Wednesday, January 27, 2010

299k-5208 W 15th St Palmetto

Short Sale-  5208 W 15th St Palmetto, FL 
299k- List Price
This home is unique.  Hidden down a quiet little cul-de-sac.  This is a newer (1999) Bruce williams home. 
Rare in that it has no home owner fees, and no deed restrictions. 
Right down the street there is a easement to the river too.
This home is big too! Over 2,300 sqft under air, with 4 bedrooms, and 2 full baths. 
The owners added a very nice brick paver patio in the back.  Perfect for that barbecue
Come take a look at this unique, and move--in condition home today.
Very nice Master Bathroom with tub/shower
Call me for more info.
Joe Murphy 941-780-3260


Joseph C Murphy P.A.

Posted via email from Joe's posterous

Tuesday, January 26, 2010

A very funny, honest real estate commercial! (just for fun)



Joseph C Murphy P.A.

Posted via email from Joe's posterous

Are new home builders pulling market values down in Manatee County, FL?

I have been working with a buyer this week, and after seeing all the resale inventory including short sales, and foreclosures they decided on a new build.  What is amazing to me is that the deal they got with the local builder is BETTER than any of the comparable resales in that area.

A resale home that was essentially the same home as they purchased was an option, BUT it was 45,000 dollars more, and a SHORT SALE too.  The new construction will take 8 months to close, but a short sale can take 90-180 days to close.  Plus the new home has all the features and upgrades that they want.

This perplexed the buyers.  The new home Should be More, but in a falling market, I explained, that Bank owned, and new builds pull the market down, since they HAVE to Sell.

A builder is not a builder if he is not building, so, he has to stay competitive in the market. 

Bank owned properties have owners that want to get rid of them asap.

Short sales, and "regular" sales have a major disadvantage since they have to follow the market and are constrained to appraisal issues.

When you need help with a short sale, loan modification, or just need some honest advice... Give me a call.

Joseph C Murphy P.A.

Posted via email from Joe's posterous

Where are all the "Bank-owned" homes in Manatee County, FL?

It was front page news that the number of foreclosures filings here in Manatee County has had 5687 foreclosure filings to date this year, which is an increase from last year.  This is a lot of homes and as an active agent it made me wonder where are all the bank owned inventory?

  • There are 4696 total active residential listings as of this evening (11/22/09). 474 "normal" are pending
  • There are 149 active bank owned homes 123 pending
  • There are 920 short sales active there are 940 pending

The Statistics show two big things.

  1. The action is happening on bank owned, and short sale homes.  You can clearly see that there is almost the same amount of pending listing vs. active in the short sale/bank owned categories.  The conventional sellers have only about 10 to 1 that are pending.
  2. If there are almost 6000 homes that have entered foreclosure WHY is there less than 300 active and pending bank owned properties

Factor in that there are foreclosure filings from prior years that have not been completed. Many foreclosures I am aware had a foreclosure filing well over a year ago and have not gone to auction.

Also, some of foreclosure filings that are also homes that are currently listed as short sales. 

Some of the foreclosure filings can also be filed from second position lien holder,s and homeowner associations that have a low probability of actually forcing a sale.  These type of filings maybe inflating the numbers somewhat.

So there are under 2000 homes short sale homes, active and under contract.  This means that there are around 4000 homeowners that are either attempting a loan modification, or have given up on either a short sale, or some type of work out solution.

I would estimate that if there are 2000 homeowners short selling, than there is at least that many attempting or considering a loan modification.

Activity in Manatee County has significantly increased in the past few months.  Prices have continued to drop except in the 200,000 and under market where prices have leveled.  Multiple offers are much more common for bank owned homes.

Why is there only 5% of the total inventory bank owned when there is more homes in foreclosure than all active and pending sales on our local MLS?

Two reasons

1.  The slow pace of foreclosures is due to the flood of files, and the increasing willingness for lenders to agree to short sales, and loan modifications.

2,  Anyone that has a bunch of inventory to sell realizes that if they flood the market it will drive down prices.  

I am hopeful that the lien holders will come to realize it is better to keep homeowners that want to stay in their home if at all possible.  Less inventory will create price stability. 

The question remains when will all those foreclosures will come on the market? I guess it is really in the lien holder's hands.


Joseph C Murphy P.A.

Posted via email from Joe's posterous

New Treasury Department Guidelines go in effect in 2010 for short sales

 Finally! Home owners, Realtors, Lenders, and home buyers are all going to benefit from these new guidlines.  The faster and easier the process becomes the closer offers will come to being fair market value.  This will lead to reduced inventories, and market stabilization.  The Treasury department created a 46 page guide for major lenders to follow with regards to short sales, deed in lieu, and loan modifications.  The frustrating process was in need of standardization, and streamlining. 

