Sehr schoene Eigentumswohnung mit ca. 60m2 im 2. Stock inmitten der Stadt Cape Coral gelegen. 1 Schlafzimmer und ein Badezimmer. Der Pool laedt geradezu zum Schwimmen ein
http://capecoralfloridaimmobilienmakler.com/2010/08/4952-vincennes-st-cape-coral-fl-33904/
WHAT IS A SHORT SALE IN FLORIDA S REAL ESTATE MARKET?
A short sale is similar to a regular residential/ home sale with one exception. In a regular home sale, the lender is paid in full when the new homeowner takes clear and marketable title to the property. In a short sale, the lender accepts less than what is owed.
Through a short sale, the property never makes it to the courthouse steps. The homeowner is delinquent in their payments but the lender has not yet published public notice.
With a short sale, the lender allows the house to be sold for less than the actual mortgage balance. As a result, the borrower avoids a deficiency judgment. The lenders would rather get most of their mortgage through a sale arranged by the owner then take the property back at a foreclosure sale.
However, the problem for the borrower after a short sale is that the difference between the balance owed to the mortgage company / bank and the full mortgage balance is considered by the IRS to be a forgiveness of debt for tax purposes. The mortgage lender may send the borrower a Form 1099 for the difference amount making the seller responsible for taxes on that additional tax liability.
What does this mean to the buyer if he/she is purchasing a property through a "short sale" ?
The offer/ contract for purchase and sale is subject to current lender`s approval / acceptance.
Which is more time complex compared to a regular sale / purchase where only the seller and buyer agrees to the condition and terms of the contract. There is a chance that the bank denies your offer. So be aware that while you are waiting on an answer to your offer regarding a "short sale" property you can NOT submit an new offer (binding contract with clauses for example right to inspection) on another property unless you would like to execute a multiple purchase.
DOWNSIDES
It sounds too good to be true - your mortgage lender tells you they will accept less money than you owe from your home sale to help you avoid going to foreclosure. This agreement is known as a short sale - also known as short-sale or shorted sale. Under certain conditions, the lender will accept a payoff less than you owe and will release the secured lien. For example, you may owe $150,000 on your note, but your home is appraised at $125,000 because of a down turn in the real estate market. You may be having problems keeping up with your mortgage payments because you just lost your job. You lender may agree to accept $125,000 from the sale of your house as payment in full to release your lien. Wow, you think you just saved $25,000 and are now out of trouble - no foreclosure and no more house payment. Before you get too excited, check with your lawyer, your CPA or tax accountant, and a realtor who has a lot of experience with real estate short sales. A short sale may, in fact, be the best solution for you, but it could also come back to bite you.
WHY LENDERS AGREE TO SHORT SALES
Mortgage companies and banks sometimes agree to short sales because when a property is foreclosed, the loan becomes a "non-performing" loan on the accounting books. Non-performing loans may affect how much the bank can get from the Federal Reserve in order to lend money to other people and make more profits. Often times, the lender can make more money on a short sale than on a foreclosure even though they don't get the full pay off amount on your loan. Not all lenders will accept a short sale and there are possible downsides for you.
WHAT LENDERS AND REALTORS MAY NOT TELL YOU
* A lender may release your secured lien for less than you owe, but they have the right to collect the remaining amount of the original loan. In the earlier example, if your lender accepts $125,000 for your $150,000 secured note, they can still seek a judgement against you for the remaining $25,000 debt.
A new federal tax law provides a strong financial incentive to go ahead with a short sale.
Before 2007, if someone lost a home in foreclosure or was forced to sell for less than the loan amount, the Internal Revenue Service figured that that person owed the government for a phantom profit -- tax on the money he or she did not have to repay.
But under the Mortgage Debt Forgiveness Act, signed by President Bush in December, this "debt cancellation income" is forgiven for 2007-09, and is not taxable.
"Until recently, the problem with the short sale was they would have a phantom tax they had to pay," said said David Agee of the Bradenton law firm of Reed and Agee. "Because part of the problem with a short sale is: 'I am somebody in trouble. I can't pay for it.'"
Information given is no guide to or guarantee of future performance.
More information on our website
http://www.floridacapecoral.info/shortsaleexplanation.htm
ORLANDO, Fla. – Aug. 11, 2010 – Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 51,564 existing homes sold statewide in 2Q 2010; during the same period the year before, a total of 42,604 existing homes sold. It marks the eighth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.
Statewide sales of existing condominiums in the second quarter rose 45 percent compared to the same time the previous year. This marks the seventh consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 2Q 2010 also increased over 1Q 2010’s sales figure in both the existing home and existing condo markets, Florida Realtors’ records show. For 2Q 2010, statewide sales of existing homes rose 32.7 percent over the 1Q 2010 figure; statewide existing condo sales in 2Q 2010 increased 24.2 percent over the 1Q 2010 level.
Looking forward, the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends reported that job growth and the BP oil spill were cited as top concerns for the future outlook of the state’s real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.
