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“Florida continues to be the worst state in terms of delinquencies with 26 percent of Florida mortgages one payment or more past due as of December 31st. 20.4 percent of Florida mortgages are 90 days or more past due or already in the process of foreclosure. Nevada is the second worst state with 24.7 percent of its mortgages one payment or more past due and 19 percent 90 days or more past due or in foreclosure.”
These numbers are quite shocking to say the least. I can say that the amount of buyer’s that are taking advantage of our foreclosure market here in Tampa Bay has greatly increased since last year. The largest trend I see as a Realtor, are people coming from the Northeast purchasing for retirement, or investment property.
Another interesting fact: our Tampa Real Estate market is experiencing the come back of the “bidding war” We haven’t seen that in our real estate market since it’s peak in 2004-2007.
When a foreclosure comes on the market in the lower end price ranges, 125K and under, there could be as many as 15 offers submitted. This has turned around our market making it very difficult for people to actually purchase a home. Even worse, is that the first time home buyer tax credit expires the end of April, making the competition is fierce.
Many people look at the national statistics which state “Delinquencies, Foreclosure Starts Fall in Latest MBA National Delinquency Survey” This is not the case here in Florida according to the latest numbers from the Mortgage Bankers Association. Some information was from this article is supplied by Source: Mortgage Bankers Association
Towers of Channelside Update- Many of you have been patiently waiting for the new pricing and release of condos in The Towers of Channelside.
Now that the bank has taken over, your opportunity to buy at amazingly low pricing is here.
FOR A LIMITED TIME ONLY:
Bank Released New Pricing
Price Ranges are as follows:
1 bedrooms 1.5 bath 160K- 213K 1,136 sf
1 bedroom-1.5 bath w/Den223K 1,281 sft
2 bedrooms 2.5 bath 199K-304K 1,363 sf
2 bedroom-2.5 bath 199k- 356K 1,571 sft
3 bedrooms 3 bath 249K-395K 1,778 sf
3 bedrooms 3 bath 340k-364-K 1,973 sf
3 bedrooms 3 bath w/den 360k-364k 2,166 sf
Jr Penthouses starting at 500K 2,696 sf
Grand PenthouseCall for pricing 4,849 sf
Maintenance fees are approximately .46 cents per sq ft and include:
Chilled Water Unit which replaces majority of A/C cost in your unit; management of Association, Concierges, 24 Security Officers; Pool & Landscaping & all exterior building maintenance; Waste Removal & Water/Sewer. Brighthouse agreement: High Speed Internet, Standard Cable TV; Voice Over Internet Protocol-Unlimited local and long distance telephone calling within US
Rising 29 stories into the sunlit sky, The Towers of Channelside have it all. Dive into each and every captivating view, from the bustling, metropolitan skyline, to the sparkling, pacifying waters of beautiful Tampa Bay.
Through advanced high-speed connections, forward thinking architecture, and progressive home systems, The Towers of Channelside create a complete living environment offering comfort and flexibility for anyone looking for the best in Tampa Bay.
Please contact me to schedule an appointment. Also provide the best number to reach you.
813-784-7744 or email: realtyrae@yahoo.com Rae Catanese, PA-Real Estate Agent
STAY IN TOUCH WITH THE TAMPA BAY REAL ESTATE MARKET
With an intimate collection of unique residences, Ventana is a window to a world all your own.
Expansive picture windows illuminate each residence with natural light and are the focal
point of open floor plans that spill out onto large terraces and balconies overlooking downtown,
Channelside and the waterfront.
Designed by renowned architect Walton H. Chancey, AIA, and the Chancy Design partnership, these uniquely
gracious and sophisticated residences include concierge services, and exceptional features and finishes not found
in most urban residential offerings. More refined than lofts. More intimate than towers. This is Channelside’s
most livable take on downtown living.
All condos have granite countertops, hardwood flooring in living room and dining rooms, tile in bathrooms, carpet in bedrooms, Kitchen Aid stainless steel appliances
33 Available units ranging in size:
1 b/2b 1,143 sq ft
2b/2b 1,381 sf – 1,521 sq ft
2b+den, 2 bath 1,753 sq ft – 1,797 sq ft
3b/3b 2,541 sf
This is the BEST deal in Channelside and the BEST time to buy! Don’t miss out on this incredible opportunity!
When is the auction?
AUCTION will be held on Saturday,
November 14th at 1pm.
Previews of all condos are available by appointment until November 13, 2009
There is little good news in a new foreclosure report from First American CoreLogic that shows more increases year-over-year in families losing homes. But the Tampa Bay region is doing better than Florida as a whole.
Foreclosure rates in August 2009 were 8.58 percent in the Tampa-St. Petersburg-Clearwater market, according to the CoreLogic report. That is nearly a 4 percent change from its rate a year ago where 4.65 percent of homes were in foreclosure.
Florida overall had a foreclosure rate of just under 10 percent in August, however, a 4.72 percent change from 2008 when it had just a 5.24 percent rate.
