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
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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 Click
Here
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 Click
Here
NEW YORK – May 2009 – Bank of
America, one of the country’s largest mortgage lenders, says it is
loosening its policies on short sales in response to the U.S. Treasury
Department’s announcement last week that it would increase incentives for
lenders to work out short sale deals. The government’s plan is a boon to
banks, says David Sunline, BofA’s real estate management executive, because
it provides guidance when there are multiple liens, a potentially litigious
issue for lenders.
In the past, the bank followed Fannie Mae’s policy of giving second lien
holders about 10 percent of the second mortgage balance in a short sale. Now
when it holds the second lien, BofA will accept 5 percent of the net
proceeds of the short sale, Sunline says. When it is the first lien holder,
it will offer 5 percent to the holder of the second lien. Sunline says
homeowners considering short sales should contact the bank within five days
of getting an offer on the home and expect its cooperation as long as the
offer is within the range of other sales in the area and the borrower can
demonstrate financial hardship.
Statewide existing condo
sales in the first quarter of 2009 rose 19 percent compared to 1Q 2008. according to Florida
Association of Realtors.
FHA Down Payment Programs - Oct. 1, 2008
Minimum Down Payment Increasing from 3% to 3.5%
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
Fourth Quarter of 2008 - Existing home sales in the South rose 2.2% in September to a pace
of 1.90 million but remain 7.8% below September 2007. The median price in the South was
$167,200, down 4.1% from a year ago.
The credit markets are not settled yet, 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 forclosures 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.
Existing-home sales, including single-family, townhomes, condominiums, condos and
co-ops-rose 5.5% to a seasonally adjusted annual rate of 5.18 million units in September
from a level of 4.91 million in August, and are 1.4% higher than the 5.11 million-unit
pace in September 2007.
The national median existing home price for all housing types was $191,600 in September,
down 9.0% from a year ago 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.
Find For Sale in Pinellas County, Palm Harbor, Tarpon Springs, Belleair,
Belleair Beach, Largo, Clearwater, Island Estates, Clearwater Beach
