Orlando for Sale

Downtown Orlando Luxury Real Estate Sales in November 2009

Mon, 14 Dec 2009 09:58:04 -0600

These statistics for Downtown Orlando Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
CHEROKEE	11/24/09	$1,499,000	$875,000	5	7	6482	Y
JAMES	11/17/09	$569,000	$515,000	2	3	2160	N
YATES	11/13/09	$624,780	$513,000	4	3	2931	N
BRIERCLIFF	11/09/09	$699,000	$610,000	5	3	3294	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

Homes listed above $500,000 often take longer to sell than properties priced at the lower end of the market. While many houses priced below $500,000 may take 6 or 7 months to sell, homes in upscale neighborhoods may take as much as 2 years to unload.

Keep in mind that some of these sales are for Short Sales or Foreclosed/Bank-Owned properties. Under these situations, the Sold Price may be considerably below the Original List Price. Sorry to say, ‘distressed’ sales drag down the values of all the other homes in the neighborhood, whether or not they’re Short Sales or Foreclosures. On the other hand ...

Steep discounts may NOT reflect a distressed situation. Just because a house sold for considerably less than original list price doesn’t necessarily mean it was a foreclosure or short sale property. Because luxury homes are often one-of-a-kind, it’s difficult to find comparable properties that will help in determining current market value. In the end, it’s a buyer — and not the seller — who determines the market value of a property.

What’s the long-term outlook for the Orlando FL real estate market? Prices have leveled off in recent months. Even so, due to rising unemployment and foreclosure/short sale saturation, it will probably take several years — perhaps as long as a decade or more — for home prices to completely recover.

What about homeowners who are having difficulty keeping up with mortgage payments but can’t sell because their house is worth less than the amount owed on their loan? There are several solutions, but the way a Realtor^® can help is by selling the house as a Short Sale.

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WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Longwood FL Luxury Real Estate Sales in November 2009

Sun, 13 Dec 2009 15:52:05 -0600

These statistics for Longwood FL Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
BODIE	11/02/09	$699,000	$400,000	3	2	3110	Y
BERMUDA GROVE	11/23/09	$1,199,900	$1,009,500	5	5	4739	Y
POINSETTA	11/04/09	$749,900	$516,000	3	2	1812	N
CINDY	11/06/09	$599,000	$530,000	4	4	3610	Y
ALVARADO	11/02/09	$829,900	$635,000	6	4	8308	Y
ALAQUA	11/12/09	$1,500,000	$1,250,000	5	6	6876	Y
HORSESHOE BEND	11/13/09	$910,000	$860,000	4	3	4049	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

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WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Winter Park FL Luxury Real Estate Sales in November 2009

Sun, 13 Dec 2009 11:11:55 -0600

These statistics for Winter Park FL Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
GREENTREE	11/30/09	$975,000	$567,499	4	4	2774	N
GREENTREE	11/20/09	$2,995,000	$1,800,000	4	4	4896	Y
KINGS	11/06/09	$899,000	$500,000	4	3	3258	Y
WOODALE	11/05/09	$899,000	$680,000	4	4	3674	N
LAUREL	11/17/09	$1,795,000	$1,447,500	5	5	6008	Y
MELROSE	11/19/09	$799,000	$760,000	3	3	2933	Y
GRINNELL	11/30/09	$1,295,000	$1,165,000	4	4	4369	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Sanford FL Luxury Real Estate Sales in November 2009

Sat, 12 Dec 2009 19:28:27 -0600

These statistics for Sanford FL Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
MAPLE GLEN	11/12/09	$1,499,000	$1,150,000	4	4	4755	Y
WHOOPING CRANE	11/23/09	$1,199,900	$870,000	4	4	5023	Y
BELLA FORESTA	11/13/09	$999,900	$758,550	5	5	4878	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

5-Bedroom, 3-Bath Beauty in Kenmure Subdivision of Oviedo FL

Sat, 12 Dec 2009 09:04:53 -0600

Take a look at this stylish 5-bedroom, 3-bath, 3,017-square-foot beauty nestled in a private gated community yet convenient to everything.

Since the owners lived in this house for just a couple of months, everything is clean, pristine, and ready for immediate move-in.

Buyers will appreciate the downstairs master bedroom suite, complete with cultured-marble double sinks, beauty station, garden tub, separate shower stall, and walk-in closet.

Entertain in style or just enjoy family time around the island kitchen, which includes breakfast bar and bay-windowed nook.

