Destination Central Florida

BOA short sale update….how they work

2009-10-05T13:53:00.001-04:00

I submitted 2 files at the same time. One file is being placed with a phase 2 negotiator already, but the other file has had several issues. They closed out the file for no reason other than to tell me the offer price was too low. When I asked how they came to that conclusion (because I know a BPO was not completed) they quickly informed me they would re-open the file.

Here is a quick update on the phases:
Upload the documents to BOA – always CALL first and confirm where to fax. As the number does change from week to week.
Phase 1 negotiator – could take up to 15 days to assign, once assigned the phase 1 negotiator will review and make sure all the necessary documents are with the file and order the appraisal/BPO.
Phase 2 negotiator – once the phase 1 negotiator sends to phase 2 (takes 3-5 days to assign) then they review the numbers on the HUD and decide what they will or will not pay.
Then once phase 2 is completed it will go for investor review and PMI review (if applicable)

How they work? This is still TBD. But I will say the process seems to have improved over the last several months.

Financing for condominiums….the challenges

2009-09-30T21:33:00.001-04:00

Many of my customers are experiencing problems with obtaining financing for condominiums. So I wanted to share some information from the lenders I work with.

You can check for approved condominiums on two websites:
https://www.efanniemae.com/sf/refmaterials/approvedprojects/
https://entp.hud.gov/idapp/html/condlook.cfm

My loan officer at Chase: Unless the condo is Fannie Mae approved & the investor ratio is less than 25%, they cannot finance. Cash or seller backed financing may be the only way to go for them.

From my contact at BOA, the following information is straight from their policy and procedures manual. It is very specific as to what qualifies and what doesn't.

For attached non-owner occupied subject properties only, at least 51% of the total units in the project must have either been sold or must be under contract to be sold to owner-occupied primary residences or second home purchasers.

· All units, common areas and facilities in the project are 100% completed, and the project is not subject to additional phasing or annexation.

· Unit purchasers have control of the HOA.

· The HOA operating budget must be reviewed to determine that it is adequate and provides for the funding of replacement reserves for capital expenditures and deferred maintenance (at least 10% of the budget), and provides adequate funding for insurance deductible amounts

· No more than 15% of the total units in the project may be more than 30 days or more past due on the payment of their HOA dues.

· The individual units should be separately metered. If they are not, the project’s plans should provide for the ready adoption of unit metering

· No single entity (the same individual, investor group, partnership or corporation) owns more than 10% of the total units in the project.

· The units are owned fee simple, unless the Bank of America CID has approved the use of leasehold estates in the project.

· Evidence of the required insurance coverage must be obtained.

The following are Ineligible Condominium Projects:
· Condominium Hotels – no exceptions allowed
· Timeshare or segmented ownership projects.
· Houseboat projects.
· Condominium projects that represent a legal, but nonconforming use of land if the zoning regulations prohibit rebuilding the improvements to current density in the event of their partial or full destruction.
· Projects where the HOA fees include meals or health care services.
· Condominium project buildings located in flood zone where the HOA does not carry flood insurance on the building.
· A condominium project (or HOA) that is currently involved in a lawsuit may not be eligible for financing depending upon the nature of the litigation. All condominium projects in litigation must be reviewed by Bank of America Common Interest Development (CID) for acceptability.
· Projects with non-incidental business operations owned or operated by the HOA such as, but not limited to, a restaurant, spa, health club, etc.

It is very frustrating as an agent that these units are well priced and for those that should normally qualify cannot get financing. We will just have to wait for the banks to release the funds and to loosen their restrictions on the projects they will finance.

Windsor Hills – inventory as of Sept 29, 2009

2009-09-29T15:06:00.001-04:00

9 Lots left plus 2 Construction Lots now Available.

196-199 (open – select your floorplan north facing pool)

162-166 (Brentwood south facing pools)

2 Construction Lots (west facing pools)

$385,000 5/5 (starting not inclusive of lot premiums)

Brentwood: $400,000 6/4 (starting not inclusive of lot premiums)

$5,000.00 in closing cost

U.S. product safety agency pledges swift probe of Chinese drywall

2009-09-28T14:03:00.001-04:00

WASHINGTON – Sept. 24, 2009 – Under fire for the pace of her agency’s investigation, the top U.S. consumer safety official is promising to move swiftly to investigate a flood of complaints about suspect drywall imported from China.
Homeowners, mostly in the Southeast region, say the drywall is making them sick and corroding wiring throughout their homes. Lawmakers from Florida, Louisiana and elsewhere have pressed Consumer Product Safety Commission Chairman Inez Tenenbaum for answers about the safety of the drywall.
Tenenbaum, who took over the agency in June, told lawmakers the investigation is “extremely complex, and there probably will not be a quick fix,” but she pledged to get to the bottom of the matter.
The release of results from CPSC testing of homes in southern states has been delayed several times and still is weeks away.
Homeowners blame the drywall for a “rotten egg” smell in their homes, health woes such as itchy eyes and skin, difficulty breathing, persistent coughing and bloody noses as well as corrosion of electrical wiring and home appliances.
Democratic Rep. Robert Wexler, one of several lawmakers who met with Tenenbaum on Wednesday, said he was satisfied that the CPSC chief understands the issue’s importance to affected residents.
“If we get these results and they’re valid, and they are then part of a long-term action plan to bring relief to homeowners, then I believe we will have accomplished something very important,” Wexler said in an interview.
This summer, the commission promised to release in September the initial results from indoor air testing of 50 homes; that deadline was then pushed to October. This week, the agency further delayed the release to early November.
In a terse letter to Tenenbaum on Tuesday, Democratic Sen. Mark Warner complained that the agency is moving too slowly.
“This is not acceptable,” Warner wrote. “My constituents have had their lives turned upside down by Chinese drywall: Most have moved out of their homes, and several are facing the prospect of having to foreclose on their homes.”
Since late last year, the agency has received more than 1,300 complaints from residents in 26 states and the District of Columbia, with the majority from Florida and Louisiana. The drywall was imported primarily between 2004 and 2008 when home construction was booming and supplies tight. The plasterboard from China also was used in homes rebuilt after the disastrous Hurricane Katrina in 2005.
The Environmental Protection Agency has conducted tests on a tiny sampling of Chinese-made drywall. It found sulfur and two organic compounds associated with acrylic paint, which were not found in the U.S.-manufactured samples that were tested.
The report did not draw any conclusions about health risks or whether the drywall could be damaging wiring in homes.
The EPA and Centers for Disease Control and Prevention is working with commission, which is leading the investigation.
Copyright © 2009 Associated Press, Jennifer C. Kerr. All rights reserved.

“MEET ME IN THE STAIRWELL” – do not forget 9/11

2009-09-11T07:03:00.001-04:00

You say you will never forget where you were when you heard the news On September 11, 2001. Neither will I.

I was on the 110th floor in a smoke filled room with a man who called his wife to say 'Good-Bye.' I held his fingers steady as he dialed. I gave him the peace to say, 'Honey, I am not going t o make it, but it

is OK..I am ready to go.' I was with his wife when he called as she fed breakfast to their children. I held her up as she tried to understand his words and as she realized he wasn't coming home that night. I was in the stairwell of the 23rd floor when a woman cried out to Me for help. 'I have been

knocking on the door of your heart for 50 years!' I said. 'Of course I will show you the way home - only believe in Me now.' I was at the base of the building with the Priest ministering to the injured and devastated souls.

I took him home to tend to his Flock in Heaven. He heard my voice and answered.
I was on all four of those planes, in every seat, with every prayer. I was with the crew as they were overtaken. I was in the very hearts of the believers there, comforting and assuring them that their

faith has saved them. I was in Texas , Virginia , California , Michigan , Afghanistan.
I was standing next to you when you heard the terrible news. Did you sense Me?
I want you to know that I saw every face. I knew every name - though not all know Me.

Some met Me for the first time on the 86th floor. Some sought Me with their last breath.

Some couldn't hear Me calling to them through the smoke and flames; 'Come to Me... this way... take my hand.' Some chose, for the final time, to ignore Me. But, I was there.
I did not place you in the Tower that day. You may not know why, but I do. However, if you were

there in that explosive moment in time, would you have reached for Me?
Sept. 11, 2001, was not the end of the journey for you. But someday your journey will end. And I will be there for you as well. Seek Me now while I may be found. Then, at any moment, you know you are 'ready to go.'

I will l be in the stairwell of your final moments. God During the next 60 seconds, stop whatever you are doing, and take this opportunity. (Literally it is only 1 minute.) All you have to do is the following:

Stop and think and appreciate God's power in your life, for doing what you know is pleasing to Him.

Source: Not sure..our pastor read this to us last year in church.

Chinese Drywall Pictures

2009-09-10T12:07:00.001-04:00

Chinese/Defective Drywall: During the time Florida was experiencing building material shortages, some homes were built or renovated using defective drywall imported from or manufactured in China. Defective drywall reportedly emits levels of sulfur, methane and/or other volatile organic compounds that cause corrosion of air conditioner and refrigerator coils, copper tubing, electrical wiring, computer wiring and other household items as well as create noxious odors which may also pose health risks.

