FULLY FURNISHED
• 895 sq. ft., 2 bath, 2 bdrm duplex
-
MLS®
$49,000 USD
- Priced To Sell
Lake Marion Golf Resort, Haines City
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*THIS IS NOT A SHORT SALE* COZY! 2 Bdrms, 2 Baths,Villa located in Lake Marion Resort ,Fully furnished,Gated Community,Security,Community Pool,tennis courts,Boat Ramp,Lake Access,Zoned for short term rental,Seller very motivated bring reasonable offers !
Property information
Some new info on the short sale business that people should be aware of when they have a loan that includes PMI insurance:
Be aware, the PMI Co. in some cases, are requesting the Home Owner doing the Short Sale, to sign a Promissory Note before proceeding with a Short Sale. This is happening more times than not and the homeowner is often surprised and does not want to sign these. Now these are often notes, spread out over periods of 60 to 72 months resulting in payments around $155 a month.
Now I don't know how people reason when they are comfronted with this request but if it was me I'd sign immediately.
If signing that note and making those payments helps me to get a debt forgiven that runs in the ten thousands of dollars. Then this is really a drop in the ocean.
I'm not saying there is a note presented every time, I'm saying there is a great possibility. Now, the PMI Co. are also running behind because of the extreme increase in Short Sales.
Anyway, we at MonkeySold are committed to help our clients as much as we can and often we come up with solutions to find some kind of funding to help lower these notes.
Filed under: short sale, foreclosed homes for sale, REO, forclosures homes, Forclosers, find foreclosed homes, Foreclosure stopped, forclosure properties, deed in lieu, loan modification, foreclosed home, forclosed properties, forclosure property, Florida, forclosures for sale, bank repo, fha foreclosures, Bank of America Foreclosure, bank repo houses, bank owned, forclosures, forclosures in florida
Prices of Condo's have dropped significantly faster than single family home prices in Orlando.
The average single family home price is now $200,000, but the average condo price is $120,000. The problem is that as a owner of a condo you don;t have control over the condo fees.
Buying a condominium is not buying a free-standing, single family home. An element of politics enters your life when you choose to purchase a condo, as you will be turning over decision making on how the property will be maintained – or not maintained – to a board of directors. When you buy a condo, you become part of a condominium association, established by a declaration of condominium, with by-laws, rules, and fees, all governed by that board of directors.
A condominium is a legal concept where a group of people have banded together into a single economic unit, a community created as a corporation, which share the expenses for maintaining the common areas (sometimes called “common elements”) and separately, their own individual unit. Condo fees are established to maintain those common areas, and budget for major expenditures coming in the future.
Condo fees are established by the board of directors of the condo association, usually on an annual basis. They should take into account not only historical data on expenses, such as heating and lighting common areas, but also be forecasting future needs such as roof replacements and large projects that will face the association, as a whole, sometime in the future. The board also needs to adequately insure the common areas, so in case of a major catastrophe, the financial burden to the individual unit owners is limited.
These fees, or assessments, are charged to the individual unit owners on a regular basis, either monthly, quarterly, or annually. And sometimes, if the condo board has not been thinking ahead, via a special assessment that could literally bankrupt the individual unit owner and cause the condo association to foreclose on their unit for non-payment.
Condo fees will, inevitably, rise every year, since certain common area expenses will, inevitably, rise every year, too. Condominium fees (some call them “dues”) are akin to taxes, which (in a perfect world) are used for the common good, and improvement of the environment around you. Those dues also have legal weight, since if you fail to pay them, there is an automatic lien on your unit (usually) for the amount of those dues which the condo board has the authority to foreclose on.
Items common to every condominium budget:
* Utility expenses
* Common area maintenance expenses
* Common area reserves
* Insurance expenses
* Real estate taxes
* Audit fees
In larger condo associations, there may be income sources to consider, such as parking structures, pools, tennis courts, etc. The condo board determines whether or not those facilities will be available to the general public – for a fee – or solely available to the condo members and their guests. In some cases, there also may be ancillary facilities such as meeting rooms, party rooms, and such which the condo board can charge a fee for use.
Common area reserves are established for long-range planning – What happens when a critical component such as a central boiler or cooling system wears out, or the roof needs replaced?
The condo board can address the issue of the eventual failure of major components in one of two ways. They can ignore that eventually these components will fail, and put the full burden of that expense on the people owning units within the building at the time the component needs to be replaced; or, charge a projected amount, based on the expected life-expectancy of the component and the estimated cost to replace it to each unit owner annually, and invest those funds until such time as they are needed.
