Orlando Florida Ranks In The Top 5 Nationwide For Distressed Property Sales In August

Fla. No. 1 in Aug. for short sales and foreclosures

IRVINE, Calif. – Sept. 25, 2014 – According to the RealtyTrac August 2014 U.S. Residential & Foreclosure Sales Report, Florida ranked No. 2 nationwide for distressed sales – short sales, REOs (bank-owned homes) and foreclosure auctions.

However, the state outpaced all others in two of the categories: Short sales and foreclosure auctions, which ranked No. 1. In REO sales, seven other states recorded more.

Overall, RealtyTrac reports that one in four August sales (25.8 percent) were distressed. Of those, 11.9 percent were short sales, 10.5 percent REOs and 3.4 percent foreclosure auctions. Two Florida cities also made the top five for metro areas with distressed sales, Lakeland (35.9 percent) and Orlando (29.3 percent). Other cities in the top five include Modesto, California (36.1 percent), Stockton, California (33.4 percent) and Las Vegas (33.2 percent).

Nationwide, RealtyTrac says higher-end property sales continue to grow at the expense of lower-end housing. The share of sales in the $200,000-and-below price range dropped 9 percent year-to-year, while the share of sales in the above-$200,000 price range increased 10 percent.

Higher priced housing expanded even more. The share of sales in the $500,000-to-$1 million price range increased 18 percent year-to-year, while the over-$1 million price range increased 38 percent.

Home prices continued to rise, but the rate of their appreciation slowed in 36 of the nation’s 50 largest markets (72 percent) and 18 of the nation’s 20 largest markets (90 percent).

However, a few markets continue to see high price appreciation, and one Florida market – Miami – remains in the top five nationally. It ranked No. 3 with a 20 percent appreciation compared to 15 percent one year earlier. Only Cincinnati (22 percent now; 4 percent depreciation last year) and Cleveland (23 percent now; 1 percent last year) logged higher price gains.

Nationwide, short sales and distressed sales accounted for 13.5 percent of all residential sales in August, up from 10.7 percent the previous month but down from 14.3 percent year-to-year.

Short sales accounted for 4.6 percent of all sales; bank-owned (REO) sales accounted for 7.8 percent of all sales; sales at a foreclosure auction accounted for 1.0 percent of all sales. All three types of distressed sales were down year-to-year.

© 2014 Florida Realtors®


Contact us today for more information about the Orlando Florida short sale process.


Bryant is a Real Estate agent at Tutas Towne Realty bk607690, covering the greater Orlando Florida area.
Phone: 407-873-2747 Email Me


I am helping Orlando Florida home owners avoid foreclosure with a short sale. My name is Bryant Tutas and I specialize in short sales in Orlando Florida. I am your Orlando Florida Short Sale Specialist Realtor and Orlando Florida loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

Can I Get A Mortgage If I’ve Done An Orlando Fl Short Sale?


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Can I Get A Mortgage If I’ve Done An Orlando Fl Short Sale?

Good question. The answer is….maybe. Be sure to check your credit report first to insure the Short Sale was reported properly to the credit bureaus.

Home buyers that have done a Short Sale on a mortgage in the past need to pay close attention to their credit report. Before applying for a mortgage make sure the Florida Short Sale information was reported accurately.

In some cases, a Florida Short Sale mistakenly shows up on the credit report as a foreclosure. This is a red flag to lenders and may cause a longer delay in being able to qualify for a new mortgage after a Florida short Sale.

Normally a short Sale is reported to the credit bureaus as, “settled for less than full balance.” or something similar. Your credit report will not actually state “Short Sale”. Lenders are obligated to report accurate information to the credit bureaus.

According to Credit.com some other credit report codes will also hamper a borrowers’ ability to qualify for a mortgage any time soon: Chapter 5, 8, or 9 – which are often synonymous with a foreclosure.

According to FNNMA a short sale borrower may be eligible for conventional loan financing 24 months after a short sale with at least 20% down payment. If it’s a foreclosure a short sale borrower may have to wait up to seven years to qualify for a conventional loan, or four years if they can prove it was a one-time economic hardship situation that caused the foreclosure.

If your Florida Short Sale was reported wrong then you should contact the credit bureaus and put in a dispute.

I hope this helps.


Contact us today for more information about the Orlando Florida short sale process.


Bryant is a Real Estate agent at Tutas Towne Realty bk607690, covering the greater Orlando Florida area.
Phone: 407-873-2747 Email Me


I am helping Orlando Florida home owners avoid foreclosure with a short sale. My name is Bryant Tutas and I specialize in short sales in Orlando Florida. I am your Orlando Florida Short Sale Specialist Realtor and Orlando Florida loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

Why Buy Pre Foreclosures In Orlando florida?


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Have you ever heard of the term pre foreclosure?  Do you think that this means the same thing as a foreclosed property?  If you answered yes to these questions you are not alone.  But at the same time, if you answered yes you are not familiar with the advantages of buying Orlando pre foreclosures.

Orlando Pre foreclosures are properties that are in the final stage before they are taken back by the bank or lender.  This means that the owner is still in charge of the property, but if they do not make any attempt to rectify their situation the bank or financier will repossess the home.

There are many benefits in buying pre foreclosures.  The reason that most people miss out on these homes is because they do not know what they are, or how to find them.