These pictures are courtesy of a home inspector that were recently found in a Central Florida Home.

Hunters Creek Stats as of September 1, 2009

2009-09-07T22:02:00.001-04:00

Hunter’s Creek offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market:

As of September 1, 2009 :
There are currently 201 HOMES for Sale listed in our MLS system ranging from $67,900 for a 2 bed/2 bath in Sky Lake to $590,000 for a 4 bedroom/3.5 bathroom home in Hunters Creek on Lake Calabay.

There are 100 Condominiums/Towhomes for Sale in the MLS ranging from $33,900 for a 1 bed/1 bath in Palms Villa Residences to $254,000 for a 4 bedroom/3 bathroom townhome in Chartres Gardens
ACTIVE: HOMES
201 Total: 99 are pre-foreclosure/short sales/bank-owned (making up 50% of the inventory).
ACTIVE: CONDOMINIUMS/TOWNHOMES
100 Total: 62 are pre-foreclosure/short sales/bank-owned (making up 62% of the inventory).

PENDING: HOMES
178 Total: 111 are pre-foreclosure/short sales/bank-owned (making up 62% of the inventory).
PENDING: CONDOMINIUMS/TOWNHOMES
90 Total: 70 are pre-foreclosure/short sales/bank-owned (making up 78% of the inventory).

SOLD: HOMES (last 30 DAYS)
52 Total: 31 are pre-foreclosure/short sales/bank-owned (making up 60% of the inventory).
SOLD: CONDOMINIUMS/TOWNHOMES
32 Total: 26 are pre-foreclosure/short sales/bank-owned (making up 81% of the inventory).

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market.

If you would like a Market Analysis for your home, please contact us directly.

We look forward to serving you.

Windermere Stats as of September 1, 2009

2009-09-07T18:58:00.001-04:00

Windermere is located in Southwest Orlando and nestled between numerous large lakes that form the Butler Chain of Lakes. Windermere was established in 1889 and works hard to maintain that small town feel. For instance, many local streets are still dirt roads. Windermere has expanded to include newer subdivisions such as Lakes of Windermere, Keene’s Pointe, Summerport, and Glenmuir. Below is a snapshot of the current state of the market in Windermere.

As of September 1, 2009 there are currently 586 properties listed in the MLS ranging in price from a two bedroom/two bathroom condominium in The Lakes of Windermere at $90,000 (Short Sale) to $12.5 Million estate home in Islesworth that is 9 bedrooms/9 bathrooms over 10,000 square feet. Here is the breakdown:

ACTIVE = 586: 108 are pre-foreclosure/short sales/bank-owned (making up 19% of the inventory).
HOME
531 TOTAL: 77 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
55 TOTAL: 31 are pre-foreclosure/short sales/bank-owned

PENDING = 197: 117 are pre-foreclosure/short sales/bank-owned, making up 60% of the pending inventory.
HOMES
151 TOTAL: 91 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
46 TOTAL: 26 are pre-foreclosure/short sales/bank-owned

SOLD (August 2nd to September 1st)= 50: 27 are pre-foreclosure/short sales/bank-owned, making up 54% of the pending inventory.
HOMES
42 TOTAL: 25 pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
8 TOTAL: 2 are pre-foreclosure/short sales/bank-owned

If you would like a Market Analysis for your home, please contact us directly.

We look forward to serving you.

Celebration Stats as of September 1, 2009

2009-09-07T18:43:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of September 1, 2009 there are currently 314 properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Siena at $75,000 (Short Sale) to $3.9 Million for an estate home in Aquila Reserve that is over 8100 square feet.
ACTIVE = 314: 61 are pre-foreclosure/short sales/bank-owned (making up 19% of the inventory).
HOMES
162 TOTAL: 23 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
152 TOTAL: 38 are pre-foreclosure/short sales/bank-owned

PENDING = 97: 52 are pre-foreclosure/short sales/bank-owned, making up 53% of the pending inventory.
HOMES
44 TOTAL: 25 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
53 TOTAL: 27 are pre-foreclosure/short sales/bank-owned

SOLD (August 2nd to September 1st)= 41: 9 are pre-foreclosure/short sales/bank-owned, making up 22% of the pending inventory.
HOMES
12 TOTAL: 3 pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
29 TOTAL: 6 are pre-foreclosure/short sales/bank-owned

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

Windsor Hills Availability – Sept 4, 2009

2009-09-04T21:02:00.001-04:00

Windsor Hills Reserve is a resort style community unparalleled to any other community in the Orlando/Kissimmee area. Windsor Hills offers: Condominiums, Townhomes (with pools) and Single Family Homes. Some of the magnificent features of this guard-gated community include a luxurious water park pool with fountains, waterslide, spa, toddler pool, tennis and basketball courts, putting green, and a children's playground. Our 10,000 square foot clubhouse, overlooking the pool, offers billiards, video game areas, a sundry shop, fitness room with state of the art equipment, and a high definition surround sound movie theater.
Our most impressive feature is our extraordinary location. Windsor Hills Reserve is the closest vacation home community to Orlando's world famous attractions and theme parks. These Orlando/Kissimmee area attractions have consistently been ranked the #1 family vacation destination in the world.
So, come, relax, and enjoy all that Windsor Hills Reserve has to offer, and you and your guests will be sure to create vacation memories that will last a lifetime!

10 LOTS REMAINING

( Home sites 160,162,163,164,165,166,196,197,198,199 )

$385,000 5/5 SEVILLE or SPENCER

$400,000 6/4 BRENTWOOD

Completion Jan/Feb 2010

$6,000 in CLOSING COST

For pictures or more information, please visit our website.

Feds push mortgage companies to modify more loans

2009-08-30T16:06:00.001-04:00

The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives to improve their efforts to assist borrowers in danger of foreclosure.

The Treasury Department reached a verbal agreement with the executives for a new goal of about 500,000 loan modifications by Nov. 1 and stressed the program’s urgency.
The sessions came amid concerns that the Obama administration will fall far short of its original goal of helping up to 3 million to 4 million troubled borrowers with modified loans.
As of the end of July only about 200,000 borrowers were enrolled in three-month trial loan modifications, out of about 370,000 who were offered modifications by mortgage companies.

For months, borrowers, housing counselors and activist groups alike have complained that the process is a confusing, bureaucratic nightmare. Housing counselors say borrowers are being charged upfront fees and given inaccurate or confusing information about the program. The delays are long and, in some cases, lenders continue the foreclosure process while loans are being reviewed for a modification.

Recently, an activist group in Minnesota filed a lawsuit seeking to stop home foreclosures in that state. Mark Ireland, an attorney with the Minnesota-based Foreclosure Law Relief Project, said the government has failed to establish the procedures needed to ensure the fair and uniform administration of the program. Loan servicers are not required to tell a homeowner why they were denied a loan modification.

One reason progress has been sluggish is that loan servicers have had to hire and train thousands of employees. The loans have been bundled and sold to hundreds of investors as securities, which often have differing rules about loan modifications. Plus, mortgage companies have been swamped with thousands of calls from borrowers who want to take advantage of the program, and must sort out who is facing a legitimate financial hardship.
Many servicers didn’t get set up to deal with the surge in problem loans and modifications until this year, said Thomas Lawler, a housing economist in Northern Virginia.

Under the program, servicers can pocket up to $4,500 for each loan they modify. But they won’t start to be paid until homeowners have made on-time payments for three months.
If the program doesn’t kick in high-gear soon, the recent optimism about a real estate and economic recovery could fade as mo

“Foreclosures are still rapidly escalating,” said Andrew Jakabovics of the Center for American Progress, a think tank with close ties to the Obama administration. “If we don’t get a handle on that ... the economy is going to have a difficult time recovering.”
Copyright © 2009 The Associated Press, Alan Zibel and Danie Wagner, AP business writers. Associated Press Writer Steve Karnowski contributed to this report from Minneapolis.

Please visit our website for some helpful links for sellers looking for solutions.

Seller Solutions for Troubled Loans

2009-08-27T07:49:00.001-04:00

Here are some possible temporary solutions for short-term problems, such as being one or two months behind in your mortgage due to illness. Other more permanent solutions address long-term financial difficulties, such as job lay-offs or long-term unemployment. If you have an FHA-approved loan, special loan modification programs may be available to you--ask your lender about them. Unfortunately, in some cases, keeping your home may not be possible--options for handling that situation are available as well.

Temporary solutions for short-term financial problems:

Reinstatement: Lenders are often willing to “reinstate” your loan if you make up the back payments in a lump sum by a specific date. A forbearance plan may accompany this option.
Forbearance: Your lender may be able to provide a temporary reduction or suspension of your mortgage payments for a short period, such as 3 or 4 months. After this time, your lender will work with you to create a repayment plan for the loan. You may qualify for forbearance if you have experienced a reduction in income (for example, if you have become unemployed) or an increase in living expenses (for example, higher medical bills). You must provide information to your lender to show that you will be able to stick with the new payment plan.
Repayment plan: Your lender may agree to a plan that includes your regular monthly payments plus a portion of the past due payments each month until your payments are caught up.

