RENTERS TAKE HEED!!!!

If you find yourself looking for a rental home to occupy, you will need to protect yourself. The mortgage fallout and Real Estate downturn has left many homeowners scratching to make their monthly payments, especially if the property was for investment. Some owners, unable to sell, have needed to move on and put the home up for rent.

The latest trend is for owners to advertise the home for rent, pocket the rental monies & security deposits, and let the property sink into foreclosure (if it's not already!). The newly moved-in tenant is now left with no security deposit and a Sheriff (in some cases) moving their possessions to the street.

So how can renters protect themselves? Here are a few ways:

• Request to see the last 12 Mortgage statements for the property you are moving in to. It's not a failsafe, but if they are current up until you move in, there's a great chance it will be kept current with the assistance of your rental monies.
• Check for a current foreclosure action with the county the home is located in. In Pinellas County, FL, all civil litigation concerning mortgage foreclosures can be found online. If foreclosure paperwork has been filed, the owner has some "splainin' to do!"
• Check the condition of the property - excessive cobwebs, green pool, overgrown lawn are all indicative of an abandoned property and/or an owner's unwillingness to maintain the property.
• If you are in a neighborhood or complex with deed restrictions and fees, check with the office to see if the owner is current with their dues. Believe it or not, HOA's will foreclose before a bank does and kick the owners out!

A little due diligence goes a long way to secure a successful tenancy.

MLS MONTHLY REPORT MAY ‘08

WE ARE BELOW 40,000 UNITS FOR SALE (TAMPA BAY AREA) FOR ONLY THE 2ND TIME SINCE FEBRUARY 2007! It’s certainly not a trend, but it’s a move in the right direction

I have added a new data line – “Sale Price vs Original Sold Price”. I touched on this stat last month and feel that it will really help my clients as they receive/review/decide offers on their properties. The average of sale prices are appr 85% of the original list price – simply put, sellers in the Tampa Bay area are pricing anywhere between 10% - 15% HIGHER than what the market is bearing.

There was a slight uptick in total sales in May, which was expected based on the uptick in Pending Sales in April. Sales of SFH on the N. Beaches DOUBLED from 6 to 12 sales in May, which cut the “Inventory in Months” from 45 to 22 months of inventory.

TAMPA BAY AREA (tri-county) Homes Condos Total Units

Total Units Available: 27,445 12,212 39,657

Total Units Pending: 2,544 678 3,222

Total Units Sold: 1,895 561 2,456

Absorption rate: 6.9% 4.59% 6.19%

Avg Days on Market 99 days 111 days 101 days

Months of Inventory 14.5 mons 21.8 mons 16.1 mons

Sold vs List Price % 92% 92% 92%

Sold vs Original List Price % 84% 85% 85%


PINELLAS COUNTY Homes Condos Total Units

Total Units Available: 9,291 7,199 16,490

Total Units Pending: 805 358 1,163

Total Units Sold: 634 321 955

Absorption rate: 6.82% 4.46% 5.79%

Avg Days on Market 85 days 110 days 93 days

Months of Inventory 14.7 mons 22.4 mons 17.3 mons

Sold vs List Price % 89% 92% 90%

Sold vs Original List Price % 84% 84% 84%


N. BEACHES (476-478, 374, 375) Homes Condos Total Units

Total Units Available: 264 963 1,227

Total Units Pending: 10 56 66

Total Units Sold: 12 38 50

Absorption rate: 4.54% 3.95% 4.07%

Avg Days on Market 88 days 145 days 132 days

Months of Inventory 22.0 mons 25.3 mons 24.5 mons

Sold vs List Price % 90% 90% 90%

Sold vs Original List Price % 89% 83% 85%

DID YOU KNOW...

- that, as of May '08, there are 20,000+ active foreclosures in the Tampa Bay area?

- that, due to incredible volume, there are untold numbers of preoperties that are in default but have NOT yet had foreclosure papers filed with the bank?...that may double the number of foreclosures to 40,000 in our area.

- that you can sell your home EVEN if you owe more than it is worth with NO penalty NOR monies required from you at closing?

- that you do NOT have to be in default to ask your lender for cooperation in completing a short sale?

- that a short sale costs you NOTHING, alleviates burdensome debt, and may save your credit?

- that the Mortgage Debt Relief Act of 2007 allows personal residences to be exempt from the IRS requirement that any unpaid debt be reported as income?

- that the same act may also apply to INVESTMENT properties?

If you need to sell your home and you owe more than it's worth, please contact me today. A short sale will save you money, frustration, and despair! Successful short sales are happeing at a record pace, even as you read this - don't you deserve it??? Call or email me to discuss your situation IN FULL CONFIDENTIALITY.