The number one advantage of buying Orlando pre foreclosures is the lower price associated with such properties.  The owner has to sell the house before the bank or lender takes it and is more inclined to listen to any offers that they receive.  It is quite possible to find pre foreclosures that are up to 30% off of the market value.

In addition to the bargain that you can get on pre foreclosures, you will also be able to deal directly with the owner.  This is an advantage because the buyer is in control during a pre foreclosure deal.  If the home owner turns down your offer and fails to find another buyer, they will end up losing everything. If they manage to sell the home they can at least end up making back some money.

Finding pre foreclosures can be done in the same way as locating homes that that bank already owns.  You can find them in the newspaper, online, or by calling the lender directly on the phone.  It is really up to you, and you can base it on what seems to be most effective.

Compared to foreclosed properties, you would normally face less competition with pre forecloses. This increases the chance of getting a great price and ending up with the home of your choice.

If you are looking for a new home, don’t forget to check out these properties. Buying pre foreclosures can be very profitable. Contact us and we can help.


Contact us today for more information about the Orlando Florida short sale process.


Bryant is a Real Estate agent at Tutas Towne Realty bk607690, covering the greater Orlando Florida area.
Phone: 407-873-2747 Email Me


I am helping Orlando Florida home owners avoid foreclosure with a short sale. My name is Bryant Tutas and I specialize in short sales in Orlando Florida. I am your Orlando Florida Short Sale Specialist Realtor and Orlando Florida loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

A Strategic Florida Short Sale Is Far Better Than a Strategic Default.


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A Strategic Florida Short Sale Is Far Better Than a Strategic Default.

Fannie Mae and Freddie Mac are stepping up their program to collect unpaid mortgage debt from “strategic defaulters” –Strategic Defaulters are underwater homeowners who skipped out on their mortgage even though they had the ability to pay.
When a property is sold at A Florida foreclosure sale but the proceeds don’t cover the outstanding balance of the existing mortgage loan, the lender can pursue deficiency judgments against the homeowner.And  the Federal Housing Finance Agency (FHFA) that regulates Fannie and Freddie is pushing them to step up their mortgage deficiency collection efforts.

FHFA says Fannie and Freddie haven’t been aggressive enough going after strategic defaulters; and, according to the inspector general, the mortgage giants could cut their losses by making it a priority – billions of dollars, the office says.

FHFA states it has identified about 58,000 foreclosures that Freddie Mac did not refer for collection – and estimated deficiency of about $4.6 billion.

Florida is one of the states that allows Fannie Mae and Freddie Mac to seek repayment of lost funds by getting a Deficiency Judgement against the borrower. In Florida the lender has 5 years to seek a deficiency judgment and 20 years to collect on it.

Going forward, FHFA says it will more closely monitor how effective Fannie Mae and Freddie Mac are in collecting deficiency judgments.

Source: “Fannie Mae, Freddie Mac to go after more strategic defaulters,” The Los Angeles Times (Oct. 13, 2013)


Contact us today for more information about the Orlando Florida short sale process.


Bryant is a Real Estate agent at Tutas Towne Realty bk607690, covering the greater Orlando Florida area.
Phone: 407-873-2747 Email Me


I am helping Orlando Florida home owners avoid foreclosure with a short sale. My name is Bryant Tutas and I specialize in short sales in Orlando Florida. I am your Orlando Florida Short Sale Specialist Realtor and Orlando Florida loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.

What’s The Penalty For Breaking The “Arms Length Transaction Notice”?


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What’s The Penalty For Breaking The “Arms Length Transaction Notice”?

Hi folks. Last year I had a closing for one of my Orlando Short Sale listings. This particular lender required all parties, including the agents, to sign an Arms Length Transaction Notice. This notice basically states…..well here it is. Read it for yourself.

(a)
The sale of the Property is an “arm’s length” transaction, between Seller(s) and Buyer(s) who are unrelated and unaffiliated by family, marriage, or commercial enterprise;
(b)
There are no agreements, understandings or contracts between the Seller(s) and Buyer(s) that the Seller(s) will remain in the Property as tenants or later obtain title or ownership of the Property, except that the Sellers(s) are permitted to remain as tenants in the Property for a short term, as is common and customary in the market but no longer than ninety (90) days, in order to facilitate relocation

Of course as an experienced Orlando Florida Short Sale Agent and negotiator I explained this notice to the Seller not only at time of listing but also when it was received and before it was signed. It wasn’t an issue as the Sellers were moving anyway and they certainly didn’t know the Buyer. All parties agreed to the Arms Length Transaction Notice and signed it. Shortly thereafter the transaction closed and all was well.

Recently, and several months after closing, I was driving around and bumped into the Sellers. They were standing in the front yard of their old house. The one we did the Short Sale on!!

I pulled over to say “Hi only to find out that they did not move and had signed a lease with the Buyer. I guess this all went down after closing. YIKES!!!

So what do we do now? Will the lender find out? Can I be held liable for an act I wasn’t aware of? Can the Short Sale be rescinded?

What say you?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.


Contact us today for more information about the Orlando Florida short sale process.


Bryant is a Real Estate agent at Tutas Towne Realty bk607690, covering the greater Orlando Florida area.
Phone: 407-873-2747 Email Me


I am helping Orlando Florida home owners avoid foreclosure with a short sale. My name is Bryant Tutas and I specialize in short sales in Orlando Florida. I am your Orlando Florida Short Sale Specialist Realtor and Orlando Florida loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.


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