Long-term solutions or adjustments to your loan:

Loan modifications: Your lender may be willing to rewrite the terms of your original mortgage loan to address your financial situation. A loan modification is designed to make your monthly payments affordable. Changes to your loan may include extending the number of years to repay and changing the interest rate, including changing an adjustable rate to a fixed rate. You may have to pay a processing fee to obtain a loan modification.
Partial claim: If your mortgage is insured by a private mortgage insurance firm, your lender might help you file a claim. Some insurers provide a one-time, interest-free loan to bring your account up to date. The interest-free loan is due when you refinance, pay off your mortgage, or when you sell the property.

If keeping your home is not an option, you may want to consider these alternatives:

Sale: Your lender will usually give you a specific amount of time to find a buyer and pay off the amount you owe on your mortgage. Your lender may require you to use a real estate professional to help you sell the property.
Pre-foreclosure sale or short sale: If you can’t sell the property for the full amount of the loan, your lender may accept the amount you get for the selling price, even if it is less than the amount you owe. You may owe income taxes on the difference between the amount you owe and the amount you are able to pay back. Check with the Internal Revenue Service for tax information.
Assumption: A qualified buyer may be allowed to assume (take over) your mortgage. Ask your lender whether this option is available to you.
Deed-in-lieu of foreclosure: You may be able to “give back” your property to the lender, who then forgives the balance of your loan. Again, there may be income tax consequences, so check with the IRS. This option will not save your home, but it is less damaging to your credit rating. Some lenders impose certain restrictions on taking back property. For example, they may require that you try to sell your home at a fair market value for at least 90 days.

Courtesy of http://www.federalreserve.gov/pubs/brochure.htm

For more information you may also visit our website and click on Help for Sellers.

An overview of Pre-Foreclosure/Foreclosure

2009-08-19T20:21:00.001-04:00

In 2007 Florida had 11,000 foreclosure filings, 26,000 in 2008 and 2009 they are estimating 40,000 foreclosure filings.

Pre-Foreclosure: The lender has not filed a lawsuit yet but you may have received some letters from the mortgage company asking you to bring your mortgage up to date. You may be 3-4 months behind at this point. CALL your lender NOW! Do not wait. Discuss options relating to the Making Home Affordable Program and/or Loan Modification. Please be patient when you call. There are a lot of homeowners in the same situation. If you do not get the answer you are looking for, call back and insist on speaking with someone else or even a supervisor.
You can also contact a HUD Counselor at 1-888-995-4673 or visit www.995hope.org

Foreclosure: You have received a summons/complaint from the Lenders Attorney. IMPORTANT: You MUST respond in WRITING to the Clerk of the Court along with the Attorney within 20 days after receiving the summons. In this letter you need to tell them WHY you should not be foreclosed on: Loss of job, reduction of income, serious illness, death in the family, etc., keep it short and simple (1 to 2 pages). NOTE: If you are in Orange County, Florida when preparing your letter be sure to ask for the MEDIATION PROGRAM (if requested the banks representative must sit down with you to discuss your loan. The bank is not required to come to an agreement but you have the opportunity to speak to them before the final judgment is signed).

The next step will be a motion and hearing. It is recommended you attend the hearing (or if you have an attorney he/she would attend). The hearing will last about 5 minutes. This will give you an opportunity to stand in front of the judge and explain why you do not want the foreclosure to occur or need a delay (waiting for a short sale to be approved, or working on a loan modification, etc). Remember if you are in Orange County, FL remind the judge you requested the Mediation Program.

Once the foreclosure is completed and the bank successfully sells the property, the bank may issue a deficiency judgment. Which would be the the difference between your original loan balance and what they sell it for.

We have some helpful links on our website as well.

Vacation Homes at the Shire – West Haven/Davenport FL

2009-08-17T18:52:00.001-04:00

The Shire has just reduced their prices but have still kept some of the great features in the home including:
Granite in Kitchen & Master Bath, Appliances, 18 x 18 Floor Tiles, Heated Pool with Spa & much more.

The revised prices are:

THE COLUMBUS 3 bedrooms, 2 baths, 1677 sq. ft. $279,990, 2 car garage
THE HAMILTON 4 bedrooms, 3 baths, 2,032 sq. ft. $299,990, 2 car garage
THE MAYFLOWER 4 bedrooms, 3 baths, 2,529 sq. ft. $334,990, bonus room and 2 car garage
THE PATRIOT 4 bedrooms, 3 baths, 2,765 sq. ft. $359,990, bonus room and 2 car garage
2807 Ashford 4 bedrooms, 4 baths, 2807 sq. ft. $374,990, balcony, 2 story, and 2 car garage
Nottingham Holiday 5 bedrooms, 4 baths, 3212 sq. ft. $480,990, 2 story, 2 car garage

If you would like additional details or a tour of these wonderful homes, please contact us for an appointment. We look forward to serving you.

Countrywide/BOA’s new short sale process?

2009-08-12T09:11:00.001-04:00

I called BOA yesterday to get an update on one of my sellers files that was submitted about 10 days prior. They kept informing the seller, “the paperwork is not showing in the system.” For those of us that have worked with BOA in the past know this is a phrase we hear often. So in my call I also wanted to confirm the short sale fax number, because we know this changes on a weekly basis. The supervisor then shared with me that BOA has initiated a new policy effective end of July.

The seller/borrower will have to call 1-800-669-0102 and explain to the Home Retention Team that they are working with a Realtor and would like to list the property for a short sale. BOA will then gather basic financial information, input into their system and pre-qualify them to continue with the short sale. Now I have not seen this in action yet, I have a few of my sellers calling this week and can report back. If you have had any experience with this new system, I would love to hear from you.

According to the supervisor the new process is supposed to help cut down on the time frame for approving the short sales. Some BOA files that have taken 6-8 months so if this policy can cut the time in half I would be very happy!

5 Tips for Protecting your home from Foreclosure

2009-08-11T08:46:00.001-04:00

1. Don’t ignore your mortgage problem.

If you are unable to pay--or haven’t paid--your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible. Mortgage lenders want to work with you to resolve the problem, and you may have more options if you contact them early. Call the phone number on your monthly mortgage statement or payment coupon book. Explain your financial situation and offer to work with your lender to find the right payment solution for you. If your lender won’t talk with you, contact a housing counseling agency. You can find a list of counseling resources at NeighborWorks and on the U.S. Department of Housing and Urban Development's (HUD) website.

2. Do your homework before you talk to your lender or housing counselor.

Find your original mortgage loan documents and review them. Review your income and budget. Gather information on your expenses, including food, utilities, car payment, insurance, cable, phone, and other bills. If you don’t feel comfortable talking to your lender, contact a housing or credit counseling agency. Counselors can help you examine your budget and determine the options available to you. They may also advise you about ways to work with your lender or offer to negotiate with your lender on your behalf.

3. Know your options

Some options provide short-term solutions/help, while others provide long-term or permanent solutions. You may be able to work out a temporary plan for making up missed payments, or you may be able to modify the loan terms. Sometimes, the best option may be to sell the house. For information on different options, visit HUD’s website or Foreclosure Resources for Consumers for links to local resources.

4. Stick to your plan.

Protect your credit score by making timely payments. Prioritize bills and pay those that are most necessary, such as your new mortgage payment. Consider cutting optional expenses such as eating out and premium cable TV services. If your situation changes and you can no longer meet your new payment schedule, call your lender or housing counselor immediately.

5. Beware of foreclosure rescue scams.

Con artists take advantage of people who have fallen behind on their mortgage payments and who face foreclosure. These con artists may even call themselves “counselors.” Your mortgage lender or a legitimate housing counselor can best help you decide which option is best for you. For tips on spotting scam artists, visit the Federal Trade Commission's website, Foreclosure Rescue Scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Consumer Action Website.
Courtesy of http://www.federalreserve.gov/pubs/brochure.htm
For more information you may also visit our website and click on Help for Sellers.

Rent vs. Own – a snapshot

2009-08-04T18:21:00.001-04:00

Buying a home will be one of the largest financial investments you will make. It is important that you decide what is best for you. As a real estate professional I like to provide the tools to buyers so they understand why it may be a good time from being a renter to a home owner.

Here is a rent vs. own comparison that should illustrate the advantages of owning a home:

Purchase Price                                          $250,000
Mortgage – 5% for 30 years                 $241,250

Monthly Payment (Principal and Interest)     $1,295.08
Taxes and Home Insurance                                        450.00
Total Monthly Payment                                   $1,745.08
Less monthly tax savings                                            332.95
Less monthly appreciation                                         625.00
Less monthly principal reduction                            296.61
NET Cost of Owning                                               $490.52

Monthly rent for comparison                             $1,600.00
Less net cost of owning                                                  490.52
Monthly cost of renting vs. owning        $1,109.48
Annual cost of renting vs. owning                          $13,313.75

Above analysis courtesy of Florida Realtors Magazine ®

If you would like more information about the home buying process or how to get started, please click on our buyer link for more information.

