Real Estate Information

Lately it seems as though, Fannie Mae, through their infinate wisdom, is just going to do whatever the heck they want to do.  They are quickly becoming more of a homeowner and real estate sales company instead of a mortgage "investor".  No one at Fannie Mae really seems to be able to grasp the concept of real estate or the concept of what it takes to sell real estate.  Sad to say but I would really rather work a short sale on the listing side than I would a Fannie Mae REO property.

I have a few Fannie Mae listings and for the most part, it is truly a waste of time.  The properties were on the market with Fannie Mae direct and DID NOT SELL, they go to auction and DID NOT SELL.  The listing comes to me through a 3rd party asset manager and I then do a property check, rekey, BPO, preservation and market the property.  Problem is that when I get the property, I do a BPO and recommend a price to sell the property, afterall I am local and Fannie Mae is NOT and does not know anything about the property.  On every single property, when the listing agreement is sent, the price is exactly the same price of the property when it was listed before and DID NOT SELL.  What in the world makes them think it would sell at that price now?  Obviously they do not understand that the market in Florida is still in a state of decline so each month that goes by, the property loses more value.  I guess they don't know the definition of insanity!

It gets more STUPID..... The offer comes in on the property and standard protocol is for Fannie to counter offer EVERY offer, even if it the offer is more than the BPO value.  Each time it takes them days or sometimes a week just to respond to an offer, even though it is all done online.  Wait, it gets even more stupid... we get an accepted offer and move towards closing and buyers get an inspection.......................

TERMITES!  Yikes, LIVE TERMITES in the property.  Of course there is not a lender out there that will finance a home with LIVE TERMITES.  Buyer asks to have termites treated and killed, two estimates, lowest one was $400.00, yes $400.00.  Well guess what?  Fannie Mae won't treat the termites and buyer walks away!  Over $400.00 on a $75,000 property.   After buyer walks, Fannie still won't KILL THE TERMITES so the house is sitting there being eaten up by termites.  The asset manager had the nerve to insinuate that it was my fault the termites were there because she has thousands of properties and mine is the only one with termite issues.  Seriously?

Fast forward to another home.  We are ready to close and the property FAILS a 4 pt inspection due to the roof.  Again, buyers can not get insurance which means they can NOT finance the property.   Buyer asks Fannie Mae to repair/replace the roof and buyer will ADD IT TO THE PRICE OF THE HOME!  Guess what, Fannie says we can put a tarp on the roof and lets the deal fall apart.  Did I mention that the buyer offered to rasie their offer price if Fannie would get take care of the roof issues so the roof would pass an inspection? 

Ok, on to probably the worst part of all, OUT OF TOWN TITLE COMPANIES are the worst thing to happen to real estate.  It takes weeks for get anyone from the title companies to call or email us back, they RARELY ever close on time and quite honestly their customer service is pathetic. 

Sorry for the rant but I am quite sick of Fannie Mae and their policies.  Fannie Mae people, if you are reading this, stop pretending that you know anything about real estate and start relying in LOCAL agents and LOCAL title companies to each area to sell your properties.  Stop the stupidity and get rid of your inventory. STOP wasting taxpayer money!

FANNIE MAE if you read this, I challenge you to call me at 850-890-0132.  I highly doubt that anyone will, afterall it is too easy to keep up the insanity. 

Unless you have been living under a rock or have not been reading the newspaper or watching the news, you have heard of a short sale, particularly a real estate related short sale.  In Panama City, Florida, nearly over 1/2 of the market is either a short sale or Foreclosure.

What is a short sale?  A short sale occurs when a property owner sells their property for less than the amount owed on the property.  The funds from the sale are not enough to cover the amount that is owed.  In Panama City this is all too common since market values have dropped nearly 40% on single family homes since mid 2006.   Homeowners who either purchased or refinanced 100% or more at or near the peak of the market are most likely in a short sale situation when they decide to sell.

What happens in a short sale?   When the amount owed is less than the NET amount from the sale, there are a few options.  The seller can write a check for the difference, in Panama City, this happens occasionally.  The next option is to submit a short sale package to the lender(s) asking the lender to release the lien so that the property can be sold.

Will the lender ask me to make up the difference?   Maybe.  Each situation is different and each lender is different.  The majority of the time on the short sales that The Payne Group works in Panama City, the lender releases the lien and releases the seller from deficiency. Other times the seller may be asked to contribute to the loss in the form of cash or a promissory note and occasionally the lender will release the lien and expect the balance to be paid off.  Again, each situation is different, owner occupied properties are often treated much differently than investment properties.  In the end, most sellers will recieve a 1099 for the difference which could be a taxable event.  Consult an attorney and CPA for each individual case.