Take advantage of the covered lanai and extended patio as well as double sliders that provide panoramic water views. Extra downstairs bedroom can be used for home office or guests.

Plenty of room for the whole family with 3 more bedrooms upstairs as well as a loft/activity/bonus room.

Builder’s 10-year structural warranty plus $1 million termite bond transfer with purchase. One-year home warranty plan also included. Add in top-notch Seminole County schools, and it can’t get much better!

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WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Lake Mary Luxury Real Estate Sales in November 2009

Sat, 12 Dec 2009 08:28:42 -0600

These statistics for Lake Mary Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
LANGHAM	11/04/09	$699,900	$584,000	4	4	3589	Y
SADDLEWORTH	11/05/09	$1,500,000	$700,000	5	8	9227	Y
BROOKHAVEN	11/13/09	$725,000	$600,000	5	3	3241	N
HIGHCROFT	11/23/09	$549,000	$505,000	4	4	3502	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Winter Springs Luxury Real Estate Sales in November 2009

Fri, 11 Dec 2009 20:46:11 -0600

These statistics should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
TORCASO	11/19/09	$684,500	$645,000	5	4	3711	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

A few tidbits of note ...

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Lake Nona/Moss Park Luxury Real Estate Sales in November 2009

Fri, 11 Dec 2009 17:24:01 -0600

These statistics for Lake Nona/Moss Park Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
SLOANE	11/30/09	$2,900,000	$2,500,000	4	5	5241	Y
WITTENBERG	11/20/09	$750,000	$549,900	4	4	3953	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Oviedo Luxury Real Estate Sales in November 2009

Fri, 11 Dec 2009 15:07:43 -0600

These statistics for Oviedo Luxury Real Estate Sales in November 2009 should give you a feel for what’s happening in the luxury segment of the Orlando FL real estate market.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
PALM VALLEY	11/17/09	$599,900	$485,000	5	3	3348	Y
BAYTOWNE	11/09/09	$650,000	$512,500	4	2	2488	Y
TERRALAGO	11/30/09	$1,150,000	$925,000	5	4	4604	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

What is all the Hullabaloo about HAFA and Short Sales?

Thu, 10 Dec 2009 17:27:01 -0600

Short Sales are complicated, time-consuming, and frustrating. The HAFA program goes in the right direction, but only for loans that ARE NOT underwritten by Fannie Mae or Freddie Mac. You can find out if yours is or is not by calling your lender.

Wendy really knows Short Sales, so if you live in the Destin FL area and you're facing foreclosure, be sure to call her! She'll get it done for you.

Via Wendy Rulnick "Its Wendy!" Destin Short Sales (Rulnick Realty, Inc.):

As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming the norm. The new program that is supposed to help is called “Home Affordable Foreclosure Alternatives Program” or “HAFA”.

What Treasury is trying to do is help streamline the short sale process by suggesting guidelines to the participating lenders. That’s “suggestions” and “guidelines”. That does not equal “requirements” in the way I read it.

Here is a summary of the proposed short sale changes, who is eligible, and what you might expect to change if you do qualify for the HAFA program. Remember, I am condensing here and pointing out what might be important to you, the homeowner, as it relates to short sales. There are many details, requirements and forms that make up this new program.

ARE YOU ELIGIBLE?

You might be eligible for HAFA if your lender participates in the Home Affordable Modification Program (HAMP), and your mortgage is not underwritten by Fannie Mae or Freddie Mac. HAMP offers you the opportunity for assistance by lowering your payments or delaying payments to keep you in your home. You must meet the HAMP requirements as follows, to be part of HAFA, whether or not you choose a modification. These qualifications are:

1) You have missed payments or are about to default

2) The home is your primary residence

3) You got your primary mortgage before Jan. 1, 2009 and your balance is less than $729,750

4) Your monthly mortgage payment is greater than 31% of your gross income

The HAFA Supplemental Directive states that the servicers (your lenders) have the “option to determine the extent to which short sales or deeds-in-lieu will be offered”. So this does not look like a slam dunk, guys!

Expanding on that, HAFA states that a participating lender must follow its investor guidelines to create their own policy, with criteria for your eligibility to include: how cooperative and “motivated” you are, the amount of the loss on your mortgage, and local market conditions, among other things. In addition, HAFA states that it is up to the servicer and investor to decide if allowing you to be in this special short sale program is in their best interest. That tells me they have a lot of leeway in deciding if you will benefit from HAFA at all.

