Jacksonville Florida Real Estate News

Is Your Short Sale or Loan Modification Being Turned Down?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 15 Sep 2009 05:59:37 -0500

Slow down... SPEED ZONE AHEAD! You don't want to miss the information provided below: (Re-blogged with permission of the authors - Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes)

Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):

Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan.

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

T o view Florida Short Sales- Click here . We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

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Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Hometown Realty of Duval, Inc. of Jacksonville, Florida

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 31 Jul 2009 09:05:25 -0500

Hometown Realty of Duval, Inc. of Jacksonville, Florida is our new brokerage home. We want to introduce you to Hometown Realty and let you know why we moved our license there.

Hometown Realty of Duval, Inc. is an independent Real Estate brokerage located in the heart of Mandarin in Jacksonville, Florida. Hometown Realty is committed to providing outstanding service and value to Buyers, Sellers and Landlords.

Many Real Estate Companies claim to be FULL SERVICE but Hometown Realty of Duval does more than make the claim... they live it! Hometown Realty and its agents are dedicated to providing the highest level of service possible. They prove this by presenting and providing all known available options to each of their clients - Sellers, Buyers and Landlords.

Hometown Realty of Duval, Inc. is widely recognized as one of the premier real estate companies in Northeast Florida. Over the past ten years, they have become recognized as a leader in developing quality working relationships with their clientele; relationships based on respect, integrity, and trust.

By joining the powerful, dedicated team of professionals at Hometown Realty of Duval, we (Tim and Susan Fennell) have a whole new arsenal of tools at our disposal to help us as we help our clients. The Jacksonville Real Estate market may be down, temporarily, but we are more excited about the future of Jacksonville Real Estate opportunities today than ever before.

Hometown Realty of Duval, Inc. understands the changes in the real estate market and is responding to those changes with affirmative options and glowing expectations.

Call us today to find out just why we are so excited about the future of Jacksonville Real Estate and how we and Hometown Realty of Duval can help you today and tomorrow! The future is ours... today!

For more information visit our websites:
www.BestHomesInJacksonville.com
www.JaxPowerListings.com
www.WhyShortSaleJax.com

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
904-568-4528

Hometown Realty of Duval, Inc.
10421 Old St. Augustine Road
Jacksonville, Florida 32257
904-288-9293

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Time is running out for first time home buyers tax credit

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 21 Jul 2009 10:09:00 -0500

Time is running out for First Time Home Buyers to take advantage of the $8000 Tax Credit. Remember, also, that "First Time Home Buyer" means anyone who has not owned a principle residence within the preceding 36 months.

You only have until November 30, 2009 to find a home, secure financing and close the transaction
to receive your $8,000 tax credit/downpayment.

While that may seem like plenty of time, the fact is that a large number of homes for sale in our Jacksonville, Florida market are "short sales" and although their name says "short" it actually takes a long time to work through the process and close on these homes. If you choose a short sale listing today, it could easily take up to the last minute to finalize and close.

The bottom line is that if you are a first time home buyer you need to get very serious about finding the right home NOW. We can save you a lot of time, energy and money by doing all the footwork for you.

We will help you locate the home, decide on a price offer and terms and then negotiate the sale all the waay through closing... and our services don't cost you a dime. The seller will pay our commission at closing.

What are you waiting for? Call now and let's get started - Don't leave $8000 sitting on the table!

Tim and Susan Fennell
904-568-5468

Visit our website for more information.

Timothy H. Fennell, P.A.
Broker Associate / Property Manager
Hometown Realty of Duval, Inc.
Office 904-288-9293

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

How to tell if your home is overpriced - the creepy crawly test.

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 16 Jul 2009 07:09:24 -0500

This falls under the category of LIFE'S TOUGH LESSONS!

One of the most difficult realities home sellers struggle with is accepting the CURRENT MARKET VALUE of the property they want to sell. HINT: It is lower than you think; it is lower than it was 6 months ago; AND IF NOT PRICED TO SELL NOW (ie. "market value") it may be even lower next week.

Waiting to lower your asking price is a sure-fire way of netting LESS than if you price it right in the beginning. If you didn't price TO SELL in the beginning then...

It is time for a NEW BEGINNING. Price it where buyers will look at it and make an offer on it...

or plan to keep it for a long, long time while waiting for the economy to turn around.

Our thanks to Brian Brumpton, Boise Idaho Real Estate, for allowing us to re-blog this clever lesson in reality.

Via Brian Brumpton, Boise Idaho Real Estate (Keller Williams Boise):

How do you know when your home is overpriced?

Well you could have your agent pull comps and if they're half way competent you could take their word for it.

Or you could wait until the lock box on your front door sits long enough for all the creepy crawly things to feel safe enough to make it their home.

Bottom line if the spider living in your lock box is netting more visitors than you are chances are you're priced out of the market.

Statistically they say it takes two to three times longer to sell a home through price reductions than it does to price it right up front.

If your home is priced right for it's condition, for it's competition, and for the market, your agent shouldn't have to proceed with caution when removing the lock box from your door.

You can save yourself time and net a bigger return doing the research upfront and gettig the equation right from the start.

As for me I don't like spiders so if I show up at your door and your lock box looks like this, I'm going to leave it and it's inhabitants for the next agent.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

VIDEO of 3BR/2B Home for Sale in Jacksonville, Florida - Built for and around FUN!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Mon, 06 Jul 2009 06:25:55 -0500

Built in 1960, this 3BR/2B home has enjoyed a professional expansion and remodel to the main living areas and kitchen. The ORIGINAL OWNER has occupied the property throughout its life and kept it in immaculate condition.

In addition to screened front porch, expanded living areas, hardwood flooring (under carpet), brick wood-burning or gas fireplace and quality upgrade appliances, this home features an additional game room building not included in square footage. The large finished gameroom has unit heat and cooling and includes billiard table with table tennis top too!

