Short Sales Still Hard to Deal With

We've all been dealing with a lot of short sale offers. You'd think by now the lenders would have figured out how to streamline their short sale approval procedures. But, yet another example of this not happening has occurred to me this morning. The lenders seem to be just as slow and confused about this procedure as they have been for the last several years.
It really is asking a lot for a potential buyer to wait for 4-5 months to find out if the offer on the house they wish to buy is going to be accepted.
What many of these lenders don't realize is that prices have gone down in many instances in the areas where the short sale offer has been made. If they don't accept the current offer, the next time around they are going to be looking at a lower price. Buyers are getting a little distressed waiting on approval and wondering if they are paying too much for the house as they watch prices deteriorate in the area they are buying.
It just doesn't seem like this process is getting any better at all, especially with the larger lenders. The smaller lenders are doing much better on the short sale approval process.
Anyway, short sales are a big part of our business, especially in Florida, and if a Realtor chooses not to deal with them, it is hard to stay in business.
I just wish the lenders could get better at this.
More later.
Alice Ohme

Activity Continues to Be Good in Manatee County

We are finally starting to get good condo activity in the Manatee County real estate marketplace. It is so good to see this as we really didn't have much of a condo season the last two years. Prices are way down and the properties that are priced low are the ones that are selling but it sure is better than nothing, like it was last year!
I think the extension of the tax credits will really help and continue to keep our business active for the next few months.
Now is definitely the time to buy!!

Homebuyer Tax Credit Extended and Expanded!

This is great news for the entire real estate industry! The $8000 first time buyer tax credit has been extended. The definition of a first time homeowner is a person or couple who has not had an ownership interest in a home for the past 3 years. The measure will extend the first-time homebuyer tax credit until April 30, 2010. In addition, those who have signed a contract before May 1, 2010 will have 60 days to close on the home. This also increases the income limits to $125,000 on a single return and $225,000 on a joint return

Also, for the first time, now existing homeowners can take advantage of a tax credit, which is $6500. This can be used by homeowners who have used their existing home as their primary residence for 5 consecutive years of the 8 last years. The $6,500 tax credit will be eligible on purchases between December 1, 2009 and May 1, 2010 and will have 60 days to close on the home. The income limits are $125,000 on a single return and $225,000 on a joint return and have a $20,000 phase-out thereafter.

So, if you've been waiting to buy a new home, this should help. Get out there and start looking!!
Alice Ohme

Short Sales Still Rule our Marketplace

The Manatee County, Florida, real estate marketplace is still largely driven by short sales and foreclosures. Many areas have only sales of these type of properties. It is increasingly difficult for getting properties to appraise, especially if they are regular arms length transaction and are not short sales or foreclosures. Many appraisers have only the short sale/foreclosed sales to deal with as comparables. We are still seeing prices go down in this area, although not as quickly as previously.
We are expecting to see many new foreclosures come onto the local market within the next few months.
It is, however, still a good time to buy, especially if the tax credit gets extended or expanded, which I hope happens.
They need to make this available to everyone, not just first time home buyers.
More later.
Alice Ohme