Melbourne Real Estate News, Brevard County FL Real Estate by Sandy Shores REALTOR®

Well here we are - FINALLY - the weekend that so many have been waiting for. Friday was the last day of school for so many Brevard County schools. Seniors graduated the week before. Summer break is officially here.  So, many things on the agenda for kids...volunteering, family vacation, summer camp, parties, heading to the beach and for some, going to their summer jobs.

So, much to do, but is there enough time to do it all?  I have barely seen either of my teenage daughters since school ended on Friday, between graduation parties and volunteering.

Enjoy your summer!

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

 

 

Today was the day. It was off to the courthouse with my sellers for their Summary Judgment Hearing.

We have an approved short sale on their home, with a closing date with the new buyer for June 15, 2010.  We were going to court, to be sure that the county is aware of the approved short sale, so they would not set a foreclosure auction date to sell their house on the courthouse steps.

We arrived at the courthouse at 8:40 AM for our 9:00 Hearing.  We had all of our documents together; the approval letter from the sellers short sale lender, a copy of the fully executed contract with all of the signed addendums, a letter from the title company facilitating the short sale, indicating they were working with me on the sale and all of the title company's correspondence with the lender.

We sat down in the judge's chambers as they got the seller's lender's attorney on the phone. We identified ourselves and the judge told the sellers to explain why they were there.  Mr. Smith (not his real name) told the judge that they had an approved short sale on their property with a buyer and a closing date of June 15, 2010.  The judge asked the attorney on the phone if this was correct. 

THE ATTORNEY TOLD THE JUDGE THAT THERE WAS NO RECORD OF AN APPROVED SHORT SALE WITH THE LENDER! (This is the short sale lender's attorney!)

WHAT?  I almost fell out of my chair?  The date on the short sale approval was May 5 - two weeks ago! The short sale lender's attorney doesn't have a record of it? This is my biggest frustration with short sales - one department doesn't know what the other departments are doing.

At this point, of course I had to pipe up with, "Judge, we have a file with the short sale approval and the contract in it, here, if you'd like to take a look at it."

"Are you living in the house?" she asked the sellers. "No," they responded.

"So, you have no record of an approved short sale?"  she asked the attorney on the phone.

Here I go again. I waited for permission to speak.  This hearing was to determine if the court was going to proceed to set a date to auction this owners house off in a foreclosure sale. We have been on the phone everyday with the short sale lender. We finally received an approval, and now we are working towards getting this to closing.  "Judge, I have a letter from the title company that has been working with the short sale lender, including all of the correspondence between the title company and the negotiator."  I wanted her to take the documents from me, so she could see for herself.

"I am taking your word for it. The seller has another 30 days before we set a foreclosure sale date.  By that time the closing should take place," the judge sharply responded.

So, that was that. We were done, the sellers got 30 days to complete the short sale, and the judge didn't look at any of the documentation. 

It took a total of 7 minutes. 

When we got downstairs, the courthouse was on lockdown, as someone had called in a bomb threat in one of the cars in the parking lot.  We waited there for about an hour, before they let us go.

A couple of minutes down the street, I headed towards Wal Mart to grab an item I needed for the day.  And, I noticed the store became full of police officers.  They were evacutating people. There was a bomb threat there too, but this time it was a bomb inside, so everyone had to leave.

I got in my van and headed back to the office, tickled that we received our 30 day extension to keep my sellers property from hitting the chopping block.  But, still shocked that the short sale lender's attorney had no record of the short sale approval on the books.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

 

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

 

I was recently working with a buyer in the purchase of an attractive 3 bedroom, 2 bath house.  The buyer had an interest in purchasing the property, however before writing an offer, in looking at the recent comparable sales it appeared that the house was overpriced.  We had concerns that there could be an appraisal issue.

Before writing the offer, I spoke extensively with the listing agent about my concerns, in an effort to be able to come up with a price that may be acceptable to all parties.  The buyer and I wrote an offer.  The seller flat out rejected the offer. Apparently he was insulted with the less than desirable offer.  He refused to counter the offer we presented.  I contacted the listing agent who indicated that he couldn't get the seller to budge, and couldn't get him to make a counter offer.

