Selling your property as a Short Sale

Many of us in this market come the realization that our home that we have spent time effort and money on is no longer worth in the market what we paid or invested. A " short sale" is a financial sale of a property where the sale price is less than the mortgage value and the owner is coming up "short" on being able to make the transaction work.


At times a difficult decision must address our ability to afford our home or our need to relocate for work. We have worked with many individuals making these painful decisions on what to do next. Here are a few pointers to get started:

Contact your Lender- It is important to document and disclose your challenges to the owner of your mortgage. Many times a lender will allow you to "modify" your original terms and conditions to keep you in the property If you are attempting to stay current on your obligation, many lenders look at this favorably.

Ask for a Short Sale Package- If you are convinced that you need or want to sell the property. As for a package which will outline the documentation and requirements will place on you to sell your home.

Don't fall Prey to "Short Sale Negotiators"- Always evaluate the "paid for" advice you are receiving and the cost associated with having someone perform the the short sale paperwork for you. There are qualified individuals as well as many dishonest individuals to look out for.

List the Property at a Market price- The lenders will not consider your short sale package until you have an offer in hand. Don't wait if you have started the short sale process, get your home on the market with the expectation that the process doesn't really start until you have accepted an offer. Additionally the final sales price will be based upon the lenders assessment of value by a third party evaluation.

Short Sale Contingency- Remember that the final sale of the property is contingent upon you accepting the terms and conditions that the lender has outlined. The bank's offer to you needs to be inline with what you are willing to accept. The Short Sale Addendum reserves your right to reject the deal based upon the lenders terms and condition.

Contact Caryn or Steve if you have question. we will be happy to discuss how we can help as well as point you the resources that can assist you. A fair experience honest approach to a short sale will make this process much less painful.


Steve Armstrong, Realtor GRI
http://www.uniquetampahomes.com/

2011 A Real Estate Year to Remember

Many of us in the industry have been telling people about the current opportunities in the market.  Market conditions continue to improve.

What is happening:

1) Inventory is finally starting to shrink

2) Desirable properties are getting multiple offers pusing offers off the bottom.

3) Interest rates are still at historic lows

4) The wild card is our economy which continues to show signs of life.

5) Rental Homes inventory is extremely low in key South Tampa areas.

Dont just take me word, and dont miss out on this historic set of events that have made this the time to buy.

Check this out:

Demand for Housing Will Increase in 2011

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith and Associates Real Estate http://www.UniqueTampaHomes.com

Green Tax Savings Running out

I expected many of these tax incentives to be renewed....Just in case, here is a great article that outlines some things you may want to consider before the end of the year.

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/weston-get-energy-tax-breaks-while-you-can.aspx

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Tampa Real Estate market is changing

After reading Stephanie Streeter's blog on the Smith Web Site about a recent example of how the real estate market continues to evolve, I too have stared to see a trend in investors looking for deals.   I even have a collection of buyers still waiting for that special home and wanting something of quality at a reasonable price.

 One of our latest listings was a burned out house had more interest than any other property that we have listed.

While the condo market shows little less promise, single family homes show great opportunity.  Mortgage rates are even lower now than they were during the First Time Home Buyer incentives making homes an even better deal.

I have even gotten the bug this summer and bought a vacation home in the North Carolina Mountains....

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Oil Disaster = Better Beachfront deals in Bay Area?

As someone who is very concerned about our environment, I am deeply saddened by the BP Oil Disaster. Even though we have not seen any oil here, all of the new hype has started taking their effects on people who rent beachfront properties. "the Unknown" appears to be a reason to consider other options instead of locking in that regular beachfront local.

At the same time, for long term investors, this might be a great opportunity to get an incredible deal on beachfront property with historic low prices.

This article highlights the hype and the opportunity:

http://www.tampabay.com/news/courts/civil/clearwater-couple-sues-bp-claim-spill-de-valued-their-home/1101844


Steve Armstrong, Realtor, GRI, Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

Flood Insurance Challenges

For those of you buying homes in the flood zone for the next several weeks, there may be some challenges.

Congress has not extended the National Flood Insurance Program that allows new policies for flood insurance to be issued. This could be a large challenge with lenders on waterfront property.

Contact your politicians to identify this as challenge for home values and our coastal way of life. A lapse in the program doesn't help instill the ststability that we need.

Thanks,


Steve Armstrong, Realtor GRI Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com

First Time Home Buyer goes into 2011 for Military Buyers

Just in case you were not following:

For those Active Military Buyers who qualify for the first time home buyer credit of $7500.00 is still live and active until April 2011.

Active Military individuals can still take avantage of a great buyers market.

Steve Armstrong, Realtor Certifying Agent, Florida Green Builders Coalition Smith & Associates Real Estate http://www.UniqueTampaHomes.com