% according to local appraisers.
There are power lines in view. While there have been ample studies that show power lines are less harmful than microwaves, there are plenty of people who don't want to live near them...let alone have them in the backyard.
Property is near the main entrance of a community. While some Buyers may not be bothered by this, others won't like the extra traffic a home near the front of the neighborhood gets.
Property is near a train track or bus stop. Again, while some Buyers may not be bothered by the noise created by the train or bus, others won't even consider purchasing a home near either.
Property is near an airport and current flight patterns have planes flying overhead multiple times per day. Living near the airport does have benefits to those who travel, but seeing the underbelly of the plane every morning may be a little too close for comfort for some Buyers.
Neighborhood is nice, but the road traveled to it is not. Homes that are located on dirt roads tend to be less desirable than those that are on nicely paved or brick roads.
Adjacent properties have commercial or mixed use zoning. Having a gorgeous custom house next to a commercial building or an apartment complex very well may impact the value. Most Buyers seek to purchase properties that are surrounded by others with the same use.
The garage was converted to extra living space. While it might be nice to have the extra "space," more Buyers would rather have a garage. By converting the garage, vehicles now must be parked outside and the lawn mower, holiday decorations and other "stuff" Buyers have collected over the years will have no where to go.

As a full-time Real Estate professional in Central Florida who advocates for Buyers and Sellers, I'd be happy to share more with you about trends in this market. Knowledge is power.

For more information on additional "black eye" characteristics that Buyers and appraisers are discounting for, call/text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com

LaShawn Norden, PA, ALHS, REALTOR, RE/MAX Central Realty, (321) 377-0157

Advocate for Buyers and Sellers in Central Florida

Serving Seminole County including: Lake Mary, Longwood, Sanford, Winter Springs, Altamonte Springs, Oviedo and Casselberry and Orange County including:

Apopka, College Park, Maitland, Orlando, Winter Park and Windermere

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424 Sand Pebble Cove, Longwood, FL~OPEN HOUSE, SUN, MARCH 8, 1P-4P

Tue, 03 Mar 2009 15:01:13 -0600

LaShawn Norden | RE/MAX Central Realty | (321) 377-0157

424 Sand Pebble Cove, Longwood, FL

Well maintained single family home on a culdesac zoned for great Lake Mary schools. Not a short-sale or foreclosure!

3BR/2BA Single Family House

offered at $200,000

Year Built	1992
Sq Footage	1,644
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$26 per month

DESCRIPTION

If you are tired of waiting for months hoping for an approval for a short-sale or only finding bank-owned homes that need thousands in repairs, this home is a must see! Located in Crystal Creek, a Longwood community zoned for A-rated schools including Lake Mary High School, this exceptionally well-maintained home is certain to please! This 3 bed, 2 bath home has been recently appraised and inspected and is ready for new owners! Featuring a well manicured lawn, an open floor plan, an eat-in kitchen with newer appliances, low-maintenance tile flooring, spacious living spaces and a screen enclosed porch. Premium cul-de-sac location in rear of neighborhood. Hurry, before it's gone!"

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	High/Vaulted ceiling
Walk-in closet	Tile floor	Family room
Living room	Breakfast nook	Dishwasher
Refrigerator	Stove/Oven	Microwave

COMMUNITY FEATURES

Garage parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

LaShawn Norden

RE/MAX Central Realty

(321) 377-0157

For sale by agent/broker

Equal Opportunity Housing

Posted: Mar 3, 2009, 12:25pm PST

5K in Lake Mary, Florida on March 21, 2009 to Benefit Off-Leash Dog Park

Sun, 01 Mar 2009 16:05:32 -0600

The City of Lake Mary and Be a Trailblazer Inc., a non-profit 501c3 organization dedicated to improving the health and quality of life for area citizens, will be hosting a 5K in Lake Mary, Florida on Saturday, March 21, 2009 at 8:00AM.

The event will be held at the Timacuan Country Club and will end at Trailhead Park.

Proceeds from the event will be used to fund the latest Trailblazer project, which is a new off-leash dog park in Lake Mary that is scheduled for completion in late 2009.

For more information on the Trailblazer organization or the off-leash dog park project, you can visit their website here.

Additional information on the 5K including registration details can be found here.

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, Lake Mary, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com

First Time Home Buyers: Avoid Tax Fraud When Collecting $8,000 Stimulus Credit

Fri, 27 Feb 2009 17:56:04 -0600

Earlier this year, the Economic Stimulus Plan, that included a $8,000 tax credit for first-time home buyers, was approved.

Below is what Central Florida first-time home buyers who are considering purchasing a home need to know about the 2009 Tax Credit:

The approved amount is $8,000, or 10% of the purchase price, up to a maximum of the $8,000
It is available for home purchases made between January 1, 2009 thru November 30, 2009
There is NO repayment requirement
There is a 3-year recapture if the home is sold within that time period, unless exempt according to the rules
The money is available for principal residences only (owner occupied)
To qualify, the Buyer must be a first-time home buyer, which is defined as a purchaser (and purchaser's spouse) who has not owned a principal residence in the three years previous to purchase. Owning a second home(s) or an investment property(s) does not disqualify a person as long as the principal residence rule is intact
There are income limits. To receive full credit, the maximum AGI (adjusted gross income) for individuals is $75,000 and for joint returns, it's $150,000
The property is not the qualifier, the Buyer is. Simply put, the Buyer can purchase a new home, a resale, a short sale, a foreclosure, a condo, a townhome or a luxury estate in any neighborhood, city or state and still get the credit.
It is an actual tax CREDIT~ NOT a tax DEDUCTION! As such, this is a dollar-for-dollar tax REDUCTION, which means that if the Buyer owes no taxes, they could actually get a refund check in the mail for the full $8,000
The property must be purchased BEFORE the tax credit is taken. While it may be tempting to file for the credit before actually closing on the house, beware, doing so is considered tax fraud.
Should the Buyer purchase a home after filing their taxes, they can simply amend their tax return once they close on the property.

If you are a first-time home buyer, stop thinking about purchasing a home and start acting!! Not only is inventory at an all time high, but interest rates are low, sellers are motivated and the government is GIVING YOU $8,000!!

As a full-time Real Estate agent in Seminole & Orange County, I have guided many first-time home buyers through the purchase process. If you have questions about the tax credit, getting qualified for a loan or how to find the right property for you and your budget call or text me at (321) 377-0157 or visit my website here.

LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com