Another day in paradise: Buying

Buying a Short Sale home is an investment in time, money and patience. There are a number of conditions in place in a short sale purchase that challenge the Buyer. The sales process in a Short Sale has become much easier but the Lender’s have instituted a very precise process to receive, record, evaluate and decide on each short sale. The average processing time is 45 days. Rarely can this processing time be shortened. The process is further challenged because neither the Buyer nor the Buyer’s Realtor is allowed direct access to the seller’s mortgage company. All communications with the Lender must be managed by the seller or the seller’s representative. Consequently, as the Buyer you must expect to wait. However, if the property in question has already had an offer submitted (which has been rejected or the first Buyer has been unable to obtain a mortgage), it is possible that the Lender has determined an acceptable price. With this knowledge in hand, it is often possible to accelerate past the original evaluation period instituted by the Lender. If an agreed purchase price has been defined and the Buyer submits an offer for the accepted price it is possible that an answer from the Lender can be secured within a few weeks. This is not an absolute rule and the speed of the process is directly affected by the volume of short sales under consideration by the Lender. But, if as a result of an earlier offer a negotiator has been assigned, the negotiator still has the file and a price has been set, you can expect a faster answer. Further, your Realtor can determine the state of the short sale in the initial negotiations with the seller and/or the seller’s agent. For more information or a question send us a note at TampaBayHomes1@yahoo.com.

TampaBayHomes is your real estate source for TampaBay Real Estate. We can help you throughout the Central Florida area. From St. Petersburg and Pinellas County and TampaBay and Hillsborough County and Land O Lakes and Pasco County we will help you buy your home or sell your home. We are your TampaBay Real Estate source.

Another Day in Paradise: Buying

We think the Real Estate market is showing signs of recovery. We’re seeing a lot more activity than we did at the beginning of the year. It has started picking up. Our ERA colleagues confirm they’re busier and we’re also seeing a number of buyers coming in to relocate to TampaBay. The good news, TampaBay continues to attract new residents. Some are coming to retire but many are job transferees. Combine all this with some of the lowest mortgage rates we’ve ever seen. Freddie Mac recently issued the results of its Primary Mortgage Market Survey (PMMS) in which 30 year fixed –rate mortgages averaged 4.85 per for the last week in March. Freddie Mac’s weekly survey dates back to 1971 and this is the lowest rate … ever. In looking at the Greater Tampa Association of Realtors monthly roll-up which provides monthly sales averages we can see the inventory of homes has gone down 10% since its high of almost 20,000. The average sale price is at $160,145 compared with an average sale price of $258,271 in February of 2006. Back then, we had potential buyers claiming the TampaBay area was not offering the home value pricing that has always attracted buyers to the Gulf Coast. Put it all together and, with fingers crossed, we see gradually improving conditions just beginning. Low rates, great in- inventory selection and continuing relocation to TampaBay says things are looking up. For Buyers—now is the time to make a move. For Sellers, we have Buyers looking for quality proper- ties competitively priced. Check out the listings at www.TampaBayHomes.Com or write us for a dedicated property search in your name at TampaBayHomes1@Yahoo.Com

New Listing in Odessa, Florida

THIS IS NOT A SHORT SALE. Excellent property with wide open floor plan with upgraded lighting and solar tubes for a bright, light and open living space. This four bedroom, two bath 2360 sq. ft. home has a large, center island kitchen and breakfast nook are well integrated with a spacious family overlooking a beautiful koi pond and waterfall. This 4500 gallon pond enclosed within the screened lanai is accented by a waterfall and tropical garden. This fenced, conservation lot has good separation and privacy with mature landscaping, deco curbing and fruit trees. A designer’s mix of upgraded tile and carpet, this property has crown molding, recessed lighting, 42″ maple cabinets and upgraded paint throughout. The triple split floor plan makes the most of light and space. Very near to Veteran’s/Suncoast expressway, Target and the Tampa Trail for bikers, runners and skaters. For more information visit our website.