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Clearwater Fl Homes for Sale | 5 Home Seller Myths Expose The Emperors New Clothes

February 28th, 2010 Categories: Clearwater Florida, Home Seller Tips

Why Most Clearwater FL Homes for Sale Won’t survive Naked Appraisal

Clearwater Florida - I wanted to take some time out of selling homes and share some crazy things I’m hearing and seeing on the streets. I’ve apologize because I’ve gotten behind on my articles. This is our busiest time since when it’s cold everywhere else, Florida homes and beach condos are even more appealing (I have to agree).  We are seeing things changing so rapidly here and I needed to make sure I took the time to keep you updated on what’s really happening in the Clearwater real estate market. I can promise you fact is currently more interesting than fiction. Today I want to share whats happening with luxury beach homes for sale based on our recent experiences. You may find we offer a unique local perspective because we specialize in serving only buyers in the luxury home market. In fact, the last 60 days alone our team has successfully helped 8 buyers purchase Clearwater FL homes for sale  and what we’re seeing out here may surprise many of you currently in the market to purchase a property in the Clearwater area. Part of our purpose today is also to help educate you as well as local home sellers who we hope will actually hear our message..”If  your home is overpriced it won’t survive the appraisal - so it won’t be sold!!”

Reflecting on some of the crazy things we’ve seen and heard reminded me of the story we all learned as a child of “The Emperor’s New Clothes”.Clearwater FL exposes emperors new clothes  Remember the story by Han’s Christian Anderson (source: Wikipedia), where “An Emperor who cares for nothing but his wardrobe hires two weavers who promise him the finest suit of clothes from a fabric invisible to anyone who is unfit for his position or “just hopelessly stupid”. The Emperor cannot see the cloth himself, but pretends that he can for fear of appearing unfit for his position or stupid; his ministers do the same.” 

I keep running into the same mindset with local sellers and listing agents in different situations who in my opinion seems afraid to deal with the truth. Everyone seems to be pretending their home’s list price is really the home’s value today…whether we’re negotiating Clearwater Beach Condos or Clearwater Homes for sale, the story is the same - listing agents and home sellers who want to deny the real estate market facts and “hope” their home will sell for yesterday’s prices.  While buying a home is an emotional purchase, financing is based on facts not feelings. 

We are also surprised to find some of the best Clearwater FL Realtors we know and their home sellers telling to us all the reason’s why they feel their client’s home is “the finest”, “the exception” and almost acting like we might be “the foolish ones” and that we must not really understand or appreciate “this home’s value” and the market. [Not]  I’ll even ask them what I’m missing? Please show me the data that backs up this price. Well I’ve yet to get any real data to change the facts all I get are “marketing bullets” and “emotions” but like the clothes on the Emperor- We can see right through it the naked facts…their desired asking price won’t stand up to an HVCC Appraisal.     

Sellers seem like Realtors who will tell them what they want to hear - but is that really in their best interest? Their Realtor can even make them feel good temporarily by telling them they see ‘their fine emperor’s new clothes”. Now the seller’s pumped up and the agents get ready to “strut there stuff” with fancy brochures, marketing and explanations why other nearby homes that sold for less in the last 90 days but they don’t believe it will effect their homes value because those were:

I can only guess they are in denial about the facts…because everyone wants to believe their listing agent can sell “the invisible clothes” as well as their home to some gullible unsuspecting home buyer. Here’s the truth, the appraiser is going to use homes that sold within the last 90 days, in the same neighborhood, with the same characteristics and up to about 50% size difference. The more closely they relate the better for example waterfront to waterfront, pool home to pool home, 3 bedroom to 3 bedroom. However with so few sales they will use the best they can find with most recent solds meaning ALOT!  Now that you know the truth what will you do with it?   