How is my credit affected?  Depends on many factors... it depends on how the lender reports the short sale to the credit bureau and really depends on how many payments that you have missed.

How do I get started with a short sale?  Call The Payne Group at 850-890-0132 or visit www.ShortSalesinPanamaCity.com 

Ready to start your Real Estate search in Panama City, FL?   The Payne Group has a comprehensive website for buyers to search for their next home, whether it be in Panama City, Panama City Beach, Lynn Haven or the surrounding areas of Bay County.   Our Real Estate search is easy to use, easy to naviagate and most of all you can search all listings all the time in Panama City and the surrounding areas.

Ready to get started with your real estate search, go to www.KnowPayneKnowGain.com and click on search all local listings.

Yes, you read it right, you can take a ride in a historic B52 Bomber during the Tyndall Air Force Base Air Show.

What is happening in 2011 in the Panama City Real Estate Market?  So far in 2011, there have been 464 NEW LISTINGS input into the Panama City MLS for residential listings.  In the same period of time, there have been 423 PENDING SALES input into the Panama City MLS for residential listings.  There have been 196 total sales recorded in the Panama City MLS system.

What does this mean?  

The number of new listings is still higher than the number of pending listings which means that the market has not turned but may be starting to level out.  Real Estate is a local issue and locally the market is outselling the 2010 market based on overall sales numbers.  Once the number of pending sales outpaces the number of new listings, the inventory numbers will begin to decrease and the Real Estate Market will be shifting towards and neutral or sellers market.  2011 will be the test for the Panama City Real Estate Market.

The number of sales are up over 20% from last year at this time and is fueled by lower prices as well as demand increasing.  Buyers are telling us that they are tired of waiting to "see what will happen" and believe this is the time to buy.

There are currently 3018 active listings in Panama City, Florida.  With approximately 80 sales occurring each month so far, there is enough inventory to last 38 months.  With the number of new listings adding 40 more properties over the pending properties, that adds 1/2 month worth of inventory each month.

If you would like to discuss your Panama City Real Etate options, please contact The Payne Group at 850-890-0132

Looking for a place to eat in Panama City, FL?  The Payne Group recommends Smitty's Barbeque and Salad Bar

Smitty's honors the nations military with a fighter jet motive and memorabilia from the hundreds of fighter squadrons that have dined at Smitty's over the years.  Scale replicas of planes hang from the ceiling and signed photos and stickers from numerous squadrons hang on the wall. 

The menu is affordable and the food is great!  The ribs are smoked perfectly and fall off the bone, the brisket is tender and juicy with that perfect smoke ring and the wings are AWESOME!

The next time you have a hankering for BBQ, come to Smitty's at 651 W Highway 231, Panama City, FL, just south of the Panama City Mall.  Bring your appetite for one of the many all you can eat specials and tasty salad bar.

Tell them your local realtors, The Payne Group sent you!

The Bay Point Outdoor Expo and In-Water Boat Show runs from 10 a.m. to 5 p.m. daily through Sunday at the Bay Point Marina, 3824 Hatteras Lane, Panama City Beach. Admission is free and open to families and the avid outdoorsman. For more information, visit www.baypointexpo.com

The spring season is heating up in Panama City Beach.  Come to the 4th annual Bay Point Outdoor expo. The weather is gorgeous and the fun times are here.

Please check out the article from the Panama City News Herald

Stay tuned for more "things to do around Panama City Beach" from your trusted team of realtors The Payne Group at Keller Williams Success Realty in Panama City, Florida

Looking for something fun and exciting to do around Panama City or the Panhandle?  The American Legion Riders has the thing for you.   Polish up that chrome, slip on your leathers and take a ride up to Dothan for a fun time for all.

Bike, car, walk, run.... just get to the Dothan Elks Lodge on March 19.  Dothan Alabama is just a short ride about 70 miles north of Panama City, Florida. 

Need a contractor for that spring home improvement project in Panama City, FL?  The Payne Group recommends McDuff Services for all of your home improvement needs.   Donne and Debbie McDuff are professional, courteous, affordable and most of all they are knowledgable in all aspects of home improvement.

The Payne Group has hired them to repair our short sales and foreclosures in Panama City and Panama City Beach and they have worked on my personal residence.

Call McDuff Services today for your home improvement needs!  Tell them The Payne Group sent you!

McDuff Services 850-258-3254

www.KnowPayneKnowGain.com for all of your Panama City Real Estate Needs!