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Realty & Company International, LLC1200 E. Hillcrest Street #305
Orlando, FL 32803
Realty and Company Internationals Buyers Blog
Short Sales – They are REAL contracts……
Realtors out there - when you write an REO or Bank contract would you ever think of changing the name on the contract to an LLC or corporation before closing? Of course you would not. Once you get the bank addendums back would you then mention the closing costs you needed? Again the answer is NO. So, why when you write a short sale contract do you think that the short sale bank or banks would allow you to change the name or add in additional expenses?
In the past two weeks I have had 11 short sale files approved and have had two agents try to change the name on the contract before closing and one ask for the roof to be fixed. What’s going on?? All short sale contracts are written as-is with NO ability to assign. So of course the bank won’t change your Buyer’s Name or renegotiate the approval price.
Please in the future Realtors treat a short sale like a bank owned deal – it’s a real deal. It will save everyone time and frustration because the banks just don’t allow it!!! And Buyers that goes for you too. Make sure the deal you write is the deal you want and it includes the right names, closing concessions and price. As a short sale agent, we work hard to get your offer approved and unfortunately can’t make any changes at the end of the day!
Now that short sales are an everyday occurrence we all need to treat them like a real deal that will close in 45 days. These banks seem to be responding faster and are ready to get them off their books!
Jennifer Tyre, Broker
Realty and Company International, LLC
407-999-5060
info@realtyandcompany.com
Local condo prices keep driving sales
Metro Orlando's residential market didn't differ that much from the rest of the state during October, with one exception: condominiums.
While resale prices for single-family homes in the four-county metro area generally reflected those of houses sold elsewhere in the state, Orlando's condo prices continued to lag those of almost every other metro area in Florida, according to a report released Tuesday by the Florida Realtors.
October's midpoint price for a unit was $50,700 in Metro Orlando versus $82,400 for the state as a whole. Only Ocala — which reported only six condo closings in October — had a median price ($40,000) lower than Orlando's. Nationally, the median resale price for a condo a month earlier, in September, was $165,400.
Orlando's cheap condo prices continued to drive sales in October, with 1,822 closings reported in Orange, Seminole, Osceola and Lake counties combined. That was among the highest one-month totals in the state, though it was still down from October 2009, when 2,297 units changed hands.
And while prices remain relatively low compared with the state overall, they have fallen only 5 percent since October 2009, while the statewide median price for a condo has sagged 22 percent during the past year.
In other metro areas near Orlando, median condo prices in October were: $88,600 in Brevard County, down 16 percent from a year earlier; $47,600 in Polk County, down 23 percent from a year earlier; and $120,900 in Volusia County, down 23 percent from a year earlier.
For single-family homes, Metro Orlando's median price in October was $130,800, down 9 percent from a year earlier. Statewide, the midpoint price for a house last month was $136,600, down 3 percent from October 2009.
The interest on a 30-year, fixed-rate mortgage in October averaged 4.23 percent, significantly lower than the 4.95 percent average of a year ago, according to Freddie Mac.