Ideally the wishful seller and their agent will have potential buyers call them off the sign in the yard or contact the listing agent directly because then that buyer won’t be represented by a their own Realtor. This can give the home seller’s agents the advantage and opportunity to give them a private showing of these “amazing fine clothes” and sell them on why they just have to have it at or near the asking price.y

The emperor’s new clothes don’t work when dedicated buyer’s agents, like us, enter the picture with qualified serious buyers who are represented and we tell them the truth the whole truth nothing but the truth. When these buyer’s like your home and want to make an offer we find this is where the real trouble begins. The seller’s (often because in my opinion they haven’t heard the truth) feel frustrated and even angry because they really believe “their home is special” and it will definitely appraise for that price even though all the recent comparable homes sold says differently.  Yes, your home is special to you and even to this buyer (that’s why they want to buy it)  but it’s not worth whatever price you may be emotionally attached to and it’s not exempt for today’s HVCC Appraisal process which is based a lot more on science and less art in my recent experiences and I am seeing appraisals that are much more conservative than ever.

It was so refreshing today to read an article by Julia Fishel, a successful Palm Harbor Realtor who wrote an article that was so dead on I wanted to share some of it here…

Julia and her team market homes for home sellers and more importantly…they actually are successful selling those homes [I can only imagine some of the uncomfortable conversations she must have to have with some of their sellers - real professionals don’t pretend to see “invisible clothes” or wish for “unrealistic prices” - they educated their clients and empower them to make the best decisions in any given market].

Today she wrote, “people all the time that are shocked by the news that theirgranite countertops don’t count for squat to a lender’s appraiser.  Pinellas Home Values aren’t what they once were, and that new coat of paint or remodeled bathroom aren’t going to net you a penny more. ” [Amen Julia for speaking the truth no one wanted to say]

She also explains…”Most buyers are financed and they can’t get financing on your overpriced home! (Sorry if that stung)Any buyer using financing to purchase your home is going to need a lender appraisal.  And, by the way, appraisers CAN  use foreclosures and short sales as comparables. Since most homes are financed it’s key to understand appraisal guidelines when pricing your home.  COMPS ARE KING!” [Newsflash to all those with homes for sale… We advise all our buyers, especially those paying cash, to get an appraisal and NOT overpay for a home]

5 Clearwater FL Home Seller Myths Dispelled - The Emperor’s Clothes Exposed

We see and hear a lot of misguided sellers and agents and here are 5 of the Myths (or just plain crazy thinking) we’ve heard in the last 60 days….I can’t hear you about pricing Clearwater FL homes