If the board fails to adequately reserve funds for the failure of a major component, they will be forced to levy a special assessment in order to pay for it. That special assessment could be a major hit, immediately due in full. This leaves the individual unit owner with the burden for planning, and saving, for that financial hit to occur.
This primer on condo fees, and what they cover, should prove valuable to you in analyzing whether condo ownership is right for you, whether a specific condominium association is where you want to be, and a good primer for a fledgling condominium board member struggling to understand what they’ve gotten themselves into by agreeing to be on the board.
When will housing prices rebound? It's the billion-dollar question. With the economy weakening day by day, probably not next year.
After reading the article written by Scott Cendrowski under the title "The 2009 Housing outlook" and published in Fortune Magazine; December 22, 2008 (Special Issue: Investor's Guide 2009, Why It's Time to Buy)
I came to the following conclusion:
Today the Orlando-Kissimmee market here in Florida has dropped significantly. Certain areas have dropped 40 to 50% compared to 2007. In the subject article Scott Cendrowski predicts that that same area is going to have another price change of -19.8% in 2009 and another one of -7.1% in 2010.
What does that mean in reality to the majority of homeowners who bought their house at $300,000 in 2006?
Well, that house is now worth $150,000 and next year, according to Fortune Magazine, the house will be worth $120,000 and in 2010 that same house will be worth $110,000.
Any idea how long it will take to get that house back at $300,000 with an annual price increase of 5%?
Well, I've calculated that and it is going to take more than 20 years at an average price increase of 5%/year.
Many of homeowners in Florida think that there home is still worth more than market value and most of them say that they will ride out the storm. This is not a storm we're facing, but a hurricane. And one thing Floridians should know about hurricanes is not to stay around and trying to ride it out.
These are historic times we are living in, I am sure that the credit agencies will develop different rating formula's for people facing delays in payment in 2008 and 2009, because almost every American is affected. And buy the way why do we all worry about that credit score? Why do we need a good credit score? To get more debt? It is debt that got us in this mess in the first place.
Now is a good time to clean up your slate. Just negotiate a short sale with your bank, agree on debt forgiveness and let them waive deficiency judgment. And whilst you at, why not negotiate a settlement on your credit cards? A lot of information on Foreclosure avoidance, deed in lieu and loan modification can be found on www.monkeysold.com
Don't wait. Now is the time to take care of your own bailout!
by Monkeysold, Celebration, FL
Filed under: short sale, foreclosed homes for sale, Celebration homes, REO, bank repossession, Stop Foreclosure, forclosures homes, Selling House, Florida condos, Celebration mls listings, Forclosers, find foreclosed homes, Foreclosure stopped, Florida real estate, Sell House, forclosure properties, Celebration Florida real estate, deed in lieu, loan modification, foreclosed home, Central Florida homes for sale, sell your house, Celebration Monkey Realtor, Central Florida mls listings, forclosed properties, sell home fast, Stop Home Foreclosure, forclosure property, Sell My Home Now, Orlando Florida, Florida, homes for sale in Florida, forclosures for sale, bank repo, sell my house fast, forclosures florida, Florida homes for sale, FL, fha foreclosures, Sell Your Home, Bank of America Foreclosure, Sell my house, Selling your house, bank repo houses, bank owned, forclosures, Sell Your Home Fast, sell house fast, House to Sell, bank repossessions, forclosures in florida, Sell Home
If you have invested in a property and have tenants, and your rentals are in foreclosure, or if you regularly purchase properties at foreclosure sale, or if you are a lender who forecloses on residential dwellings, there is a new federal law that will have a direct impact on your business.
On May 20, President Obama has signed the "Protecting Tenants at Foreclosure Act." Under the new law, if a federally-related mortgage loan (as defined in 12 U.S.C. 2602) is foreclosed or if the property being foreclosed is a dwelling or residential property, then the purchaser at the foreclosure sale takes the property subject to the pre-existing tenancy of a bona fide tenant.
A "bona fide tenant" is one who is not related by blood or marriage to the foreclosed borrower and is a tenant under a lease negotiated in an arms-length transaction and the rent is not "substantially less than fair market value."
If the bona fide tenant is there, then the purchaser at the foreclosure sale must provide at least 90 days' notice to vacate to the tenant, and (if the tenant's lease pre-dates the notice of lis pendens) the tenant is permitted to remain in the property for the remaining term of the lease or for 90 days, whichever is later.
The tenant does not get the balance of the term of the lease (i.e. tenant only gets 90 days) if the purchaser at the foreclosure sale sells the property to someone who intends to live in the property as their primary residence. In that event, the lease terminates immediately upon closing to the new buyer (so long as the tenant has received 90 days' notice to vacate).
