Selling Poinciana One Property at a Time.

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FHA and USDA Buyers are NOT 2nd class citizens! Or are they?

www.CentralFloridaShortSales.com

FHA Buyers, at least in my market, are normally placing the minimum amount down, 3.5%, and asking the Seller to pay 6% towards their closing costs. In a market where 87% of the sales are distressed properties, FHA Buyers, in the eyes of the Seller, are second class citizens.

It's not only difficult for FHA Buyers to find a property and get an offer accepted but....they pay more. That's right, the folks who can probably least afford it have to pay more to get a home.

Here are some stats I pulled today that will back up that statement.

During the period 1 October to 17 November 2009 there were 162 single family homes that sold  in the Neighborhoods of Poinciana Villages. 30 of these were purchased using FHA financing. 


***Check out this little chart:


 Beds
 Baths
 Sq Ft
 List Price
 Sold Price
 Price/Sq Ft
 LP/SP
FHA
 3
 2
 1821
 $76,280
 $78,880
 $43.73
 104%
Others
 3
 2
 1847
 $70,267
 $70,404
 $38.63
 101%
Difference
 NA
 NA
 (26)
 $ 6,013
 $ 8,476
 $ 5.10
    3%
 
***Data pulled from the Mid_Florida Regional MLS on 11/17/2009 and is deemed to be reliable.
So what do you think about that? FHA Buyers are getting less house and paying 11% more. Even if you take out the 6% in closing costs assistance FHA Buyers are still paying 5% more....for less house.

Should FHA Buyers be treated like second class citizens? I don't think so. Maybe Sellers Lenders should have more incentive to help these folks get a home without having to pay more than others. OR...maybe Buyers need to save more money before getting into the housing  market.

What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

 

 

24 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 17 2009 03:49PM

Florida Foreclosures. Be prepared to pay higher than asking price

Florida foreclosure stats

How many times have you heard "I want to buy a foreclosure so I can get a deal" and "I was told I could buy foreclosures for 20% less than asking price"?

I hear these things every day. It's frustrating when you try to explain the "market" to potential buyers and they don't listen to you. I'm sure they figure that all we are really doing is trying to sell them. Well they are right. We do want to sell them a house. BUT...we also want to make sure they get  the house they want and are able to buy a house.

In my market, Kissimmee Florida, the well priced foreclosures are flying off the shelves. It is imperative that buyers understand the market or they'll end up without a property at all.

So....hopefully this article will help you to understand the market in my area. As you can see, there were only 21 REO (foreclosures) properties that sold in Poinciana Florida between 1 October and 14 November 2009 that fall within these parameters:

  • Built in 2000 or later.
  • At least 1500 sq ft living area.
  • Priced less than $65,000.

Of the 21 sales only FOUR sold for less than the asking price. The average was 110% of asking price. That means a house priced at $60,000, on average, sold for $66,000. This means if you are looking for this style of property offer at least asking price and be prepared to go higher.

Knowing what a property is worth will make it easier to prepare an offer that will be accepted. That's where we come in. Does this help?

Here a list of the properties used for this report with their asking prices and selling prices. Check it out.

Florida Foreclosure Report

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

11 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 15 2009 01:27PM

Another Kissimmee Florida Short Sale Approval

 

It only took 7 months BUT we have another Bank Of America Short Sale Approval.

Location:

  • Kissimmee Florida.

Details:

  • Went pending on April 17th at $79,000 all cash Buyer.

Mortgages:

  • $188,000 owed on the 1st Mortgage with Bank of America.
  • $25,000 owed on the 2nd with Real Time Solutions.

Challenges:

  • Keeping the Buyer on board for almost 7 months.
  • The 2nd started out with Bank of America and was sold to Real Time Solutions about 5 months into the transaction.
  • The Seller is an investor than owns multiple properties.

Outcome:

  • Bank of America netted $69,000 (37% of what was owed).
  • The 2nd received $3,000
  • Only $500 cash contribution required from the Seller.
  • NO note
  • Happy Seller. Happy Buyer, Happy Agents

 

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

16 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 13 2009 04:45PM

Foreclosure Tour Kissimmee Florida

Hi folks, Depending on who you listen to the foreclosure rate in Polk County Poinciana Florida is any where from 15% to 20%. I have no problem believing this since roughly 85% of the sales in this area are either foreclosures or distressed sales.

According to RealtyTrac there are 1,401 properties that are in foreclosure (Lis Pendens filed) on the Polk County side of Poinciana. There are 10,685 homes in this area. So let's call the foreclosure rate a minumum of 14%

VIEW ALL DISTRESSED PROPERTIES FOR SALE IN POINCIANA FLORIDA

Here's a little video I made yesterday that will show you what a 15% foreclosure rate looks like. The video was made going about half way down the road and only shows one side of the street.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

14 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 12 2009 04:04PM

Foreclosure Prevention. Another Successful Kissimmee Florida Short Sale.

Kissimmee foreclosure prevention

Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.

Mortgage amount: $185,000.00

Sales price: $87,500.00

Lender agreed to 3% in closing costs and a 6% commission.

Net to Lender: $77,078.00 (42% of amount owed)

Fannie Mae was the Investor and there was Mortgage Insurance (MI).

Challenges:

  • The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or promissory note. We negotiated for 2 weeks. The Seller ended up bringing $1,000 to closing. No note.
  • The first Buyer walked after keeping the property off the market for 60 days. The 2nd Buyer closed 38 days after going under contract.

Total time from placing the property on the market until closing: 205 days.

Seller testimonial:

Dear Bryant

"I want to personally thank you for your exemplary handling of our recent real estate transaction. From day one you were a professional; courteously and patiently guiding me through the entire process. Your response time was unparalleled; you responded to my emails and phone calls within minutes, as if I were your only client!

And I believe that’s what every seller (and buyer) wants – to get the idea, or enjoy the feeling, that Bryant Tutas is their exclusive agent! I tried quite a few real estate agents before I finally came to you, and you jumped into action from day one! My property had been on the market for more than a year; within days of contacting you I had my first real offer, and very soon the house was in contract. We just closed a few days ago, and I am so grateful for all your help. Thank you Bryant, for everything!" MARK

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 

 

14 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 09 2009 04:10PM

Bank of America Short Sale Approval!!

Short Sale broker

Hi folks, Miracles do happen. After many months of phone calls, updating documents and keeping the buyer on track we finally received an approval to close on a Bank of America Short Sale.

Only one small issue........they approved the wrong Buyer and the wrong contract!!!

So, we start over.

I love Short Sales. I really do. There can be no other reason that I would deal with this crap day in and day out.

Need help with your Florida Short Sale? www.CentralFloridaShortSales.com

 

Florida Property search

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 
26 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • November 04 2009 02:23PM