Windermere Stats as of August 1, 2009

2009-08-03T08:42:00.001-04:00

As of August 1, 2009 there are currently 591 properties listed in the MLS ranging in price from a two bedroom/two bathroom condominium in The Lakes of Windermere at $89,000 (Short Sale) to $12.5 Million estate home in Islesworth that is 9 bedrooms/8 bathrooms over 10,000 square feet. Here is the breakdown:

ACTIVE = 591: 118 are pre-foreclosure/short sales/bank-owned (making up 20% of the inventory).
HOME
530 TOTAL: 82 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
61 TOTAL: 36 are pre-foreclosure/short sales/bank-owned

PENDING = 190: 131 are pre-foreclosure/short sales/bank-owned, making up 69% of the pending inventory.
HOMES
153 TOTAL: 108 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
37 TOTAL: 23 are pre-foreclosure/short sales/bank-owned

SOLD (July 2nd to August 1st)= 46: 26 are pre-foreclosure/short sales/bank-owned, making up 56% of the pending inventory.
HOMES
44 TOTAL: 25 pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
2 TOTAL: 1 are pre-foreclosure/short sales/bank-owned

If you would like a Market Analysis for your home, please contact us directly.

We look forward to serving you.

Celebration stats as of August 1, 2009

2009-08-01T17:17:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of August 1, 2009 there are currently 350 properties listed in our MLS system ranging in price from a two bedroom/one bathroom condominium in Siena at $74,900 (Bank Owned) to $3.9 Million for an estate home in Aquila Reserve that is over 8100 square feet.
ACTIVE = 350: 68 are pre-foreclosure/short sales/bank-owned (making up 19% of the inventory).
HOMES
172 TOTAL: 32 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
178 TOTAL: 36 are pre-foreclosure/short sales/bank-owned

PENDING = 102: 61 are pre-foreclosure/short sales/bank-owned, making up 60% of the pending inventory.
HOMES
44 TOTAL: 25 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
58 TOTAL: 36 are pre-foreclosure/short sales/bank-owned

SOLD (July 2nd to August 1st)= 21: 7 are pre-foreclosure/short sales/bank-owned, making up 33% of the pending inventory.
HOMES
8 TOTAL: 2 pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
13 TOTAL: 5 are pre-foreclosure/short sales/bank-owned

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

Pricing your home for the market

2009-07-30T17:57:00.001-04:00

It is important to price your home right when you first list it. his along with a solid marketing plan can allow you to get the best price within the time frame you need.

It is important to know that statistics show that an overpriced home on the market more than 60 days is likely to sell at a lower price than a home priced for a quick sale. For example, lets say a home is priced at $220,000 – 10% over the $200,000 comparable market price. Three months later, the seller drops the price by 10% to $198,000, BUT the market price fell an additional 10% to $180,000 from the original market price of $200,000 just 60 days before. So unfortunately the home is still overpriced.

If you would like a market analysis for your home, or would like to schedule an appointment, we would be more than happy to help.

June new home sales rise 11 percent in the U.S.

2009-07-27T15:56:00.001-04:00

WASHINGTON (AP) – July 27, 2009 – New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.
The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.
It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.
Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.
Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.
There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.
Courtesy of the Florida Association of Realtors and The Associated Press, Alan Zibel, AP real estate writer.

Please contact us if you would like a market analysis of your area. We look forward to serving you.

Celebration – Artisan Park Auction

2009-07-26T14:56:00.001-04:00

Only 6 days left to get registered for the Auction in Artisan Park. Contact us today for the rules and regulations and to get registered.

Opening bids will be starting as low as $115,000. 10 to be sold absolute!

We look forward to working with you.

Real Estate Developments in United States, Belize, Costa Rica and the Caribbean

2009-07-22T15:39:00.002-04:00

In the box above you will see a variety of developments throughout the United States, Belize, Costa Rica, and Dominican Republic. If you see something that is of interest to you, just click on the box. If you would like more details about the development please feel free to contact us directly. We look forward to assisting you.

Cost of waiting to buy

2009-07-21T13:04:00.001-04:00

The numbers are aligned: HUGE selection, LOW interest rates, $8000 tax credit, and LOW prices are the recipe for successful home ownership. If now is the right time for you and your family to begin the process of looking for a home, call us today to get started.

COST OF WAITING TO BUY:
Sales Price                                         $250,000
Down payment – FHA 3.5%              8,750
Mortgage = 30 year at 5.25%       $241,250
Payment                                               $1,332.19

Say Home DECREASES, BUT interest rates INCREASE to 6.25%
Sales Price                                         $237,500
Down payment – FHA 3.5%              8,312.50
Mortgage = 30 year at 6.25%       $229,188
Payment                                               $1,411.15 - an increase of $79 in your monthly payment

We look forward to helping you to reach your dreams! Contact us for a consultation

Stats for Hunters Creek/Southchase/Deerfield

2009-07-18T13:55:00.001-04:00

Hunter’s Creek offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market:

As of July 18, 2009 :
There are currently 220 HOMES for Sale listed in othe MLS system (down from 246 last month) ranging from $68,000 for a 3 bed/1 bath in Sky Lake to $629,000 for a 5 bedroom/4 bathroom home in Hunters Creek on Lake Gatlin.
There are 112 Condominiums/Towhomes for Sale in the MLS (down from 136 last month) ranging from $34,900 for a 1 bed/1 bath in Palms Villa Residences to $254,000 for a 4 bedroom/3 bathroom townhome in Chartres Gardens
ACTIVE: HOMES
220 Total: 101 are pre-foreclosure/short sales/bank-owned (making up 45% of the inventory).
ACTIVE: CONDOMINIUMS/TOWNHOMES
112 Total: 81 are pre-foreclosure/short sales/bank-owned (making up 72% of the inventory).

PENDING: HOMES
182 Total: 144 are pre-foreclosure/short sales/bank-owned (making up 79% of the inventory).
PENDING: CONDOMINIUMS/TOWNHOMES
83 Total: 74 are pre-foreclosure/short sales/bank-owned (making up 89% of the inventory).

SOLD: HOMES (last 30 DAYS)
35 Total: 21 are pre-foreclosure/short sales/bank-owned (making up 60% of the inventory).
SOLD: CONDOMINIUMS/TOWNHOMES
21 Total: 17 are pre-foreclosure/short sales/bank-owned (making up 80% of the inventory).

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market.

If you would like a Market Analysis for your home, please contact us directly.

We look forward to serving you.

Windsor Hills – only 15 builder inventory left

2009-07-17T18:11:00.001-04:00

Windsor Hills Reserve

Home Design Sq. Ft. Bed/Bath Base Price

Seville 2,336 5/5 $385,120

Spencer 2,382 5/5 $384,780

Brentwood 2,812 6/4 $405,320

*includes granite, stainless steel appliances, 18’’ tile, pool, spa, extended deck, 42’’ maple cabinetry

Homesite Floorplan Lot Premium

159 OPEN $10,000

160-168 Brentwood $10,000

175 OPEN $5,500

196-199 OPEN $8,000

$6,000 off CLOSING COSTS when financing with our Preferred Lenders (Wells Fargo, Colonial, HSBC)

For more information such as floor plans, HOA breakdown, amenities, etc be sure to visit our website.

Are prices/inventory stabilizing?

2009-07-16T11:50:00.001-04:00

If you are contemplating about buying your first home, investment home, or second home, now is the time to buy.

The following statistics are courtesy of the Orlando Regional Realtor Association:

A steady increase in the pace of Orlando home sales activity is creating conditions that are within striking distance of a balanced market. Inventory level reflects an 8.37-month supply at the current pace of sales; a market with six months of supply is considered by housing economists to be balanced between buyers and sellers.
In June 2009 there were 43.12 percent more homes SOLD than in June of last year, contributing to the area’s year-to-date sales increase of 43.76 percent
There were 2,131 closings in June. Of those June sales, 45.99 percent of the homes were either bank-owned or distressed
The median price of all Orlando homes sold in June is $131,200 (a 39.26 percent decrease compared to June 2008).
Pending Sales in June = 7,230
The area’s average interest rate increased in June to 5.48 percent
There are currently 17,831 homes available for purchase through the MLS. Compared to last year, the June 2009 inventory level is 27.44 percent lower than it was in June 2008 (24,575).
The inventory level’s 8.37-month supply is the lowest since July 2006.

If you would like more statistics or would like to schedule an appointment, please contact us.

First Time Home Buyer Seminar – Tomorrow, July 14th

2009-07-13T08:15:00.001-04:00

Florida’s $8K program effective July 1st but not available yet

2009-07-09T10:59:00.001-04:00

Florida created a program to help first-time homebuyers get their federal tax credit early, allowing them to use up to $8,000 toward a downpayment. The effective date for the program is July 1; however, it will probably be another few weeks before the funds are available.

