Michael Brenner

Hi Violet,

I agree with Jim, Please also understand that FMV is determind by the lenders appraisal source......which I have seen to be all over the map in most cases. As a buyer you have to know why you are buying and what you are looking for. Not all Shorts are going to be difficult. Not all list prices are at the high end some are at the absolute bottom and that is why it is important for your Realtor to do a CMA for you. You could be missing a great buy right now. Most Short Sale listed homes are still in good conditioned and have not been destroyed or have all the fixtures and appliances taken. It is important to understand the cost to replace and to repair, which could be a higher cost of money and time.
Waiting for the home to be foreclosed on is a greater gamble than just doing a little research and finding out the homes FMV in it's current condition as a short sale. To bring a final answer to your question is yes, most lenders are looking above 82% net of FMV, only because that is the guidline they have to follow according to the dynamics of the sellers loan on avg. Each loan has different guidlines that the lender is required to follow. Variences could be granted in some cases.
Back to my original statement, "Buyers have to know what and why they are buying"! Most people who shop by price miss the chance to find the best buy of all.....and that is your satisfaction with your location and style of property. Understanding why the home is priced at the listed price is the most important factor. Knowing the amount of days on the market should tell you a lot about the time left on the home and how desperate the lender will be. Most likely the home has been reduced to the most the lender will allow if the property has been on the market for more than 120 days. It all depends on the Sellers type of loan and the Realtor representing the listing may, or may not know yet. So do some comparisons and make your offer the highest and best for you; and you will have a much better chance to get the home you want at your price. - Tue May 13 2008, 06:01

Hi Judith,

It depends on the type of property you are looking for, a resale in 10 years will depend on the economy and the desirability of the location your home is in. As you can see below there are many great areas that have the desirability, however it depends on your speed of life and the type of property you desire.

Let me know how I can assist further.
I grew up in the Orlando area.

Michael Brenner - Sat May 10 2008, 12:38

IMO (In my opinion) Select Portfolio Servicing is fast to respond. If they want 1,000 then redo your HUD, and have it reflect the 1,000 going to 2nd lien holder from the 1st .... I always have good experience from SPS....... Call GMAC and let them know you have the HUD and you must know when it will be received by the representative that handles the file. I would also put the loan number at the bottom of every page that you fax in. Once you have a time frame, call that day and do not give up until you get the decision maker on the phone. It should either be accepted or declined........ Good Luck. - Sat May 10 2008, 12:32

Hi Mr. Fitzgerald,

You can reach Don Gray, He represents a great % of lot owners in Water Ridge, he can go over the statistics of the local market which will help you make a very informed decision on how to price your lot. He is also very easy to work with and has a great marketing campaign in place to assist him in the sale of these lots. His number is 863 860 7295 , give him a call, you will not be disappointed. Don works for Keller Williams Realty of Winter Haven. I would first understand the East Polk County Market before you decide on a price. Don will go over all of that with you.

You can also reach me 863 557 3300

Michael Brenner - Sat May 10 2008, 12:06

I do not recall having a Pike County in Florida, Could you be referring to Polk County? If so I represent Polk County - Thu May 8 2008, 16:23