Video of home for sale in Jacksonville, Florida - Fort Caroline Club Estates - Convenient to Ft Caroline Club, boat ramp, schools, shopping, downtown and more. This home offers far more than you expect. The Large corner lot offers plenty of room to expand if desired. 3 Bedrooms, 2 Baths, 1680 square feet plus recreation shed with pool table and additional tool shed. Seller had home inspection prior to listing and made the very few minor repairs recommended. It also has a newer HVAC system, brand new architectural shingle roof, and freshly painted exterior.

Brokered by Hometown Realty of Duval, Inc. - 904-288-9293
Tim and Susan Fennell (Broker Associates / Property Managers)
904-568-5468

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Are Real Estate Prices Being Held Back?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 03 Jul 2009 09:09:02 -0500

We want to thank Ed & Cindy Knight for allowing us to share the following post from their blog with our readers. What can you do, as consumers? Call your congressman/woman and demand they get off their duffs and do something PRODUCTIVE to reshape our economy. What you are about to read is not a pretty picture but it is the reality we are beginning to deal with in real estate.

Know this... Susan and I will fight for you and the value of homes in the Greater Jacksonville Florida area!

Via Ed & Cindy Knight (Realty Executives e-Group):

Like many real estate agents I am getting more than a little ticked off at how the government banks are handling the foreclosures and the sale of homes and condos. In my opinion, they are running the real estate market right into the ground. Of course, right behind them are the appraisers who are actually "untouchable" now thanks to the HVCC Home Valuation Code of Conduct. One of my favorite blogger's Chris Griffith wrote about this recently. Right behind them are the underwriters who yes work for the banks.

So do I sound ticked off? Well I am and right now I am beginning to think it's some kind of conspiracy to cripple the middle class. No I am not going nuts it's just I am seeing first hand what is happening to the real estate market here in Macomb County, just outside Detroit. I just can't take it anymore and I think people need to know what's going on. I think the banks are holding real estate prices back.

Here's why -

last month we sold a home that was listed at $149,000 it had 7 offers and our buyer offered $169,900. Now that means the market is talking right? Not quite - although our buyer's offer was the best and his offer was accepted the appraiser brought the value in at $152,000. So much for the market talking. The best part is this home sold in 1988 brand new for $150,000 and the township well they are collecting taxes based on a value of $241,000.

a few weeks back we sold a condo for $92,000 actually we thought it was a pretty good deal. Guess our 20 years of real estate experience means nothing - the appraiser said it was worth $83,000. The estate was appalled because their mom paid $80,000 in 1979. Of course, they were forced to sell since we could not fight the appraiser.

this tops them all - a condo sells for $83,000 this time the appraiser says it's worth $85,000 - ready for this one? The underwriter says No - she ran the automated evaluation system and said it was worth $73,000. What???

here's one that I have first hand knowledge of - we bought a condo in 2003 for $105,000 bank owned. These units sold back in 1994 for $65,000 and in 1988 brand new for $58,000. But in the past 3 years the banks have ran the market right into the ground - $95,000, $62,500, $59,900, $49,900, $44,900, $40,500, $38,000. Urgh

Now remember Macomb County was NOT an area that went way up in value. No this area did not see double digit appreciation in a couple years. We had normal appreciation and then the banks came in and ran it right into the ground. The other day I saw a home selling in Detroit for $850 yep you read that right. No it was not a wreck. It was a 3 bedroom brick home with a basement and a garage and a few miles from where I grew up. Sick just sick.

So what do you think?

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

3BR/2B Home for Sale in Ft Caroline Club Estates - 1680SF + 350SF Recreation Room

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 03 Jul 2009 08:36:35 -0500

Built in 1960, this 3BR/2B home has enjoyed a professional expansion and remodel to the main living areas and kitchen. The ORIGINAL OWNER has occupied the property throughout its life and kept it in immaculate condition.

In addition to screened front porch, expanded living areas, hardwood flooring (under carpet), brick wood-burning or gas fireplace and quality upgrade appliances, this home features an additional game room building not included in square footage. The large finished gameroom has unit heat and cooling and includes billiard table with table tennis top too!

Convenient to Ft Caroline Club, boat ramp, schools, shopping, downtown and more. This home offers far more than you expect. The Large corner lot offers plenty of room to expand if desired.

Seller had home inspection prior to listing and made the very few minor repairs recommended. It also has a newer HVAC system, brand new architectural shingle roof, and freshly painted exterior.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Video Press Release: PowerListing for Jacksonville, Florida Real Estate

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 09 Jun 2009 09:49:25 -0500

As many of you know, we have been preparing to launch our new PowerListing(TM) Program for the past few months. Well, we are delighted to announce that the first phase of our new program is now in action!

The Video Press Release (below) introduces home sellers in the Jacksonville, Florida Real Estate Market to this powerful new program.

This is just the first phase or our PowerListing(TM) Program which is designed to position individual listings with a Flash website, crafted to draw in potential buyers using sight, sound and movement. And, unlike most Flash sites that are not SEO-friendly, our PowerListing(TM) sites are designed so that google can see and read them for maximum SEO potential. Also, we utilize Google Analytics as with all of our websites to track the effectiveness of the marketing.

Click HERE for a sample of one of these PowerListing(TM) websites.

The next PowerListing(TM) phase (already in testing mode) will enable buyers to obtain all information about the listing, including photos, audio tour and video tour, via their iPhone® or Blackberry® type device directly while sitting in their car at CURBSIDE.

If the buyer only has a regular cell phone he will still be able to retrieve an AUDIO TOUR of the home right from the curb.

Our goal is to bring Jacksonville Real Estate Marketing methods into the 21st Century... the market has changed and we're changing marketing methods to match it!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

SHORT SALE FLIPS - TITLE INSURANCE PROHIBITED

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 09 Jun 2009 05:42:07 -0500

We have been concerned about this "practice" of SHORT SALE FLIPS by investors for some time. It just doesn't pass the smell test for us and we have wondered why the banks and the Florida Real Estate Commission have allowed the practice to continue for so long. Perhaps they are just now getting wise to the practice and will do something about it.

