Short Sales...What are they?

One of most recent developments I have seen lately is with "short sales." Mortgage companies have finally gotten wise to the fact that foreclosure doesn't typically result in a good outcome for either the owner or the company. With the recent glut of mortgages in trouble as well as the continued high number of homes for sale in the Bradenton real estate market, we have seen many more "short sales" coming up on the local MLS.

Basically a short sale is a sale in which the bank is not going to receive a full payoff on the loan when it is sold. Since so many home owners are now upside down in their loan payoff to home values, it is a good option for those who qualify. Basically in order to qualify for such a sale a home owner needs the following situation:

1. Home value is lower than mortgage payoff.
2. Home owner is unable to continue paying mortgage due to employment issues or other financial hardships.

The short sale is usually preferred by lenders to a foreclosure. If you can have an owner turn over a property in relatively good condition to a new owner it saves the bank a lot of time and expense. The short sale will come up on credit reports, but at this point it doesn't appear that it will affect your credit as much as an actual foreclosure would.

If you believe that you would qualify for a short sale, I would recommend calling your mortgage company about this potential option as well as speaking with a Realtor about the process. Any sales contracts would need to be approved by the bank, including commission amounts and final sales price.

Refreshing Vacation and Bradenton Real Estate Update

I have just returned from a quick family vacation to Ontario, Canada. While there we were able to enjoy a family reunion in Richmond Hill and spend a week at the family cottage in Parry Sound. The weather was perfect...highs in the mid to upper 70's and sunny weather for the most part. The fish were sparse, but we did manage to catch a few large mouth bass. My kids learned to water ski this year which was quite exciting (and nail biting) to watch. I even took a couple of spins on the skis for old times sake, of course ending in various airborne dismounts. We returned in time for one of our famous Florida thunderstorms and a temperature of around 90 degrees. Regardless, it is always a pleasure to drive over the Sunshine Skyway and see the familiar sights of Manatee County.

I am now back feeling refreshed and relaxed. The market here in Bradenton, Florida remains down. Just before we left for vacation, the latest news came in that the median price in Manatee County had fallen another $30,000. This didn't come as a surprise to agents who are active in the market. The current amount of homes on the market remains very high and I have been seeing a lot of homes marked "short sale" or "pre-foreclosure" which means these owners are having to sell under duress. This means the prices are well under current market value in order to achieve a quick sale ( I will address short sales in the next few days since they are so common now). These sales, although necessary, further drop the values of the homes around them due to the fact that other owners need to also drop their prices if they want to compete.

Have a great day... Deb

Mold Remediation

What happens when mold is found on a property inspection?

I recently had this problem on one of the listings I had under contract. The inspection report found a large amount of mold growing inside the A/C handler and around the unit in the garage as well as in the ducts. The Seller and Buyer had to agree on what type of remediation was to be done. There are general companies such as Serv-Pro, or there are experts on the matter called Industrial Hygenists. The general companies are unable to test the types of mold or to give exact levels of mold left in a home after remediation, which may leave some buyers concerned that the problem is not totally fixed.

Since the Seller's were unable to financially afford an industrial hygenist, they hired a local company to handle the basic mitigation. They were told the basic process is the same, but the professional would come in and do tests to make sure it wasn't a toxic type of mold and then the final tests when the mitigation is done.

The mitigation basically involved the following:

1. Basic Visual Inspection
2. Removal of Drywall Contaminated with Mold
3. Cleaning of the Air Conditioning System

Luckily, the problem turned out to be not as big as initally suspected and the total of the work done, including the A/C work came out to be less than $1,000.00

I would suggest that anyone who is concerned about mold issues contact a mold mitigation expert in the state you reside in.

New Home Bargains in Bradenton!

If you are thinking this might be a good year to find a brand new home-You're absolutely right!



Why should you consider purchasing a new home when the market is still in adjustment? There are plenty of spectacular deals out there for a buyer who is ready to purchase now...low prices, help with downpayments and pre-paids, free extras, the list goes on and on.

Top Five Reasons to Buy that new home now:

1. We won't know that the market has corrected and home prices have started rising again until after the fact. Wouldn't you rather purchase a home when the market is still down, versus when prices have started to climb and builders aren't as motivated to help you?


2. Interest rates are still very low and this makes owning a home more affordable, particularly if you are looking at long term fixed rate mortgages.


3. Wouldn't it be grand to be able to start out with a home that has everything you want!
4. New appliances, new paint, the best in hurricane design all for around the same price as a home that has been around for a few years.
5. Lower insurance prices due to the superior construction and new materials.

Advantages of Having an Experienced Realtor Help You Find a Home:

• No cost to you! You may even find Realtors willing to give you a portion of the commission back.
• Familiarity with the market-you want to make sure you are buying in the right place!Will help you decide which options you need, which you can do without, and which ones will help you or hurt you when it comes time to sell again. Keep in mind all those upgrades the builder is trying to sell you are their main profit centers.Negotiating with the builder ... let your Realtor help you to get a better deal!
• Walking you through the process, one step at a time. The new home construction process can be fraught with problems, delays, and inspections. Don't try to go it alone.

Where to start looking: I would suggest calling a Realtor who is active in the new home community and who has special training in helping buyers find the right new home. Personally, I am a Certified New Home Specialist (CNHS), meaning that I understand the building process, have basic knowledge of blue prints, time lines, etc. I am also an Accredited Buyer's Representative (ABR) which helps me give you top notch service. All this knowledge was acquired in order to help you-not the builder. Feel free to call me directly at 941-920-9215 or drop me an email with any questions or needs!