Short Sale Information

"When one door closes another door opens"

2011-10-08T08:11:00.000-07:00

"but we often look so regretfully upon the closed door that we do not see the ones which open for us." Alexander Graham Bell

Picture is of the 1000 island section of Cocoa Beach

Wednesday was a great day at the office, we received 3 lender approvals for short sale closings. All 3 were released from any future defiecency judgment. We hope this is a trend for the future. Our very own Joanne Schuster is a great transaction agent of short sales. A lot of short sales go back and forth between the buyers, sellers and banks for quite a few months. It seems to be getting quicker.

I showed a short sale in the Snug Harbor section of Cocoa Beach the other day that could turn out to be a good buy. This home sits on .36 acre with canal waterfront. The home does need quite a bit of work and updating but if you look at it as a blank canvas, I believe it would be worth your efforts.

Keep looking at those other doors.

Jim Bagwell

Merritt Island to the beach

2011-09-22T09:24:00.000-07:00

Picture is from the Florida Biplane and looking east SR520 to the ocean.

The short sale we are talking about is at the upper left of the photo on the Banana river.
This home is in Cape Canaveral and features 5 bedrooms and 4 baths, home has 3697 square feet and beautiful views of the Banana River with incredible sunsets. Home is priced at $599,000 and is a short sale.

Bank of America is laying off 30,000 people and we can only hope that none of these jobs come from the short sale department at a time when they should be adding jobs to keep up with short sales.

Jim Bagwell

Short sale too good to be true?

2011-09-09T09:41:00.000-07:00

River course 3rd tee box.

Have you found a short sale that is priced right? It seems like it is too good to be true. It may be too good to be true. A lot of agents are pricing short sales at a point that will be sure to get an offer or maybe several offers then they will submit the package to the bank and wait for a counter offer. Now the counter will be deduced by the bank by having a Broker Price Opinion completed which is really the same thing as an appraisal but can’t be called that. They will then counter at the market value.

What should happen is the listing agent performs a Broker Price Opinion before putting the home on the market. They should then list the property at or a little below the market value of the properties that they used for their BPO. That is fair to both potential buyers and their seller. That way buyers know they are going into the transaction with a fair chance to actually get the home to the closing table.

At Walker Bagwell Properties all our agents do a BPO when calculating their offer then the buyer of course has the option to offer less or more.

I would never discourage anyone from a short sale; you just have to have a clear understanding of what may happen when making an offer. We have closed too many for me to question the concept.

Some of the short sales in the beach area that I think could be bought are as follows:

A townhome close to downtown Cocoa Beach, this property has 2 bedrooms 2 ½ baths with 1834 sq. ft. The list price is $115,000 and should be bank approved. The home has a large deck off the master bedroom.

We have a ground floor unit in Harbor Isles that has been totally renovated with 2 bedrooms 2 baths and the complex features 3 pools, exercise room, tennis courts, a 3 block long river boardwalk and you can walk to the beach. List price is $179,900.

A direct ocean condo that features 2 bedrooms 2 baths on the 4^th floor. Listed at $250,000, I would probably offer $210,000.

Hope this at least clarifies a bit.

Jim Bagwell

"Well I have never been to England"

2011-09-06T10:43:00.000-07:00

"but I kinda like the Beatles" Three Dog Night When I came back from Nam, my guitar buddies made fun of me for liking this band. Being in Nam I was supposed to like Hendrix and The Stones which I did but what are you going to do.

Picture is of a short sale on Tortise Island.
Priced at $649,000 with 4280 sq ft on the canal with a pool, that is a lot of house for the money and Tortise Island is a great place to live.

File a lawsuit on your bank? That is exactly what the federal goverment is doing to the large banks. These are the very same banks that the federal government bailed out. The suit involves that the banks didn't use due diligence in income verification for mortgages made in the boom. Now I understand that there was no other reasonable option other than to bail them out but it is rather strange. Call me crazy but it does seem that with the collapse of property values that it would be prudent for the banks to have all their properties appraised and reduce the amount of the mortgages to the appraised values. They would save millions on the cost of foreclosures and also keep people in their homes and start receiving mortgage payments. Call me crazy!

Jim Bagwell

"There are three kinds of men"

2011-08-27T06:58:00.000-07:00

"The ones that learn by reading. the few who learn by observation. The rest of them have to pee on the electric fence and find out for themselves." Will Rogers

To show you some of the frustrations that comes with short sales. The picture above is of a home that we just closed after 3 years. We went through 6 different buyers and many offers. The bank finally got sick of losing money and gave us a counter that was realistic. It was worth it in the end.