Short sales can take months to close, andtend to go pending with prices that are below market value since the buyer(s) brace themselves for the long drawn out process with no guarantee that their offer will be accepted.  New homes, regular sales, and bank owned homes can be closed in a normal time period, and there is little uncertainity IF you are going to close.  When short sales can be conducted in the same time frame, they will not have this huge disadvantage.

These guidelines go into effect in April of 2010.  Hopefully, most lenders will become early adopters of the new guidelines.

One major point of the guidelines is that the lender has to offer a plan to help the borrower with a loan modification ahead of entertaining a short sale, or deed-in-lieu.

This is a great requirement, since I see many people that would rather keep their current home, but are having a tough time making the payments, or they are so far "underwater" that they question the rational of paying on a mortgage that is much higher than the actual value.

I think that one aspect that was missing was creating an incentive for the lend  ers to "cram-down", or reduce the principle balance to the actual value of the home.  Many borrowers would work to keep their homes if they had equity, or at least didn't have negative equity.

Some of the major points that relate to short sales.


  • Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package.
  • The seller will be released from all liability for repayment of the mortgage debt.
  • Subsequently, the seller is entitled to a relocation incentive of $1,500, which will be deducted from the gross sale proceeds at closing.
  • The lender will be paid $1,000 to cover administrative and processing costs for a Short Sale or a deed-in-lieu.

  • The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.
  • The lender is prohibited from requiring, as a condition of approving the Short Sale, a reduction in the agreed-upon real estate commission. 
  • The investor will be paid a maximum of $1,000 for allowing a total of up to $3,000 in Short Sale proceeds to be distributed to subordinate lien holders, or for allowing payment of up to $3,000 to subordinate lien holders.
  •  LINK to Home ownership retention guide


    If you are looking for help with a short sale or loan modification for a home located in Manatee or Sarasota Counties I would be happy to help you understand your options.  I have helped dozens of homeowners either sell or assist to modify their home loans.  I can help you too with no cost. For all your real estate needs I am ready to go to work for you!

    Joe Murphy 941-780-3260

    Joseph C Murphy P.A.

    Posted via email from Joe's posterous

    Are you curious what Bank of America thinks your home's worth?

    This entry discovered a great site that Bank of America uses to evaluate home value.

    If you ever wondered what Bank of America thinks your home is worth, you can just type in the address and there you go!

    It's surprising why they need to do so many appraisals and BPOs on their short sales when they have this program that gives them a number on the fly.


    Joseph C Murphy P.A.

    Posted via email from Joe's posterous

    4115 Murfield Drive

    Short sale


    Joseph C Murphy P.A.

    Posted via email from Joe's posterous

    Direct Riverfront home Incredible views, pool/spa only 360,000

    1909 68th Drive East in Ellenton is the perfect riverfront home.  Bring your bathing suit and your boat/jet-ski.
    Incredible views just east on I-75. 

    Located at the end of a cul de sac with nice big oaks, and the best view on the street!

    The home has 3 bedrooms 2 are downstairs, and upstairs there is the third with it's own private bath.
    The home also has TWO wood buring fireplaces.
    80 foot long dock with a boat lift, and jet ski launch too.  Could use a little maintenance but it's there!


    Joseph C Murphy P.A.

    Posted via email from Joe's posterous

    Monday, January 25, 2010

    115,000 buys this 3/2 with a 2/1 attached! Yes, it's a duplex, and it's NOT a short sale.

    Looks can be deceiving

    .  Would you like a home, that's not a short sale, and it has a "conforming" apartment that can be rented out? This property is zoned duplex, but it does not look like a "typical" duplex unit.  This could be a great option for someone that would like a home with some income potential. 

     It could be possible to live in one "unit" and rent out the other.  Not a bad idea to really lower your overhead!

    Typical rental rates in the area would suggest around 900-1000 for the 3/2 side and 500-600 for the 2/1

    Built in 1979, the home is being sold by the original owner.  It's not perfect, but it is a functioning, and with a little bit of work has tons of potential.  Being sold AS-IS with right to inspect for the convenience of the seller.   All inspections are welcome here.  The seller does not know of any major defects.

    The main home has 3 bedroom and two baths.  Inside utility room, decent sized kitchen and the master has it's own private bathroom.

    The living room has a wood burning fireplace it hasn't been used in years though.

    Fenced in yard, and some mature trees too.  Could use a little clean up, but it's fenced, and there is no deed restrictions here.

    The 2nd unit is a 2 bedroom efficiency with a full bath and a small kitchen.  A little el;bow grease, paint, carpet, landscape clean up.  This place could shine!

    The roof was replaced about 10 years ago and has a decent amount of life in it.  A/C systems work fine., water heater looks recent too.

    This home actually sits on two lots, so compared to the area, it has quite a spacious lot, again it's completely fenced too.

    When you are ready to come and see this home give me a call,  Joe Murphy 941-780-3260.


    Joseph C Murphy P.A.

    Posted via email from Joe's posterous