Homebuyers tell me they “only want to look at short sales”. My initial response is why? You can read a previous post here about Can I get a short sale for 20% less than asking price?

Short Sale Disadvantages: The question today is a short sale worth the months of waiting just to find out that the seller’s bank isn’t going to accept your offer?

The loss mitigation reps have hundreds of cases assigned to them and are paid on performance. A “kick out” price is determined by a supervisor and the loss mitigation rep is given a monetary incentive to get anything higher for the mortgage

It is an enormous frustration to investors doing short sales when lenders take months to make a decision and just don’t seem to care.

Advantages to by a bank-owned property versus a short sale:

1. Bank-owned homes can close quick! 30 days on average.

2. Banks are motivated to move the property and some our offering some great incentives, including closing costs assistance.

3.  If you are going to use the home as your primary residence, First Look Initiative Gives Homebuyers 15 Days to Buy Homesteps® Homes Without Investor Competition

Here’s some statistics for short sales in the Tampa Bay area reported by Jeff Harrington at Tampabay.com.

All told, 52 percent of all bay area sales were distressed. The breakdown: 30% were foreclosures, and 22% where short sales. It seems the trend is to purchase homes that have already been foreclosed on.

By Rae Catanese, Prudential Tropical Realty-Tampa, Fl

You can reach Rae and search for all homes for sale here

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?

I originally published this article in 2009 and we all thought the short sale process would get better. Well, here it is 2011 and I’m not seeing any real improvements on how the banks are handling the overload here in the Tampa Bay area, where almost half of our houses are distressed short sale or foreclosure listings.

1sts Mortgages – Short Sale file handling runs about the industry average of 60-90 days +/-. Banks are 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.

If you need advice please contact a Realtor in the Tampa Bay Area who can help you buy or sell a short sale.  813 784 7744 Rae Catanese, Prudential Tropical Realty.

“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

Search all Homes in Tampa, St. Pete and Clearwater.

If you would like a list of homes in Foreclosure please let me know.

813 784 7744 Rae Catanese, PA-Prudential Tropical Realty-Tampa, Fl

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/Den 223K 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 Penthouse Call 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

Towers of Channelside Condos

CHANNELSIDE CONDO AUCTION! VENTANA-TAMPA, FL

33 Luxury Channelside Condos For Sale• Minimum bids from $145K  

Pricing Example: 

A 1 bedroom 2 bath condo, 1,143 square-foot condo at Ventana has a minimum bid of $145,000.  

It’s last asking price: $473,100.

Total units in building 84.  There are only 33 remaining.

  Maintenance fees are calculated at .33 per sq ft.

• Includes: water, trash, basic cable, concierge, wireless internet throughout entire community, pool, fitness center and 2 parking spaces per condo!

From Ventana Condos Channelside Tampa

  CLICK HERE TO SEE PHOTO SLIDE SHOW

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

Please email: info@thetamparealestateinsider.com to schedule your showing and for further details. Or you may call us at 813 784 7744.

Rae Catanese, Real Estate Agent

•  All sales must close on or before December 28, 2009 (31 business days after the auction). 
• If financing you must use  Fanne Mae Approved Preferred Lenders:  MetLife and Bank of America. 
• 20% of the purchase price is required to obtain financing.