This should comfort tenants that are living in houses that are being foreclosed on. Hopefully it will help to convince them to keep paying rent while the investor-owner is trying to work things out with the bank. So far when tenants got served with the lis pendis, they decided to leave or worse, not to pay the owner. In doing so the tenant brought the homeowner/investor even more into trouble.
This new law "sunsets" and is no longer effective after December 31, 2012.
Below is a questionnaire that gives you a better view to interpret the new law:
Is this a foreclosure of a federally-related mortgage?
If yes, law applies;
If no, then:
Is this a foreclosure of a residential property or dwelling unit?
If no, then law does not apply;
If yes, then:
Is there a tenant in the property?
If no, then law does not apply.
If yes, then:
Is this a "bona fide" tenant (non-related to borrower, arm-length, fair market rent)?
If no, then law does not apply.
If yes, then:
Is this a month-to-month rental?
If yes, then provide 90-day notice to vacate.
If no, then:
Was the current lease dated effective prior to the date of the lis pendens?
I
f no, then provide 90-day notice to vacate.
If yes, then:
Does the lease expire in less than 90 days?
If yes, then provide 90-day notice to vacate
If no, then wait out term of lease and provide notice of non-renewal/termination at least 90 days prior to lease expiration date (if desired).
If lease expires in over 90 days:
Has the property been sold to a new purchaser who will occupy it as a primary residence?
If yes, then lease terminates at sale, but still must give 90-day notice to vacate;
If no, then new owner takes subject to current lease and must give 90 day notice prior to lease expiration date.
I hope this helps those who will face this scenario. I would not be surprised if the larger lenders and servicers attempt to attack the new law on constitutional grounds, but the arguments likely would not be heard by the U.S. Supreme Court until after the law sunsets anyway.
That's it, for the time being, we will have to learn our investors to work within these boundaries.
www.monkeysold.com
This is a must see! Can't beat the price
• 1,345 sq. ft., 2 bath, 2 bdrm single story
-
MLS®
$55,000 USD
- Bank-approved short sale.
South Pinecrest, Sanford
-
Lender has pre-approved price at $55,000
Agent is not the listing agent - Broker is Listing Agent - Published with Broker's consent.
Property information
Filed under: Real Estate, For Sale, bank repossession, Stop Foreclosure, Selling House, Sell House, forclosures florida, bank repossessions, forclosures in florida, Sell Home, Affordable homes FL, Affordable Houses FL
Sutton Ridge, Orlando
-
Announcing a price reduction
on 1203 BENT TREE DRIVE, a 1,170 sq. ft., 2 bath, 2 bdrm single story. Now
MLS®
$69,900 USD
- PRICE REDUCED!!!!!!.
Property information
Bank Owned REO - Bring Offers
• 2,183 sq. ft., 1 bath, 5 bdrm 2 story
-
MLS®
$59,900 USD
- Price Reduced
Auburndale, Polk County
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LARGE FAMILY ROOM WITH WOOD BURNING FIRE PLACE, OPEN FLOOR PLAN. LOTS OF SPACE IN THIS 5 BEDROOM 1 1/2 BATH HOME. COMMUNITY BOAT RAMP TO LAKE MARIANNA! PLEASE SUBMIT ORE APPROVAL OR PROOF OF FUNDS WITH ALL OFFERS. ALLOW ADDITIONAL TIME FOR RESPONSE.
Agent is NOT the listing agent Broker is
Please submit offers to Agent
Property information
• 1,740 sq. ft., 1 bath, 3 bdrm single story
-
MLS®
$59,900 USD
DeLand, Volusia County
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COZY 3 BEDROOM 1 BATH HOME ON A CORNER LOT IN DELAND. CHARMING HOUSE WITH A WOOD BURNING FIREPLACE IN THE LIVING ROOM. LOTS OF EXTRA SPACE IN THE ATTIC FOR A 4TH BEDROOM, PLAY ROOM FOR THE KIDS, HOBBY ROOM, OR JUST EXTRA STORAGE. SOLD AS IS. PLEASE SUBMIT PRE APPROVAL OR PROOF OF FUNDS WITH ALL OFFERS. ALLOW ADDITIONAL TIME FOR RESPONSE. THIS IS NOT A SHORT SALE.
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Add amazing distance to every drive and cut your handicap by up to twelve strokes with the only instruction system proven to help almost any golfer break 80.
Get better. Fast. How much better? With the Simple Golf Swing System
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* You'll wonder what ever happened to that awful slice you used to have.