This house had been on the market for several months.  Although it was well maintained, it was priced above many of the other similar properties in the area. The buyer was getting an FHA loan. If the house didn't appraise, then this buyer wouldn't be able to proceed ahead with his purchase, unless the seller agreed to lower his price.

I understand that everyone has a specific price they would like to have for their property.  However, that figure has to correspond with what the house will apprasie for in our current market.  It makes it a bit difficult when a seller just shuts down and says no. Often that's the end of the road for both parties.

Upon receiving a flat out NO, the buyer and I spoke again.  Buyers don't often like to negotiate with themselves, when someone has told them no. They want the seller to come back with a figure, so they have something to work with. However, things don't always go as we would like them to.  So, the buyer and I came up with a higher figure. One that we hoped that the seller could live with and one in which we hoped the house would appraise for.

When I contacted the listing agent and told him I had another offer for him, he reminded me that the seller already said no.  I explained that we were all hoping to work together on this, to bring the seller a price that would be agreeable to him. I asked him to please present my new offer to his reluctant owner and to please reiterate that the house must appraise to make it a successful sale. 

Within several hours, the buyer's offer was accepted. The listing agent did a great job.

The inspections have been completed successfully and the appraisal has been completed, without a glitch. 

The buyer is shopping for homeowner's insurance.

The survey will be done tommorrow and we are closing at the end of the month.

In real estate transactions, so often, decisions can be dictated by emotions. And, understandly so.  However, when the emotions can be swept aside, often buyers and sellers are able to think more clearly and move forward with a resolution that works for both parties.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

 

 

 

 

 

 

 

 

 

 

 

This is a Disney Cruise Ship docked in Port Canaveral Florida ready to set sail in less than an hour.

Behind it is a Royal Caribbean Ship ready to leave port, also.

 

According to the Melbourne Association of REALTORS® statistics are as follows:

Currently there are:

4930 residential listings for sale

1410 rental listings available

1491 condos for sale

 383 townhouses for sale

 105 income producing properties for sale

2496 vacant parcels for sale

For all properties, including single family residential, condo, townhouse and vacant lots:

There were 927 new listings.

There were 406 sold listings.

Average sales price was $131,238.

Highest price sold was $835,000.

Lowest price sold was $ 1,100.

Average days on the market were 102.

For April 2010 for single family residential units:

There were 697 new listings.

This is an increase of 35.87% from April 2009 of 513 new listings.

There were 329 sold listings.

This is an 3.46% increase from March 2009 of 318 sold listings.

The average sale price in April 2010 was $139,066. 

This is a decrease of 2.69% from April 2009 of $142,909.

Average days on the market were 98, a 13.27% decrease from April 2009 of 113 days.

Types of financing used for single family, condos, and townhouses:

100 conventional financing

163 cash

107 FHA

 20 VA

  0 Exchanges

  6 Owner financing

 

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

This house finally sold to the second buyer, after he waited for over 7 months. We had a first buyer that waited for several months and then decided to walk. The second buyer made his offer and the short sale lender wanted nearly $4000 more money. We told them that we could be looking at an appraisal problem at a higher price. The short sale lender wouldn't budge, so the buyer reluctantly agreed to go up the additional money. Sure enough the buyer's lender indicated that the house was not worth what the short sale lender wanted. It appraised for the price we indicated it would. So, we asked the short sale lender for an adjustment to value, as we are in a declining market. After many months, we finally got it. The short sale lender ordered another VA appraisal (seller had a VA loan). The short sale lender came back at the price we told them that the house would sell for. We closed yesterday after 15 months and 2 buyers, and so much wasted time and money!

 We all remember those strange little sayings our Moms used while we were growing up.

 

Last year I posted this list, and I received so much feedback from other members here on Active Rain.  So, I have added to the list, based on those comments.

 

Someday you'll thank me for this.

Eat your broccoli, it will give you hair on your chest.

This room looks like a tornado went through it.

In this house it's a dictatorship.

We're having poison for dinner and you're going to like it. 

If you don't stop crying, I'll give you something to cry about.

Hay is for horses.

Children are to be seen and not heard.

Close that refrigerator door, what, do you think we own stock in the electric company?

