the last night space shuttle launch.. Is this a good thing for Fl and the USA?

I took my family to see the last scheduled night launch of the space shuttle...  WOW it was cool! 

 

 

The first scheduled launch was canceled due to inclement weather, so we stayed the night to see it go off.  With the extra time we went to the Kennedy Space center.  I haven't been there since I was a kid, and I must say that the whole family had a great time.  I would have expected it to be crowded, but there were no lines, no crowds.  

 

If you get the chance to go to the Kennedy Space Center I would highly recommend it.  

  

Amazingly most of the people were there were foreigners.  I guess we take for granted that the space center is right in the  back yard. 

 

   President Obama has just cut NASA's budget and basically took away the the funding needed to move the space program  forward.  Is this a bad thing?  

I first thought this was not such a good idea.  I like that the United States has been the leader in space exploration.  But,  in reality the bad economy, and Obama's massive cuts have now allowed private industry to move into the push to space  and really bring it to the NEXT LEVEL.

  We learned on the tour that the founder of "PAYPAL" had a facility on the NASA site were they were developing their own  waiting.......       launch vehicles.  Wow!  This was the guy that sold it to GOOGLE for a LOT of MONEY.  He was doing massive R&D and it            was not costing American taxpayers a nickel.  

I think that NASA, and the administration did the right thing by backing off on the current technology, and looking forward.  Also, embracing the private sector, and the rest of the world with space exploration may be the first step to getting everyone on the planet to realize that we are all more alike than different.

Just like the "Internet" that was originally developed by the government it was not until the private sector was allowed to embrace it that it took the technology to it's full potential.  I think that the same will happen to space technology.

The Russians will have the only way to deliver people and supplies to the INTERNATIONAL SPACE STATION for the next 7 years.  They raised the price that they will charge to deliver passengers from 35 million to 52 million.  For that kind of money, I could see an opportunity to people willing to get into the next space race.

Would J.F.K. believe that we are relying on the Russians to support our space program?  

Amazing how things change with time.  The international cooperation with regards to space really impressed me, and just like the Internet, it seems that space exploration has no boundaries.

Who knows?  Maybe our kids will see the day when commercial space travel becomes mainstream.

 If we do.  

We will have to thank President Obama's cuts, and the current recession

I guess everything happens for a reason...

My son now wants to be an 

astronaut.

 

 

The Hubble.. And it's replacement ... technology marches on..

 

When you need the help of a FULL-TIME, Top-Producing, agent in Manatee County please now I am here to help.

Call/Text/email me anytime.  I am an experienced agent that can deal with short sales, bank owned homes, vacation homes, and everything in between.

Joe Murphy, Broker-Associate 

Coldwell Banker Residential Real Estate

941-780-3260 cell

941-840-0150 office

joe@manateemoves.com

www.manateemoves.com

Posted via email from Joe's posterous

Regator.com: Option ARMs Don’t Measure Up in HAMP

I thought you'd be interested in this blog post I found using Regator:
Option ARMs Don’t Measure Up in HAMP
(Mortgage Lender Implode-O-Meter)

See this post and other related stories on Regator.com

Thanks,

Joe 

Sent from my iPhone

Joe Murphy, broker-associate

Coldwell Banker Residential Real Estate

941-780-3260 cell/text

941-739-6777 Office

11215 sr 70 east suite 105

Lakewood Ranch, FL 34202

Www.Manateemoves.com

Www.Manateecountyrealestatenews.com -blog

Joe@manateemoves.com

Mojohomes@gmail.com

Posted via email from Joe's posterous

The last night launch of the space shuttle

Download now or watch on posterous

IMG_1603.MOV (5252 KB)

Thanks,

Joe

Sent from my iPhone

Joe Murphy, broker-associate
Coldwell Banker Residential Real Estate
941-780-3260 cell/text
941-739-6777 Office
11215 sr 70 east suite 105
Lakewood Ranch, FL 34202
Www.Manateemoves.com
Www.Manateecountyrealestatenews.com -blog
Joe@manateemoves.com
Mojohomes@gmail.com

Posted via email from Joe's posterous

what's the title insurance going to cost? HERE's the answer..