While most first-time homebuyers qualify for the tax credit (given by the government as an income tax rebate regardless of tax owed), they once had to buy a home first, submit the info to the IRS through their tax return, and wait for the $8,000 rebate. To help these buyers get the money early enough to use it as a downpayment, the State of Florida created a program of bridge loans, the Florida Homebuyer Opportunity Program (FLHOP), where money can be borrowed from the state and then paid back after the new homeowner receives his tax credit.
Florida Homebuyer Opportunity Program (FLHOP)
The Florida Legislature created the state program during the recent legislative session, and it’s part of the 2010 budget effective July 1, 2009.

• Money for homebuyers may not be available until the first week of August. Lawmakers funded the program through doc stamp taxes applicable in the new fiscal year rather than through a lump sum commitment; and since today is the start of the new fiscal year, the program won’t be fully funded until the state collects new doc stamp taxes.
• Florida’s downpayment loan program can work with FHA loans. Florida Housing Finance Corporation (FHFC) – the state agency that funnels housing money to local housing agencies – received confirmation from FHA that borrowers who access the $8,000 tax credit through a state or local government program may use it to make up the required 3.5 percent downpayment, unlike the FHA downpayment loan program through private lenders.
• Florida’s local housing administrators will oversee the downpayment funds at the local level. (To find the administrator in your area, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.aspx). • Realtors can start to promote the program to potential homebuyers. It takes time to close on a home, and local housing authorities should be taking applications now.
• FHFC says they’ve trained local administrators on procedures for the Florida downpayment program. Local housing authorities will have flexibility over the $8,000 loan, be able to include penalties, and create a structure dictating how the new homebuyer will pay back the money.
It’s important to note that this money is a bridge loan to buyers; but once it’s repaid, local governments and housing authorities can keep the money and use it locally for affordable housing projects.
For specific questions about the $8,000 tax credit, homebuyers should consult a tax professional.
© 2009 FLORIDA ASSOCIATION OF REALTORS®

Should you have any questions, please contact us.

Celebration stats as of July 2, 2009

2009-07-03T21:08:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of July 3rd there are currently 378 properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Georgetown at $99,900 (Short Sale) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 378: 71 are pre-foreclosure/short sales/bank-owned (making up 18% of the inventory).
HOMES
179 TOTAL: 30 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
199 TOTAL: 41 are pre-foreclosure/short sales/bank-owned

PENDING = 94: 57 are pre-foreclosure/short sales/bank-owned, making up 60% of the pending inventory.
HOMES
43 TOTAL: 23 are pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
51 TOTAL: 34 are pre-foreclosure/short sales/bank-owned

SOLD (June 3rd to July 2nd)= 22: 9 are pre-foreclosure/short sales/bank-owned, making up 40% of the pending inventory.
HOMES
7 TOTAL: 1 was pre-foreclosure/short sales/bank-owned

CONDOMINIUMS/TOWNHOMES
15 TOTAL: 8 are pre-foreclosure/short sales/bank-owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

AUCTION – Celebration’s Artisan Park Condominiums!

2009-07-01T14:46:00.001-04:00

Starting bids as low as $95K for a 2 bed/2 bath.

30 Year fixed interest rates on the rise this week!

2009-06-26T15:07:00.001-04:00

Rates for 30-year home loans edged up this week to 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said Thursday.
The average rate on a 15-year fixed-rate mortgage fell to 4.87 percent, down from 4.89 percent last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.99 percent, up from 4.97 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.93 percent from 4.95 percent.
If you are thinking of buying…now is the time to do it! We can help you on the path towards home ownership. Give us a call today.

We look forward to assisting you with all your real estate needs.

Push for an expansion of the first time home buyer tax credit?

2009-06-25T18:18:00.001-04:00

We blogged about the $8000 tax credit back in February, but there are some new proposals in the works in Washington. Both legislators and the business community are hoping to build on the $8000 tax credit.
A number of bills have been introduced in the House and the Senate and among the proposed changes are:
* Setting a new cap of $15,000.
* Extending the tax break into mid-2010.
* Making the benefit available to all homebuyers, not just first-timers.
* Offering a separate tax credit to $3,000 for borrowers who refinance.

We will keep you updated as more information is released. To learn more about the $8000 tax credit, be sure to visit our website.
We look forward to assisting you with all your real estate needs!

FHA and USDA Financing

2009-06-24T11:07:00.001-04:00

FHA Loans:

FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD insures the loan, so the lender can offer a better deal.

- Here are some key features and benefits about this program:

Eligible with Fixed Rate Loan Programs (15, 20, 25 and 30yr Terms) AND 1YR, 3/1 & 5/1 ARM’s

1. Margin: 1YR – 2.25%, 3/1 and 5/1 – 1.75%; Caps: 1/5; Index: CMT

2. 1 Year ARM must qualify at 1% above the Note Rate

Maximum Financing up to 96.5% of the Appraised LTV

Minimum Down Payment Requirement = 3.5% and it can be Gifted from a Friend or Family Member

Maximum 6% Seller Contributions Allowed

Eligible for Primary Residences (1-4 Unit) Only

Purchases, Rate/Term and Cash-Out Refinance Transactions Eligible

All Purchase Transactions Minimum FICO = 620

Full Doc Option Only

Maximum Loan Amount for 1Unit = $353,750 (effective April 28, 2009 in Orange, Osceola and Lake Counties…let me know if you need limits for any other counties and/or units)

2Months PITI (Principle, Interest, Taxes and Insurance) Cash Reserves Required

No Minimum Contribution from the Borrower’s Own Funds Required

1.5-2% (Depending on Loan Approval) PMI Required Up Front which may be Financed into the Loan

Website for more info on specific State guidelines: http://www.hud.gov/buying/loans.cfm

USDA Rural Housing Loans:

The Guaranteed Rural Housing (GRH) Loan Program is a Government insured single-family home loan program for low-to-moderate income borrowers looking to purchase a home in a rural development area. This program is an excellent option to offer borrowers who aren’t able to make a significant down payment on a home. It is an affordable way to achieve the dream of home ownership.

- Here are some key features and benefits about this program:

Eligible with Fixed Rate Loan Programs Only (30yr Terms)

Maximum Financing up to 100% of the Appraised LTV

Maximum 6% Seller Contributions Allowed

Eligible for Primary Residences (1 Unit) Only

Purchases and Guaranteed Rural Housing Rate/Term Refinance Transactions Eligible

Full Doc Option Only

Maximum Loan Amount = $417,000

No Cash Reserves Required

No Minimum Contribution from the Borrower’s Own Funds Required

No PMI Required: UpFront USDA Guaranteed Fee of 2% can be Financed into the Loan Amount for Purchase Transactions and .5% for Rate/Term Refinances

- Check Eligibility for Income and Property First at http://eligibility.sc.egov.usda.gov

If you are interested in learning more about the different financing programs, please contact us and we can put you in contact with a local lender.

We look forward to helping you move on the path towards homeownership!

Timing vs. Activity

2009-06-20T19:02:00.001-04:00

• Timing is extremely important in the real estate market.

• A property attracts the most activity from the real estate community and potential buyers when it is first listed.

• It has the greatest opportunity to sell when it is new on the market.

Would you like a market analysis for your neighborhood? Please contact us. We look forward to serving you.

Stats for Hunters Creek/Southchase

2009-06-16T20:28:00.001-04:00

Hunter’s Creek is a 4,000-acre master-planned community. Hunter's Creek boasts: Tennis courts, parks, racquet ball courts, walking and bike trails. The community also features a baseball field, basketball court, restaurants, community center, playgrounds, picnic area, soccer field, tot lot and volleyball.
Located in South Orlando in Orange County, halfway between Disney World and the airport, Hunters Creek is convenient to all major attractions, and within minutes of major employment centers such as Tupperware International, Lucent Technologies, Lockheed Martin and Walt Disney World.

Hunter’s Creek offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market:

As of June 16, 2009 :
There are currently 246 HOMES for Sale listed in our MLS system ranging from $68,000 for a 3 bed/1 bath in Sky Lake to $689,000 for a 5 bedroom/4 bathroom home in Hunters Vista.
There are 136 Condominiums/Towhomes for Sale in the MLS ranging from $27,500 for a 1 bed/1 bath in Palms Villa Residences to $254,000 for a 4 bedroom/3 bathroom townhome in Chartres Gardens
ACTIVE: HOMES
246 Total: 125 are pre-foreclosure/short sales/bank-owned (making up 50% of the inventory).
ACTIVE: CONDOMINIUMS/TOWNHOMES
136 Total: 101 are pre-foreclosure/short sales/bank-owned (making up 74% of the inventory).

PENDING: HOMES
168 Total: 123 are pre-foreclosure/short sales/bank-owned (making up 73% of the inventory).
PENDING: CONDOMINIUMS/TOWNHOMES
64 Total: 58 are pre-foreclosure/short sales/bank-owned (making up 90% of the inventory).

SOLD: HOMES (last 3 months)
118 Total: 85 are pre-foreclosure/short sales/bank-owned (making up 72% of the inventory).
SOLD: CONDOMINIUMS/TOWNHOMES
66 Total: 53 are pre-foreclosure/short sales/bank-owned (making up 80% of the inventory).

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market.