There were also 6 other short sales that closed last week including a riverfront condo with 2055 sq. ft. and sold for $203,000.

A couple of new short sales listings that perked up my interest are a home on Merritt Island on Two Oaks drive listed for $249,900. This home has 2635 sq. ft., 5 bedrooms, 2 baths, 2 half baths, pool and a .35 acre lot. Nice home on a nice street!

The other short sale is an oceanfront condo in Cocoa Beach. The condo is on the 4^th floor with great views. Unit has 2 bedrooms 2 baths and 1353 sq. ft. with amenities’ like garage, pool and clubhouse. The condo fees are $428 monthly.

Thank you

Jim Bagwell

"I was a child prodigy"

2011-08-18T10:10:00.000-07:00

"because a child prodigy is a child who knows as much when it is a child as it does when it grows up." Will Rogers

Picture is of a pool at a short sale home on Merritt Island
If you only look at the Cocoa Beach/Cape Canaveral area, there have been 94 homes sold in 2011. Of these sales 17 were short sales or 18%, if you don't consider short sales as something that will be with us for a long time it may be time to reconsider. It is a very powerful tool for buyers and sellers and beneficial to both.

There are 2 new listings on Merritt Island that caught my eye. Both homes are 4 bedroom 2 bath pool homes.

The first is in Villa De Palmas and features 1811 sq. ft. and 2 car garage. The price is $139,000 or $77 per sq ft.

The second is off N. Banana River dr. and has 1436 sq. ft. It would be possible to remove one wall and have a big master. The price is $119,000 or $83 per sq ft.

Both are very good buys!

Jim Bagwell

"Good judgement comes from experience"

2011-07-26T09:28:00.000-07:00

"and a lot of that comes from bad judgement" Will Rogers

The picture is of a short sale on Merritt Island that just closed.
This home is in a prime location for views,fisherman and boaters. No bridges all the way to the locks.

Another short sale in Cocoa Beach that is in prime location is on the market for $899,000. This home is in south Cocoa Beach on the Banana River with 3549 sq. ft. and 4 bedrooms 3 1/2 baths and a pool. Unfortunately there is only one picture but the home was built in 1996.

If you are looking at oceanfront condos there is a listing in The Michelina listed at $430,000. This unit was built in 2006 and features 2008 sq. ft. with 3 bedrooms and 3 baths.

Call and I will send you a list.

Jim Bagwell

Foreclosure as a possible purchase?

2011-07-14T08:41:00.000-07:00

If you are considering purchasing a foreclosed property, there are several things to explore. One of the most important things is even though most banks will require the contract to be as-is you would be very wise to have a complete home inspection and see what the property will cost with repairs included to the price.

Foreclosures can be a very good buy in all price ranges for the investor or for the primary residential property. You should look at all costs in order to keep the property as a value purchase. One of the secrets that they don’t tell you is the fact that most banks require escrow to be held by a specific title company. The seller does have the right to pick the title company for closing but the buyer has the right to buy their own title insurance and most times this will save you up to $1000 in garbage fees. A lot of banks own their title companies and a lot have contracts in place with title companies so as always their motivation is profit.

Some foreclosures of interest follow:

The picture above is this property that is waterfront, the Banana River is across S. Tropical but the home comes with the riverfront property. The home is a 3 bedroom 3 bath with 2889 sq. ft. The property is 1.33 acres with a 2 car garage and pool. Of course the home needs work but could be a very good buy for either investor or home buyer. This home is priced at $247,500!

For the investor there are 2 other homes in Merritt Island that could be income producing properties as rentals.

The 1^st is a 3 bedroom 2 bath home with 1144 sq. ft. and priced at $39,900.

The 2^nd is a 3 bedroom 2 bath home with 1350 sq. ft. and a 2 car carport priced at $77,500.

Call today and I will build you a search that lets you know of foreclosures that hit the market; most times you have to act quickly for the good buys.

Jim Bagwell

321-213-0615

"If you find yourself in a hole"

2011-07-03T07:39:00.000-07:00

"Stop digging" Will Rogers

Inside Planet Hollywood Vegas.

Several short sale closings interested me this past week.

Canal home in the Cocoa Beach Country Club has been on the market since 2008 with a list price of $699,000 just closed for $375,000. Nothing more frustrating for a agent is to lose the listing only to see a reduced price with someone else.

A home in north Merritt Island recently closed for $325,000 with a list price of $325,000. This home features 3300 sq ft, pool and sits on 1 1/2 acre. On the market for a year with an original price of $529,900.

A home in Island Crossings in Merritt Island recently closed for $125,500 with a list price of $124,500. This home was puchased in 2005 for $280,000 or a 55% depreciation.

