2305 Edgewater Dr #1313. 2 Bedroom / 2 Bath w/ 1,209 sq. ft. Listed for $170,000. Sold for $172,000

1820 Harrison Ave. 3 Bedroom / 2 Bath w/ 1,999 sq. ft. Listed for $315,000. Sold for $297,500

1146 Edgewater Ct. 3 Bedroom / 1 Bath w/ 1,100 sq. ft. Listed for $149,000. Sold for $134,000

386 Lakeview St. 2 Bedroom / 2.5 Bath w/ 1,673 sq. ft. Listed and Sold for $157,900

611 W Smith St. 3 Bedroom / 2 Bath w/ 1,501 sq. ft. Listed for $189,000. Sold for $180,000

820 W Harvard St. 3 Bedroom / 2 Bath w/ 1,164 sq. ft. Listed for $189,000. Sold for $179,000

815 W Yale St. 2 Bedroom / 1 Bath w/ 1,006 sq. ft. Listed for $210,000. Sold for $152,500

3000 Helen Ave. 2 Bedroom / 2.5 Bath w/ 1,424 sq. ft. Listed for $269,000. Sold for $252,000

1031 W Harvard St. 4 Bedroom / 3 Bath w/ 2,074 sq. ft. Listed for $275,000. Sold for $254,000

1135 Yates St. 3 Bedroom / 2.5 Bath w/ 1,669 sq. ft. Listed for $279,000. Sold for $276,000

927 W Harvard St. 4 Bedroom / 4 Bath w/ 2,366 sq. ft. Listed for $320,000. Sold for $300,000

1055 Edgewater Dr #B-1. 2 Bedroom / 2.5 Bath w/ 2,426 sq. ft. Listed for $359,000. Sold for $327,000

1338 Cumbie Ave. 4 Bedroom / 3.5 Bath w/ 3,631 sq. ft. Listed and Sold for $379,000

3709 Neptune Dr. 4 Bedroom / 3.5 Bath w/ 2,770 sq. ft. Listed for $389,000. Sold for $350,000

1240 Golfview St. 3 Bedroom / 2.5 Bath w/ 2,526 sq. ft. Listed for $449,000. Sold for $380,000

1223 W Yated St. 4 Bedroom / 3 Full Baths / 2 Half Baths w/ 3,100 sq. ft. Listed for $549,000. Sold for $529,000

918 Alameda St. 3 Bedroom / 3.5 Bath w/ 2,596 sq. ft. Listed for $550,000. Sold for $500,000

716 Alba Dr. 4 Bedroom / 3.5 Bath w/ 3,269 sq. ft. Listed for $579,900. Sold for $532,500

808 W New Hampshire St. 4 Bedroom / 3 Full Baths / 2 Half Baths w/ 3,408 sq. ft. Listed for $589,900. Sold for $545,000

1200 Country Club Dr. 4 Bedroom / 3 Full Baths / 2 Half Baths w/ 3,790 sq. ft. Listed for $699,000. Sold for $625,000

Downtown

2804 E Anderson St. 2 Bedroom / 1 Bath w/ 1,235 sq. ft. Listed for $94,900 Sold for $89,000

155 S Court Ave #1613. 1 Bedroom / 1 Bath w/ 772 sq. ft. Listed and Sold for $112,000

100 S Eola Dr #1011. 2 Bedroom / 2.5 Bath w/ 2,100 sq. ft. Listed for $339,000. Sold for $290,000

530 E Central Blvd #401. 1 Bedroom / 1 Bath w/ 971 sq. ft. Listed for 128,5000. Sold for $92,000

One of a kind Coral Gables style home in the Delaney Park neighborhood overlooking Lake Davis. Gracious architectural features,unique windows, high ceilings. Large dining room, temperature controlled wine room.22 X 12 workshop plus oversized 2 car garage. Guest house with bath is the 5th bedroom dimension in the listing. Circular front driveway, plenty of parking for guests. Corner lot, garage entry is off of Gore. 3 fireplaces, 2 of them gas. Sun room, family room and office downstairs. All bedrooms are up. The master suite offers a large bedroom plus a private 16X15 sitting room/office overlooking the lake plus a bonus room perfect for a nursery or workout room. Huge walk-in master closet (16X12). The remodeled kitchen is open to a breakfast room that looks out to the pool area. Pool barrier  is installed. Fantastic Boone/Blankner School district. This house truely has it all, a must see for the most discriminating buyer.