The problem, as we see it, is that nobody benefits other than the investor and his real estate agent. The bank (mortgagee) and the home seller (mortgagor) get the short end of the stick and we simply cannot imagine why either party would agree to this arrangement if they were fully aware of what is transpiring.

We have even noticed that many of these "short sale flips" are not being advertised other than being listed in MLS and via the investor and agent's personal websites. Many do not have yard signs, many are not entered into MLS in a timely manner and many of the agents do not respond to calls from other agents who wish to show the listings to prospective buyers.

The only reason we can imagine for all of this is so that the investor can keep a low profile and the agent can benefit from both the listing and selling side of the transaction. There may be other reasons but we cannot imagine what they might be and when we have attempted to get answers from agents who engage in this practice they become angry and hang up on us...

As I said, none of it passes the smell test for us!

Let the consumer beware!

Our thanks to Richard Zaretsky, Florida Real Estate Attorney, for allowing us to repost this entry from his blog.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

The short sale flip apparently is alive and well for some investors - and it is causing havoc with title insurance underwriters.  Now the title insurance underwriters are making their case simply by declaring that they won't insure such transactions.

This decision is not surprising. As pointed out in SHORT SALE FLIP - QUESTIONABLE METHODS, some investors have seen the reluctance amongst knowledgeable (and ethical?) title insurance agencies to question and usually refrain from being involved in such transactions. The result was the new "twist" of using one title closing agent (and underwriter) for the initial sale and another title closing agent (and underwriter) for the higher sale.

These transactions are also being examined by the shorted lenders - but the current safeguard of having the parties sign affidavits and "disclosures" is seriously not going to stop any investor that sees dollars at the end of the transaction.

Attorney Title Insurance Fund (in Florida) just today released an Alert and directive to its agents and it is reproduced below. They are not the first nor will they be the last to take this position.

FUND ALERT: SHORT SALE PROGRAMS

The Fund has become aware of several "short sale programs" advertised on the internet and elsewhere that promise to make the investor lots of money with little or no work by purchasing and selling property through short sales. The programs involve the investor entering into options or similar contracts with the homeowners for the exclusive right to purchase their property for a period of time. The investor negotiates a short sale with the lender, convincing the lender that the price they are offering is the market value of the property. The investor then finds a buyer for the property at a much higher price. Once the buyer is lined up, the investor buys the property from the seller, pays off the seller's mortgage at the short sale rate, and simultaneously sells the property to the buyer at the higher price, pocketing the difference. In most cases the original lender is not told that the buyer is flipping the property on the same day for thousands more than the lender has been told is the market value of the property.

In the cases we have seen, the investor has not put any of his own money into the transaction, and uses the new lender's money to fund the entire deal.

A variation of this program involves the investor having the seller convey the property into a "trust" with the investor as "trustee".

The Fund has made a business decision not to insure these types of transactions.

Before you insure any kind of transaction involving a short payoff to the existing lender, or a simultaneous closing, make sure that the following requirements have been met:

•1.    There are no violations of any restrictions listed in the short sale payoff letter or closing instructions.

•2.     There have been no misrepresentations as to the value or ownership of the property to the existing lender, the new lender, or the purchaser.

•3.     All disbursements must be made exactly as stated on the HUD-1 settlement statement, and only to parties involved in this specific transaction.

•4.     Each half of the simultaneous closing must be kept separate and stand on its own. The sale from A to B must be fully funded and disbursed with money coming from and going to all appropriate parties. The sale from B to C must also stand on its own. The money from C's lender must not be used to fund any portion of the A to B transaction.

If the circumstances of your transaction do not meet the above requirements, you must contact a Fund underwriting attorney for approval prior to insuring the transaction.

Attorneys' Title Insurance Fund, Inc. 6545 Corporate Centre Blvd., Orlando, FL 32822
1-800-336-3863 www.thefund.com

THIS IS AN AUTOMATED EMAIL LIST -- This email address is not monitored. Please do not reply to this message.

©2009 Attorneys' Title Insurance Fund, Inc. The Fund is a registered trademark of Attorneys' Title Insurance Fund, Inc.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Why You Can't Sell Your Home In This Market

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Wed, 03 Jun 2009 12:59:44 -0500

We hear it almost every day (okay, not every day but we do hear it a lot) from people who are trying to sell during this strong buyer's market. They try and try for weeks, months... some have even been trying to sell for a couple of years. And the question they ask us is, "Why can't I sell my home? What am I doing wrong?"

The answer may be a bit simpler than you think. And you probably won't like the answer and you'll probably start protesting right away but since you asked, I'm going to give you a straight answer.

Are you ready? Are you sure? Okay, you asked for it so here it is...

The reason you can't sell is because you don't really want to sell.

Oh my, I can hear the screams of indignant protest already.

What?! Are you crazy, Tim? Have you not been listening to a word I've said? I've had my home listed with a broker for longer than I can remember and now you say I don't really want to sell my home?! I need to move because (fill in the reason: new job, can't afford payments, want to downsize, want to upsize, etc.) Of course I want to sell my home.

Okay, okay... simmer down there and listen for a minute. And I don't mean for you to listen to me. Listen to yourself. Listen to your own words. What did you say about your attempts to sell? Exactly what is it that you are you saying that you want to sell?

Good grief, man... do you have an attention problem? I said that I want to sell my home. I need to sell my home! Can't someone help me sell my home?!

Take a deep breath now and calm down. I heard you just fine... but you aren't listening to yourself. In fact, you may be kidding yourself and, in the process, defeating yourself. You've heard it before... the truth of this statement is not easy to swallow but the fact is that all too often...

We are our own worst enemy.

Why can't you sell your home? There are three points that culminate in one simple answer.

Nobody wants to buy your home... they already have one of their own, thank you.
Your home isn't really for sale even if someone needed or wanted to purchase your home.
Nobody could afford to buy your home if it were for sale.

Here it is folks... as long as you think of your HOUSE as your HOME you won't be able to sell it. It's just a simple reality of life... HOME is where the heart is and you simply cannot sell that at any price.

