Great Florida Homes Blog

      For a short sale property it means the bank has to agree to let the homeowner off the hook for the mortgage amount owed that is less than the purchase price offered.

Example: 
Mortgage Amount $250,000
Current Home Value $150,000
Bank Needs to Forgive the $100,000 Difference, PLUS cover the added closing costs.

It gets sticky on the added costs part, because sometimes they STICK IT to the Buyer.  Liens such as water, electric and other city or subdivision issues. 

There are no hard rules for short sales.  Each bank is different, as is each transaction. 

Additionally the timing can be from a couple of weeks if it is an "Approved Short Sale with an Approved Price", to four to five months for one that is just getting started in the lenders approval process.  Everything depends on how far along the homeowner and the lender are in the process.

The "PROCESS" includes a hardship letter that is submitted to the lender, explaining why the homeowner cannot keep up with their obligations to the lender.

Tax Returns, Income verifications, Appraisals etc.  What takes so long or can take so long is the fact that many of these loans are wrapped up with multiple investors that the banks had sold the loan packages to.  Each of them has to be contacted and agree to the reduction in their profit.  Depending on how many are involved, this can take months and the listed price is not always approved by the sellers banks, until they have there own current appraisal completed. This can result in the sellers bank asking for a higher purchase price then what was offered by the buyers.     

If the process is not being handled by the sellers attorney, title company, or an agent who has short sale experience, we recommend steering clear of these transactions.  It is rare that a homeowner can get this process completed on their own. 

This is the short version of the process.  Some you should run from and some are worth the risk.  It is a case by case basis.

REAL ESTATE UPDATE FOR BROWARD COUNTY & PALM BEACH COUNTY
February 1, 2009 to February 29, 2009

Broward County includes well known cities of Coconut Creek, Coral Springs,
Deerfield Beach, Fort Lauderdale, Highland Beach, Hillsboro, Lighthouse Point, 
Parkland, Plantation, Sunrise, Tamarac and Weston.

There are currently­­ 13,193 Single Family Homes LISTED FOR SALE in Broward County.

­­­5958 priced under $250,000
 4481 priced between 250,001 and $500,000
1188 priced between $500,001 and $750,000
613 priced between $750,001 and $1,000,000
524 priced between $1,000,001 and $1,500,000
264 priced between $1,500,001 and $2,000,000
429 priced over $2,000,000

For the month of February, 565 Single Family Homes SOLDin Broward County. 

364 were sold under $250,000
142 were sold between 250,001 and $500,000
31 were sold between $500,001 and $750,000
8 were sold between $750,001 and $1,000,000
12 were sold between $1,000,001 and $1,500,000
4 were sold between $1,500,001 and $2,000,000
4 were sold over $2,000,000

There are currently 19,024 Multi-Family Homes LISTED FOR SALE in Broward County.  Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multi levels.

4977 are priced under $250,000
3070 are priced between 250,001 and $500,000
808 are priced between $500,001 and $750,000
444 are priced between $750,001 and $1,000,000
270 are priced between $1,000,001 and $1,500,000
152 are priced between $1,500,001 and $2,000,000
106 are priced over $2,000,000

For the month of February, 634 Multi-Family Homes SOLD in Broward County.

Note that many of the lower priced multi family homes are located in Adult only communities with a over the age of 55 requirement to live there.

568 were sold under $250,000
52 were sold between 250,001 and $500,000
6 were sold between $500,001 and $750,000
4 were sold between $750,001 and $1,000,000
2 were sold between $1,000,001 and $1,500,00
1 was sold between $1,500,001 and $2,000,000
1 was sold over $2,000,000

Palm Beach County includes well known cities of Boca Raton, Boynton Beach, Delray Beach, Greenacres, Lake Worth,  Wellington and West Palm Beach.

There are currently 10,579 single family homes listed For Sale in Palm Beach County.