THE GOOD NEWS if you get a short sale through this program, there can be no deficiency judgment later! That will help many leery Bank of America short sale sellers, whose approval letters reference the right to seek a deficiency in the future. More good news- your lender may not ask you for a promissory note or a cash contribution if they participate in HAFA and you do a short sale. More “positives”…

POSITIVE: If you are eligible for this program, and your lender participates, you must be given the chance to do a short sale or deed-in-lieu prior to the lender foreclosing.

POSITIVE: The program says you do not have to resubmit your financial paperwork for the short sale (a big pain for many short sale sellers) after you have already provided it for HAMP.

POSITIVE: Your lender will determine the acceptable net from your anticipated short sale prior to you participating in the program. This should save time versus a typical short sale, where the lender determines if a contract is acceptable after it is submitted for consideration. The minimum proceeds will be stated in terms of actual dollar amount, percentage of market value or percentage of your list price.

POSITIVE: Your lender will state what closing costs they will pay for the sale in advance. This will save contracts where the buyer asks for too much in closing costs- no wasted negotiating.

POSITIVE: You will receive $1500 relocation incentive upon closing your short sale.

*** OTHER THINGS you need to know:

You cannot remain in the home as a tenant after closing.

You must not be related to the buyer (arms length).

You cannot earn a real estate commission if you are a licensee and sell the home yourself.

You may be required to make payments deemed “affordable” by HAFA until your property is sold. This is based on a calculation of your income and expenses.

You must maintain the property and pay association dues until it is sold.

The servicer will pay your junior lienholder up to $3000 (or 3% of the junior balance) to complete the short sale, but YOU must take care of other impediments to selling, for example, an IRS tax lien or a judgment which might affect your sale. Your senior lienholder gets a monetary incentive when your junior lienholder waives the right to a future deficiency. This part of the program “may” inspire better terms from your second mortgage holder. NOTE: HAFA does not state this as a requirement, though, so you may still have a responsibility to pay your junior lienholder cash or a promissory note if they agree to the short sale!

If you have mortgage insurance (MI) on your note, the MI company must agree to waive its right to a cash contribution from you or note or you won’t qualify for HAFA.

MORE PROCEDURES: When you receive an offer on your property, you will have three business days, with your Realtor’s assistance, to get a copy of the contract, buyer pre-approval, and junior lien documentation to your lender.   If you are using the standard HAFA program with a pre-approved net price (SSA), you should receive an approval or rejection with 10 business days, or about three weeks of receipt. However, if you have not gone through the HAMP modification program and standard SSA (sorry I am throwing in acronyms again), then your approval time will be lengthened. In this situation (alternate RASS), the program requires 14 more days to allow you to decide if you want a modification (well, of course at this point you don’t or you would have already done so, right), and for you to provide all the financial documentation necessary.

Finally, don’t expect to get off the hook with credit reporting or tax obligations from your short sale. Even with HAFA, your short sale will be reported “account paid in full for less than full balance” and you should consult with an accountant to determine any tax liabilities from your cancelled debt.

There is a lot to this new HAFA program, which officially starts on April 5, 2010 (although your lender may participate sooner). How many people it will actually help is questionable. If it does work, it will speed up your short sale. If it does not, there are still many options available to you.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Search All Destin Florida Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.

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WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Oviedo Short Sales in November 2009

Thu, 10 Dec 2009 17:20:06 -0600

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
MAGNOLIA	11/02/09	$174,900	$80,000	3	2	842	N
KINGSBRIDGE	11/03/09	$355,500	$260,000	4	3	2582	Y
WINDING LAKE	11/10/09	$325,000	$280,000	5	3	3562	N
SUGARBERRY	11/18/09	$189,800	$145,000	3	2	1310	N
ASHLAND	11/23/09	$199,900	$187,000	4	2	1970	N
ROCKY BLUFF	11/11/09	$349,900	$300,000	5	3	3039	N
JORDON	11/12/09	$167,000	$165,000	3	2	1525	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

Because the payoff of a loan will be ‘shorted’ by a significant amount, the mortgage lender must approve a Short Sale. Handled properly, the likelihood of successfully selling your house as a Short Sale is high. Once the Short Sale is behind you, you can often get on with your life with hardly a backward glance.

A Short Sale is nothing more than putting your house up for sale in the usual manner, waiting for a qualified buyer just like any other home seller would, facing a few extra hurdles, filling out additional paperwork, waiting a bit longer for the closing to take place, and finally moving out and moving on.