Two new listings to watch

A home on the Indian River that was built in 1925 and totally renovated is on the market for $750,000. This home has been on the market since 2005 with an original price of $1,600,000. Home features 4000 sq ft on a 1/2 acre, large dock with deep water.

A home on Tortoise Island with 4604 sq ft, pool and .39 acre on the Banana River is on the market for $1,190,000. This home was purchased in 2006 for $1,050,000. Tortoise Island is a great area to live.

Thanks and stay tuned

Jim & Ada Bagwell

"You can't always get what you want"

2011-06-27T10:53:00.000-07:00

"But if you try real hard you can get what you need" The Stones

The picture is of a short sale we have in Harbor Isles. It is a mac daddy unit and bank approved price. This could be an opportunity for some lucky buyer.

We have been working on a short sale for about 6 months and had approval from everyone to close. The seller decided he would not submit one more financil disclosure. This wll die a slow death and will go to foreclosure and the lender can still file for a defiecny judgement. If you are not committed to the process then you should just let it go to foreclosure and deal with the consequencs. It is very frustrating to all when you drag it out and then decide to not cooperate.

The short sale option is available to all who are committted.

Jim Bagwell

"I don't know how I got over the hill without getting to the top"

2011-06-19T09:02:00.000-07:00

Will Rogers

Short sales are something that will be with us for a very long time. Banks and lenders are doing a better job but it is still a time consuming process. Not many people know that the negotiators of these type sales are paid on commisssion. They are usually negotiating with the investors who bought the mortgages.

There are currently 43 waterfront homes in Cocoa Beach, Cape Canaveral and Merritt Island that are under contract waiting to close. Of these 43, 25 of them are short sales or 58%. As you can see there is no way around being involved if looking to buy a property. These properties range in price from $128,900 all the way to $1,075,000 so all entities of the economic community are represented.

A lot of agents won't show short sales to their clients simply because it takes awhile to close. Now if you need to be in a home quickly because of the school year or other reasons, then a short sale wouldn't be for you. If you have time to wait then short sales should be considered and your agent should show you these properties.

Happy Fathers Day!

Jim Bagwell

Short Sale Team

2011-06-08T10:07:00.000-07:00

Hard times do not have to require desparate measures.

SHORT SALE TEAM

Jim, Ada and Joanne have been in the Real Estate business together for 10 years. We share the same commitment to details and customer service which makes our relationship work. Walker Bagwell Properties was created about 6 years ago at the worst possible moment in the Real Estate world. During this same year short sales became a viable option for homeowners who found themselves upside down in their mortgage.

We committed ourselves to invest in the education, seminars and designations to be knowledgeable in providing this tool to our clients. All three of us were awarded the Certified Short Sale Professional (CSP) designation. We have completed countless transactions in the short sale world. The one thing we are most proud of; we have never had a primary residence owner pay any money at closing nor have any deficiency judgments brought against them.

Short sales and foreclosures will show up on your credit report however short sales are much less hurtful than foreclosures. The key to being good at short sales is follow-up. The reason that we offer a team of three is to allow more follow-up. The worst thing for a homeowner who is upside down is to do nothing and conversely the worst thing for a Real Estate company to do is not following up on a weekly if not daily basis with the lender.

If we can help you in this difficult time please call one of us and schedule an appointment. There is never a charge to meet with you and get an idea what your property’s value is in today’s market.

Call

Jim 321-213-0615

Ada 321-432-4741

Joanne 321-749-3190

SHORT SALE TEAM

"They needed one man to be sad and lonely and they gave me the crown"

2011-04-23T07:41:00.000-07:00

Barbara Orbison attributed this quote to her late husband Roy Orbison

Short sale in Cocoa Beach, bank approved price of $630,000, pool, riverfront and 3 car garage.

How long should you give yourself to get over that pang of guilt for a short sale or foreclosure? I would recommend approximately 2 minutes. I have always believed in being a man of my word and living up to my responsibilities. With that being said I also believe that your main responsibilities are taking care of yourself, your family and trying to be able to get old in relative comfort. Paying for a property that is worth 50% less than the mortgage value is not a very good way of achieving your goals when chances are very good that you won’t live long enough to see the property come back up to the mortgage value.

