Has the market rebounded? (Orlando, Clermont: short sale, real estate, rental) - Florida (FL) - Page 2 - City-Data Forum

StreetSmarts · 03-05-2010, 06:08 PM

We actually have signed an offer that was brought to us last weekend, and have sold it for $150k less than what it was in late 2006/early 2007.

JustinsMama · 03-05-2010, 06:50 PM

But you did sell it?

sp2007 · 03-05-2010, 07:47 PM

Quote:

Originally Posted by cfIfan

We are seeing that the aggressively priced bank owned REO and regular sale homes are actually going pending within 7 days. The market has really picked up in the last month or so. Homes which are not selling are the Short sales simply because there are so many uncertainties and also the length of time they are still taking.

Generally speaking, the people saying the market hasnt picked up are the people who can not sell their homes. Now when I say the market has picked up that doesnt mean prices are going up, it means we are seeing alot more sales of those homes which are priced right. If you are trying to sell you home for an amount which is well over what it is worth, it wont sell in this market. That doesnt mean the market isnt moving, all it means is that your home still is not worth what you want or need to sell it for.

I bought my house in 2002, before the bubble got big. I got my house in the $140k range (3/2 new build). At the top of the bubble (maybe 2006) I could have sold it for $275k. When I put it up for sale in 2008, I tried at first $230k. I thought it was too high but my realtor thought it would work. Nada. By spring 2009 I had enough of paying rent in my new state and paying the mortgage so I pulled it off the market and got renters.

Now I am humble enough to realize I wont see any profit/equality in my home for a long time. But to think my house now is only worth $105k (like my new realtors are saying) is just nuts. Whats killing me is several of my neighbors have lost their homes and the Banked owned/REOs are all selling for nothing.

I am not really sure why I am posting this. I guess I just need to vent. But if anyone has words of advice, I am all ears.

StreetSmarts · 03-05-2010, 08:12 PM

Quote:

Originally Posted by JustinsMama

But you did sell it?

I cant be 100% because its a short sale, but it appears to be sold. We had to. Cant find work here in my field, better opportunties in NC, and our house was worth $150k less than what it was in 2006, problems in our area with crime and nasty people, forclosures, squatters, a major drug bust just yesterday in our subdivision, I could go on and on really. Dont like Orlando either, but you knew that already.

StreetSmarts · 03-05-2010, 08:19 PM

Quote:

Originally Posted by sp2007

I bought my house in 2002, before the bubble got big. I got my house in the $140k range (3/2 new build). At the top of the bubble (maybe 2006) I could have sold it for $275k. When I put it up for sale in 2008, I tried at first $230k. I thought it was too high but my realtor thought it would work. Nada. By spring 2009 I had enough of paying rent in my new state and paying the mortgage so I pulled it off the market and got renters.

Now I am humble enough to realize I wont see any profit/equality in my home for a long time. But to think my house now is only worth $105k (like my new realtors are saying) is just nuts. Whats killing me is several of my neighbors have lost their homes and the Banked owned/REOs are all selling for nothing.

I am not really sure why I am posting this. I guess I just need to vent. But if anyone has words of advice, I am all ears.

We're going through it too. If you read my post above, you can see that we are selling our house, a short sale. I live in a newer community in the Avalon/Waterford Lks area. House behind me is bigger than our's, with more upgrades. Built same year. They're short selling it and they have a contract to sell it to another family in the mid $100k's. This is in the Avalon Pk area, so it's not like we live in a bad area. But, it is what it is. These houses in Orlando on zero lot lines in flood zones, packed in like sardines amongst all the concrete, that are small 3/2's - arent worth $300k. Never should have been. The prices that they are now are what they're really worth, in my opinion.

I wish you lots of luck.

Sometimes it's best to just take the hit now because the value may not increase back to what it was for many yrs. And you may not want to spend all teh money and upkeep and time on it if it's never going to pay off for you in the end, as the house may still be worth $105k in 3-5 yrs from now.

sp2007 · 03-05-2010, 08:35 PM

I hear you. But I am not sure I want to risk totally destroying my credit with a short sale. I have renters now and they are good people. I would just like to kinda move on with my life and buy a new home in my state. I would imagine its hard to get a new mortgage when I still own this worthless house back in Orlando.