As long as you think of your HOUSE as YOUR HOME, you will place far more value on it than will anyone else. If you place too much value on it then you will likely price it far too high and you will unconciously make certain that every potential buyer who walks through know that it is YOUR HOME -- NOT THEIRS.

The mind (psychology) is a powerful force in all of our lives. Stop being your own worst enemy and face up to the fact that you have a HOUSE that you need to sell.

You will take your HOME with you when you move! Let's get your HOUSE sold as soon as possible. Call us today and let us help you get started on the right foot.

PowerListing(TM)

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

The tax man giveth and the tax man taketh away...

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 02 Jun 2009 16:43:27 -0500

Just want to give our readers this quick update from Mortgagee Letter 2009-15 which establishes guidelines for use of the first-time home buyer tax credit as settlement funds.

The details haven't been fully revealed just yet so there is still a lot of guessing and speculating going on within the industry. We are hoping to have a clear picture within the next week or two but in the meantime here are a few things that we do know.

The IRS tax credit refund can be made only to the taxpayer and not a third party.
Government agencies may offer tax credit advances with second liens.
The buyer cannot get cash back through the tax credit advance.
The 2nd lien may not exceed the down payment, closing costs, and prepaid expenses.
The 2nd lien may be soft or require payments.
Payments on 2nd liens must be included in ratios unless deferred for at least 36 months.
Balloon payments on 2nd liens may not be before 10 years.
FHA approved lenders and FHA approved non-profits may purchase the tax credit.
Tax credit purchaser may not charge more than 2.5% of the tax credit as a fee.

And then there's this little item that every potential borrower against the funds needs to be aware of...

IRS may deduct from the tax credit: unpaid student loans, tax liens and garnishments.

We just want to keep you informed as new info comes available to us. Don't hesitate to call if you have any questions whatsoever!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Do I HAVE to lower the price to sell this house?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Mon, 01 Jun 2009 08:39:34 -0500

So, you're a homeowner that wants to sell. You've had your house listed forever... okay, it just feels like forever but it has been listed for a long time. And now you feel like you're trapped inside a box.

You haven't gotten any offers or maybe you got an offer or two but they were lowball offers from investors who just wanted to flip it fast for a small profit (nothing wrong with that but if they can buy low and sell a little higher then why shouldn't you just drop your price to the point that they will sell it at later and be done with it? You pocket the difference between the investors price and the selling price. But that's a topic for another time and another post.) Perhaps you haven't had many showings... maybe not even any showings.

So, do you HAVE to lower your price to get it sold? The short, easy answer is "Probably" but let's look at a couple of other things before going that route.

I need for you to answer a few questions (in no particular order of importance) and, before we go any further, let me say this: if you don't know the answers to the following questions then your first step is to get those answers.

When was the last CMA (Competitive Market Analysis) completed?
Where is your listing being advertised?
How effective are those ads? (How many potential buyers are viewing the ads each week?)
What innovative/interactive tools are being used to gain exposure for your listing?
How many comparable listings have sold during the time you've had your listing and why did buyers choose them over yours?
Are you absolutely certain that you want to sell your house? (If not, then forget it... you probably won't sell it.)
If you have had showings - How many? When? What feedback did you get from the agent who showed? When was the last showing?
What recommendations have you gotten from you agent and have you followed those recommendations 100%?
How will your life be affected if you don't sell the house?
Are you ready to do what it takes to get it sold?

Once we have the answers to these questions, we will KNOW with certainty whether you need to reduce the price or not. As I said in the beginning, you probably do need to reduce it but maybe not... or maybe not as much as you might fear. If you have to lower it, then you have to lower it. The market may not be pretty or what you want but it is what it is.

We would be happy to meet with you and discuss the answers to these and any other questions you might have and give you our professional opinion based on hard data.

We are employing new and innovative methods to market our listings. The market has changed and we (real estate agents) must change our methods to meet the new demands of the market and today's buyers. Traditional methods and marketing are simply not as effective today as they were just a few short years ago.

Visit our JaxPowerListings website for an introduction to some of our innovative marketing methods and if you like what you see, give us a call. We'd be happy to meet with you for a free, no-obligation consult. Before you give up and throw in the towel, give us a call at 904-568-4528.

We're adding to and changing our methods and tools as the market changes and we believe that change is good!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

$8,000 FIRST TIME BUYER TAX CREDIT - CHECK RECEIVED !!!!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Sat, 30 May 2009 08:14:00 -0500

THIS CONTENT IS NOT OURS - WE HAVE THE AUTHOR'S PERMISSION TO POST

We extend our thanks to Sheldon Neal for sharing this information with us for the benefit of our readers.

IF THIS DOESN'T MOTIVATE FIRST TIME BUYERS, WE DON'T KNOW WHAT WILL!
(First Time Buyer is defined as an individual who has not owned a principle residence in the preceding 3 years.)

NOW IS THE TIME TO BUY! Home prices and interest rates will be going back up soon - Interest rates are already starting to climb.

Via Sheldon Neal -- That British Agent -- (Bergen County, NJ - RE/MAX Real Estate Limited):

This is an actual check from one of my First Time Buyers who bought a home last month, and immediately filed his 2008 tax return - which he had already filed an extension for - and this week received the above check !

... before his home purchase, his return was going to give him a refund of approximately $4,000 !!!! ... as you can see, he qualified for the tax credit, and received $8,000 additional dollars from the government for buying his home.

@@@ FOR FURTHER INFORMATION - BE SURE TO CONSULT YOUR ACCOUNTANT TO SEE IF YOU CAN RECEIVE THIS YOURSELF @@@

Per the IRS.gov website, you may qualify to receive this credit if you meet the following qualifications:

"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."

The credit itself:

Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.

Applies only to homes used as a taxpayer's principal residence.

Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.

Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

So if you were considering buying a home this year - be sure to talk to your accountant as you may also qualify to get $8,000 extra dollars for buying your first home !