906 Versailles Cir, Maitland, $375,000

Beautifully updated 4 bedroom, 2 bath triple split home. Newer roof, A/C unit, hot water heater and updated baths. Recently redone eat-in kitchen. Large covered screened in porch with lush manicured yard.

2007 Ivanhoe Rd, College Park, $299,900

Great family home with just refinished oak floors and fresh paint. Split bedroom plan with large family room with brick fireplace. Good size master with newly tiled master shower. Master & family room open to screened pool  area with nice large pool. Home is deceiving from the front, must come inside! Still have room in the backyard for a swingset, etc. This home is on a great street in College Park within a block of Lake Ivanhoe and just a few blocks from Publix and all College Park restaurants and shopping. Also a few blocks from Ivanhoe Village shops and restaurants, and the Science Center and Loch Haven Park. Minutes from downtown and everywhere else via I-4. Experience the convenience of living right in the city but the small town atmosphere of College Park. You will love it here!

By Anjali Fluker

October 4, 2010

Dusty Sutton is tired of the long wait associated with short sales.

Sutton, broker/owner of residential brokerage Sutton & Sutton Realty, Inc. in College Park, said short sales — when a bank agrees to accept a sales price on a home lower than what the borrower owes on the mortgage — have become almost the norm in today’s distressed real estate market.

Distressed sales — which include short sales and the sale of foreclosed homes — accounted for about 55 percent of Sutton & Sutton Realty’s deals so far this year, up from 30 percent in 2009.

The problem: Many potential buyers ultimately walk away from short-sale deals after the purchase offer gets no response from the mortgage holder for two or three months.

But a new federal bill introduced in Congress last month seeks to end that seemingly endless waiting period associated with short sales.

HR 613, also know as the Prompt Decision for Qualification of Short Sale Act of 2010, would hold banks, lenders and special servicers to a 45-day limit on responding to offers on short sales. And if the buyers don’t get a response on their offer within that allotted time, that will mean an automatic approval on the sale, according to the bill text.

It could have a big imact on the local market.

Metro Orlando had 551 short sales in August alone, which made up nearly 23 percent of the area’s 2,429 existing home sales, said Orlando Regional Realtor Association. Those short sale homes sold for a median price of $100,000 in August, down from $116,000 a month earlier, the association said.

“Making this law is huge” said Travis John, a short-sale specialist with Re/Max Gold Partners in Apopka. John said most programs introduced to help homeowners so far aren’t laws, so private lending institutions don’t have to participate – and most don’t. “If it’s an act, people will take it seriously.”

It also would help raise buyer confidence that home sales would close in a timely manner, helping Realtors earn commissions on the many deals they spend a lot of time, money and effort on.

But it may make the process more challenging for the lenders, who already heave a complicated process to follow. Generally, the paper-intensive review process begins when an offer is recieved. It involves collecting documentation of the borrower’s financial hardship and getting up-to-date appraisals on the property. That financial information has to come from the seller or agent, and then is reviewed by the servicer and investor. That’s not an easy task, said Bank of America Corp. spokesman Rick Simon.

Plus, if ther are third parties involved in the transaction - a lienholder, mortgage insurer or investors like Fannie Mae, Freddie Mac, the Federal Housing Administration or private securities – all those parties must be involved, said Tom Goyda, spokesman for Wells Fargo & Co. (NYSE: WFC). “Every layer you add adds additional complexity and time to the transaction.”

Simon said short-sale offers nationally have doubled each year since 2007 for Bank of America, which since January 2009 has added 2,200 associates to the short-sale area -a nearly a four fold increase.

Meanwhile, the short-sale property also must be appraised within 60 days, which can further lenghten the process if the short-sale isn’t approved in that time and more appraisals must be done.

Debbie Barrett, president of Orlando based Barrett & Associates Appraisal Group, said if the property appraisal comes in less that what the buyer contracts for on a short sale, financing can fall through.