I have always relied on a "cheat sheet" to figure out the title insurance charge for florida real estate transactions.

I found this good chart that gives title insurance charges up to one million, and also Doc stamps on the deed.

Sales Prices from $52,000 to $165,000

tdtdtdtd

Purchase Price	Title Insurance	Doc Stamp	Purchase Price	Title Insurance	Doc Stamp
$52,000	$299	$364	$109,000	$620	$763
$53,000	$305	$371	$110,000	$625	$770
$54,000	$311	$378	$111,000	$630	$777
$55,000	$317	$385	$112,000	$635	$784
$56,000	$322	$392	$113,000	$640	$791
$57,000	$328	$399	$114,000	$645	$798
$58,000	$334	$406	$115,000	$650	$805
$59,000	$340	$413	$116,000	$655	$812
$60,000	$345	$420	$117,000	$660	$819
$61,000	$351	$427	$118,000	$665	$826
$62,000	$357	$434	$119,000	$670	$833
$63,000	$363	$441	$120,000	$675	$840
$64,000	$368	$448	$121,000	$680	$847
$65,000	$374	$455	$122,000	$685	$854
$66,000	$380	$462	$123,000	$690	$861
$67,000	$386	$469	$124,000	$695	$868
$68,000	$392	$476	$125,000	$700	$875
$69,000	$397	$483	$126,000	$705	$882
$70,000	$403	$490	$127,000	$710	$889
$71,000	$409	$497	$128,000	$715	$896
$72,000	$415	$504	$129,000	$720	$903
$73,000	$420	$511	$130,000	$725	$910
$74,000	$426	$518	$131,000	$730	$917
$75,000	$432	$525	$132,000	$735	$924
$76,000	$438	$532	$133,000	$740	$931
$77,000	$444	$539	$134,000	$745	$938
$78,000	$449	$546	$135,000

Posted via email from Joe's posterous

New free map app for the iPhone

This is a great new free app that I found for the iPhone

Waze.com.

Pretty cool since it is community based and interactive too. This is a very new app and hasn't made it into a featured or top app yet but I think it will soon.

Thanks,

Joe

Sent from my iPhone

Joe Murphy, broker-associate
Coldwell Banker Residential Real Estate
941-780-3260 cell/text
941-739-6777 Office
11215 sr 70 east suite 105
Lakewood Ranch, FL 34202
Www.Manateemoves.com
Www.Manateecountyrealestatenews.com -blog
Joe@manateemoves.com
Mojohomes@gmail.com

Posted via email from Joe's posterous

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

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

Posted via email from Joe's posterous

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

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.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

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.

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

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 https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

 

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.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

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.

http://www.bankofamerica.com/modular/index.cfm?template=hc_home_worth_modular&app=OMA&state=NC&origin=

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

Posted via email from Joe's posterous

4115 Murfield Drive

Short sale

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

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!

 

 

 

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

Posted via email from Joe's posterous

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.

Thanks,

Joseph C Murphy P.A.
www.manateemoves.com
joe@manateemoves.com
941-780-3260

Posted via email from Joe's posterous

Today- a vote to allow Judges to do Principle reduction on primary home loans!

Loan Modifications with PRINCIPLE REDUCTION does not happen hardly at all. It should, and it makes sense. This is a good call to action, and I would support this bill. Please spread the word if you can

Via Mark Archer (REC Real Estate Consulting Services LLC):

CONTACT CONGRESS: Support Judges Modifying Mortgages NOW! Otherwise, It's All Up to the Banks. Posted: 10 Dec 2009 06:20 PM PSTSCROLL TO BOTTOM FOR BUTTON THAT MAKES IT SIMPLE TO CONTACT YOUR REPRESENTATIVE IN CONGRESS. YOU DON'T EVEN NEED TO KNOW HIS OR HER NAME... JUST YOUR NAME, ADDRESS AND ZIP CODE.

In the next 2-3 years, it is estimated that there will be an additional 14 million foreclosures in this country. That will make the total roughly 20 million homes lost in this catastrophic recession.But it won't stop there. Foreclosures breed foreclosures. And 20 million foreclosures just means that millions more homeowners will find themselves seriously underwater... owing quite a bit more than their house is worth... and they'll walk away... just like 18% are doing now.
And that will mean even more foreclosures after that. And that will mean everyone's property values continue to fall, which will bring even more foreclosures.