* You'll gain a new outlook on golf with greater confidence in your game. Because you're armed with a proven system that actually works!
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The past couple of years have been very tough for homeowners as foreclosures have reached an all time high.
You can learn everything there is to know about avoiding foreclosure. Whether you just want to save your home or help others save their homes, "Avoid Foreclosure Hell!" will teach you how to stop foreclosure from happening to you. This is not just a book, but an investment in your home.
This book will teach you everything, from the beginning, about how to save your home from being foreclosed upon...
Read More
Bank Approved Short Sale
• 3,132 sq. ft., 2 bath, 5 bdrm 2 story
-
MLS®
$159,000 USD
- Reduced
Audubon Reserve, Kissimmee
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BANK APPROVED SHORT SALE!!!!!! HOME FOR THE AGES! OVER 3100 SQFT ON THE LARGEST LOT IN THE NEIGHBORHOOD. SITUATED IN FRONT OF OPEN PARK AREA ON A VERY PRIVATE CUL DE SAC LIKE CIRCLE. NO REAR OR RIGHT SIDE NEIGHBORS. 5 BEDROOMS AND AN AMPLE BONUS, ACTIVITY, THEATRE OR GAME ROOM UPSTAIRS. MASTER BATH WILL INCLUDE NEW JETTED TUB AND SHOEW STALL. HOME FEATURES GUEST BEDROOM DOWNSTAIRS. BEUATIFUL TROPICAL FOLIAGE DECORATES ENTRY WAY AND FRONT LAWN. NEAR EVERYTHING THAT IS NEW AND COMING TO THE AREA.
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SHORT SALE
• lot / land
-
MLS®
$55,000 USD
- Price Reduced
Reunion, Kissimmee
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Do you like golf or not? Area known for superior golf communities. It is the only place in the world where you will find courses designed by a threesome with a combined total of 33 professional major championships, Palmer, Nicklaus & Watson.Home of the LPGA GINN Open. Build your dream home or investment property. A rental program is available. There is a water park, lazy river & pools; clubhouse; spa & fitness center; indoor arcade, game room, children's activity center, bar/restuarant; equestrian center; Main St Village; foot, recreational & equestrian trails; 10 minutes from Disney, 20 minutes from Universal & Sea World and 25 minutes from Orlando Inter. Airport. Much, much more, come and see what Reunion offers. HOA inlcudes lawn maintenance, painting of exterior of home and use of amenities except golf and equestrian. Call for Golf membership info. http://reunionresort.com/
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Bring Your Offers
• 1,305 sq. ft., 1 bath, 3 bdrm single story
-
MLS®
$74,900 USD
- Bank Owned REO
Historic, Eustis
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GREAT INVESTMENT OPPORTUNITY NESTLED IN EUSTIS. 3 BEDROOM 1 BATH HOME WITH OVER 1,300 HEATED SQ FT. LARGE OVERSIZED LOT WITH A FENCED BACK YARD AND LOTS OF MATURE OAK TREES FOR SHADE. NO HOA FEES! IN NEED OF SOME TLC. SOLD AS IS. PLEASE SUBMIT PRE APPROVAL OR PROOF OF FUNDS WITH ALL OFFERS. ALLOW ADDITIONAL TIME FOR RESPONSE. THIS IS NOT A SHORT SALE.
Agent is not the lsiting agent - Broker is
Published with brokers consent
Please submit offer through agent.. (he's doing this marketing effort)
Property information
Bring Your Offers
• 2,176 sq. ft., 2 bath, 3 bdrm single story
-
MLS®
$159,900 USD
- Bank Owned REO
Meadow Wood Farms, Ocala
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PRICE REDUCED!! 3 BEDROOM 2 BATH HOME ON OVER 4 ACRES OF LAND WITH COUNTRY SETTING VIEWS TO RELAX YOU. THIS HOME OFFERS VERY LARGE ROOMS AND A FLOOR PLAN GREAT FOR ANY FAMILY. YOU WILL LOVE THE PEACFUL FEEL OF THE STONE FIREPLACE IN THE LIVING ROOM OR THE RELAXING AND SPACIOUS SCREENED IN BACK PATIO. WITH SOME REPAIRS AND A LITTLE TLC, THIS WILL TRUELY BE A WONDERFUL HOME. $25.00 PER MONTH HOA FEE OPTIONAL. SOLD AS IS. PLEASE SUBMIT PRE APPROVAL OR PROOF OF FUNDS WITH ALL OFFERS. ALLOW ADDITIONAL TIME FOR RESPONSE. THIS IS NOT A SHORT SALE.
Agent is not listing agent - Broker is - please submit offers to agent
Property information