Real benefits come with selling your house as a Short Sale. Among them are: 1) substantially reducing or completely eliminating financial liability, 2) minimizing damage to your credit rating, 3) emerging from bad credit quicker than you would with a foreclosure, and 4) having a sense of satisfaction that you’re taking care of the problem proactively and responsibly.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Orlando Luxury Short Sales in November 2009

Thu, 10 Dec 2009 07:29:32 -0600

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Sq Ft	Zip Code
HIGHCROFT	11/23/09	$ 549,000	$ 505,000	3502	32746
BODIE	11/02/09	$ 699,000	$ 400,000	3110	32750
WHOOPING CRANE	11/23/09	$ 1,199,900	$ 870,000	5023	32771
BELLA FORESTA	11/13/09	$ 999,900	$ 758,550	4878	32771
ALVARADO	11/02/09	$ 829,900	$ 635,000	8308	32779
GREENTREE	11/20/09	$ 2,995,000	$ 1,800,000	4896	32789
CHEROKEE	11/24/09	$ 1,499,000	$ 875,000	6482	32801
BRIERCLIFF	11/09/09	$ 699,000	$ 610,000	3294	32806
HIGH PARK	11/19/09	$ 559,900	$ 500,000	4000	32814
TIVOLI	11/30/09	$ 1,479,000	$ 700,000	5562	32836
FIRENZE	11/30/09	$ 995,000	$ 1,100,000	6541	32836
CENTER LAKE	11/30/09	$ 4,100,000	$ 1,400,000	7461	34786

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Kingsbridge (Oviedo FL) Real Estate - Residential House Sales in October 2009

Sun, 06 Dec 2009 12:27:01 -0600

Want to know what’s selling in your neighborhood? These statistics should give you a feel for the market value of your house.

Keep in mind that many of these sales are for Short Sales or Foreclosed/Bank-Owned properties. Under these situations, the Sold Price may be considerably below the Original List Price. Sorry to say, ‘distressed’ sales drag down the values of all the other homes in the neighborhood, whether or not they’re Short Sales or Foreclosures.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
LAKEPARK	10/09/09	$289,900	$265,000	4	2	2549	Y
KING HAROLD	10/30/09	$224,900	$205,000	4	2	1922	N
LAKE CLAIRE	10/29/09	$219,000	$202,000	4	2	1922	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

If you’re a homeowner who wants to sell your house, the following should give you a better understanding of the Orlando FL real estate marketplace.

Remember the old adage that ‘real estate is always local’. Your neighborhood may be different from the neighborhood just down the road.

Homes in Orlando are selling. In fact, they’re selling so well that thousands of homeowners just like you are moving out and moving on. Last year, 1,000 homes in Orange & Seminole counties sold every month on average. In 2009, monthly sales are averaging 1,600 homes. This represents a 60% increase! If the house down the street can sell in this difficult environment, so can yours.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Roann Estates (Oviedo FL) Real Estate - Residential House Sales in October 2009

Sun, 06 Dec 2009 12:26:15 -0600

Want to know what’s selling in your neighborhood? These statistics should give you a feel for the market value of your house.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
ECHO HOLLOW	10/26/09	$389,900	$305,000	4	3	2624	Y
MICHAEL	10/16/09	$300,000	$278,800	3	2	2258	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

If you’re a homeowner who wants to sell your house, the following should give you a better understanding of the Orlando FL real estate marketplace.

Remember the old adage that ‘real estate is always local’. Your neighborhood may be different from the neighborhood just down the road.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Dispelling the Myth -- Why Real Estate Agents Aren't (Exactly) Used Car Salesmen

Sun, 06 Dec 2009 12:25:22 -0600

A great argument for why consumers should respect their real estate agents!

Via Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor (Principal Broker/Owner EBA Portland, LLC):

Who hasn't heard that age old putdown: Real Estate Agents are akin to Used Car Salespeople?

Well, today . . . I heard something that may DISPEL that myth.

I had been consulting with buyers for about an hour when I was told:

I wish we had an agent representing us when we bought our car!

Apparently, they got hosed!

Hmmm . . . got me thinking.

Car salespeople can work AGAINST you to get the dealership THEIR price. They go into the "back room" to talk to the manager to see if they can shake down your offer. When you have a real estate agent working for you, and your best interests you DO have someone NEGOTIATING for you!

There is no "right to revoke" after you've made an offer on a car, exchanged your deposits and got financing in place.

You don't have a right TO HAVE YOUR CAR INSPECTED!

You can't negotiate on repairs.

You don't have an "appraisal" done on the vehicle's VALUE (checking the Blue Book doesn't count!)