  1. We know the property won’t appraise and we have a qualified buyer so we explain our concerns that the property won’t appraise only to have the seller’s agent tells us, “I know but we just need some cash buyers to come in and purchase these beach condos at this price (because it used to be worth this) and then all condo prices will rise because they can bring cash to closing and don’t have to worry about appraisals since they are not financing” [Are you kidding me - my buyers WILL NOT buy your emperor’s clothes - that’s part of why we’re in this mess - and smart cash buyers will get an appraisal as well for just this reason]  
  2. Then we’ve been told, “Well our seller has “x” dollars in this home in upgrades (new roof, new windows, etc) and they need “x” dollars to sell” [Hand me the duct tape cause my head’s going to explode - what your seller needs has no bearing on the current market value - do your job and tell them the truth please!]     
  3. Recently we got lots of calls about a property listed in the MLS as “an auction” for $100K knowing all along the Seller owed the bank over $700K [Are you shocked that while 100’s of people showed up to bid the bank didn’t accept any offers (which we predicted to our clients) and there were several offers of over $600K-$700K. This one is a mixed bag - I’m disappointed that other agents are doing what we believe borders on “misleading advertising”. It definitely is a great marketing ploy for them to attract buyers, especially those looking for deals I’d call ”too good to be true”(you as a buyer have to ask yourself if this is that who you want representing you in a major purchase?).  For the record to everyone reading this, we do have deals and prices are back to the pre-market run up days of @2003 but we don’t typically have 2 bedroom beach condos for sale under $300,000 and if they are we find those have some kind of major gotcha like it overlooks parking lot, it’s mold infested, it’s a timeshare/condo-hotel, it’s in a cash only building that can’t be rebuilt after a hurricane, etc. Remember what your mother told you, “If it looks to good to be true, it probably it” - that’s why working with Buyer’s agents, like us, that knows “the real back-story” and are ONLY focused on protecting YOUR interests is a smart decision.] 
  4. We’ve also heard from the seller’s agents just this weekend who want to disregard the short sale and foreclosure homes recently sold in their neighborhood and yet they are no longer exempt from the appraiser’s analysis and with fewer homes selling they often weigh heavily. [Get the facts - they do count and if they are the only sales they will really weight the results - maybe they haven’t sold many of their listings recently because a year or so ago that was true - they tried not to use them however today it’s SOP - standard operating procedure.]
  5. Your upgrades really are sadly worth much much less to an appraiser than you paid for them. Since the listing agents only get the appraisal info when they represent the buyer they may not see the current info we see almost weekly. I can tell you that currently appraiser’s give your upgrades so much less value than you would think. I’ve even seen one’s that made my jaw drop and was recently surprised myself to find an appraiser gave a beach home appraisal (1 car garage vs 2 car only $4,000, and when a home was 50% larger in size he only gave the bigger home $50 sq ft (which is crazy IMHO, a pool with pavers, 3 decks, etc. only got $9,000, a granite upgraded kitchen $5,000, etc. - so before you start thinking you’ll recoup all those improvements, think again like Julia said- appraisers work for the lenders and they are shockingly conservative in today’s market)  [Buyer’s this is all good news for you who can take advantage of the remainder of this buyer’s market]

Home buyers, I hope you’ve seen some of the reason’s why you benefit from having your own representation in this process. We believe you deserve an advocate as well as all the current information available to determine a home’s value right now. We provide extensive analysis and advice to the buyers we work with based on our knowledge and experience so you can make strong offers. This can prevent you from overpaying as well as enabling you to get the home of your dreams that’s priced right as well as not risking losing $1000+ educating the home seller about his home’s value by doing home inspections, appraisals and more only to find out you can’t buy the home cause the bank won’t finance the home and the seller won’t seller for less and is actually stuck in denial.    

I could go on forever with more real life real estate stories and will share more in the coming weeks - knowing that home sellers have an agent representing them - don’t you deserve the same when you plan to buy your home or beach condo?   

Clearwater Fl homes search mls button

So if you’re looking for a Clearwater Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience - helping you find the perfect Clearwater FL homes for sale.

Call us today

We’d like to be YOUR Clearwater Real Estate Team!

Call Cyndee @ 727.710.8035 or Jack @ 727710.8036 

Warmly,
Cyndee and Jack Haydon
Charles Rutenberg Realty

Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764 
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)

Posted by Cyndee Haydon | Currently 1 Comment »

Clearwater Real Estate - Help I Need to Sell my Clearwater Home and I Owe More than it’s Worth

November 28th, 2008 Categories: Clearwater Florida, Home Seller Tips, Real Estate News

I want to sell my Clearwater home but I’m Upside down on my Mortgage - now what?

Clearwater Florida -The first thing Clearwater home sellers need to know in this real estate market is “What’s my home worth right now?”. Our experience shows it all depends on where YOU live. Please ask for a FREE Comparable Market Analysis Report on your home so you can see what homes are actually selling for now in your neighborhood! No obligation, of course.Help I owe more on my Clearwater Home that its worth

Unfortunately, Clearwater home sellers today are finding that Tampa Bay homes are currently selling for what they were back in 2004. If you bought your property in the last 5 years or utilized your home’s equity you may owe more on your home than it will appraise for which means selling for what you owe in today’s market almost impossible.