ALSO: Be sure to check out a post from respected Loan Officer Jeff Belonger explaining how you may be able to receive an 'up front loan' for this credit to use towards closing costs or additional downpayment over your mandatory 3.5% payment on your FHA loan !

@@@PLEASE NOTE: ALL INFORMATION ABOVE DEEMED RELIABLE PER THE IRS.GOV WEBSITE, HOWEVER IS SUBJECT TO CHANGE AT ANY POINT ON ANY DAY ! - CONSULT YOUR TAX ACCOUNTANT BEFORE EXPECTING ANY PORTION OF THIS CREDIT.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

$8,000 First Time Homebuyer Tax Credit - Approved by FHA/HUD 5-29-09 - But buyer BEWARE !!!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 29 May 2009 13:12:07 -0500

Our thanks to Jeff Belonger for providing this excellent update and explanation regarding 'advance loans' on the $8000 tax credit. From what we have been able to learn, Jeff is on the mark with his analysis.

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

BUYER BEWARE of Tax Credit

The first time homebuyers tax credit of $8,000 has been approved by HUD for all FHA loans. But don't get too excited too quickly. If you get a chance to read the mortgagee letter, ML 2009-15, it states that you can't use this tax credit for the required down payment of 3.5%.

HUD originally put out mortgagee letter 2009-15 on May 12th, but was rescinded the next day. Please read about that here : $8,000 tax credit rescinded by HUD. For some reason, it was prematurely placed on HUD's web site, but apparently wasn't finalized. Now we have a new version and if not read correctly, you could be putting misinformation out there. So what does the new mortgagee letter state?

Here is the positive part about the tax credit. You can receive the first time homebuyers tax credit upfront, but not through the IRS. This would be illegal. Please read : It's illegal to receive your tax credit before you close on your home. Buyers - BEWARE, please read that, because too many people are saying that you can get the money directly from the IRS prior to closing. The IRS & HUD both say no!!!

So how can you receive this upfront? It can be given to you as a second or a silent second from any Federal, State, or local agencies, and any FHA mortgagee or any FHA approved non-profit organization. People, in layman's terms, this is already acceptable by HUD's standards, except for the lender that is now able to give the monies upfront in a form of a 2nd mortgage. Another terminology is that this can be an advance loan from any of the entities mentioned above.

Summary : Essentially, this means that the entities mentioned above, are purchasing this tax credit on your behalf and giving it back to you. The short version of this is that you can use some of the money from the $8,000 Tax Credit as your down payment, but after you put down the first 3.5% of that down payment. Meaning, you have to come up with 3.5% of your own money still. With FHA loans, it can still be a gift from a relative/family member. It also can come from non-profit or government agencies to be used as your initial down payment, but not used through the tax credit. Overall, the tax credit that is advanced, can be used for all closing costs. But you can't receive monies back at closing.

And again, keeping in mind, it's illegal to receive this tax credit upfront directly from the IRS. There is more verbiage in the mortgagee letter 2009-15 , but the main point is that you have to have 3.5% of the downpayment yourself, before you can use the tax credit that would be 'loaned' to you.

THOUGHTS??? - Well, in all honesty, how does this truly help? What is the gov't thinking here? As a buyer, I would still need the initial 3.5% of my monies for the down payment. Again, needing money to buy. I know some of you are for this fact, that buyers should have skin in the game. But keep in mind, this was not the true demise to our foreclosure mess. We need to sell houses to keep this economy going. Just my opinions and food for thought. thanks

My Series on the First time homebuyers $8,000 tax credit - Everything you need to now, from start to finish - What's allowed and what's not allowed :

The $8,000 tax credit for first time home buyers - The basics - What to know about it - Understanding what the tax credit is all about.

Use a 6 month gift from a relative to buy a home, thanks to the Tax Credit - How to get creative in using the tax credit and some FHA mortgage guidelines in helping you use this tax credit to your advantage.

Using First-Time Homebuyer Tax Credits for the Downpayment - It's GONE !!!! - The story of the $8,000 tax credit - The bottom line, you can't use the actual tax credit as your downpayment.. for your downpayment, unless you get it from other sources prior to buying the house and receiving the tax credit.

FRAUD ALERT - Advice on the $8,000 first time homebuyers Tax Credit - Do you chance it??? - This explains to you that it's fraud if you directly obtain the money from the IRS before you actually purchase the house. Even HUD and many lenders/investors acknowledge this also.

The $8,000 tax credit for First Time Homebuyers - How & when to get it legally - So how can the tax credit be received legally for your downpayment? Just be careful of those that promise other ways not mentioned. I talk about what is illegal in the previous blog above. Please click the link.

The First time homebuyer $8,000 tax credit has been amended - May 29th, 2009 - Buyer, beware !!! You still need 3.5% of your own money for the down payment. It can't come way of an upfront loan through the tax credit.

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages -

- Conventional Loans - 203 k loans -

- Mortgages -

Experience & Knowledge at its BEST !!!

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Why do some real estate brokers charge a transaction fee?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 29 May 2009 10:12:09 -0500

Let me state right up front that we DO NOT charge a transaction fee so we don't really know or understand why some brokers do charge one. What I want to share in this post is why we DO NOT charge one and why we WILL NOT charge one.

First of all, what is a transaction fee? In a nutshell, it is an additional fee, on top of the commission, that some brokers charge to buyers and/or sellers of real estate.

The most common explanation for charging the fees is that it is needed to cover the costs the broker incurs in complying with state and federal laws regarding maintainence of paperwork/files for a number of years. Obviously those costs could add up, especially for brokers with lots of transactions.

The first time I heard about these fees (several years ago) my initial reaction was, "You've got to be kidding me!" After several years of thinking about it, my reaction now is, "You've still got to be kidding me!"

"Fees" are strange little things, in my opinion. "Fees" are what politicians charge us when they don't want us to think that our taxes are being raised. And, likewise, "fees" are what brokers charge when they don't want you to think that you are paying a higher commission.

