Port Orange Real Estate : Short Sale News

One of the problems with Short-Sales has been having to deal with Second Liens. They wait to respond, ask for more money from first lien holder, or money from homeowner, and often want them to take line of credit to repay balance. They stall and often kill the first offer on a Short-Sale.

This is done with the knowledge that they will get no money if the home is foreclosed and they will have to sue the homeowner for balance. This, in turn, forces the homeowner to file bankruptcy.

"Why cause the delay and unneccessary hardship? Just make the decision and get on with it." This may be what U.S. Rep. Jerry McNerney, D-Calif. was thinking when he proposed The Fast Help for Homeowners Act.

By eliminating the delays, first liens may be more willing to negotiate with second lien holders. If nothing else, it will improve response time. The Act will give second liens on Federal Mortgages 45 days to respond, and on the 46th day will have to accept the deal.

If nothing else, this Act will make second lien holders respond faster.

If you are thinking of Buying or Selling in the Port Orange Area, contact us at Selling Daytona Homes. Use our site to look for homes in the Area and see what some of the Cities have to offer.


Source: “Evasive Second-Lien Holders Thwarting Short Sales,” HousingWire (July 25, 2012)

Port Orange Real Estate : Appraisals in Today's Market

   In spite of Rising Home Prices across Florida, a concern of many Realtors is that low Appraisals are delaying or stopping closings. They have to negotiate deals or buyers walk away. There are a few ways to help the Appraisal process.  Now, while the Dodd Frank Act helped to reform the Appraisal process, it is still an art. They can only work with what is available to them and the actual numbers. There are steps that home sellers and agents can take to ensure a fair and accurate appraisal.

1) - Don't Overprice-  While every homeowner wants as much as possible, it can be tricky when pushing the edge of the Market. Make sure that your Realtor gives you accurate Comparables of your home when pricing it. ( Sold in last 6 Months, Square Footage, etc. ) Use this information and price accordingly. While we can hope for a Cash Buyer that won't ask for an Appraisal, it might not happen.

2) - Be Accomodating - Agents cannot pick the Appraisor, but they can be helpful to them. Making themselves available to Open the House and any Questions they may have. There should be no pressure put on the Appraisor, so it is reccomended that Homeowners not be there. This is particularly helpful if the Appraisor does not have access to MLS or Lockboxes in your area.

3) -Provide Information- It has become frequent that many of the Appraisors are from out of the area. They may not know everything about your area. The Realtor can provide the comparables from the area as well as any community information and Dates and types of repairs done to improve the home.

While there is no Guarantee that your home will Appraise, these tips should help. Pricing in the Market is the biggest factor, but being pro-active by providing information will be helpful.

If you are thinking of Buying or Selling in the Port Orange Area, contact us at Selling Daytona Homes. We will help you find the right home, or sell yours. Use our site to look for homes in the Area and see what some of the Cities have to offer.