The center’s director, Timothy Becker, noted in the report that the oil spill has created “a cloud of uncertainty that is affecting all markets across the state. Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is only showing up on some beaches in the Panhandle.”
The survey reported the outlook for investment in industrial properties continues to brighten and is becoming increasingly positive.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 2Q 2010 compared to the same three-month period a year earlier; 18 of the MSAs showed gains in condo sales.
The statewide existing-home median sales price was $141,300 in 2Q 2010; a year earlier, it was $143,000 for a decrease of 1 percent. The 2Q 2010 statewide existing-home median sales price was 5.6 percent higher than the statewide existing-home median sales price of $133,800 in 1Q 2010. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 20,986 units sold statewide for the quarter compared to 14,430 in 2Q 2009 for a 45 percent increase. The statewide existing-condo median sales price was $98,900 for the three-month period; in 2Q 2009, it was $110,300 for a decrease of 10 percent. The 2Q 2010 statewide existing-condo median sales price was 3.2 percent higher than the 1Q 2010 statewide existing-condo median sales price of $95,800.
Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.91 percent in 2Q 2010; one year earlier, it averaged 5.03 percent.
© 2010 Florida Realtors®
Sellers: What to Look For in the Similar Market Analysis
When searching for the right representative to market your house, one extremely essential aspect of gauging his or her marketplace information and expertise can be discovered in how the agent approaches the Identical Market place Analysis (CMA) for your house.
Basically set, the CMA is intended to be an apples to apples comparison. CMAs ready for sellers usually present particulars on three or much more nearby, similar components. The CMA information is vital, in truth the amount a single element, for identifying the marketplace worth of your home.
The following are items to appear for in the qualities that the representative chooses as the comparables for your residence. And don't be shy about asking the representative for specifics on each. A leading-notch seller's representative will have carried out in-depth study in choosing the comparables to existing in the CMA.
Terminology
Very first, here is some fundamental CMA and home listing terminology.
Energetic: The property is actively for purchase and there is not an recognized buy agreement. There may possibly be an provide or negotiations in the performs, but an contract is not finalized.
DOM: The amount of times the home has been on the industry.
Energetic Contingent: A obtain present has been produced, the vendor has recognized the present, but there are customer contingencies that may well prevent the purchase going via. The most standard contingency is financing--the purchaser has yet to secure loan commitment. Other contingencies may well be: the inspection time period, possibly individual inspection, specialist inspection or both; examination of monetary records for income-creating qualities; and/or the buyer's sale or closing of another house (the latter becoming much less common). There might be 1 or much more contingencies.
In some instances, Productive Contingent standing signifies that the owner is willing to take backup provides, need to the existing offer you not go by means of or if there is a "kick-out" clause in the contract (a kick-out clause is an arrangement among the purchaser and vendor giving the seller the correct to demand contingency removal inside of a specific amount of times; if the buyer can't carry out within just that time time period, the agreement may be terminated).
Pending: Terms of the obtain agreement have been fulfilled and the closing of the transaction is around or nearly assured. Usually a listing will move from Lively, to Lively Contingent, to Pending, and lastly to Offered. If an recognized buy deal is a cash obtain with no or minor contingencies, the standing moves from Lively directly to Pending.
Unique Checklist Price tag: The initial asking selling price of the house on the listing's commence date.
List Price: The present inquiring selling price, possibly the same as the authentic checklist, or right after cost reductions or cost raises from the authentic record quantity.
Marketed Selling price: The final amount paid by the buyer to the vendor.
Back on Industry: The residence was temporarily off the marketplace, normally since a invest in offer was accepted, but the offer fell via (e.g., the customer could not acquire financing).
Topic Residence: The residence you are evaluating in a CMA, possibly as the owner or the shopper.
Similar House: The qualities that are being employed as the finest-fit comparisons to the subject house.
Simple Features Comparable or Identical
When the property was made need to be about the exact same time as yours (developed between 1999 and 2003 for case in point)
General square footage ought to be the same or extremely close to your house; be positive to check out the under air square footage and total square footage
The building type need to match yours (for instance, concrete block with stucco)
The roofing is equivalent in type and age (concrete tile about 5 a long time outdated, for illustration)
Space utilization overall should similar to yours: the quantity of bedrooms and bathrooms, garage spaces, floor prepare design (split bedroom, great space), variety of stories, unit floor (condos), a household space (or not), formal dining (or not), lanai/patio...
For waterfront properties, it's also important to assure attributes such as seawall, boat dock, and boat lift are similar in top quality, age, and dimension.
General Condition of the House Ask about the how nicely maintained the similar attributes are. If yours is meticulously maintained, a similar that "requires TLC" or that has roof destruction is not a valid comparison. Also crucial are any upgrades your residence, or the comparables, have undergone. If your kitchen is the unique and is 15 many years outdated, but a similar house has an upgraded kitchen with granite countertops and new appliances, an adjustment needs to be made or a various similar employed. Area, Whole lot, and Watch
Whole lot sizing and kind: in South West Florida, the majority of a lot are a quarter of an acre (.250). Corner a lot, oversize tons, triple plenty, and cul-de-sac tons normally command larger costs.
