I have told many people that the banks are offering properties at 80 to 85% property value right now, on average, and sometime lower. On more than one occasion in the past month I have been involved with presenting offers where I have competed against 9 or more offers. “YES NINE OR MORE”

The deals are there to be found without doubt, but now these banks are authorizing more losses to be had, because while the bank may accept an offer that is ABOVE list or asking price, short sales and other sales are being valued based upon the banks asking price.  This has put an “unknown” factor on our market, as to how badly this will effect our market. Yes it will hurt sellers of non-foreclosures, but it will actually hurt banks as well… And they are doing it to themselves.

Want to see the bank owned and foreclosures in Avalon Park? Visit my Avalon Park Foreclosures page I have set up where you see it all!
Give me a call if you would like to take a look at any of these properties, or if you have questions regarding the process of buying an Avalon Park Foreclosure. I also can help you find Waterford Lakes foreclosures and Eastwood Foreclosures. ~ ~ ~ be sure to read the article below

ORLANDO, Fla. – May 6, 2009 – More homes for sale are attracting multiple offers as buyers pursue lower-price homes and banks low-ball asking prices to attract competing bids on foreclosures.

Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.

“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.

Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That’s not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).

“When you begin to see people willing to fight for a property, that’s a good sign,” she says. “We are beginning to see the beginning of the end of a disaster time.”

The competition is driven by prices – California’s are down 39 percent from a year ago, CAR says – low mortgage rates and a new federal tax credit of up to $8,000 for some first-time buyers.

Other hard-hit regions are also seeing more multiple offers, mainly on:

• Lower-end homes. In Phoenix, where prices have dropped 50 percent from their 2006 peak, competition has heated up for homes under $150,000, says Realtor Michael Orr, who publishes the Cromford Report on the Phoenix-area market. He recently considered bidding on one house for $70,000. It had received 14 offers, and Orr was told to bid $110,000 to be considered.

• Good values. Holt just handled a closing on a Tarpon Springs home close to schools that was listed at $185,000. It won three bids and sold at $192,000. Three years ago, the home would have sold for $280,000, Holt says. Higher-price homes are also getting more multiple bids. “People who always wanted to live on the water are realizing it is time to buy before prices go up,” Holt says.

Some bidders may think foreclosure bargains are waning, says Mike Lyon, CEO of Lyon Real Estate in Sacramento. That market has 1,600 bank-owned properties for sale, vs. 2,800 a year ago, he says.

He says banks have lured multiple bids by setting below-market prices. Lyon cautions that government steps to curb foreclosures have delayed some.

“People are perceiving that they are running out. But there will be more,” he says.

via More houses get multiple offers.

OK, now lets discuss why NOW is a serious time to AT LEAST Consider buying Orlando Real Estate. Now those who know me, should know that I do not pressure anyone into rushing into a contract to purchase real estate, and I actually stress that I do not like shot gun offers. (This is a term I have coined for on the spot offers that fail to be backed up by thorough research)

In the most recent past, there was a $7500 tax benefit, that was actually a tax free loan that was to be paid back over the next 15 years……. well that is no more, and now you get the “up to” $8000 tax benefit.

Back to my point… Many have heard about the first time buyers program that is available now. Hopefully you have heard it is now worth up to $8000 as a tax benefit above and beyond your  normal or anticipated annual tax benefits. This means if you normally receive $1000 every year as a tax return, then it is quite possible you could receive $9000 or possibly more. (your tax professional should be consulted, and will quite likely agree with me)

How is the benefit determined:

I found it best described by an attorney here: http://Lawyers.com

Refundable First-time Home Buyer Credit.
Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of the purchase of a home (up to $7,500) by first-time home buyers.
The provision applies to homes purchased on or after April 9, 2008 and before July 1, 2009.
Taxpayers receiving this tax credit are currently required to repay any amount received under this provision back to the government over 15 years in equal installments, or, if earlier, when the home is sold.
The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return).
The bill eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three years of purchase. This proposal is estimated to cost $6.638 billion over 10 years.

I hope this clears up some of the confusion out there, and helps express, why for those of you sitting on the sidelines waiting for a good deal… stop waiting around. Give me a call and I will gladly explain why waiting for the bottom will only cause you to miss the boat.

So if you are interested in getting started in the search for a home, let me throw this shameless plug:
I specialize in Orlando Real Estate and foreclosure negotiations meaning if there is a reasonable deal to be made I can assist you.
I welcome you to visit my Avalon Park Real Estate page or my Waterford Lakes Real Estate page. Both of these pages have easy access to search for Avalon Park Foreclosures and Waterford Lakes Foreclosures by a quick click of a button. Yes it can be that easy to get in on the hunt! Also for those people looking for UCF Foreclosures I have created a custom page that searches a 2.5 mile radius around UCF and showed just foreclosures & bank owned homes. You can also find pages like this as well as many other Central Florida Communities Foreclosures and Bank owned homes by visiting my Orlando Foreclosure List.

As always, if you have any questions please give me a call at (407) 282-4525 or you may visit my website for  Orlando Real Estate. Or if you DARE… you may post your questions here for all to see, and I will gladly do what I can to answer them in a timely manner

Waterford Lakes this week saw a break even with the number of homes sold vs. number of homes added to the market. As you will see below, 1 foreclosure in Waterford Lakes was added to the existing listnigs and 1 foreclosure sold. The same is true for non-foreclosures within Waterford Lakes.
There are currently 65 Waterford Lakes homes in foreclosure or that are being sold as short sales which require third party approval. The 65 homes are ouf of the total 168 homes for sale which brings the numbers to 39% of the homes on the market within Waterford need the lender to approve the sales price. Of course, just as with my previous post, there are 14 bank homes for sale in Waterford Lakes are not included within the 65 homes that are in foreclosure.
Below are the most recent statistics for the week ending 11/29/2008:

The Waterford Lakes list of homes that sold during the past week are listed below. You will notice the first three properties were bank owned homes which sold the past week and are noted by the astrik. The last property was actually a home listed in foreclosure which might explain the $42,000 lower sale price compared to the list price.

This report provided by Brady Pevehouse, an agent of Perrone Realty specializing in Orlando Florida Real Estate and Waterford Lakes homes for sale.

This report provided by Brady Pevehouse, a full time agent of Perrone Realty specializing in Orlando Florida Real Estate and Waterford Lakes homes for sale