No one is going to take your around to "test drive" 30 vehicles.

The car dealership isn't going to make buyer concessions

The contract is a heck of a lot more "fine print" then a real estate contract

The ONLY similarity I see between the two professions is this:

We both hand over a set of keys.

-----------------------------------------------------------

~ Representing Buyers Since 1999 ~

Carla Muss-Jacobs, ABR, CEBA, e-PRO, Realtor(r)
Principal Broker/Owner
EBAPortland, LLC
YOUR Exclusive Buyer's Agent

CHECK OUT www.EBAPortland.com for Home Buyer TIPS!

Read My Blogs:

http://ebaportland.tumblr.com/

http://localism.com/neighbor/realtycj

http://activerain.com/blogs/realtycj

http://portlandeba.activerain.com/

http://www.americanchronicle.com/articles/view/112655

http://www.trulia.com/profile/EBAPortland

All rights reserved (c)

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Bentley Woods (Oviedo FL) Real Estate - Residential House Sales in October 2009

Sat, 05 Dec 2009 17:48:31 -0600

Want to know what’s selling in your neighborhood? These statistics should give you a feel for the market value of your house.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
NEW CASTLE	10/15/09	$299,000	$272,000	4	2	2160	Y
ROCHESTER	10/14/09	$279,900	$218,900	4	2	2312	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

If you’re a homeowner who wants to sell your house, the following should give you a better understanding of the Orlando FL real estate marketplace.

Remember the old adage that ‘real estate is always local’. Your neighborhood may be different from the neighborhood just down the road.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Banks Will Soon Require Short Sale Certification

Sat, 05 Dec 2009 14:52:10 -0600

That’s what a local broker in the Orlando area is telling her sales associates.

In light of this mis-information, she’s requiring all her agents to take a 2-day course being offered at our local Realtor® board for a discounted price of $449. That’s nearly $500, if anybody wants to do the math. Plus two full days away from the office.

Now why would this particular broker believe this? Who told her this was so? (I’m adding a disclaimer here: This is NOT my broker OR my office.)

Right now, no bank requires a real estate agent to have a short sale certification to actually do a Short Sale. Banks only require that the borrower sign an Authorization to Release Information form, which gives their listing agent permission to speak with the bank on the borrower’s behalf.

Even if banks were to require certification down the line, which certification course would they require?

Right now, real estate agents have their pick of several alphabet soup designations ~~

ADPR® - Accredited Distressed Property Representative
CSP - Certified Short-Sale Professional
CDRS™ - Certified Default Resolution Specialist™ which also offers Gold, Silver and Elite Membership
CDPE - Certified Distressed Property Expert
CFS - Certified Foreclosure Specialist
SFR - Short Sales and Foreclosure Resource Certification offered by NAR

If an agent took one of these courses now, would banks eventually require a different one? Even worse, would each bank choose a different accreditation according to their individual preferences, which would require every agent to obtain (so far) 6 different designations?

Well, I have a new designation. Hot off the presses. Available right this minute. And for a low low price of $0. That’s right! It’s FREE.

It’s called the Short Sale Success VIA the Self-Education Learning-By-Doing Experience-is-the-Best-Teacher Certification Program ... or SSS for short.

The best part of this certification is that you can get advice from other Short Sale practitioners right here on ActiveRain, many of whom don’t have expensive designations either but somehow manage (without all that book learnin’) to get the job done!

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Avalon Park FL Real Estate - Residential House Sales in October 2009

Sat, 05 Dec 2009 08:30:28 -0600

Want to know what’s selling in your neighborhood? These statistics should give you a feel for the market value of your house.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
ATWOOD	10/05/09	$417,777	$360,000	4	4	3445	Y
HUGHES	10/30/09	$349,000	$325,000	4	3	3178	Y
LAKE LIVE OAK	10/23/09	$209,900	$201,740	4	2	2333	N
HIDDEN FOREST	10/29/09	$219,900	$217,500	5	4	2840	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

If you’re a homeowner who wants to sell your house, the following should give you a better understanding of the Orlando FL real estate marketplace.