Yes, I do have eyes in the back of my head.

Just wait until your father gets home.

There are starving children in Africa, eat your dinner.

Sit up straight, you're slouching.

When you get married and have kids, I hope you have one just like you!

Did you just roll your eyes at me?

I brought you into this world and I can take you back out.

Stop cracking your knuckles, they'll get big and ugly.

What do you think, I have ESP?

This is for your own good.

Because I said so, that's why.

This room is a complete pigsty.

Put your jacket on, you're going to catch pneumonia.

When you get to be my age, you'll know what I went through.

If you don't have something nice to say, than don't say anything at all!

Get that look off your face, or I'll get it off for you.

If I've said it once, I've said it a million times...

When you move out, then you can do whatever you want, but until then...

Eat your vegetables or you won't get any dessert.

I don't care what everyone else is doing.  If Jimmy jumped off a bridge, would you jump too?

This is going to hurt me, more than it hurts you.

Put clean underwear on, in case you get in an accident.

What, am I speaking a foreign language?

You're going to sit there until you finish all your dinner, or you're getting it for breakfast.

I carried you for nine months...

If you don't straighten up this room, I'm going to hang you from your toenails.

Because I said so, that's why.

If you eat the seeds in the watermelon, you'll start growing sprouts out your ears.

Pick up your mess, I'm not your maid.

Yes, I do have x-ray vision.

Close the door, you think you were raised in a barn?

Stop making faces, the wind is going to blow and your face will stay like that.

Don't swallow your gum, it will stay in your stomach for 7 years.

I brought you into this world and I can take you back out.

One day you'll thank me for this.

Close your mouth when you chew.

 

I found myself saying some of these when my girls were younger.

  What did your Mom used to say when you were growing up?

Moms are the BEST!

HAPPY MOTHER'S DAY!

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page

 

It's a conversation that we have on a regular basis today...how much to list a property for in the current market.  Today, the pricing of a house is probably the single largest determining factor on how quickly a home will or will not sell.  And, then condition must be considered, along with the property's location. Often times sellers end up with a home that is overpriced for it's current condition. 

We hear sellers say that someone will buy it.  But, the home must appraise in today's market when the buyer applies for a mortgage. If the house is priced too high, the lender will not loan more money on the property than what it's worth. So, adjustments will have to be made.

Pricing is key when the property first goes on the market.

1) An overpriced house will not sell. The longer it sits on the market, the more stale it becomes.  Buyers know how long it's been for sale and they lose interest. If no one else wants it, then they don't want it either, is often the mentality.

2) Some say price it high, buyers will make an offer. They don't and they won't.  An overpriced listing is an indication of an unmotivated or unrealistic seller.

3) Sellers say they can always reduce the price on their overpriced listing. Often times by the time they do a price reduction, they are still chasing the market in a declining market. And, they are still too high. Buyers will make a more realistic offer on an attractively priced home, rather than on an overpriced listing. Often overpriced listings get no showings and receive no offers at all.

Factors that affect price:

1) Homes in great locations are likely to sell more quickly than in mediocre locations.  Thus, they will fetch a higher price.

2) A well-maintained house sells for more money than a home with deferred maintenance. Often times it's worth putting that fresh coat of paint on the inside and outside of the home before the house goes on the market.

3) Homes that have popular amenities for an area, will help it sell more quickly than one without those extra goodies.

Determining the proper asking price:

1) What have similar homes in your neighborhood sold for in the past 3 months?  How do they compare in terms of size, upkeep and amenities?  Have a Realtor do a CMA, Comparable Market Analysis.  

2) What similar homes are for sale in the area?  In a declining market be sure you know what is currently for sale.  Those are a large determining factor on where yours should be priced.

3) What similar homes are currently under contract? 

It's important for a Realtor to figure out the seller's net proceeds.  The seller must know approximately what their sales expenses are going to be, so they are certain they are in a positive position before selling.  If not, then they may have to look at other options that better fit their situation.

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate and Investing

I specialize in Residential, Investment and Relocations.

We have a team of professionals to facilitate your Short Sale.

I buy, sell, rent, own and manage Investment Property. 

Search for Properties for sale

Visit my Google Profile page