So what do you do when you need to sell your home and find yourself saying:

If you find yourself in any of these situations we recommend that you find out all your options and please don’t be like 90% of home owners in pre-foreclosure who do not ask for help to negotiate a Short Sale with their bank(s), and to sell their home before the bank forecloses. This is not a time to just “hope things will get better” or bury your head in the sand or worse yet, operate from misinformation.

What is a Short Sale and How can it Help?

Basically, a Short Sale occurs when your home is worth less than the loans owed on the house (first and sometimes a second mortgage), and the bank(s) agree to let you sell your home BEFORE the bank forecloses and takes your property.

A short sale is where we negotiate with your bank and they agree to accept less than the actual amount you owe as payment in full, allowing you and the banks to avoid costly foreclosures. Realize you do NOT always have to be behind in mortgage payments to do a short sale. When the home sells the bank pays us a commission on your behalf for our services. You, as the home seller don’t pay us anything! A Short Sale proves to be a “win-win” solution for everyone involved.

Realize that the Short Sale is just one option the bank may choose when dealing with the situation. I repeat, the bank may choose - Yes, it is the bank’s choice and not yours! I won’t cover all of these options, but if you decide to have us sell your Clearwater property, we will work with you and your bank in an effort to get a short sale approved.

Clearwater Home Seller asks Can’t I just give the Keys Back to the Bank?

We understand the stress you’re feeling and the pressure these financial burdens are causing on you and your family, recently we helped a Tampa Bay family who felt the same way and they needed to sell their home quickly. They asked us for a no obligation CMA and they found out they owed at least $50,000 more on their home than their property would sell for today. Imagine their disappointment.

Frustrated and feeling at their wits end they’d never been in a situation like this before - they hadn’t missed any payments but they felt like it was just going to be a matter of time. They actually said they were ready to give up and just “give the house back to the bank” - this is one of the biggest myths out there. Please let us explain to you why this is a HUGE mistake! Thankfully this family agreed to take the time to meet with us so we could learn about personal situation and we were able to give them our advice based on our experience and their specific needs and help them determine their best options based on their goals.

The good news is that they decided to pursue a short sale and found we were able to successfully negotiate with their bank and help them quickly sell their home, getting rid of this heavy financial burden (which was staining their marriage). Now they are able to move forward to a new job in another state while having the whole short sale process go smoothly and stress-free.

Their bank even agreed to forgive the shortfall (deficiency) and paid all fees associated with our services giving them a fresh start. If you discover your best option is to sell your home and you owe more than your home is worth we recommend you choose Clearwater Realtors like us, that specialize in short sales and have the skills to help you remove this heavy financial burden from you and your family now.

Please know you’re not alone, a lot of Clearwater home owners are having financial problems today and these are just a few of the most common problems we hear about from friends, family and neighbors like you who call us to help them sell their home. We find many of these people have read or heard about a short sale and do not understand what this means, how a short sale occurs, and the ramifications.

It’s worth mentioning that we are not attorneys or accountants, and we highly recommend you talk to both an attorney and an accountant to receive their professional advice on how to proceed as one of the very first step you take.

Do You Need Sell Your Clearwater Home Now?

Again - if bears repeating - Please don’t be like 90% of home owners in pre-foreclosure who do not ask for help to negotiate a Short Sale with their bank(s), and to sell their home before the bank forecloses.

Call us now and let us know what you need help with today! - 727-710-8036.

Clearwater Short Sale help is here for home sellersCall us to schedule a FREE private consultation to fully understand your options (no pressure no hassles - guaranteed). Many home sellers are now understanding that a short sale is the option they’ve been looking for.
We have built our Tampa Bay real estate business from the beginning on helping home buyers and home sellers in our community like you.

Our personal mission is to be part of the solution - using our negotiating skills along with our short sale and marketing expertise to successfully sell your home and negotiate a short sale for you if needed.

We have the specific knowledge and skills needed to acheive your goals in this Clearwater real estate market. We will aggressively market your home to get a fast sale, and work very hard to get rid of your headaches and help make the deal go as smoothly as possible.