With foreclosures, the 90-day delinquency rate remains higher for the region, growing from 7.44 percent in August 2008 to just under 14 percent this past August. The state had a similar increase, expanding from 8.51 percent to 16.47 percent.
Both local and state numbers remain well ahead of national averages. The United States is reporting a 2.86 percent foreclosure rate in August, up from 1.65 percent the year before, while 90-day delinquencies are up from 4.18 percent to 7.1 percent.
CoreLogic’s foreclosure rates measure the percentage of loans in some stage of foreclosure, including delinquencies of 90 days or more through properties sold at auction. It does not represent the number of new foreclosure filings but rather the current inventory of loans in the foreclosure process, which it says offers a comprehensive view of foreclosure trends.
First American CoreLogic is a member of The First American Corp. (NYSE: FAF) company group and is a provider of real estate, property and ownership data as well as advanced analytics for information on foreclosures, delinquencies, median home prices, home prices indexes, home valuations, sales activity and mortgage loan originations.
Q. What is a bank owned property or REO? More commonly referred to as a FORECLOSURE
A. It is NOT a short sale. The bank has already foreclosed on the property. The bank is the seller/owner.
Q. How do I make an offer?
A. Through a Real Estate Agent. You will need proof of funds or preapproval. If a specific bank’s preapproval is required, please contact bank immediately.
Q. Will banks pay for buyer closing costs?
A. Many will, however, in many cases there are competing offers. Keep that in mind when presenting your offer.
Q. Are there seller disclosures?
A. No. Once bank accepts the offer they will prepare bank addendums. Typically you have 24-48 hours to review addendums and accept the terms of the addendums. As with all addendums, they will supersede the state contract.
Q. What does highest and best offer mean?
A. When there multiple offers presented to the bank the bank will ask you to reconsider your offer and present your highest and best offer. The bank solely decides whose offer they would like to accept.
Q How long does it take for the bank to respond to our offer?
A. Usually between 24-72 hours however that does not include weekends.
Q. How long does it take to get my contract and addendums signed?
A. This varies dramatically from bank to bank…from 2 days to 2 weeks.
Q. How long does it take to close on a bank owned property?
A. Between 30-45 days if financing and 20–30 days if purchasing cash.
Q. Will the bank provide the HOA/Condo Docs to the buyer?
A. No, the buyer is responsible for all obtaining all docs and should be noted on the contract.
Q. Will the bank provide clear title?
A. Buyer will receive clear title and bank will pay off any current liens or assessments.
Q. Will I get keys and garage remotes?
A. You will get keys to property, however, it is strongly recommended that you rekey locks. Banks use master keys and many individuals have access to bank owned properties.
Please call me at 813 784 7744 to learn more about how to find these properties, make offers and the purchase process.
Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable
to all Americans, now offers HomePath, a special new home loan to finance the sale of its current real estate owned [REO], (Bank Owned/Foreclosed) homes across the country.
Prospect Mortgage is among a select group of mortgage lenders nationwide who can offer the
HomePath loan to get you into one of these homes!
Here are the key benefits of a HomePath Mortgage Loan:
_ Only 3% down required on a primary residence property
_ No mortgage insurance required
_ No property appraisal required
_ Only 10% down on 1-2 unit investment properties
_ Get up to 6% in seller concessions on primary residence properties
For a list of qualified foreclosed homes for sale in the Tampa Bay area, send an email to Rae Catanese, Prudential Tropical Realty realtyrae@yahoo.com or call me at 813 784 7744
Thinking of buying or selling a short sale house in the Tampa Real Estate Market? Have you heard horror stories on how much time it will take?
This is an example of a rating on how Bank of America is handling the short sale process. Out of all the banks rated they seem to be the most difficult to work with buyers and sellers.
Real Estate Agents are having a hard time pushing contracts through, buyers are frustrated and the banks are understaffed. For buying it may be time to skip the short sales and focus on foreclosures and the traditional seller.
1sts Mortgages - Short Sale file handling runs about the industry average of 60 days +/-. Normally not flexible when homeowner hardship is unique. Operates very much like the big bank they are – cumbersome policies that are slow to change.
2nd Mortgages - BofA continues to present the most difficult challenges in the servicing industry on Short Sale proposals on home equity 2nds. Our experience is that it takes a cash contribution from the homeowner of 80 cents on the dollar, or 10 cents+/- on the dollar cash and a note for the balance of the deficiency to get BofA to approve a Short Sale on a HELOC. BofA does not seem to respond favorably to documentation demonstrating the borrowers inability to meet the contribution demands. Update: Hooked on recourse. BofA is very frequently inserting “reservation of right” language in their approval letters. That means they are reserving the right to pursue the borrower for any deficiency balance after the short sale closes. We are seeing it on firsts as well as seconds, and we are seeing it on purchase money debt as well. Bo A is actually telling distressed purchase money borrowers that they will be punished for staying the course and working to get a short sale done — because if the homeowner were to just walk away, BofA would not have the right to so much as wave at them on the freeway. Who is coming up with this stuff? At a time when we are hearing how we should pull together, the largest bank in the United States wants to be sure to kick borrowers while they are down.