And, from what I understand, there is a LEGAL difference between taxes and fees and there is a LEGAL difference between commissions and fees... the question I've had all along is whether or not there is any PRACTICAL difference between the two and if not, how long might it be until someone brings a law suit challenging that supposed difference.

Well, lo and behold, someone has and they won in a class action law suit brought in a Federal Court! It happened in Alabama and you can read about it HERE. The question I have now is, "when and how is this going to affect brokers in other states?"

I sure am glad that we never charged this (junk, in my opinion) fee. In fact, I've said all along that if my broker decided to charge it I would find a new place to hang my license. Fortunately I've never had to face that decision because both brokers that I have worked for shared my opinion and concerns.

For any buyer or seller that understands this fee up front and doesn't mind paying it... more power to them. Me? I like to know what I am paying for and I like to know that the money I'm spending is used for the purpose stated. Something about fees (especially fees that look like junk) just gets my goat. If I were the buyer or seller I would just say "NO THANKS, I'll find another broker to assist me who doesn't charge extra fees."

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

800 New Jobs and $200,000,000 Factory - Let's hope so!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 28 May 2009 16:28:37 -0500

It was just announced today that Saft America, a manufactorer of high-tech batteries wants to build a $200,000,000 factory at the Cecil Commerce Center. They are looking for half the cost of the factory to come from the U.S. Dept. of Energy.

If plans come to fruition, they will be adding about 800 new jobs to the Jacksonville economy over the next three years in addition to the jobs that will be created for the construction of the plant.

We understand that Saft is also looking to local and state authorities for other incentives. I suppose that could be a stumbling block but let's hope that the project will come together to help pull us out of our current housing decline.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Buyers - Be careful that you don't snooze and lose.

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 28 May 2009 07:01:19 -0500

A few days ago we told you that interest rates had inched down a little... not their lowest ever point but pretty darned close to it.

We also cautioned that this could be short-lived and anyone on the fence about buying would be well-served by going ahead and making the move.

The time you have to "pull the trigger" may be shorter than we expected - or, at least, hoped for. There are serious signs that interest rates could spike - and spike hard and fast!

There are also signs that prices in the real estate market have bottomed out. We are now at about 2002 levels and holding. We told you about some markets that were hardest hit by the real estate bubble burst, such as Phoenix where the tide is turning hard and fast. They are actually seeing bidding wars again as prices inch upward.

Once that trend begins, many buyers will get off the fence and start buying. That will trigger an increase in prices. So... if you are on the fence and want to take advantage of both low interest rates and low home prices, your window of opportunity is now. The opening in that window is beginning to narrow and could shut at a moments notice.

Bottom line? If you choose to wait (snooze), you will lose this opportunity and may never get it back in your lifetime. In 5-10 years, don't be one of those people saying "If I had only purchased my home in the summer of 2009 I'd be sitting pretty today!"

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Do you want to sell this house or not?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 26 May 2009 09:44:51 -0500

Do you want to sell your house or not?

Look, this really isn't a trick question. The answer is either Yes or No and your answer is going to make all the difference in the world! It's a sincere question and it needs to be answered HONESTLY right from the start. If you aren't really sure then don't waste your time, energy and money putting it on the market.

And don't worry about wasting our time, energy or money because if you aren't absolutely certain that you want to sell, we won't take your listing. We aren't in business to list houses. We are in business to sell houses!

The simple reality is that there are hundreds upon hundreds of homes for sale in the Greater Jacksonville Florida area and if you don't really want to sell your house, it isn't going to sell. <<<----- (Note the PERIOD at the end of that sentence. Not a question mark... a PERIOD.)

Am I being too direct with you? Well, I'm not sorry. I'm not sorry because it is far better that I be 100% honest and up front with you now than to tip-toe around, waste your time, energy and money as well as ours, only to disappoint you later.

If you are looking for a real estate agent who will simply say nice things that make you feel all warm and cuddly inside rather than get down-and-dirty and do the hard work it takes to get your house sold then you may as well stop reading now and call someone else. As I said, we are in business to sell houses, not just list them.

Our goal is to do what it takes to get your house SOLD! We cannot reach our goal if you're not 100% certain that you want to sell it.

If your answer to the question, DO YOU WANT TO SELL YOUR HOUSE OR NOT is any of the following then DON'T BOTHER!

No.
I'm not sure.
It doesn't matter.
If we can get as much money for it as we want then we will sell but if not, we'll just stay here.

The only real chance you have of selling your house in this VERY STRONG BUYER'S MARKET is if you answer with a resounding "YES, I WANT TO SELL MY HOUSE AS QUICKLY AS POSSIBLE!"

Okay, if you are still reading then I'm going to move forward on the assumption that your answer is YES.

Now we can get down to business.

There are a number of things that MUST be done in order to sell a home in this market. We will take care of the vast majority of those things but there are a few things we can't do for you that you will have to do for yourself.

These are not suggestions... these are MUST DO items. But, of course, only if you are sure that you want to sell your house.

If you aren't sure that you want to sell then please refer back to paragraphs 2 and 3.

Here's what you MUST DO to get started.

STOP thinking of and/or referring to this HOUSE as your home. You are not selling your home. Let me repeat that -- YOU ARE NOT SELLING YOUR HOME! You are selling A HOUSE... you will take your home with you when you move. (And please don't be confused by our marketing that will refer to YOUR HOUSE as a HOME... you see, we want the buyer to view your house as THEIR HOME.) If you simply cannot do this or refuse to do this then please refer back to paragraphs 2 and 3 again.
STOP listening to your neighbor, mother, father-in-law, friend at work, great aunt Alice who has a real estate license in Podunk, etc. They don't know diddly squat about selling your house and whatever they did to sell theirs and/or how much they got for theirs doesn't mean a thing. The Jacksonville Florida real estate market changes almost daily. Whatever happened yesterday is YESTERDAY'S NEWS. Believe it, accept it and DEAL WITH IT... it's the truth.
STOP thinking that your house is nicer than any other house on the market. It might be BUT it probably is not. (Sorry about that... I hate to burst your bubble but if you had seen as many houses as we have over the past few decades, you'd know it's the truth.) Sure, it was the nicest one you could afford when you bought it and you've done a great job of making it just perfect for you and your family..... NEWS FLASH! YOU AREN'T BUYING YOUR HOUSE... SOMEONE ELSE IS AND WHAT THEY WANT AND LIKE IS PROBABLY A LOT DIFFERENT FROM WHAT YOU WANT AND LIKE.