Remember the old adage that ‘real estate is always local’. Your neighborhood may be different from the neighborhood just down the road.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Bella Vida in East Orlando FL (32828) - Residential House Sales in October 2009

Thu, 03 Dec 2009 15:46:39 -0600

Want to know what’s selling in your neighborhood? These statistics should give you a feel for the market value of your house.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
BELLA VIDA	10/23/09	$304,050	$310,040	5	4	3380	N
MONTESINO	10/26/09	$238,740	$247,370	4	2	2892	N
MONTESINO	10/22/09	$235,080	$247,520	5	3	2645	N
BELLA VIDA	10/16/09	$232,710	$230,000	4	2	2645	N
MONTESINO	10/29/09	$219,900	$225,000	4	2	2880	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

If you’re a homeowner who wants to sell your house, the following should give you a better understanding of the Orlando FL real estate marketplace.

Remember the old adage that ‘real estate is always local’. Your neighborhood may be different from the neighborhood just down the road.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Unemployment and Home Values

Thu, 03 Dec 2009 07:45:21 -0600

If you think unemployment and home values aren’t related, think again.

A picture is worth a thousand words, and this one will take your breath away.

Go ahead. Take a look at a time lapse of the unemployment rates across the country.

Then watch it again as our country gets darker and darker and descends into the Great Recession.

It will either scare you ... or make you feel darned lucky.

To the unfortunate many: welcome to a growing club ... a club nobody wants to be a member of.

To the lucky ones, begin to worry.

And to those of you who can add 1 and 1 and come up with 2, you will immediately understand why home values aren’t going to recover anytime soon.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Vista Lakes Real Estate (32829) - Short Sales in October 2009

Wed, 02 Dec 2009 14:45:44 -0600

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
Chapledale	10/13/09	$104,000	$117,000	3	2	1712	N
Tivoli Villa	10/30/09	$119,900	$105,000	3	2	1479	N
Bristol Channel	10/23/09	$135,000	$104,000	2	2	1232	N
Mooreshire	10/27/09	$149,900	$114,000	3	2	1473	N
Saddle Creek	10/07/09	$249,900	$110,000	3	2	1470	N
Havasu	10/05/09	$129,900	$132,500	3	2	1409	Y
Hastings Beach	10/14/09	$158,000	$147,500	3	2	1502	N
Palisades Beach	10/30/09	$219,900	$175,000	4	3	2244	Y
Currituck Sound	10/09/09	$230,000	$200,000	4	3	2588	N
Warwick Shore	10/06/09	$350,000	$350,000	5	4	3904	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

The 6 Most Common Short Sale Mistakes

Tue, 01 Dec 2009 09:25:28 -0600

Homeowners facing financial difficulties often ask the wrong questions, take the wrong advice, make the wrong assumptions, seek out the wrong ‘experts’, and ultimately wind up losing their homes to foreclosure.

If you don’t want to lose your home to foreclosure, don’t make these 6 Short Sale mistakes!I

Mistake # 1: Avoiding making monthly mortgage payments under the mistaken belief you won’t be able to sell your house as a Short Sale otherwise. When the housing crisis first began, many lenders wouldn’t consider approving a Short Sale unless the homeowner was in default. These days, for most lenders, defaulting on your mortgage ISN’T a requirement. Therefore, if you have the wherewithal to continue making house payments, do so. When you eventually sell your house as a Short Sale, damage to your credit may be substantially minimized.

Mistake #2: Trying to sell your house as a Short Sale while also listing it for more than the amount owed on your mortgage. The very definition of a Short Sale is to pay off your loan for an amount less than its outstanding balance. Therefore, trying to sell your house for an amount that will let you pay off your loan AND walk away with cash in your pocket is NOT a Short Sale.

Mistake #3: Pricing your house significantly below or significantly above current market value. Since buyers won’t purchase a house priced much more than current market value, and lenders won’t approve a Short Sale for much less than current market value, it’s crucial to list your house in line with ... current market value.

Mistake #4: Pulling your house off the market as soon as the bank initiates foreclosure proceedings. When first faced with financial problems, many homeowners don’t do anything, hoping the problem will go away. Then they try to sell their house for a high enough price to pay off their mortgage, which is usually much more than the market will bear. Then they try to sell their house as a Short Sale without understanding the correct approach, wasting even more time. Meanwhile, as they dig themselves in deeper and deeper, they’ve missed the opportunity to get out from under. Finally, when their lender serves them with foreclosure papers, they erroneously think, ‘This is it, we’ve lost the house!’ Don’t be one of these homeowners. If you’re at this crossroads, there are months if not a year or more to sell your house as a Short Sale.

Mistake #5: Listing your house yourself, either as a For Sale By Owner, with a limited-service broker, or as your own real estate agent. Lenders require Short Sales to be Arm’s Length Transactions. This mean you must contact a licensed agent who can offer your house on your local Multiple Listing Service (MLS). You must also work with an agent who will squire your Short Sale through the bank’s loss mitigation department, which requires time, effort, and know-how. Also, if you’re a licensed real estate agent, you cannot represent yourself. Furthermore, no party to the contract can be a family member, business associate, or share a business interest with you.