The equivalent qualities are in your geographic area, generally inside of a mile radius or so.
Look at and kind of look at are equivalent (waterfront, golf course, wooded region, Gulf of Mexico, bay, basin, lake, pond, parking lot, obstructions, etc.).
If yours is waterfront, pay out close attention to the waterfront kinds of the comparables. Simply because there are so a lot range in the waterfront attributes in South West Florida, particularly in the canal devices, this is important. For illustration, a gulf entry residence that is an hour from the Gulf, even if equivalent in construction and other aspects, is not planning to command as a lot as a gulf entry house that is 20 minutes from the Gulf. Likewise, a freshwater good deal with a lake watch is far more prized than 1 on a regular freshwater canal. Intersecting canal views are valued higher, as are components on wider canals (120-200'). Likewise, check out the particulars on comparables for the Caloosahatchee River views and Gulf of Mexico beach front views (frontage, direction, obstructions).
Adjustments Are At times Needed In some instances, it might not be achievable to locate nearby components that carry all of the identical features. For example, if the close by components are identical in rectangular footage, layout, good deal size, age and situation.... but yours has a swimming pool and the others do not, an adjustment can be manufactured to the comparable attributes. The adjustment is extra (or subtracted) from the similar. So if the comparable does not have a swimming pool, and yours is brand new, the representative would adjust the equivalent benefit by adding the benefit of the swimming pool, say $40,000, to provide the similar up to par with your home (the subject house). Purchase Position and Dates The equivalent attributes must be ones that have lately marketed, within just the final six months or ideally the final three months. If offered info is not accessible (no similar attributes have offered in the neighborhood), then following greatest is individuals that have lately gone pending.
Also spend near interest to the DOM, the amount of Times On Industry. This is calculated from the original checklist day to the day of closing (when title transfers to the new owner). This is an critical aspect: if the home marketed quickly, you know it was priced right. If the house was on the industry for 180 nights or much more (perhaps with a number of price tag decreases along the way), the pricing method that seller utilized is circumspect and gives evidence it was priced too higher. (Other elements might have delayed the selling, but more often than not, DOM is an indicator of price point.)
REFERENCE: http://www.floridacapecoral.us
Low U.S. home prices, high loonie make it a good time to be a Canadian snowbird
TORONTO – Aug. 6, 2010 – Mary and Ron Ethier long believed a getaway home in the Florida sun would remain a retirement dream, but when a recent real estate turnaround opened the border to a growing flock of snowbirds, the couple suddenly saw an opportunity too tempting to pass up.
“We just felt with the prices that were happening down there, that it was out of our reach financially,” said Mary Ethier from her home in Pembroke, Ont. “But when their real estate market basically took a big hit and the Canadian dollar came up, we thought if we’re ever going to do it, now’s the time to get off our butts and go and do it.”
The couple, too busy with their lawn-care franchise to enjoy Ontario summers, toured homes in the Fort Myers, Fla., area in the fall of 2007 and made a lowball offer, expecting to negotiate, but instead found their deal accepted.
By January, they owned a condo in a gated community, a property foreclosed upon when the U.S. housing bubble burst and home prices began to plummet and many American homeowners realized they could no longer pay their mortgages.
The loonie has since risen to hover around parity while U.S. home prices have stagnated, creating new financial incentives for Canadians to act fast and scoop up American real estate deals.
“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.
The Sun Belt states of Texas, Arizona, California and Florida are favorites, while there are also deals to be had in Nevada and Georgia. The average price of a home in Phoenix, Ariz., is US$144,600, compared to $432,253 in Toronto.
“People are buying $40,000 to $50,000 condos in Phoenix right now. Condos (in Toronto) are selling for $400,000 to $500,000,” Dziedzic said. Taxes, condo fees and closing costs are also generally less expensive in the U.S., he added.
Prices in most U.S. regions have steadied after falling for three years, but a high number of foreclosures persist, lowering prices, especially in Florida and Nevada, said Bank of Montreal mortgage specialist Laura Parsons.
“This is the time to buy if you’re going to,” she said.
“I think you’ve got to look at this as a long-term investment because you’re getting such a deal. You’re going to have to hang on to it for a while,” and ride out any further downturns before the market picks up again, she said.
There is a fine balance between rushing to buy and waiting for lower prices. Economists predict the U.S. housing market will remain soft, but it’s futile to make decisions based on where a currency or a housing market is going.
“I don’t think you need to rush down and get a place, but the good stuff in the lower price range ... those are moving. The good ones come up and they’re sold,” Dziedzic said.
Buying real estate in the U.S. is becoming easier for Canadians as more snowbirds snap up getaway homes.
© The Canadian Press 2010