Okay, there are several other MUST DO items but we aren't going to give away all of our secrets here and now. We've been doing this for a long time and we study the market and marketing techniques and trends daily... we aren't going to give you everything without a commitment from you to work with us.

And we sure aren't going to tell our competitors everything that we do for you, although the fact is that the vast majority of them don't have the technical and internet skills and tools to implement the same things anyway and most probably aren't will to do the necessary work either... but there's no point in taking a chance.

What is your next step?

Call us to set up a free, no-obligation consultation. We will go over all the details of our marketing strategy and answer any questions you might have at that time.

If you decide that we are the kind of agents you want working for you then we'll get started. If not, that's okay too. We know that our style isn't for everyone. Some people prefer to hire a friend rather than a professional... we understand that.

However, if you want professionals who are also friendly and like to have fun while they work then we just might be the agents you've been looking for....

You'll never know unless you call.

Hope to hear from you soon!

Tim and Susan Fennell
Associate Brokers / Property Managers
904-568-4528

Hometown Realty of Duval, Inc.
Office 904-288-9293

For just a little taste and teasor of what we have to offer visit our website at JaxPowerListings.com.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Remembering and Honoring all who gave their ALL protecting our Liberties.

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Mon, 25 May 2009 07:39:04 -0500

I am in awe of and have the deepest respect and admiration for the men and women who gave their all for us. I am eternally grateful to their families who supported them in their service.

She holds the roses on her lap. The sweet smell fills her mind and adds to what all will call a perfect day. The sun sits high with only a few clouds to give contrast to the light blue sky. An ever so light breeze cools the air to comfort.

She does not hear the words that are spoken for she is dreaming of the most beautiful little boy. His blue eyes danced with a smile that warmed her heart.

She remembers the day his little sister got caught on the barbwire fence. He was only six years old. She watched with eyes watery with pride, the concern and take-charge attitude he showed as he freed the crying little child...

Read the rest of this beautiful essay here

Essay © Copyright 2007 GEOFFREY ROBSON. All rights reserved.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Mortgage Rates Down Again... but for how long?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 22 May 2009 13:34:10 -0500

Rates on 30-year mortgages inched downward again this week, remaining below 5 percent for the tenth-consecutive week and just above record lows.

Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dipped slightly to 4.82 percent this week, down from an average of 4.86 percent last week.

The question fence-sitting buyers must ask themselves is "How long will they stay down and should I act now?" We recently wrote about the 'gamble' one makes by waiting and waiting to buy. With prices super low on houses coupled with low interest rates I don't know if it will or even CAN get any better.

Anyone even "thinking" about buying before the end of November in order to take advantage of the up to $8000 Tax Stimulus really should start looking NOW. With more and more buyers coming back into the market and moving into a healthy summer real estate season, prices and rates could well start to climb again by mid-summer.

Let us help by answering any/all of your questions and more. Go to our website for more info and to search the MLS for available listings. www.BestHomesInJacksonville.com

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

HUD: FHA buyer downpayment still on track

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 22 May 2009 12:47:08 -0500

We just returned from a NEFAR meeting in which the VP of Public Policy for FAR (Florida Association of Realtors) announced that the premature announcement of last week is going to be a DONE DEAL within a few days.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told Realtor® Magazine Wednesday afternoon.

He told us that the White House got cold feet and started to backtrack but after regrouping they are going to go forward with the proposal to allow bridge loans against the stimulus check to be used for downpayment assist for first time buyers.

Agree with the program or not, if you qualify you might as well take advantage of it now. Couple it with the low interest rates and low home prices and you have great reasons to buy a home NOW!

Edit: Just found this supporting article - http://www.floridarealtors.org/NewsAndEvents/n6-052209.cfm

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Twits, tweets and other things I don't understand

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 22 May 2009 08:21:40 -0500

Okay... I've been hearing about and reading about Twitter for months now and honestly do not understand its value. Perhaps I'm getting old or maybe just overwhelmed by all the various "things" I "should" be doing to enhance my life and business.

Geez! A man can only do so many things. Right!? (sigh... I guess there's room for one more)

Fact One - I honestly don't get what all the hoopla is about Twitter and tweeting.

Fact Two - I set up a Twitter account anyway and will try to update it frequently and follow all the other tips and advice I can find on how to use it best.

Fact Three - Twitter is not the first thing I've not understood in life and it won't be the last.

Fact Four - Not understanding something doesn't mean that it is bad. Take WOMEN for example - I don't have a clue but I still LOVE 'EM! (Especially that cute redhead that takes super good care of me day in and day out!)

You can Twitter me this or that or the other at http://twitter.com/TimFennell.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Wolf Creek Townhome - MOVE IN READY - Jacksonville, FL near Jax Beach

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Wed, 20 May 2009 10:34:05 -0500

13365 Stone Pond Drive, Jacksonville, Florida 32224

Click above link to view the POWERLISTING(TM) Website presentation of this beautiful home for sale in Jacksonville, Florida.

DESCRIPTION: Offering a spectacular lakefront view, this absolutely immaculate 3 Bedroom / 2.5 Bath Townhome has 1728 square feet of dynamic living space and a one car garage.

As an end unit, it provides an abundance of natural light and added yard space for your enjoyment.

Located only minutes from Jacksonville's beautiful beaches with easy access to all major highways, you'll find no better address to call home.

This 86.4 acre beautifully wooded neighborhood features two clubhouses, two state-of-the-art fitness centers, two pools, two separate gated and stone-accented entrances, lake and nature preserve vistas in a community master plan that highlights the area's forested conservation.