Do me a favor and research the profits of the big lenders of our country for 2010 and the 1^st quarter of this year. Now after billions in bailout money, look at the tax refunds that were paid back to these same lenders for 2010. In a logical world the banks would work with the owners to modify mortgages to an amount close to the current value with options to increase mortgage amount if property values increase in the future. In our current financial world the banks would rather short sale or foreclose on a property and sell it to another individual for the appraised value or even less. This probably doesn’t make sense to you as it doesn’t for me however when you keep in mind that the banks are not losing money since they are protected by you and your tax dollars then the light bulb will come on for you. How sweet would it be if when all the borrowers who were paying mortgage insurance to protect the banks also had a clause to adjust mortgage amount to property value when property values went below mortgage amount?

BOTTOM LINE, TAKE CARE OF YOUR FAMILY WITH SOUND BUSINESS DECISIONS.

Ada and Jim Bagwell

"I will carry you"

2011-04-20T09:50:00.000-07:00

Michael Smith

Hard to believe this pic is Florida, home in Melbourne

We had a meeting today with our short sale team and came out with some conclusions. In some situations when you are offering a service to the public and feel you are proficient at this sevice then you owe it to yourselves and the public to get the word out. We have been extremely successful in listing and selling properties which are short sales. I feel that we do this in the way it should be done. Since we have been through the process we know enough to keep it personal and treat all people with the dignity that we all deserve. You will never be turned over to a short sale factory and when you call for an update you will speak to a member of our team or will get a prompt callback. We promise to give you an update on a weekly basis.

Some interesting short sales for you buyers.

A weekly rental condo in Cocoa Beach, 1 bedroom 1 1/2 bath side view of the ocean and a very popular rental destination for tourists. This condo is listed at $139,900, the latest comp for a sale is $130,000. You can create a postive cash flow with proper management.

A very nice unit in a smaller complex in south Cocoa Beach and listed at $255,000. This area of the beach is really beautiful and the unit won't stay on the market for long. Features 2 bedrooms 2 baths with 1568 sq ft. Call today!!

If we can help you with your short sale needs don't hesitate to call for listing your property or finding you a buy!

Thanks

Jim Bagwell

"A change will do you good"

2011-04-02T09:34:00.000-07:00

Cheryl Crow

Short Sales

We have recently seen tremendous improvements in dealing with lenders on short sales. It is getting to the point with a resonable offer from the buyer that we can get closed under 60 days. This is huge and a big help in decreasing the inventory.

Merritt Island

A new short sale on the market on a canal with a pool, 1652 sq ft with 3 bedrooms 2 baths. This is priced at $229,000 and may close at that price or close to it. This could be a great way for a 1st time buyer to step in to a home that was beyond their imagination.

A home that was built in 1908 sitting on the Indian River and has been renovated over the years. This home features .67 acre, 4325 sq ft with 5 bedrooms 3 1/2 baths with observation tower and boat house. The negative of this property is that it is next to condos.

Call today and lets make your dreams come true in a home.

Jim Bagwell

Cocoa Beach Condo Short Sale???

2011-03-06T07:04:00.000-08:00

More and more beach condos are being sold in this manner!!

Just another Feb day in Cocoa Beach

So far this year there have been 25 beachside condos sold with at least 2 bedrooms in the Cocoa Beach/Cape Canaveral area. Of these sales 30% were sold as short sales, the process actually saves the lenders money in the end since the loss incurred will be significantly less than the foreclosure process.

When you look at all condos sold in the area this year including small units and non-waterfront units the number of short sales, foreclosures and other types of distress the percentage is approaching 50% of sales.

If you looking to buy or to sell a ocean front condo then you should definitely explore all your options.

Enjoy your Sunday afternoon!

Jim Bagwell

"Grab that cash with both hands"

2011-02-23T09:42:00.000-08:00

"And make a stash" Pink Floyd

Osprey on her nest at the Cocoa Beach Country Club river course.

If you are thinking of a short sale just give one of our short sale specialists a call and we can talk you through the process.
JOANNE 321-749-3190
ADA 321-432-4741
JIM 321-213-0615
We can explain what you have to do first and last to help you save your stash.

If you are considering buying a short sale we can help with that as well. Number one rule "Be Patient" it is a virtue or so my mother used to tell me. Some of my favorites in the beach area are as follows.

Cape Shores is a popular complex in Cape Canaveral with a boat dock and nice facilities. A 2 bedroom 2 bath unit with a peek of the river is listed at $95,000.

Banyon Cove is one street west of A1A leading to the river, a unit is listed at $117,777 with 3 bedrooms 2 baths, in my opinion this unit is still overpriced for a short sale, if I represented the buyer I would go in at $90,000 and hope for the best.

57 Cedar Ave is a townhome in Cocoa Beach, very near to downtown. The home features 3 bedrooms 2 baths with 1834 sq. ft. and a 2 car garage. This could be a very sweet unit and the parking for the art show is an added bonus. Priced at $149,000 with bank approved price of $140,000.