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

8 Tips to Guide for Your Home Search

2009-06-13T20:39:00.001-04:00

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
Visit our website to get your home search started! We look forward to helping you.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag)

Simple Tips for Better Home Showings

2009-06-10T10:33:00.001-04:00

1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.

9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.

10. Buy a flowering plant and put it near a window you pass by frequently.

11. Make centerpieces for your tables. Use brightly colored fruit or flowers.

12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.

13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.

14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.

15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.

16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.

17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.

18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag)

If would like more information or would like us to prepare a market analysis for your home, please let us know.

Celebration Stats as of June 3, 2009

2009-06-03T08:50:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of June 3rd there are currently 374 (a DECREASE of 20 properties over the previous month) properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Siena at $94,900 (Short Sale) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 374: 61 are pre-foreclosure/short sales/bank-owned (making up 23% of the inventory). Out of the 374: 179 are Single Family Homes and 195 are condominiums/townhomes.
PENDING = 91 (an increase of 15% over the previous month): 52 are either bank owned or short sales, making up 57% of the pending inventory.
SOLD (May 3 to June 3rd) = 20: 8 were condominiums/Townhomes and 12 = Single Family Homes) Here is the breakdown: 2 Bank owned/ 4 Short sale/ 14 Seller owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

Real estate pros push for better short sales

2009-05-28T16:21:00.001-04:00

LONG ISLAND, N.Y. – May 11, 2009 – As anybody who has dealt with one knows, short sales should be renamed “long sales.” But that could be changing.
One of the real estate professionals leading the charge to revamp the short-sale process is George K. Wonica, owner of Wonica Real Estate & Appraisals on Long Island, N.Y., and chair of the National Association of Realtors® Conventional Finance and Lending Committee.
Wonica already has met with 10 mortgage bankers and servicers in Florida to address the problem, and plans a similar meeting this summer in Las Vegas. He points to the uniform short-sale form developed by the California Association of Realtors as an example of what the industry needs.
Short sales appear to be good for both banks and buyers. A study by Connecticut-based Clayton Holdings Inc. showed lenders from May to October 2008 lost an average 37 percent through short sales versus 56 percent on homes sold after foreclosure.
Lenders recognize this and are trying to speed up the process. David Knight, a senior vice president at Wells Fargo Home Mortgage, says, “We think (a) short sale is superior to foreclosure … A short sale is not a bad deal all around.”
Additional liens are often the big holdup, but there could be progress on that front. In April, Bank of America, a major holder of second liens, announced that it would accept 5 percent of sale proceeds after real estate commissions and other costs on short sales. Previously, it had sought 10 percent.
Source: Inman News, Gilbert Mohtes-Chan (05/07/2009)
We have some helpful links on our website for sellers. Please feel free to contact us should you have any questions.

Nine Great Reasons to Buy

2009-05-25T10:59:00.001-04:00

1. Quality of life – a home provides stability and security for you and
your loved ones.
2. Pride of home ownership – it’s your personal haven.
3. Historically low interest rates – around 6.5 percent in the United
States.
4. Appreciation potential – your home investment can grow in value.
5. Equity buildup and debt pay down – homeowners enjoy an
average net worth of approximately $184,000 versus $4,000 for
renters.
6. Leverage – where else can you buy an investment of this magnitude
with 5–10 percent down?
7. Tax deduction advantages – property tax and mortgage interest
write-offs (in Canada, homeowners gain a tax benefit upon selling).
8. Tax exemption – up to $500,000 per couple or $250,000 per person
upon the sale of a primary residence in the United States (no tax
upon sale in Canada).
9. The real cost of renting – at $800 per month, with the average
6 percent rental increase per year, you will pay $126,536 over a 10-
year period but have zero ownership of the property.

For more information on how to start your path to homeownership, please call us for a no obligation consultation.
We look forward to helping you realize your dreams!

Why you need a Realtor

2009-05-17T14:21:00.001-04:00

A licensed real estate professional provides much more than the service of helping you find your ideal home. Realtors® are expert negotiators with other agents, seasoned financial advisors with customers, and superb navigators around the local neighborhood. They are members of the National Association of Realtors® (NAR) and must abide by a Code of Ethics and Standards of Practice enforced by the NAR. A professional Realtor is your best resource when buying your home.
LET A REALTOR BE YOUR GUIDE
• A knowledgeable Realtor can save you endless amounts of time, money, and frustration.
• A knowledgeable Realtor knows the housing market inside and out and can help you avoid the “wild goose chase.”
• A knowledgeable Realtor can help you with any home, even if it is listed elsewhere or if it is being sold directly by the owner.
• A knowledgeable Realtor knows the best lenders in the area and can help you understand the importance of being preapproved for a mortgage. He or she can also discuss down payments, closing costs, and monthly payment options that suit you.
• A knowledgeable Realtor is an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation—plus tips on home inspections and pricing.
• A knowledgeable Realtor is experienced at presenting your offer to the seller and can help you through the process of negotiating the best price. By bring objectivity to the buying transaction, he or she can point out the advantages and the disadvantages of a particular property.
And the best thing about your Realtor is that all this help normally won’t cost you a cent. Generally speaking, the seller pays the commission to the Realtor (but this may vary from province to province and state to state).

For more information about us or how we can assist you please contact us.

April foreclosures rise 32 percent

2009-05-14T13:40:00.001-04:00

According to RealtyTrac the number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates. More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month.

While total foreclosure activity was up, the number of repossessions by banks was down on a monthly and annual basis to their lowest level since March of last year, RealtyTrac said. After banks take over foreclosed homes, they usually put them up for sale at deep discounts. Nationwide, sales of foreclosures and other distressed properties made up about half of the market in the first quarter, the National Association of Realtors reported.

On a state-by-state basis in Florida, one in every 135 households received a filing in April.

Help might be on the way. The Obama administration announced a plan in March to provide $75 billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure. But the extent of the relief remains unclear, with questions lingering about how much the lending industry will cooperate in modifying loans.
Note: Stats courtesy of NAR and RealtyTrac

If you have questions about what is happening in your area, please contact us.

10 Questions to Ask Home Inspectors

2009-05-13T21:11:00.001-04:00

Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective home inspectors:

1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group’s standards of practice and code of ethics online at www.ashi.org or www.nahi.org. ASHI’s Web site also provides a database of state regulations.
2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.
3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they’ve completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.
4. How do you keep your expertise up to date? Inspectors’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.
5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.
6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.
7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.
8. What’s the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.
9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.
10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag.
Source: Rob Paterkiewicz, executive director, American Society of Home Inspectors, Des Plaines, Ill., www.ashi.org.

For more great tips on buying visit our website. We look forward to assisting you with all your real estate needs

Lower taxes on non-homesteaded properties

2009-05-10T18:57:00.001-04:00

According to FAR, the Senate just approved SB 532 on a 26-11 vote and sent the bill to the House for final approval.

This is a big win for owners of businesses, second homes and non-homestead properties.
• This bill creates a constitutional amendment that will go before voters in November 2010. It would need the approval of 60 percent of voters. The tax breaks would apply beginning in 2011.
• It seeks to limit increases for non-school property tax assessments on ALL non-homestead property to 5 percent annually.

Get more real estate news on our website.

BUY NOW – Especially if you are a first time homebuyer!

2009-05-08T09:29:00.001-04:00

There is no better opportunity than now to take advantage of:

1. LOW interest rates. The average 30 year fixed for today is 4.84%. The 15 year Average is at 4.51%
2. The number of homes on the market; including number of bank owned properties
3. At the LOWEST prices
4. With the topping of: $8000 tax credit for First Time Homebuyers!!

Call us today for a complete market analysis and the step by step instructions on how you can own a new home!! We would be honored with the opportunity to assist you.

Celebration Stats as of May 2nd

2009-05-02T12:30:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of May 2nd there are currently 394 (an increase of 4 properties over the previous month) properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Georgetown at $89,900 (Bank-Owned) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 394: 55 are pre-foreclosure/short sales (making up 14% of the inventory) and 15 are bank-owned (making up 4% of the inventory)
PENDING = 79 TOTAL (an increase of 25% over the previous month): 56 of the 79 that are pending are either bank owned or short sales, making up 71% of the pending inventory.
SOLDS (April 3 to May 2nd) = 24 of which 16 were condominiums/Townhomes and 8 = Single Family Homes) 4 Bank owned/7 Short sale/11 Seller owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

101 Eola in Downtown Orlando is FHA Approved

2009-05-01T16:09:00.001-04:00

This week, 101 Eola Condominium announced they have received FHA approval. This is the first new condo development in downtown Orlando to be on the FHA approved project list.

Obtaining financing has been difficult with the recent developments in the financial market. The good news is things are improving and developments are working towards getting Fanny Mae and Freddy Mac approval with the recent changes to the guidelines. Most of the product offered at 101Eola falls within the lending limits of FHA so buyers will have several floor plans to choose from.