­­3842 priced under $250,000
3593 priced between 250,001 and $500,000
1067 priced between $500,001 and $750,000
661 priced between $750,001 and $1,000,000
457 priced between $1,000,001 and $1,500,000
326 priced between $1,500,001 and $2,000,000
633 priced over $2,000,000

For the month of February 314, Single Family Homes SOLD in Palm Beach County. 

180 were sold under $250,000
97 were sold between 250,001 and $500,000
18 were sold between $500,001 and $750,000
7 were sold between $750,001 and $1,000,000
6 were sold between $1,000,001 and $1,500,000
None were sold between $1,500,001 and $2,000,000
6 were sold over $2,000,000

There are currently11,774 Multi-Family Homes LISTED FOR SALE in Palm Beach County.  Multi-Family Homes include condos, town homes, villas, coops, all attached and or unattached as well as single story to multiple levels.

8927 are priced under $250,000
1769 are priced between 250,001 and $500,000
488 are priced between $500,001 and $750,000
250 are priced between $750,001 and $1,000,000
172 are priced between $1,000,001 and $1,500,000
69 are priced between $1,500,001 and $2,000,000
99 are priced over $2,000,000

For the month of 451, February Multi-Family Homes SOLD in Palm Beach county.

316 were sold under $250,000
23 are sold between 250,001 and $500,000
6 were sold between $500,001 and $750,000
5 were sold between $750,001 and $1,000,000
2 were sold between $1,000,001 and $1,500,000
1 were sold between $1,500,001 and $2,000,000
1 are sold over $2,000,000

To see specific details on a specific category of homes actively for sale or sold, please email us at Team@GreatFloridaHomes.com and we will forward the information for your reference or review.

Information deemed reliable as provided by the Realtor Association of Greater Fort Lauderdale
and the Realtor Association of the Palm Beaches.

Broward shows a large decline in listed single family and a small decline in multi family homes.  For closed sales more units have sold than the previous month and with listings down overall this is a positive sign.

In Palm Beach a small increase in listings for single family and multi family homes.   In closed sales for Palm Beach the single family homes were a small increase and nearly double in sales for multi family.

The past three weeks we felt as if a Buyer tree sprouted in the Backyard and everyday we wake up and There are new Buyers taking advantage of the plethora of inventory while the "pickens" are good.  Once everyone knows about it the choices won't be as good.  

The best news is...that the bottom of the market is......when people start buying.  These last two months are very positive indications of this trend.

        I live in South Florida but I am promoting a FABULOUS restaurant in Jacksonville (North Florida)!  Food and service like this must not go unknown!!

The Millhouse at 1341 Airport Rd in Jacksonville, Florida

This is the link to their menu  http://www.millhousesteakhouse.net/menu.html

I flew into Jacksonville headed to Savannah, Georgia for the weekend with my Honey.  Hungry before getting on the highway and not wanting the typical chain restaurant, we pulled into Millhouse (More Than A Steakhouse).

Will, was assigned as our waiter, He was informative and full of suggestions.  I fancied a Pasta Dish (I know, "When in Rome, do as the Romans do"), but Joel was having the HUGE 18oz, Prime Grade Cowboy Rib-eye Steak and I wanted Pasta, ESPECIALLY after they took down all my specifications and spiced it up to my Fra Diavlo liking. The Linguine Pescatore was delicious.  I wanted to save some so I could take it with me to have again the next day!  That wasn't happening...I devoured it!

The entire meal was a FLAVOR EXPLOSION!  We were ecstatic, it was so good!!!! Every bite was IMMENSLEY enjoyable!  The menu is amazingly diverse with Steaks (their namesake), Pasta, Fresh Seafood, Deep South, Salads, Burgers and Sandwiches and even Oriental dishes.

We must have been making a lot of noise with our OHHHHH's and AHHHHH's because the owner Gary Fassi came over to check on us.  He could tell we were happy diners!

WHEN You are in Jacksonville and near the airport and on any kind of layover or passing through, get yourself to the Millhouse!!  I can assure you it will be one of best choices you'll make along your way.