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34604 : Real Estate Advice

  • All12
  • Local Info4
  • Home Buying5
  • Home Selling0
  • Market Conditions0

Activity 9
Wed May 3, 2017
Dawn Brown asked:
Short sale on a condo after I moved over 250 miles for a job offer. I moved in 2013, rented the property and after a few broke the least and damaged the unit, I couldn't find a tenant and…
0 votes 0 Answers Share Flag
Sat Jan 24, 2015
Dan Tabit answered:
figuydon,
The best answer will come from a local agent who does the research, shows you the results and devises a strategy with you to obtain your goals.
0 votes 2 answers Share Flag
Tue Mar 20, 2012
RAYMOND P. ROSE answered:
Hernando County is a bedroom community of the Tampa Bay area and as such was experiencing tremendous growth in early 2000's. The area has been over built and when the market fell the prices here fell 60%+ They are just now starting to rebound but some areas are still seeing signs of decline. Unemployment in this area is above 25% so it will take a while to get things turned around. That said, if someone was moving here for retirement there won't be this kind of opportunity again probably in their life time. Houses are selling for substantially less than what they could be built for. It makes good economic sense to buy now if you are an investor or if you are retiring. Great time to buy, BAD time to sell. ... more
2 votes 2 answers Share Flag
Thu Jul 28, 2011
Lori Ann Bugliaro, P.A. answered:
You can find that information on the Hernando County Clerk's website. You can contact me if you like and I can walk you through the steps to finding the information.
0 votes 4 answers Share Flag
Sun Jan 23, 2011
Gerard Carney answered:
Simply put, this is only legal verbage that you will also see in the contract if one is written, it says two things, first the price show is not an absolute value that will be accepted by the bank, which in short sales is a third party in the contract, but one that has power of decission and also power to dictate terms, and price of the home. Supposedly this home is being sold for less than the principle owed on the hiome. The listing price has no bearing or even binding to the third party as it is up to them to decide whether they wish to take the amount listed or any offered price. Third party can at anytime, even after hey have told the home owner that they would entertain the thought of a Short Sale, decide to foreclose on the home and refuse all or any offer submitted even ones that were at list price or even higher than list price. If they decide to accept the offered price they may do so with the notion of paying no closing costs and making it the responsibility of the buyer. As far as the listing price is concerned, it is a price that a diligent Agent has come up with through CMAs and through what ever knowledge as to what the principle still owed might be. The Bank who is in the third party seat has not nor will it ever say that the price listed was the price they were willing to accept. They will take all offers and send it to one of their underwriters to be evaluated and to determine if at that time the bank is willing to take that offer, or to foreclose on the property. Then if theoffer is accepted, the bank may then decide after the sale whetehr or not they will forgive the seller of the remainder of the principal that was owed or whether they wish to go after the remaining principal with the seller of the property. They have up to 5 years to go after the seller for monies still owed after the sale. They may forgive the remaining principle and if so they may and most likely will send the seller a 1099 for the difference of the sale and the principal owed. this would be like income to the seller and he would have to pay capital gains on the amount on the 1099. If the seller had lived in the home for 2 of the last 5 years, the seller may opt to take the exemption of the first $250,000 of this amount if single or up $500,000 of this amount if married and filing jointly. ... more
0 votes 9 answers Share Flag
Sat Jan 1, 2011
Gita Bantwal answered:
Diana, Read your buyer agency contract carefully. Most agents mention that they will take the amount offered in mls .which is typically paid by seller to listing agent who splits it with buyer agent.
Your agent may have put in a minimum percentage amount for the commission and that if it is not x% that buyer should pay the difference. Before signing any contracts you should read carefully and remember every thing is negotiable
... more
0 votes 7 answers Share Flag
Wed Feb 11, 2009
Joshua Hanoud answered:
Hi Debbie,

Last I checked (a couple of months ago) this property was rented to some folks who both live there and use it as a base for their horse-boarding business.

If I can be of any further assistance, please contact me via the web reference below.

Thanks,

-Josh
... more
0 votes 1 answer Share Flag
Sun Jul 20, 2008
Jim and Donna Soda answered:
Lenders don't want to foreclose. Ask your Lender for their "Short Sale" package and you will need to write a hardship letter and disclose your financial situation. List you home as a Short Sale in the MLS with a Realtor who has some experience in Short Sales. You can usually stall a foreclosure once you engage an attorney to act on your behalf.
Jim Soda 941-809-7759
Prudential Palms Realty
Sarasota-Lakewood Ranch-Longboat Key
JimSodaGroup.com
... more
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