Pinellas County Single Family Homes/Condos/Townhomes/Villas Listed by Realtors | • | Over 15,000 Active Listings | | • | Over 1500 Listed Short Sales | | • | Over 500 Listed Pre-Foreclosure & In Foreclosure Properties |
Statistics taken on 11/30/08 utilizing the MLS in our TampaBay Area.  Here in The TampaBay Area, our Real Estate Market is about properties somewhere in the Foreclosure Process. Looking at the statistics above you would wonder why because it seems that only about 15% of the properties listed are either Pre-Foreclosure or in Foreclosure. Besides human error in keeping up with the status changes of the properties, it seems that most Buyers are looking for the "Deal of the Century". The activity of these Buyers surround those properties that are in the Foreclosure process including Short Sales.
I am asked regularly, "What is a Short Sale"?
To keep it simple, there are Home Owners that can no longer afford the mortgage payments due to a hardship. The home has been on the Market -For Sale with no acceptable offers and it has reached a point where if they reduce the price of the home it will not cover what is owed to the Lender and/or the closing costs associated with the sale.
A Short Sale is an option that the Home Owner may take. The Lender gives the Seller approval to get the highest and best offer for the property even though it is less than what is owed. Once there is an offer on the property and the Seller agrees to the offer, a Package, which includes the offer, the Buyer(s) pre-approval letter, a pre-HUD, financials of the Home Owner(s) and the Hardship Letter, is then sent to the Lender for their approval of the Short Sale. This Package HAS to be complete & sent all together! It can be a long and drawn out process - 45 days maybe and during this time the Home is still on the Market with other potential Buyers placing an offer on it as well.
The Lender will get a BPO (Brokers Price Opinion) on the property for a Fair Market Value which will help them to decide whether or not to accept any of the Short Sale offers. There are many variables that the Lender takes into consideration but mainly they are determining what the Net will be to them.
Once the Lender accepts the offer (after negotiations, especially if there is more than one lien on the property), the normal steps of Purchasing the Home starts, such as a home inspection, survey, appraisal..... just know that at any time, the Lender can cancel the Short Sale and the Buyer will be out any expenses incurred and Time spent waiting! 
(I highly recommend talking with an accountant to discuss any tax issues and a Real Estate Lawyer to get legal advice on which option would be best - every situation is different).
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Bargain Properties >Advice From Real Estate Agents
When buying a home, it is essential to cooperate as closely as possible with your real estate agent. This can be challenging, especially if your agent asks you to do some things that you don't particularly want to do to in order to get you moved into your new home as quickly as possible.
When real estate agents advise you regarding ways to make the transaction work, they are acting as part coach and part business consultant. If you find the house you love and want to "sleep on" the decision for a few days, the agent knows that you run the risk of losing the house. If you are inclined to complicate your offer with clauses that might make the contract unattractive to the sellers, the agent may ask you to consider some modifications. Should you call the week before the closing with an attack of "buyer's remorse", your agent knows the cure. Following your real estate agent's suggestions will increase your chances for a successful move!
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What private residence is considered the most expensive house ever built?
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The William Randolph Hearst Ranch in San Simeon, California cost over $30 million, equivalent today to $276,883,320. Bill Gates recently built a home for over $40 million.
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 See More Real Estate Trivia > |
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