Mistake #6: Determining the list or purchase price based on the amount of the loan balance. Houses offered and sold as Short Sales must be in line with current market value. While lenders will accept less than current market value, there’s a limit to their flexibility. Likewise, buyers will not purchase a house unless the sale price reflects current market value. Therefore, the loan balance has absolutely no bearing on setting the list price, making a contract offer, or obtaining lender approval.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

East Orlando Real Estate (32825) - Short Sales in October 2009

Tue, 01 Dec 2009 08:46:12 -0600

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
Churchill Downs	10/19/09	$150,000	$70,000	3	2	1187	N
Maloney	10/30/09	$100,000	$104,000	3	2	1532	Y
Triple Crown	10/27/09	$100,000	$95,000	3	2	1175	N
Dubois	10/06/09	$105,000	$108,000	3	2	1501	N
Hackberry	10/29/09	$125,000	$107,000	3	2	1365	N
Briar Bay	10/26/09	$119,000	$127,000	3	2	1413	N
Inside	10/23/09	$225,000	$125,000	3	2	1602	Y
Miami	10/21/09	$130,000	$135,000	4	2	1632	N
Cypress Tree	10/28/09	$139,900	$140,000	3	2	1619	N
Joel	10/27/09	$310,000	$160,000	4	2	1965	N
Crane Crest	10/06/09	$200,000	$205,000	5	3	2730	N

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Loan Mods, Short Sales, Foreclosures ... There Ought to be a Better Way

Mon, 30 Nov 2009 10:49:12 -0600

This morning, I ran across two articles with conflicting messages, and not surprisingly, both missed the point.

Professor advises that underwater homeowners should walk away from their homes and their mortgages

The White House plans to plans to step up pressure on lenders to help homeowners

In the first article, Brent T. White, a professor from the University of Arizona Law School, advises homeowners to get over the taint of not being able to keep up with their mortgage payments, and just walk away from their homes. Sure, their credit will be hurt, but in no time at all, the consequences of foreclosure will somehow vanish.

The second article is yet another in a long series of how the White House is stepping up pressure on lenders to help out homeowners with loan modifications. The Treasury offers a/an bribe for something they’re in the business to do anyway incentive of $1,000 initially for each loan, then $1,000 for three years. Whoop-di-doo!

Neither of these approaches begins to approach the crisis that has afflicted Orlando, the rest of Florida, and other high-foreclosure states like Arizona, Nevada, and California.

A loan modification certainly won’t help Florida homeowners who have witnessed the value of their houses slashed nearly in half. Without drastically cutting the amount owed on a loan, homeowners who get the ‘privilege’ of lowered mortgage payments will experience a shock at the end of their loan period: a balloon payment they simply won’t be able to pay back.

While I appreciate the law professor’s take — and indeed, many homeowners are doing just what he suggests — walking away, usually after milking the banks for as many missed payments as the foreclosure process will allow — avoids the underlying problem. And that is ...

When it comes to the housing meltdown, homeowners with upside-down mortgages didn’t plant the bomb or light the fuse, but they did watch the explosion that essentially wiped away their initial down payments, and their futures along with it.

Dick Durbin, Senator from Illinois, understands what it takes to solve the housing crisis. Last spring, he introduced an amendment to the Helping Families Save Their Homes Act (S. 896). The amendment would have allowed bankruptcy judges to modify mortgage terms for struggling homeowners by ‘cramming down’ the loan amount. The amendment, sadly, was also crammed down by a vote of 45-51.

Now we’re at a crossroads. One out of four homeowners is underwater. That is, they owe more on their loan than their houses are worth. While many blame unemployment as the reason for foreclosure, unemployment cannot be blamed for upside-down real estate.

In Orlando, Short Sales and Foreclosed Properties account for nearly 60% of all residential house sales. Because these properties often sell at 80 to 90% of current market value, they drag the rest of the market down with them. And the cycle continues. Until when? Until 50% of homes are underwater ... 75% ... 100%?

Something has to be done before we’re all threatened with losing our homes.

So I had a thought. I’m not a banker, but surely bankers can think their way out of this crisis. For what it’s worth, here’s my offering.

What would happen if the banks voluntarily reduced loan amounts to current market value minus the borrower’s investment (down payment + paid-down principal)?