StreetSmarts · 03-05-2010, 09:20 PM

Quote:

Originally Posted by sp2007

I hear you. But I am not sure I want to risk totally destroying my credit with a short sale. I have renters now and they are good people. I would just like to kinda move on with my life and buy a new home in my state. I would imagine its hard to get a new mortgage when I still own this worthless house back in Orlando.

Yeah, I understand.

stars99 · 03-05-2010, 09:24 PM

Quote:

Originally Posted by sp2007

I hear you. But I am not sure I want to risk totally destroying my credit with a short sale. I have renters now and they are good people. I would just like to kinda move on with my life and buy a new home in my state. I would imagine its hard to get a new mortgage when I still own this worthless house back in Orlando.

At least you can get the deficiency written off in a short sale , instead of having a foreclosure and some bank suing you for the money later. That would be more important to me than the credit issue.

MovedfromFL · 03-06-2010, 08:05 AM

Quote:

Originally Posted by sp2007

I hear you. But I am not sure I want to risk totally destroying my credit with a short sale. I have renters now and they are good people. I would just like to kinda move on with my life and buy a new home in my state. I would imagine its hard to get a new mortgage when I still own this worthless house back in Orlando.

Someone called their house an "albatross" on CD the other day. I think that about sums it up.

I see a lot of houses in Orlando listed for less than they cost when newly built. That's nuts. We paid $118k for our first house in Clermont and I know it's worth a lot less than that now, because the big 2 story homes in that neighborhood are selling for $120 now.

Here we sit in NE Georgia with an albatross. I honestly didn't think the bubble was this bad here. We bought this house for $189 in 2006 and now it looks like we aren't going to be able to sell and move back to FL this year. I feel like crying. We just dropped the price by $10k and there have been ZERO phone calls. Things seem to be getting worse here by the day. Another home sold for $156k down the street that is similar to ours, but without the lake access and double lot. (but bigger home)

At this point, it looks like what I thought was worse case scenerio is suddenly best case scenerio. I wonder if we should just sell now at any price or settle in to "wait it out" and hope things turn around. Do I really want to sit here for 2,3,4 years hoping to make up the $10-20k or should I just give this place away for $155?

I just want to get back to FL before we get priced out of the market there again! All I ask for is a basic home for like $115-140 where we can hunker down for awhile. I thought we would have some money to put down on it from this sale, but that is being flushed down the toilet more each day.

I just keep telling myself that we still have a job (for now), so things could be a lot worse! The school board just told us that we could see a pay cut for next year of $4,000+ and they are holding back telling anyone if they even have jobs for next year, so at this point, I feel like rolling the dice, giving this place away come April 30, and just getting to FL with our bank account flush again. I really just want to get the money out of this house (we put $90k down) so we don't risk losing even more of it. I feel more confident that we could find jobs in FL than here if we were to be laid off here.

These are challenging times for everyone and I just hope this "recovery" is taking hold for real.

beckycat · 03-06-2010, 08:28 AM

Quote:

Originally Posted by ComSense

I cant be 100% because its a short sale, but it appears to be sold. We had to. Cant find work here in my field, better opportunties in NC, and our house was worth $150k less than what it was in 2006, problems in our area with crime and nasty people, forclosures, squatters, a major drug bust just yesterday in our subdivision, I could go on and on really. Dont like Orlando either, but you knew that already.

I'm sorry that you have to deal with that in your area. Luckily, I don't have any problems like that. We only had had 2-3 or foreclosures over the past couple years. We don't really have any crime in my area either, knock on wood. I know we are not invincible either, but nothing major. I'm keeping my fingers crossed that your home is sold. Are you able to sell it for what you owe?

MovedfromFL: You may have to cut your loses and just sell for what you owe, if you can unless you can ride the storm out. I wouldn't want to be unhappy if I had to stay for another 2-4 years. The one good thing is that you all have jobs. Therfore, it's a tough decision.

Good luck to both of you!