MLS #484791 $199,900

Brokered by Realty World Executive Group
Timothy H. Fennell, PA
Broker Associate / REALTOR®

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

Bank of America to ease up on Short Sale rules?

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Wed, 20 May 2009 09:52:01 -0500

According to an announcement yesterday, Bank of America is going to loosen its policies on short sales. This is a result of a Treasury Department announcement of plans to increase incentives for lenders to work out short sale deals.

The norm has been for the bank to adhere to Fannie Mae guidelines of giving second lien holders about 10 percent of the 2nd mortgage balance in a short sale. However, this new information indicates that when it holds the second lien, Bank of America is willing to accept a mere 5 percent of the net proceeds of the short sale, Furthermore, when Bank of Americait is the first lien holder, it will offer the 5 percent to the holder of the second.

We see this as a positive move by the Treasury and Bank of America. There are many sellers who through no fault of their own are in a bind because they must sell for one reason or another but there simply is not enough value in the home under current market conditions to cover the balance of their mortgage(s). These homes MUST move in order to ease the current bottleneck we have caused by too much inventory and too few buyers.

We hope other lenders will follow suit. The quicker we deal with these issues, the quicker we'll see economic recovery on every front. Kudos to Bank of America! We look forward to seeing positive things come from this.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com

What's the deal with the UN-WELCOME Mat?!?!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Wed, 20 May 2009 08:46:10 -0500

The following is a true story. The names have been changed to protect the innocent.

Ah yes, another beautiful day and another eager couple excited and ready to head out and find their dream home. With a strong need and desire to make an offer on something TODAY and CASH in the bank, Bill and Joan are a seller's dream come true - No cause for concern about credit since they have more than adequate cash on hand to purchase the home of their choosing. No concern about the timing as they don't need to close for three months but are willing to close next week if the seller prefers.

The buyers have already viewed 10 homes and only have 5 more to see that made their short list. If they don't find anything better today, it's okay because they found one yesterday that meets their needs just fine. They have informed their agent that they are definitely going to make a strong offer on one of the listings TODAY. They don't want to haggle over price or terms so they will likely offer full price and pay all their own closing costs. They are flying out of town this evening and want this sewn up before the plane leaves the runway. (Like I said... these are ideal buyers.)

Now, no doubt, every seller in this market knows that the competition is stiff. They are well aware that with hundreds of similar homes on the market they need to do everything they possibly can to make their home stand out above the rest. No seller in the right mind (who truly wants and needs to sell) would do anything to discourage a buyer (especially a buyer like this) from looking at their home....

or would they? (Fast forward to later that afternoon...)

Bill and Joan have carefully viewed and considered the first four homes on the list. The one they saw and liked the day before was still their favorite but they had saved the best (most promising) for last and Joan was like a little kid on Christmas morning. Fortunately the listing agent had done all the right things... she had included a wonderfully worded description of the property, all the pertinent details that any buyer would want to know before purchasing, 2 great photos of every room and numerous exterior pics as well. She even had a copy of the survey and seller's disclosure attached to the listing. Everything looked perfect... Joan said she just had a feeling that THIS IS THE ONE.

As the agent drives into the community she catches a glimpse of a glowing smile emerging on Joan's face and hears Bill softly whisper "This feels like home, doesn't it honey." Joan says, "I just had a feeling...."

They turn the corner and drive up the cul-de-sac. The seemingly perfect home sits before them at the end of the street, set up on a slight hill and surrounded by beautiful trees. The landscaping was immaculate and the wreath on the door seemed to beckon them to come on in and see your new home. The agent hears a slight gasp and a giggle come from both of them.

As they get out of the car, the agent begins thinking about what she's going to fix for dinner after writing up the offer on this perfect home. With what they already know about the house and from the appearance of the exterior, there is little doubt that the interior will be any less perfect. Yep... this is it.

All three walk up to the front door and as the agent begins to open the lockbox to retrieve the key she hears Bill exclaim, "What's this?!"

"What's what?" asks the agent?

"This notice on the front door. It says UN-WELCOME!" replies Bill. Without missing a beat, he turns around, heads for the car and says, "No problem... if we're not good enough as we are to look at their house then we're definitely not good enough to buy it."

Joan sighs a sigh of disappointment but voices her agreement with Bill and heads toward the car behind him. She seems to quickly regain her optimism and says loud enough for the agent who is fumbling to put the key back in the lockbox to hear, "No problem. Let's go back to the office and write up our offer for the house we saw yesterday." Joan locks her arm inside Bill's, looks up into his eyes with love and admiration and gives him a kiss.

The bewildered agent gets the key back in the lockbox, puts on her reading glasses and takes a look at this note that Bill asserted said UN-WELCOME. What seller in this market would do such a thing? Did the note really say UN-WELCOME? She looked closely and read...

PLEASE REMOVE YOUR SHOES BEFORE ENTERING

Moral of this true story... sellers need to cut ties with their home the minute they decide to sell it. Their 'home' now becomes a 'house' (a product that they wish to sell). Buyers have a lot of choices... don't give them any reason or excuse to rule your "product" out. Make buyers feel WELCOME and WANTED or they just might WALK!

Sometimes it's the little things that make the biggest difference.

Disclaimer: The "remove shoes" or "put on shoe covers" thing doesn't matter to me one way or the other. I'm not the customer... as an agent working with a buyer, I tend to follow their lead on such matters. If my customers bring any dirt into a listing I make sure that I clean it - in my opinion, that's just a part of my job just like turning off all the lights and making sure all the doors are locked. While this customer is the only one I've had that refused to even look at the house, I've had several who scoff at the notice and simply walk on in with their shoes on. And on the flip side, I've had some who automatically remove their shoes at every listing out of habit... the funny thing is that sometimes their socks or feet are dirtier than their shoes - go figure!? LOL

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / Property Managers
www.BestHomesInJacksonville.com