Sound like a losing proposition? I say it’s a win-win-win. A win for individual homeowners. A win for the banks. And a win for the economy.

To demonstrate this proposition, let’s take a look at 3 Short Sales I recently handled.

If the banks of each of these sample homes were to come along and save the homeowners by voluntarily cramming down their loans, this is how they would win.

Original Purchase Price	Current Market Value	Loan Cram-Down	Current Mortgage Payment	New Mortgage Payment	Monthly Savings
$450,000	$300,000	($150,000)	$1,933	$1,127	($806)
$350,000	$200,000	($150,000)	$1,503	$752	($751)
$230,000	$125,000	($105,000)	$988	$424	($564)

Would this put enough of a dent in the homeowners’ monthly payments to make a difference? You bet it would!

Would they hang onto their houses through the bad times and try to make it work? In most cases, a resounding ‘Yes!’

If this could help even one of these homeowners, could it stabilize the market? Wouldn’t you say ‘Yes’ when thousands of homeowners could potentially be saved from Short Sale or Foreclosure?

Could it halt the downward spiral of the housing crisis? Only time would tell, but with big enough participation, it would seem logical.

Could houses begin to appreciate sooner rather than later? Another ‘time will tell’ question, but anything that can make this market turn around would be a blessing.

Would the banks lose any more money than they would through Short Sales or Foreclosures? Just the opposite. They’d come out ahead by receiving reduced though steady mortgage payments.

Also, in return for making a voluntary cram-down concession, banks should reap the benefit of their additional ‘investment’ by sharing the ‘profits’. After all, homeowners can’t expect forgiveness of debt without some sort of repayment. In this case, repayment would occur down the line ... when they sell.

At that time, the banks would share the built-up equity in a percentage comparable to the forgiven portion of the original loan. This is how the numbers would play out after a 10-year-period.

Cram-Down Loss	Bank's Share (Loss as % of Market Value)	Future House Value in 10 Years (at 5% Annual Appreciation)	Interest Payments Over 10 Years (estimated) (A)	Bank's Share of Appreciation (B)	Bank’s Profit (A+B)
($150,000)	33%	$465,000	$80,000	$55,000	$135,000
($150,000)	43%	$310,000	$50,000	$47,143	$97,143
($105,000)	46%	$194,000	$30,000	$31,500	$61,500

If the homeowners stayed in their home for the next 10 years, the banks would make money from the monthly interests payment and also make a profit from the sale. The owners would also walk away with equity, enough to buy another house. And everybody would win!

On the flip side, by kicking homeowners out on the street after the short sale or foreclosure, banks won’t make any of their losses back.

Some more questions to ponder.

Isn’t it a better gamble for banks to keep homeowners in their homes whenever possible?

Wouldn’t a voluntary cram-down program stabilize the market as a whole?

Wouldn’t it save thousands of other homeowners?

Won’t homes once again begin to appreciate at a healthy rate?

Okay, I’m not a banker and never will be. And these numbers are rough. But where’s their solution?

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763

Conway FL Real Estate - Short Sales in October 2009

Mon, 30 Nov 2009 06:05:48 -0600

Don’t lose your home to foreclosure. These smart homeowners didn’t. Instead, they put their home on the market as a Short Sale.

Street	Date Sold	Original List Price	Sold Price	Beds	Baths	Sq Ft	Pool
GASPARILLA	10/30/09	$179,900	$140,400	3	2	1389	Y
INDIAN	10/14/09	$200,000	$150,000	3	2	2165	N
LENMORE	10/19/09	$199,900	$182,000	4	2	1544	N
EDLINGHAM	10/01/09	$399,000	$280,000	4	3	2491	Y
SEMINOLE	10/23/09	$325,000	$265,000	3	2	2103	Y

Properties have been listed and sold by various MLS members.

Data drawn from the My Florida Regional Multiple Listing Service.

* * * * * *

WINTER PARK · WINTER SPRINGS · OVIEDO

MAITLAND · LAKE MARY · SANFORD · LONGWOOD

CENTRAL ORLANDO · EAST ORLANDO

Baldwin Park · Delaney Park · Lake Eola

Orwin Manor · College Park · Thornton Park

Stoneybrook · Avalon Park · Lake Nona

Judy Chapman

Florida Licensed Sales Associate, REALTOR®

Coldwell Banker Residential Real Estate

521 E Mitchell Hammock Road

Oviedo, FL 32765

Judy@OrlandoHouseSales.com

(407) 227-7763