You should call one of us today!

Jim Bagwell

"If you drive a car"

2011-02-17T10:05:00.000-08:00

"I will tax the street" The Beatles

Picture from back of Harbor Isles short sale

If you are considering a short sale please do your homework. At Walker Bagwell Properties we do have a short sale transaction team and we are pretty good at our jobs. We however do not give legal or tax advice. It is illegal to give legal advice if you are not an attorney.

With the debt forgiveness act if the property is your primary residence then you should be protected. If you are selling an investment property then the lender can react in several different ways. They may forgive the debt and not issue a deficiency judgment, they may want to file a deficiency judgment, they may ask for a promissory note or cash at closing. We always get a letter from the lender prior to closing that will tell us what they will ask for if anything at all. We can then negotiate with the lender on the sellers behalf. Keep in mind that you will get a 1099 for the amount of debt forgiven, our advice on that is to talk to your tax advisor and see what you can write off of this for your loss incurred. The 1099 amount may end up as inconsequential to you as far as taxes.

We have a very good record of getting owners of a bad situation. It is just the Real Estate market that bit everyone and very few people saw it coming but there is a way out of this situation that benefits all.

There are several short sales active on the beachside that interests me.

A unit in the Meridian on Cocoa Beach, built in 2007 with 2072 sq. ft. with 3 bedrooms 2 baths, 2 car garage and the best pool and clubhouse on the beach. Listed at $500,000, this unit was purchased new for $689,900.

We have a unit listed in Harbor Isles on the Banana River is a unit on the 1^st floor that has been completely renovated and is listed at $189,000. The complex is great including 3 pools 2 of which are heated, tennis courts, exercise room and a clubhouse. Walk to the beach!

Thanks

Jim Bagwell

Short sales made easy!

2011-02-11T08:23:00.000-08:00

Well not really easy but getting easier. The banks are starting to get more cooperative and most now have made negotiations available on web sites. The short sale and even the foreclosure process doesn't carry the same stigma that it once did because there are so many of us that are upside down in our properties. At the present time there are 45 short sales' active in Cocoa Beach/Cape Canaveral and at least that many under contract.

The picture is the backyard of a property on the ocean that is a short sale. 2177 sq ft on .38 acre on the ocean. This property has a 3 car garage with a nice apartment on top that gives the buyer the opportunity to live here while they get the main house as they want it for living. Priced at $725,000!

Another of my picks would be a canal front home in Cocoa Beach, home has 4 bedrooms 2 baths and 1878 sq ft. This home has been renovated and is priced at $299,900, excellent home for the boater or fisherman.

We will keep you informed and if you have time to wait for closing then short sales may be the ticket.

thanks
Jim Bagwell

CSP - Certified Short-Sale Professional

2008-05-30T12:38:00.000-07:00

'Short Sale' the new buzz word in real estate.

Definition: A situation where the property owner owes more than the home is worth and needs to sell the home or wants to sell but doesn't have the money to close.

Selling your home under these circumstances is highly stressful and it takes a trained professional to help you through this process. As a Certified Short-Sale Professional (CSP) we are trained to handle the requirements that need to be met by all parties to agree to the short sale. Finding a buyer is just the beginning, then we must work with the lender to show they should grant you a short sale.

During the Process of Short Sale, you can expect:

1) Determining the price of your home. Through comps in your neighborhood of active and sold lisings, we will determine if your home can be priced to sell quickly and at a price the lender will agree to the terms.

2) Calculating the home's financing & debt vs the home's value, using step 1 as a guideline.

3) We will begin looking for a buyer, not every buyer will want to go through the short sale process. It is a laborious process and takes time. Many buyers are not willing to wait for an answer from the bank.

4) We will be contacting your lender to explain your situation. Lenders will examine the information closely and are under no obligation to accept a short sale. Lenders make the final decision and can disapprove of any part of the transaction without justification.

5) Tax repercussions can occur in a short sale. We will cover the tax liability that may remain after the short sale is complete and ADVISE you to seek counsel from a tax professional or tax attorney.

Walker Bagwell Properties is a full service real estate company and we are community oriented as this is our home for many years. We are here to give assistance in 'all' real estate matters! As a Certified Short-Sale Brokerage we now have the expertise to give you the professional assistance you need in this challenging time.

Thank you for your trust in our TEAM at Walker Bagwell Properties.

TEAM Contacts:
Ada Bagwell - 321-432-4741
Joanne Shuster - 321-749-3190
Jim Bagwell - 321-213-0615
Office: 321-868-3151
Email: WalkerBagwell@aol.com