FHA Loans Can Help Put Your Goals Within Reach:

Accommodating - Flexible credit and income-qualifying guidelines

Flexible - Down payments as low as 3.5% and no mortgage payments held in reserve

Options - Gift funds accepted for down payment

The developer has satisfied their loan obligations which means they have no liens, or pending mortgages in the building due to a equity capitalization by the master developer. The only building to have done that in town. What does that mean? That means that the developer has the decision making ability to determine the sales price and in a much stronger position to negotiate the deal as the bank debt has been satisfied.

To check out 101 Eola and other Downtown developments, please be sure to visit the new construction section of our website.

FORECLOSURE HELP

2009-04-27T21:07:00.001-04:00

The following groups are available to help at-risk homeowners:
• HUD at (800) 569-4287, (877) 483-1515, or www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
• HOPE NOW, a cooperative effort of HUD mortgage counselors and lenders to assist homeowners: (888) 995-HOPE or www.hopenow.com
• NeighborWorks America: www.nw.org/network/home.asp
• Federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov
• The Controller of the Currency's consumer information site for banking-related questions: www.helpwithmybank.gov
• OCC Customer Assistance Group: www.occ.gov/customer.htm
• Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm
• Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

If after exhausting the above resources you find out that you do not qualify for any of the programs or if are overwhelmed, give us a call. We are here to help and we look forward to assisting you.

Dispute your assessed value?

2009-04-26T12:14:00.001-04:00

With the steep slide in property values many homeowners are trying to fight their assessed values with the Value Adjustments Board (VAB).

Market values have come down, and many homeowners feel their properties shouldn’t be assessed at the levels they’re seeing. But a key point to remember is that property assessments aren’t based on today’s values; they look backward. That means tax bills for 2008 reflected property values in 2007. But 2009 assessments will be based on property values between Jan. 2, 2008, and Jan. 1, 2009.

Property owners sometimes save thousands of dollars by appealing to the Value Adjustments Board. There are quite a few cases that warrant adjustments, so it may be worth the effort. One caveat about winning a VAB appeal: Property appraisers, relying on computer-assisted mass assessments, often jack up an assessed value again the next year after someone wins an appeal.

To find your local county office, click here.

Home Sales Rise: It is not all doom and gloom!

2009-04-24T09:44:00.001-04:00

Florida’s existing home sales increased in March, making it the seventh month in a row that sales activity demonstrated gains in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). March’s statewide sales also increased over the previous month’s sales level in both the existing home and existing condo markets.

Existing home sales rose 30 percent last month with a total of 13,085 homes sold statewide compared to 10,080 homes sold in March 2008, according to FAR. Statewide existing home sales in March were 32.7 percent higher than February’s statewide sales. Statewide existing condo sales last month increased 37.2 percent over the total units sold in February.

Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The statewide existing condo median sales price last month was $108,700; in March 2008 it was $172,300 for a 37 percent decrease.

Interest rates for a 30-year fixed-rate mortgage averaged 5 percent last month, down significantly from the average rate of 5.97 percent in March 2008, according to Freddie Mac.

Be sure to search all available homes and take advantage of the amount of inventory, prices, and interest rates. There is never a better time to buy!

5 Factors That Decide Your Credit Score

2009-04-18T12:26:00.001-04:00

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.
For more tips on buying visit our website.

Foreclosures in Central Florida

2009-04-16T17:44:00.001-04:00

1 out of every 73 homes are in Foreclosure, which is an increase of 12% from February.

CALL today for your free list of bank owned properties in the area. They are going quickly!

With prices ranging from $25,000 for a condominium to single family home as low as $90,000, these prices are too good to pass up (Prices will vary based on location).

Combined with historically low interest rates, don’t wait as it may be too late!!

Financing for Condominiums – FANNIE MAE GUIDELINES

2009-04-10T12:23:00.001-04:00

Financing for condominiums has just gotten tighter. Jan 15th Fannie Mae’s tighter restrictions went into effect for condominium loans The restrictions attempt to make new condominium loans safer for investments.
Since Florida has been considered high risk, Fannie Mae will be conducting project eligibility for Florida’s new and newly converted condominium projects.
Here is a brief overview of some of the changes:
* For new and newly converted condominium projects, at least 70% of the TOTAL UNITS in the projected must be conveyed or under a bona fide contract for purchase as a principal residence or second home (which is up from 51%).
* For new and established condo projects, no more than 15% of the total units can be 30 days or more past due on the payment of their condo association fees. Instances of delinquencies in payment of HOA dues are not unique to established projects. In the current market conditions, association dues delinquencies are occurring in some projects long before they have met all requirements to be considered “established.”
* The homeowners association must have at least 10% of its budgeted income designated for replacement reserves and adequate funds budgeted for the insurance deductible.
* Borrowers must now obtain a condo-owners insurance policy unless the master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. A condo-owners policy, known as an HO-6 policy, covers personal property, personal liability, and the physical unit from the studs and in.
* No more than 10% of a project can be owned by a single entity.
* In addition, Fannie Mae also announced that effective April 1, 2009 it will add a fee of 0.75% of the TOTAL LOAN AMOUNT on certain mortgages secured by a condo. This fee, paid by the BORROWER would apply unless the borrower is able to come up with at least 25% of the purchase price.
If you are interested in purchasing a condominium, please be sure you are speaking with a licensed mortgage broker or bank before purchasing so you understand what is involved in the financing of a property. If you would like some contact information for a local lender in our area, please contact us and we will be more than happy to assist you.

Just a few steps to help sell your home…

2009-04-07T19:40:00.001-04:00

1. Look at your home through the buyers eyes.
2. Visit open houses in your neighborhood. Are similar homes priced lower? Selling prices may have dropped since your first comparative market analysis. You want to stay ahead of the competition. If you do lower your asking price, consider a figure slightly below those of other comparable homes if you are interested in a speedy sale.
3. Don’t be present for the showings. The presence of sellers can make it difficult for prospective buyers to take their time or talk openly with their partner and agent.
4. Ask your Realtor to talk to other buyer agents that have shown your home. The feedback from their clients can guide you in making home repairs, toning down your décor, making landscaping improvements and the like.
5. Neutralize your color scheme. Most buyers prefer pale, neutral colors that make it easier to imagine a new home as their own.
6. Take every offer seriously! Determine the lowest price you find acceptable, and consider anything more as icing on the cake. In a longstanding dry market you may even have to sell at a loss. You don't want to alienate a potential buyer who has solid financing because you've set your sights unrealistically high.
If you are thinking of selling, we would me more than happy to provide you a market analysis of what the properties are selling for. There are some great websites out there, but we can give you up to the date information on which properties are selling and for how much.
We look forward to assisting you.

Celebration – Stats as of April 2, 2009

2009-04-02T11:45:00.001-04:00

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration.

As of April 2nd there are currently 390 (a reduction of ACTIVE inventory of 7% over the previous month) properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium in Siena at $94,000 (a short sale) to $3.45 Million for an estate home that is over 6400 square feet.
ACTIVE = 390: 51 are pre-foreclosure/short sales (making up 13% of the inventory) and 17 are bank-owned (making up 4.36% of the inventory)
PENDING = 63 TOTAL: 36 of the 63 that are pending are either bank owned or short sales, making up 57% of the pending inventory.
SOLDS (March 3 to April 2nd) = 18 in the last 30 days (7 were condominiums/Townhomes and 11 = Single Family Homes) 8 Bank owned/2 Short sale/8 Seller owned

I will continue this on a monthly basis in the hopes it will provide you in a brief snapshot of the market in Celebration. I hope you find it useful!

If you would like a specific Market Analysis for your home, please contact us directly.

We look forward to serving you.

Hardship Package

2009-03-27T14:42:00.001-04:00

Short Sale Packages will vary from Lender to Lender. As your Realtor, an authorization letter will allow me to communicate with your Lender and facilitate the entire transaction on your behalf. This will help alleviate some stress of you!
The basic requirements of a short sale package include:
1. Cover Letter – which I will prepare.
2. Authorization Form to Release Information – The lender may have their own, but I also can provide a generic form which can be sent to the lender.
3. Hardship Letter – There are certain points you want to be sure to mention in the letter. I provide my sellers a sample to start with. One key point is that you will want to apologize for being in this unexpected financial situation and that you cannot continue to make the payments and you NEED HELP!
4. Financial Statement – Be truthful and honest about your financial situation. Disclose your assets and liabilities. Most Lenders will have their own financial statement to complete.
5. Listing Agreement
6. Purchase/Sale Agreement
7. Comparative Market Analysis
8. Last 2 months of Bank Statements – You will need to explain unaccountable deposits and large cash withdrawals.
9. Payoff Information for All Mortgages
10. Net Sheet/Preliminary HUD – Please be sure to disclose any outstanding HOA fees, liens on the property, 2nd mortgages, and/or Home Equity Line of Credit.
There may be options besides foreclosure. If you have questions, please be sure to give us a call or visit our website.

