Condos
Below are Short Sales, Pre Foreclosures or Foreclosed.
Many are REO meaning taken back and owned by the Bank.
To submit an offer on a REO, foreclosure or
short sale, you must have a proof of funds approval letter from a financial institution. Free
Loan and Real Estate Information Contact
Us Here
NOTE - ONLY A VERY SMALL SAMPLE IS SHOWN ABOVE MANY
MORE AVAILABLE.
Get Full Details on All Units such as Maintenance Fees, Pets Allowed Etc
- Click
Here
Is a seller required to accept a full price offer. NO. The asking
price is considered an invitation to make an offer rather than an offer
that must be accepted. (source- Florida Association of Realtors Law and
Ethics)
There are many great deals on condos that are not yet in foreclosure
Contact
Us
Real Estate Owned by the Bank or Lender is typically called an REO. The foreclosure
process has been completed. They have taken back the property from the condo owner and now
have it for sale usually at a huge discount. If you're considering purchasing a condo,
townhome or villa, the process is just like buying from the owner. Buying foreclosures,
short sales or bank owned real estate requires knowledge of the process and how to
negotiate. Contact Us for Free Consultation
2010 Real Estate News Update - While short sales have traditionally
taken months to settle, new federal guidelines that go into effect in
April require banks to respond to short sale offers within 10 days. Dec.
8, 2009 – The U.S. Treasury hopes to speed transactions under its new
short sale rules, but details count, and Realtors should understand the
process if they hope to avoid delays. While the new rules become
effective no later than April 5, 2010, lenders have been encouraged to
make them official as soon as possible.
The new rules, released Nov. 30, 2009, as the Home Affordable
Foreclosure Alternatives Program (HAFA), provide financial incentives to
spark short sale or deed-in-lieu (DIL) closings. The change was made to
grease the wheels of a short sale transaction, giving potential buyers a
shorter wait time from contract signing to lender approval of the
contract. It also should make a short sale more attractive to buyers by
reducing the number of problems.
FINANCING - Lenders assume that buyers with larger down payments will have a higher
likelihood of being able to close and are less likely to back out should problems arise
with the property. Writing an offer financed by a conventional non government loan or all
cash with a good down payment, a strong price and a quick closing date are the best
methods for foreclosed real estate.
On average banks and lenders are selling foreclosed condos well below fair market
value.
The prices listed above are determined by the bank or lender and reflect deep discounts.
Please do not inquire about foreclosures unless you are pre approved for a loan, can
demonstrate that you can pay all cash or are willing to be pre approved. We'll do a
comprehensive search and email you all properties in your criteria and determine how much
more room we might find to negotiate the prices.
Lenders and Banks are selling foreclosure
condos on average of 30 to 50% percent of market value. The MLS prices listed above
reflect the discounts.
Asking Prices versus Selling Prices of Foreclosure Short Sales Bank Owned Condos Villas Townhomes
from the MLS
Details for first-time homebuyers. The maximum tax credit remains
$8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time
buyer.” A purchase must be under contract by April 30, 2010. A purchase
under contract by April 30 must close no later than June 30, 2010.
Income limits are $125,000 for singles and $225,000 for married couples.
The tax credit phases out incrementally at each $20,000 increase in
income.
The maximum home value purchased cannot exceed $800,000. Prior to the
law being signed, first-time homebuyers had no limitation on a home’s
cost.
Current homeowner tax credit- An existing homeowner who
purchases a home may now claim a tax credit of up to $6,500. To qualify,
that owner must have owned and used the same residence as a principal
residence for any consecutive five-year period in the previous eight
years.
Personal income limits, maximum home value, and contract/closing
deadlines are the same as those for first-time homebuyers.
Foreclosures - Florida ranks second in the nation in foreclosed real estate. The top
five foreclosure states are: California, Florida, Ohio, Michigan and New Jersey.
Pre Foreclosures - Real Estate is in that phase when the
lender posts a notice of public record that the property owner is behind on payments and
they intend to foreclose the real estate.
Short Sales - A short sale is an alternative to bankruptcy or foreclosure proceedings.
Buyers pursuing a short sale will have a much longer wait for their offer to be considered
The credit markets are not settled, although the mortgage market stabilized with the
government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price
declines are pressuring owners. Additional housing stimulus would stabilize prices more
quickly, which in turn would bring faster stability to Wall Street. Removing the repayment
feature on the first-time home or condo buyer tax credit and permanently raising loan
limits would bring more buyers into the market and further reduce inventory.
Due to falling real estate prices and rising foreclosures on the West Coast, sales of
existing homes rose to its highest level in 13 months and highest percentage increase in
five years, according to a report issued today by the National Association of Realtors
(NAR). The increase resulted from buyers responding to improved housing affordability
conditions.
The national median existing home price for all housing types was $191,600,
down 9.0% when the median was $210,500. Compared to a fairly small share
of foreclosures or short sales a year ago, distressed sales are currently 35 to 40% of
transactions. These are pulling the median price down because many are being sold at
discounted prices. The current market is not being dominated by speculative investors. 80%
of current buyers are purchasing a primary residence, which is a bit higher than historic
norms.
2009 -
Although national existing home sales dropped,
Florida reported a 12th consecutive month of sales increases, based on
lower property values and a high foreclosure inventory. State home sales
climbed 28 percent.
Find For Sale in Pinellas County, Palm Harbor, Tarpon Springs, Belleair,
Belleair Beach, Largo, Clearwater, Island Estates, Clearwater Beach
