PRUDENTIAL REAL ESTATE FEEDS LISTINGS TO CYBERHOMES, GOOGLE BASE AND OODLE-TAMPA, FL

Prudential Real Estate Affiliates, Inc., has begun flowing at least 140,000 for-sale property listings to Internet hot spots Cyberhomes.com, Google BaseTM and Oodle. The move positions Prudential Real Estate affiliates’ listings in front of the growing ranks of consumers who shop online for real estate and related services and information.

“Prudential is sending its affiliate listings to Cyberhomes, Google Base and Oodle for a couple of simple reasons,” explains Dewey Mitchell, President, Prudential Tropical Realty. “The sites are very popular among consumers, and each offers a rich search experience with a lot of useful information. Our listings as well as our services and resources are now readily available to the millions of consumers who frequent these great Internet sites.”

Prudential Real Estate teamed with Cyberhomes earlier this month to offer “Value Range Estimates” and “Property Profiles”, free consumer services now available on Prudential.com/realestate. Through Cyberhomes, Prudential Real Estate listings also will appear on AOL.com.

Moreover, Prudential Real Estate’s marketing plans include display and banner advertising on Cyberhomes and Oodle.

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“Our mission is to drive significant consumer traffic to our listings,” states Mitchell. “Aligning with Cyberhomes, Google Base and Oodle will help us get that job done.”

Online listings include property descriptions, photos and company/listing agent contact information. In addition to Cyberhomes, Google Base and Oodle, Prudential Tropical Realty listings also appear on Frontdoor.com, PropSmart.com, Trulia.com, Yahoo! Real Estate and Zillow.com. They are also featured as part of its “Company Showcase” on Realtor.com.

Cyberhomes valuations provide access to most of the same information from Fidelity National Information Services, the leader in property information, services and technology for REALTORS®, appraisers and lenders, to created detailed, proprietary analysis of a property and the surrounding community. Cyberhomes enables the exploration of real estate data ranging from property facts, value estimates and a variety of important indicators of local and national changes in the housing market.

Google Base enables structured data such as real estate listings to better surface on the Google search engine improving the quality of search results. Real estate listings from Google Base are available on Google MapsTM. Google, Google Base and Google Maps are trademarks of Google Inc.

Oodle allows consumers to buy and sell through online classifieds. Bringing together more than 40 million listings from over 80,000 sites, Oodle improves the way people buy and sell locally. Oodle offers the most comprehensive search, convenient email alerts and information to empower consumers to make better buying decisions.

Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question?
Feel free to email or call us 813-784-7744
Rae Catanese and Michelle Jordan, Realtors.

Search MLS, get a market analysis, search for sold homes and more.  Prudential Tropical Realty

There’s a saying that a property is worth whatever someone is willing to pay. Here in the South Tampa Real Estate market buyers are willing to pay more. In our capacity as a seller’s agent, we are experiencing multiple offers in all price ranges. People are willing to pay asking, if not above asking price because interest rates have come down so low. From my experience, properties that are priced well aren’t staying on the market more than a week. Sometimes only one day.

If you wait much longer to buy a home, you may wind up paying even more.

How to get your offer accepted.

I wouldn’t be afraid to offer a higher amount than the price a property is listed at, especially if your Realtor says there are multiple offers on the home.

Why would you risk offering more?

First, if the property doesn’t appraise, you’ll be able to renegotiate or back out of the contract.  Just make sure you have an appraisal contingency in the offer, even if you are paying cash.  If it doesn’t appraise, the seller will most likely sell it for the appraised value.

Why has the Tampa Real Estate market become so competitive?

Our inventory is down to five months, which is half of what it was this time last year. What that means is that if no new  homes came on the market, we would sell every home on the market in five months! 

Our average sales price is up by $16,302 as well.  You can see the latest MLS stats here.

How does a seller create a bidding war?

From what we have been seeing, my opinion is that sometimes sellers and their agents are pricing desirable homes on the low side, below market value, to create bidding wars and drive the price up.  Sellers could wind up getting the same, or a little more, as they would have if they’d priced it higher. Seems like a “game,” but this strategy is what’s working at the moment.

What are your thoughts? Are you in the bidding war game?

If you’ve been thinking of selling your house and want to schedule a consultation you can contact me here. 

The South Tampa real estate market is HOT, HOT, HOT. Yes, now is a good time to list your home for sale.  Don’t believe me?  Here’s why….

My phone has been ringing off the hook with frantic buyers trying to find something to purchase. They almost don’t believe me when I tell them there’s only a few listings currently active on the market that meet their criteria, and to be honest, I don’t believe it myself.

Let’s look at our MLS listing inventory of townhouses and condos for January 2012 in the South Tampa Neighborhood:

My search criteria are as follows:

• Search price up to $200,000.00
• South Tampa: North of Gandy Blvd.to I-275. (Yes, I had to go North of Kennedy)
• Minimum of 1 bedroom units and up
• Garages, square footage, or any other item a buyer may have on their “wish list”, like granite countertops or gated communities, were not taken into consideration as criteria.

Using the parameters above, between January 1^st 2012, and today, January 24^th, there were 96 condos and townhouses listed in MLS as active on the market. Now only 72 of them are still active.

The same time last year, we had 260 units on the market. That means our inventory has decreased by 63%. Even more shocking is the average list price has gone from $105,851.00 to $142,450.00 in just one year.