Acceptable Hardships

2009-03-24T12:39:00.001-04:00

A hardship condition is an unexpected financial crisis. This hardship is the reason behind most delinquent mortgage payments. HUD recognizes the following as valid reasons and hardships to be acceptable for default. Please review the list, if you are behind on your payments or feel you may be soon in falling behind, please call me! There may be other options besides foreclosure. I know it is hard for you, and I want to help! Please beware of companies or people that promise to make payments on your behalf, or those that may ask you to sign a paperwork without allowing you proper time to review - because you may be signing your home away.
Here is a quick list of 23 hardships:
Death of Principal Borrower
Death of Principal Borrower’s Family Member
Serious Illness of Principal Borrower
Serious Illness of Principal Borrower’s Family Member
Marital Problems (Divorce, Separation)
Unemployment
Lessened Income
Property Abandonment
Excessive Obligations
Long Distance Employment Transfer
Military Service
Unable to sell property
Unable to rent property
Loss due to Accident, Fire or Natural Causes
Fraud
Servicing Problems
Payment Adjustments (ARM)
Incarceration
Payment Dispute
Imposed Costs (Energy/Environment)"
Incurable Property Problems
Ownership Transfer Pending
Principal Borrower has business failure

Celebration – Current Stats March 2009

2009-03-03T18:38:00.001-05:00

“Winner of Americas Dream Town for 2007! Celebration is a planned development community created by Disney ® where residents gather on front porches, recreational areas and downtown events. Celebration is a community built on a the cornerstones of: Community, Education, Health, Technology, and a Sense of Place. Amenities include public schools, hospital, community parks, playgrounds, swimming pools, tennis courts and miles of walking and bicycle paths. Celebration is a place to call home."

Celebration offers a combination of condominiums, townhomes and single family homes. Here is a brief snapshot of the current state of the market here in Celebration. As of March 3rd there are currently 419 Properties listed in our MLS system ranging in price from a one bedroom/one bathroom condominium at $99,900 (a short sale) to $3.7 Million for an estate home that is nearly 7,000 square feet.
ACTIVE = 419: 53 are pre-foreclosure/short sales (making up 13% of the inventory) and 15 are bank-owned (making up 3.5% of the inventory)
PENDING = 55 TOTAL: 32 were either bank owned or short sales.
SOLDS = 14 in the last 30 days (8 were condominiums/Townhomes and 6 = Single Family Homes) 2 Bank owned/1 Short sale/11 Seller owned

If you would like to search for a great deal be sure to visit our website. Or if you would like a Market Analysis please contact us directly.

For Sale by Owner, please take note

2009-02-27T17:02:00.001-05:00

You are approached by a prospective buyer and they want do a lease purchase, or maybe they ask you to sign the deed over to them, but they promise to continue making the payments on your behalf. Please, please, please if you are asked to sign any paperwork, have it reviewed by a real estate Attorney. It is so important in this economic climate to have representation. In speaking with other for sale by owners, many of them are now working with Realtors and their team of professionals because of these type of experiences. There maybe cases where the above scenario may have worked, but unfortunately there are people that may be taken advantage of.
If you would like to sit down and talk about how we can work together to sell your home, please contact us. We look forward to partnering together and getting your home SOLD!

First Time Homebuyer Tax Credit

2009-02-20T14:52:00.001-05:00

I am sure you have heard the stimulus package included a revision of the homebuyer tax credit. Here is a brief overview:
WASHINGTON – Feb. 17, 2009 – How does a first-time homebuyer take advantage of the $8,000 tax credit that President Obama is expected to sign into law tomorrow? It comes with a few rules. According to the most recent analysis, the following rules will apply – though things could change as tax professionals weigh the details:
• The deduction is worth 10 percent of a home’s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
• There is an income limit to qualify. A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
• Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.
• If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.
• It’s a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.
• The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 31, 2009.
• The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
• To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
• If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
• The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly.
The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.
By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.

Please consult your accountant to confirm qualification.
Be sure to SURF the MLS today to see what buying opportunities are available

New Construction

2009-02-17T17:09:00.001-05:00

There are a lot of DEALS out there on newly constructed homes, along with many benefits. There are even scenarios where purchasing new construction may be less expensive than some of the resale's in the same community. When purchasing a new home, (in most cases) the builder offers a one year bumper to bumper warranty. Anything wrong with the house, you just give them a call! Typically the second year is electric and plumbing followed by a limited 10 year structural warranty.
Many builders will offer incentives, such as finance through one of their preferred lenders and we will pay for a portion of your closing costs. This amount can vary, but I have seen $3000 up to $6000 towards closing costs. They may also agree to pay 1 year of your Homeowners Association dues (if the community has one).
It is also important to use a Realtor when purchasing new construction. The sales person in the office represents the Builder/Developer, and it is important to have someone on your side. Best of all, it costs you NOTHING!!
For more information on some of the areas that offer New Construction.

FHA Financing

2009-02-04T15:30:00.001-05:00

Many of my customers are utilizing one of the best programs available to buyers at this moment: FHA Loans!
FHA Loans require ONLY a 3.5% down payment – so on a $150,000 home that is only $5,250. Combine this with the low interest rate and it is achievable – particularly for first time home buyers. In many cases, you can negotiate with the Seller or Bank (if it is a bank owned) and ask for a contribution towards your closing costs (typically between 3 and 6% of the purchase price in many cases).
To qualify for FHA loans, borrowers must be able to document their incomes and assets and not have defaulted on student loans or other government-backed debt. They usually need credit scores of at least 580. Credit scores range from 300 to 850. Borrowers who don’t go the FHA route will face stricter credit requirements on conventional loans. The conventional loans depending on qualifications, typically require 5% or more.
It is a great time to contact us and we can put you in contact with a Mortgage Company that can help.

Daily Real Estate News

2009-01-31T17:08:00.001-05:00

Daily Real Estate News feed updates daily! Click on the link to view the latest in real estate news.

Purchasing Foreclosures – Home Inspection

2009-01-29T18:25:00.001-05:00

In reference to the (parenthesis) portion of my previous blog about obtaining a home inspection on a bank owned property, it is important to note that you can still order and complete a home inspection, but the contract itself will not be contingent on the results of the home inspection.
It is important to adhere to all the deadlines in your contract with regards to obtaining a home inspection. Once the inspection is completed, you will want to provide to the Seller in writing your acceptance of the inspection.

Purchasing Foreclosures

2009-01-26T21:31:00.001-05:00

A foreclosed property simply means the bank has taken over the property from the previous owner. The bank is now in possession of the property and in most cases hires a Realtor to market and sell the property.
These properties are usually purchased As/Is. Because the bank has not owned the property in most cases they will not provide you a copy of Sellers Disclosures. It is prudent that a buyer hire a licensed home inspector to thoroughly inspect the property. (Please note: Some banks may not make an offer contingent on a home inspection, so it is important to read any bank addendums and/or contracts thoroughly). In most cases however, the bank will allow the offer to be contingent on a home inspection. Typically you must complete these inspections within 7 to 10 days after acceptance of the offer.
For more information please visit my website at: www.DestinationCentralFlorida.com

Appraisals / Market Analysis

2008-12-17T19:26:00.000-05:00

The housing market is changing on a daily basis.

It is important to work with a Realtor in the market in which you are looking to buy a home.

Once you have located a home you are interested in, it is important to understand the current value.

When financing a home, the lender will order an appraisal. However, if you are paying CASH for a home, I will still advise you to pay for an independent appraisal to ensure you are not paying too much for the home.

When preparing an offer we can write the offer subject to a satisfactory appraisal. This will allow you, the buyer, an opportunity to re-negotiate or to cancel the contract if the appraised value does not at least equal the contract sales price.

Contact us at our Home - www.destinationcentralflorida.com/

Short Sales (Buyers Perspective)

2008-10-11T21:07:00.000-04:00

There are many topics relating to short sales that I want to discuss, but I will touch on a few different thoughts/ideas.

One thing to understand about short sales is that many facets of the transaction are determined by the Sellers Lender. Such as the final purchase price, timeframe for acceptance of the offer, the closing date to name a few.

It is important to work with a Realtor that understands the process and can walk you step by step.

I have worked with many buyers purchasing short sales. Short sales may also be in a pre-foreclosure or foreclosure situation, depending on the seller’s situation.

Visit us at our Home - www.destinationcentralflorida.com/

About us

2008-01-01T17:35:00.000-05:00

About Vanessa

I am a native Floridian and a graduate of The University of Florida with a Bachelor's Degree in Business Administration.
For just shy of three years I worked with one of our nation's largest builders, DR Horton Homes. During selling over 35 million dollars worth of new homes, assisting over 300 domestic and international customers. I now work with Keller Williams Realty located in Celebration, Florida.
My experience includes new and existing homes; relocation, short-term rental, vacation, and investment properties.

About Jaime:

I was born in Puerto Rico and moved here when 6 years old. My family moved to Kissimmee in 1980. I received my undergraduate degree from the The University of Florida with a Bachelor's in Microbiology. I then went on to attend Chiropractic School in Marietta, Georgia where I graduated in 2001 with a Doctorate of Chiropractic.
I relocated back to the Kissimmee area where I have practiced as a Chiropractor since 2001. I have always had a passion for Real Estate and received my Real Estate License in 2006. I am now excited to be working with my wife forBuyers and Sellers in the Central Florida Area and abroad!