Though a short-sale closing in a neighborhood is devistating to property values, it’s something the real estate market will continue to see, Sutton said. The sooner that inventory is moved, the better, “but it will be a slow movement.”

afluker@bizjournals.com

3312 Eagle Blvd

College Park

1925 Spanish Revival, fully restored with 2010 amenities. Gas fireplace. Dining room w/ wet bar & butlers pantry. Updated kitchen. Screened-in porch & summer kitchen. Two bedrooms w/ attchd baths, master bedroom has rooftop balcony and walk-in closet.

Just Reduced to $315,900

3416 Neptune Dr

4 Bedroom, 3 bath, 2630 sq.ft. pool home in lovely neighborhood. Split bedroom plan, large living spaces for entertaining and in meticulous condition! $274,900

3416 Neptune Dr, Orlando, FL 32804

4 bedroom / 3 bath  with 2,630 square foot pool home in a lovely neighborhood. Split bedroom plan, large living spaces for entertaining and in meticulous condition. $274,900

 Maitland

2020 Derbyshire Rd, Maitland, FL 32751

Move in Ready! Update home in desirable English Estates. 4/2 w/ everything your family is looking for. Updates: Roof, appliances, HVAC system, windows, interior doors & bathrooms. Fireplace, bonus room, large fenced yard & patio area. $245,000 

4422 Fairway Ln. 2 Bedroom / 1 Bath w/ 864 sq. ft. Sold for $69,900

2809 Elizabeth Ave. 3 Bedroom / 2 Bath w/ 1,206 sq. ft. Sold for $249,999

3226 Helen Ave. 2 Bedroom / 1 Bath w/ 909 sq. ft. Sold for $160,000

4328 Edgewater Dr #102. 1 Bedroom / 1 Bath w/ 628 sq. ft. Sold for $17,701

712 Langston Ct. 2 Bedroom / 1 Bath w/ 1,190 sq. ft. Sold for $147,000

2108 Forest Club Dr. 4 Bedroom / 2.5 Bath w/ 3,200 sq. ft. Sold for $460,000

Want to see a zip code not listed above, just send us an email with what you are looking for.

1258 Spring Lake Dr. 6 Bedroom / 6.5 Bath w/ 6,227 sq. ft. Sold for $1,300,000

2317 Ann Arbor Ave. 4 Bedroom / 3 Bath w/ 3,253 sq. ft. Sold for $325,000

929 Ashington Pl #1. 2 Bedroom / 2 Bath w/ 1,770 sq. ft. Sold for $216,000

710 Springdale Rd. 3 Bedroom / 2 Bath w/ 2,390 sq. ft. Sold for $175,000

1422 Maury Rd. 3 Bedroom / 2 Bath w/ 1,769 sq. ft. Sold for $168,000

920 W New Hampshire St. 4 Bedroom / 3 Bath w/ 2,669 sq. ft. Sold for $157,900

1225 Gunnison Ave. 3 Bedroom / 2 Bath w/ 1,671 sq. ft. Sold for $320,000

23 E Vanderbilt St. 3 Bedroom / 2 Bath w/ 1,577 sq. ft. Sold for $287,500

1005 Naples Dr. 2 Bedroom / 1 Bath w/ 712 sq. ft. Sold for $40,000

Want to see a zip code not listed above, just send us an email with what you are looking for.

755 Clifford Dr. 3 Bedroom / 2 Bath w/ 1,616 sq. ft. Sold for $155,000 

3449 Pinetree Rd. 2 Bedroom / 2 Bath w/ 1,508 sq. ft. Sold for $140,000

1107 Poinsettia Ave #D. 2 Bedroom / 2 Bath w/ 1,657 sq. ft. Sold for $325,000

1025 Atkins Pl. 3 Bedroom / 2.5 Bath w/ 1,805 sq. ft. Sold for $284,900

2304 Princeton St. 2 Bedroom / 1 Bath w/ 953 sq. ft. Sold for $200,000

1107 Seville Pl. 3 Bedroom / 2.5 Bath w/ 2,070 sq. ft. Sold for $310,000

3472 Fairway Ln. 2 Bedroom / 1 Bath w/ 1,062 sq. ft. Sold for $151,000

Want to see a zip code not listed above, just send us an email with what you are looking for.