We have helped many home owners sell their Clearwater homes, quickly and painlessly even in this difficult real estate market. One of our clients who’s bought and sold lots of homes in Pinellas County even dubbed us the “painless Realtors”.

Clearwater Beach Real Estate Agents get Florida Seller’s Kudos

In fact, like the seller above says, we may already have a buyer for your property too because we understand that over 84% of home buyers today are finding their next house on the internet which is why when you use our Wise Home Selling Plan we make sure they are seeing your home first.

Looking to Buy a Clearwater Home?

If you want to buy a house in the Clearwater Florida area- we’ve made it fast and easy for you to search all the Clearwater homes for sale . Search just like a Clearwater Realtors and see all the properties being sold by all Clearwater Real Estate agents.

Enjoy our fully customizable search of complete Clearwater MLS (multiple listing service) of single family homes, condos, villas and townhomes. We also specialize in helping you buy Clearwater real estate.

Whether you are buying or selling a home in Clearwater / St Petersburg / Tampa Bay -

We are here to help you - Give us a Call today! - 727-710-8036.

Posted by Jack Haydon | Currently 4 Comments »

Pinellas Real Estate Home Owners - Will Negative Home Equity Fixed With New Plan?

October 8th, 2008 Categories: Community News, Home Seller Tips

Pinellas County Florida - Well if you were like me sitting in my house in Clearwater watching the Presidential debates last night you were probably surprised (ok I thought I would fall out of my seat) to hear John McCain drop a bomb…a substantial new program for homeowners. 

Rolling the Dice on Mortgage Solutions I was sitting there wondering:

I heard New’s pundits say the plan would cost $300 Billion dollars (Does anyone else remember when that was considered A LOT like of money?

 Is anyone else getting numb and having a hard time keeping up with all the blank checks being written…$700 Billion here, oh I mean $850 Billion after pork…now $300 Billion more ).

Part of me thought, “I’ve gotta get a money printing machine like the Government has - if only our personal budgets worked that way”.  

Now I’d definitely love to see our Pinellas Real Estate home prices stabilize, however, I seriously worry about the “unintended consequences” when the government start “managing our real estate market“.

This plan is targeted at home sellers facing foreclosure and those who own homes that are now worth less than they owe, hence the negative equity position. If you’re not sure what your neighborhood values are doing - Get today’s Pinellas Real Estate Market Report  , a FREE service that gives you real time results based on the Pinellas Suncoast MLS today and see graphs and info for YOUR actually Pinellas County neighborhood.         

John McCain’s proposal for Home Sellers Facing Foreclosure

McCain’s says the plan’s goal is to keep families in their homes, avoid foreclosures, save failing neighborhoods, stabilize the housing market and attack the roots of our financial crisis.  (We’d all like to see the housing market stablized) 

Who benefits from new Home Mortgage Plan?

America’s families are bearing a heavy burden from falling housing prices, mortgage delinquencies, foreclosures, and a weak economy. (The assumption is because the had the wrong mortgage) 

How will the Home Mortgage Plan work?

Who qualifies for American Home Ownership Resurgence Plan?

The McCain resurgence plan would be available to mortgage holders that:

What kind of new mortgage would home owners get?

What will this Home Owner Mortgage Plan Cost Taxpayers? 

Their believe is that this plan could be implemented quickly as a result of the authorities provided in the stabilization bill, the recent housing bill, and the U.S. government’s conservatorship of Fannie Mae and Freddie Mac.  It may be necessary for Congress to raise the overall borrowing limit of FHA loans. 

So I’m curious - do you think this plan is a good thing or a bad thing?  

If you are someone thinking of buying or selling a property in Pinellas County - give us a call at (727) 710-8036 to get the facts on what’s happening in today’s real estate market.  

Cyndee & Jack Haydon, REALTORS specializing in Pinellas Real Estate waterfront and luxury homes.    

Posted by Cyndee Haydon | Currently 6 Comments »

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