Another problem is financing. Currently in South Tampathere are only 5 condos listed under $200,000.00 that are approved for FHA financing. Yes, I said 5! FHA financing is desirable for many homebuyers because FHA only requires 3.5% down.  If you don’t have 20% to put down for a conventional loan, then I would suggest looking at townhouses instead, as they are FHA approved.

Another trend we are seeing is that non-distressed, and bank-owned properties are moving fast. Buyers prefer to take advantage of historically low interest rates now, rather than waiting for the rates to go up. Keep in mind, a buyer cannot lock in a rate on a short sale until the seller’s bank approves the offer which can take over 90 days in some cases.

If you are a homeowner and have been thinking of selling your property but thought it wasn’t a good time, you may want to reconsider. The fact is that we’ve got too many buyers and not enough listings.

Contact a Tampa listing agent to find out what your home is worth here.

Here’s The Top 3 Myths Of Loan Modification Programs And What You Should Know Before You Start!

 Maybe you’ve heard a good option for foreclosure is a loan modification.  Maybe you’ve even gotten letters in the mail by an attorney trying offering their services asking you to pay money upfront.

 Here are some critical things to know if you are considering a loan modification that can save you a lot of time, money and aggravation.

 “Will the bank will reduce my balance?”

Banks add on all the missed payments, fees, and penalties to the back end of the loan making you even more “upside down”. Can your home ever be worth what is owed?

“My attorney says they can fix everything”

Attorney’s have a role, but unless are willing to make up all the back payments, attorneys can only delay the end result, foreclosure! Does it make financial sense to pay an attorney to hold onto a home that is upside down?

“The bank agreed to do a trial loan modification”

What does this really mean? This is just another form of debt collection by the bank.  According to bankrate.com, less than 13% of trial loan modifications become permanent.

Warning:  Banks do not stop the foreclosure process during your trial loan modification.

So, what if you’ve already been accepted for a trial loan modification, you have made your payments and then you’ve been declined a permanent modification.  By his time, the foreclosure process has already been filed leaving the homeowner with no other options.

If you would have done a short sale upfront, you would actually be saving money by not making the temporary reduced payments and paying an attorney. Maybe a better solution is to bypass this tedious and costly process and list your home as a short sale.

Strapped for cash? There are no upfront costs for a consultation with an attorney who can advise you on your best legal options.

Contact a Certified Short Sale Specialist Realtor in Tampa Bay that can guide you through the process of getting your home sold. Most people don’t know that Realtor’s fees are paid by your mortgage company, and you will be required to list your home with a real estate agent.

See Also: Common Short Sale Questions Answered

This is a guest blog post from Michelle Schaefferkoetter at Stewart Title in St. Petersburg, Fl

There are so many misconceptions about selling your home as a short sale these days, so I reached out to Michelle at Stewart Title to give our readers an insight on how the Short Sale process works and what you should be prepared for.

3 things that cause issues with short sales are:

1. The Sellers and Buyers are not fully prepared for the time frame involved, so be realistic and prepared to wait 60-90 days before you get a response from the seller’s bank. If the loan was a government loan, such as an FHA loan, there will generally be more complications because the government will have to be involved along with the lender.
2. A second mortgage can be a problem with a short sale. The second lender may have no interest in agreeing to the terms set between the primary lender and the seller, this can pose a real problem. The home cannot be sold without dealing with the second mortgage.
3. Contracts, addendums and financial packages may be incomplete or expired, and most likely be rejected. This can cause the bank to close out the file and restart the entire short sale process. We cannot stress enough the importance of having all of the documentation required by the Lender to them as soon as possible.

Common short sale questions:

Will I owe money if I sell as a short sale?

Every item on the Seller’s side of the HUD-1 statement will be scrutinized by the Short Sale Lender. Except in the case of a HAFA Short Sale, line 603 of the HUD-1 should always net to zero for the Seller. In most cases this means that the Seller does not bring any money to closing and does not take any money away from closing. On a rare occasion the Lender may require the Seller sign a promissory note to them for an amount to be paid back.

What if there is a lien on the home?

It is very likely that Sellers seeking a Short Sale may have liens and judgments against them that could affect closing the property, so it is important for the Title Company who handles your short sale to run a title search right away. This will allow more time for the Seller or their Attorney to negotiate any judgments, liens or encumbrances.

What role does a title company have in the Short Sale Process?

Short Sales require frequent communication between the Realtor, Title Company and Lender to make sure that closing documents satisfy all the requirements of the Short Sale Lender. Due to the large amount of short sales that the lender is already processing the escrow agent must be persistent in keeping in contact with the lender.

You also want to make sure a title company has Short Sale Certified Staff ready to process and close your files. What does this mean for you? This means they have invested time and money to become short sale specialists.

This is a very unique market and one that will be here for a while. The best thing you can do when it comes time to close is to choose wisely when it comes to hiring a title company. Unfortunately, an inexperienced escrow officer could cost you time, money and put your entire transaction at risk. Experience is crucial in every industry.

*Information courtesy of Stewart Title and America’s Home Rescue.

See Also:

If you are considering a short sale, or if you want to know if you qualify for a short sale, you may want to read 4 Questions To Ask When Contemplating a Short Sale and Tips for Selling Your Home as A Short Sale-Tampa, Fl

Email us for more information on selling your home as a short sale. We have Certified Short Sale Specialist Realtors  that will help you save your home from foreclosure.