Pinellas county seems to have stabilized and some areas are actually showing some growth. This may be the last year of "ON SALE" prices and the pendulum may start toward the other direction in 2013. We are not going to see mad increases like 2005-2006 nor do we want to.
Real estate is local ...world economy or not...real estate is local and reflects local conditions. We were one of the first to fall back then and now we may be one of the first rebounding. Inventory is low and demand is high.
Many are still underwater having bought during the peak. For those who need to sell, this means short sales may be their best option if they qualify
Short sales are anything but short! Probably one of the topics agents are asked about more than any other. If a short sale closes in 3 months that's excellent! Many exceed a year and then the banks may say no and the Buyer has wasted all that time and possibly missed a great house. If you have ANY timeline you need to be in by....DON'T do a short sale. There are no quarantees....for a variety of reasons.
Some banks lean towards short sales and some are beginning to lean more towards foreclosure. There is no set rules or guidelines among the various banks. Each lender has their own rules, guidelines and processes...and files are sometimes closed for the most random reasons. Often the short sale and the foreclosure process are proceeding at the same time which each department unaware of what the other is doing. It is still very much the "wild west".
Unless extended, December may be the last month, that Primary Sellers will be able to get the tax liability waived for any deficit forgiven. This is very important since Florida is a recourse state and debt does not just disappear. This is the other reason it is also very important for Sellers in this situation to seek legal advice and have an attorney negotiate their deficit.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
VIEW PROPERTIES ON YOUR SMART PHONE
TEXT "PAMELA" TO 727-213-5142
Take a moment to review a few of the "Market In A Minute" reports on my Trulia Blog. Each community is on a separate blog.
You will observe some communities exhibit positive indicators, others rumbling along a baselline and others still searching for bottom. If you have a specific community in mind and need representation in purchasing a Clearwater home, I will certainly prepare a report for you.
The duration of the short sale process is dependent on many things. They are:
1. Lender involved
2. Number of lenders
3. Status of short sale (new or has bank response)
4. Selling strategy
6. Buyer qualification
7. Owner situation
Some close in 45 days while others after 2 1/2 years have not closed. Unfortunately, short sales will be the only option for many homeowners. Value declines have place sellers in quite a predicament.
Non-investor type buyer are seldom the best fit for a short sale. It is simply too unpredictable.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
Home sales in parts of Pinellas county are creeping upwards, but there are still home owners in trouble. There are fewer foreclosures and more short sales on the market because the banks are working more efficiently at negotiating a short sale. The amount of time necessary to complete a short sale varies. If an owner has assets or multiple mortgages with different banks, the short sale negotiations will take longer than for an owner who has no assets and one deliquent mortgage.
Let me know if I can answer any other questions.
Pappas Realty & Management Co.
241 Windward Passage
Clearwater, Fl 33767
Short sales are definitely closing faster. It still is a case by case issue, but I've noticed them close in about 1/2 the time they were a year or so ago.
Feel free to call me with more questions.