We have the full report comparing all the banks listed here
If you need a Realtor in the Tampa Bay Area to help buy or sell a short sale, please contact us for more information 813 784 7744 or emailto: realtyrae@yahoo.com Rae Catanese, Prudential Tropical Realty.
During the month of March, In Florida, one in every 282 homeowners received a foreclosure notice. In the U.S. One in every 538 American households received either a default notice, auction sale notice or bank repossession, according to RealtyTrac’s U.S. Foreclosure Market Report. With foreclosure filings up 57 percent from a year ago, (Source: RealtyTrac.)
Before making a buy, investors need to do their homework carefully—that means hiring a contractor to complete a home inspection for big-ticket problems, like structural damage or costly mold.
Investors also need to secure as precise a figure as possible for how much renovations will likely set them back, a major drag on profit.
Finally, buyers should consult a real estate agent to learn about comparable home sales in the same neighborhood, which will help determine how much the house might eventually fetch at resale.
They should also take note of how long listed homes—both rental and resale—have been sitting on the market.
“Many foreclosure investors won’t purchase a property unless it is at least a 30 percent discount,” said Sharga. “That’s because you’ll typically need to do a rehabilitation to bring the property back up to the neighborhood standard, you’ll probably have to finance it for a short period of time and it’ll cost you some money to market the property.”
It may be not sit well to profit from someone else’s misfortune, but keep in mind that when you purchase a distressed property you’re not just doing your investment portfolio a favor.
By reducing the inventory of available homes, you’re also helping to stabilize the residential real estate market which, in turn, will buoy the troubled U.S. economy.
If you need assistance purchasing a foreclosed property in the Tampa Bay area, give us a call. 813 784 7744 or send us an email: realtyrae@yahoo.com
Sales of existing homes rose 23 percent in the Tampa Real Estate Market as bargain hunters snatched up distressed properties and continued to keep home prices lower. That’s the largest jump since September, when sales rose 29 percent.
In the Tampa, St. Petersburg, Clearwater metro area, 1,856 existing single-family homes changed hands in February, a 23 percent jump from a year ago. The median sales price, however, fell 27 percent to $131,400; it was $178,900 this time last year, according to the Florida Association of Realtors. The sales price did edge up a bit from January’s median price of $122,400. Experts think this is because some lenders slashed prices of foreclosed homes to get them off their books before the new year.
“The median price of an existing home has now round-tripped all the way back to September 2002 levels,” said Mike Larson, a housing analyst with Weiss Research. “We have a lot of upside-down homeowners in this country, and their ranks are swelling every day.” “Upside-down” means they owe more than the house is worth. Sales were up 20 percent statewide, and the median sales price in Florida dropped 29 percent to $141,900.
The $8,000 new homebuyer creditthat was included in the federal economic stimulus package is expected to give an even bigger boost to home sales this summer. Lower prices are needed to work off the inventory of unsold homes, but there’s a downside, Larson said.
As prices continue to fall, more homeowners are finding themselves upside-down. This is tempting many to stop making payments. “We’ll have to see if recent government efforts to modify more loans and expand the ranks of those who can refinance will encourage homeowners to stick things out rather than walk away, mail their keys to the lender and rent elsewhere,” Larson said.
When I started thinking about a title for this article I came up with quite a few. The METHOD of the Short Sale was 2nd choice. Although, we are finding there is NO Methodology in the Tampa Real Estate Market.
Putting in an offer on a Short Sale Home in the Tampa Bay Area?
Thinking of buying a short sale home is painful to many who can wait as long as 45 days to hear if the bank accepted their offer.
There is no Method!
I can certainly without a doubt, say that there are no rules when it comes to what the banks will or will not do. Every bank is different about the way they handle things. Some are using mitigation companies to negotiate the offer, and some are not. Banks each have their way of handling paperwork and disclosures which makes our job as Realtors even more challenging.
What Realtors and Sellers are doing to get offers on short sales:
A price you see listed on any website is not necessarily the price you can buy that home for. If you’ve seen wording or disclaimers stating “listing price may not be sufficient to cover all closing costs…” that is when you know the home is listed as a short sale. Try telling people who are qualified to buy a home, that we don’t know if the price listed is a real sales price.Otherwise known as “bank approved short sale”.
I’ve seen some listed for an unbelievable prices. When I contact the listing agent, I have to ask if that price “has been approved by the bank”. Otherwise, the seller agrees to list the home for what ever they want.
What happens next??? Sellers are submitting multiple offers to the bank and the bank is then forced to either take one or foreclose on the home. Once the bank gets offers at the low ball price, it speeds up the short sale process.
How many properties are on the market in the metro Tampa Bay Area? (approximately 33,000.00 in the Pinellas, Pasco and Hillsborough Areas)
I’m finding there are several situations that would lead more people to buying a foreclosed home. First, they are probably getting a better deal after the bank owns the property. The bank will respond to most offers within 48 hours, 2 business days. You will also know if there are any other offers in the mix.
Most buyers I am working with are telling me that they want to stay away from short sales. If you are a seller, please take this into consideration before listing your home for sale with a Realtor.