Both President Bush and President Obama have tried to put plans in place to stop the flood of foreclosures... BOTH HAVE FAILED. Why? Isn't it obvious?The banks cannot be trusted to act in anyone's interest but their own. The government has given them hundreds of billions of dollars, after they bankrupted themselves. And yet, they act as if it's business as usual.This year alone, the major banks in this country are paying out $91 BILLION in BONUSES to their executives!

The only answer is to allow judges to modify mortgages for homeowners in bankruptcy court. Here are a few facts that will show you why this is so important:

1. President Obama's Making Home Affordable program was designed to work with "a carrot and a stick". The "carrot" is the money banks receive when they modify a loan, and the "stick" was supposed to be allowing judges to modify the loans. Without the "stick," the plan cannot work.

2. Banks don't modify their behavior for the same reason I wouldn't modify my driving habits if there weren't Highway Patrol officers out there to give me a ticket or take me to jail if I drive 100 miles per hour. No stick.

3. Allowing judges to modify mortgages in bankruptcy court WILL NOT increase borrowing costs in the future, which is what the banking lobby is saying and wants you to believe. The amendment only allows judges to modify mortgages that are already in existence when the bill is signed. It will have NO EFFECT on borrowing in the future whatsoever. NONE.

4. If we allow judges to modify mortgages on primary residences, chances are they'll never get the chance... because the banks will modify them... like they're supposed to.

5. Judges can already modify every other type of loan in bankruptcy court, just not mortgages on primary residences. Allowing them to do so will help stop the foreclosure crisis that is hurting every homeowner in America... AND IT WON'T COST THE TAXPAYERS A DIME!

Our economy cannot begin to recover until we stabilize the housing market. We've tried letting the banks decide... and look where we are today.The only people opposed to this amendment are the bankers and financial service companies. We can't turn our country over to them, can we?

Click the button below NOW, 24/7. There is literally NO TIME TO SPARE... You don't even need to know your representative's name. All you need to know is your own name, address, phone and zip code. The letter is already written for you. Just enter your information and click the button to send. It's that simple and takes less than a minute.

OR YOU CAN CALL 877.354.4958 DURING REGULAR BUSINESS HOURS.
DO IT NOW. IF YOU DON'T, IT WILL ALL BE UP TO THE BANKS.

EMERGENCY!! PLEASE TAKE ACTION RIGHT NOW... SAVE BANKRUPTCY REFORM! Posted: 10 Dec 2009 01:45 PM PSTJUST MINUTES AGO...House Rules Committee agreed to allow the bankruptcy modification amendment THAT WOULD ALLOW JUDGES TO MODIFY MORTGAGES to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!THIS AMENDMENT IS BEING FIERCELY OPPOSED by the BANKS AND FINANCIAL SERVICES communities and we NEED to get people CALLING in IMMEDIATELY. PLEASE TAKE TIME NOW TO contact your friends, family and business associates... stop whatever your staff is doing to give them time to call in. Put it on your Facebook pages, on your LinkedIn pages, Twitter it... re-tweet it! PLEASE DO IT RIGHT NOW!IT'S SUPER EASY TO DO:Phone toll free at: 877.354.4958Put in your zip codeWhen you reach the receptionist:State your nameSay that you are a constituentAsk the Representative to vote FOR the Conyers-Turner-Lofgren amendment (#201) to the Financial Services Reform bill.This amendment will cost taxpayers NOTHING and will save millions of homes from foreclosure. IT MUST BE CONSIDERED... IF THE LINE IS CLOSED, BECAUSE CLOSES AT 6:00 PM...Email your Senators (24/7) using the link below, which will lead you to a sample email that you can edit and personalize. YOU DON'T EVEN NEED TO KNOW YOUR REP'S NAME... CLICK AND GO!Email Your Congressional Representative Now

If you were thinking of buying a car, you might want to hurry! Unknown tax credit ends at the end of 2009!

Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a special tax deduction when they file their 2009 federal tax returns next year. The tax break is part of the American Recovery and Reinvestment Act of 2009. Thanks to our local news station for helping to get the word out ABC Action 7 news here in Sarasota.

And you don't even have to bring in a clunker either. It would be nice if this credit did not have such a quick expiration.

I had just found out that as part of the latest stimulus package, you may be able to deduct the taxes paid on a new vehicle purchase through the end of the year. I had to share this because I think that if you were considering buying a car you might want to get it done before it expires at the end of the year. Check out this IRS web site for full details.

Also, this applies to not just cars. RV's, trucks, motorcycles, are also included up to 49,500.

Maybe somebody will get that car under the tree. I am surprised that the car companies are not promoting this more with all their ads that encourage cars as the "perfect" gift for the holidays.

Here was some key points to the deduction

1. 
   State and local sales taxes paid on up to $49,500 of the purchase price of qualifying vehicles are deductible.
   
2. Qualified motor vehicles generally include new (not used) cars, light trucks, motor homes and motorcycles.
   
3. Purchases must occur after Feb. 16, 2009, and before Jan. 1, 2010.
   
4. This deduction can be taken regardless of whether or not you itemize other deductions on your tax return.
   
5. Taxpayers will claim this deduction when filing their 2009 federal income tax return next year.
   
6. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.
   
7. The deduction may not be taken on 2008 tax returns

where are all the bank owned homes in Manatee County?

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.
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.
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.

whether you are buying or selling I am here to help. Serving Sarasota and Manatee Counties for the past 8 years with skill, knowledge, and care. Expert in short sales. If you have questions I have anwers.
Joe Murphy 941-780-3260
www.manateemoves.com
www.activerain.com/manateemoves

Hope for short sales and loan modifications- new guidlines this week!

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 that are dragged out for months and months. Homes that sell as short sales tend 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.
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.

1. Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package.
2. 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.
3. The lender will be paid $1,000 to cover administrative and processing costs for a Short Sale or a deed-in-lieu.
4. The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.
5. The lender is prohibited from requiring, as a condition of approving the Short Sale, a reduction in the agreed-upon real estate commission.
6. 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 https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

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
www.manateemoves.com
www.activerain.com/manateemoves

Are new home sales pulling market values down?

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. Whether they are making 1% or 20% they have to continue to build or they have to close their doors, and find new work.

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.

Obama signs home tax credit extension.

It's finally really here. Of course, this is a little old news, as people have been saying that the tax credit was approved fro the past week. Nothing is in stone until the President signs the bill into law.
It would have been nice if this could be extended to ALL home buyers. This would cause the investors back in the market in droves, and snapping up all the investment homes. Could you imagine buying a rental home for 50,000 and getting back 8,000 of your taxes?
Kind of like when everyone was driving HUMMERS because they could write off the full cost of the vehicle in the first year. I am happy with this extension because personally I have four contracts pending with First time home buyers that were probably not going to close by the deadline. It would have been ugly for all those that were counting on the credit if they couldn't get it.

Here are the highlights

• The stimulus bill will extend the 8,000 dollar tax credit to First time home buyers from the current deadline of November 30. until May 1, 2010. If you are under contract by

• April 30, then you will qualify as long as you close by July 1, 2010.
  
• "MOVE UP" buyers can now qualify for up to a 6,500 dollar tax credit if they are buying a primary home, and have lived in their current home for at least 5 years. (This is really great, although it would be better if it was for all home-buyers regardless of purpose)
  
• All U.S citizens that file taxes are eligible
  
• The tax credit has no pay back provisions so that you don't pay anything back over time, and if your taxes are less than the credit you will get a refund back.

Here is the FINE PRINT

• Home-buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000.
• For married couples filing a joint return, the combined income limit is $225,000.
  Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
• The credit is not available for single taxpayers whose income is greater than $145,000 and married couples with an income that exceeds $245,000.
• The maximum price of the home can not exceed 800,000. Bummer..
  
  When you need a great Realtor in Manatee County please give me a call. I am ready to help.
  Short sale expert, REO-Bank owned, and investment properties
  Joe Murphy
  Coldwell Banker Residential Real Estate
  941-780-3260