With the condition of many of the properties in foreclosure. Could this be the answer? I have visited a number of these properties and had an idea that I would like to share with you. Most of them have been empty for months, some for years. One could not help noticing the tell tail odors, damaged ceilings, walls, ripped out appliances, green pools and so on. On second thought I wondered if the expression" fixer upper " can truly define these homes? Since I am no expert I wondered how it would be defined if a health department or a city code inspector would have visited with me. Could their answer become the solution we are looking for? I think lot of these properties should not be even be considered for sale and they should be demolished. Let the code inspectors across the country be challenged with the task of deeming them unfit for habitation and consider activating the emanate domain. Now I know that what I am thinking may sound drastic but consider the objective. Eliminating a number of these unsafe uninhabitable homes could be the start . Imagine . They would be replaced with new construction that not only provides an esthetic change but building homes that have features that are innovative. Smart homes. Homes that can stand up to hurricane conditions. Solar tiled roof system. Safety glass windows, solar heated pools, state of the art kitchens, cooling systems. With a little imagination the list goes on. Now I am not a economist but would not the decreased number of homes available on the market improve the demand factor? Or my gosh even appreciate home values on existing homes? Would the construction of these homes create a resurgence of employment. Would this be a model for existing homes that would upgrade to meet these standards ? Or give a reason to be competing with homes to that do not comply ?Would this not improve and level the market place? Could this be an answer for insurance companies to discount the price of insurance for homes that meet this standard. Could banks offer to sell these properties to developers who would participate in the redevelopment process for land value only at a great savings? Could this be the answer that would provide new confidence in the lending market? Would this encourage banks to make mortgages assumable? I can only ask this question from an astute group that can make the difference . It takes more than realtors to bring these changes about but it is a good start.
Thank you.
The A:
Hey there--you've got some excellent thoughts and ideas, and if you wish to act on any of them, my suggestion would be to formulate a business plan and take it to the SBA. Some of the answers you may get from others in the business:
there are programs in place to do just what you are suggesting--it's called the NSP, or neighborhood stabilization program. Pasco received a huge endowment from the State and has rehabbed hundreds of homes.
the bank's answer to this situation is to try and push through the 'fast track' foreclosure legislation already passed by 37 other States, allowing them to by pass much of the legal process, thus foreclose more quickly and minimize the vacancy rate.
Now, I ask you:
if there are already hundreds of thousands of vacant homes (with or without code violations), and hundreds of thousands more enter the marketplace more quickly because banks no longer must follow due process--where will the buyers come from? Or, are these homes destined to become bank-run rental housing?
in your scenario, who will pay all of these people whose jobs are 'created' by this new 'development'? Who is the 'developer'?
I think that efforts to improve neighborhoods by building better, more efficient, green homes is a step in the right direction, however, do you really think that demolishing existing construction, which is scattered about in many different types of neighborhoods--in order to build uneccesary new housing--is this really the right approach? As in any venture, it pays to follow the money--who will see the greatest benefit from the plan?
Loretta Buckner
"Your Real Estate Consultant For Life"
727-452-0023 (cell)
888-378-5349 (fax)
727-656-6206 (office)
Namaste
"All that we are is the result of what we have thought." - Buddha
Please consider the environment before printing this e-mail
"We do not inherit the earth from our ancestors, we borrow it from our children."
~Native American Proverb
Loretta Buckner
"Your Real Estate Consultant For Life"
727-452-0023 (cell)
888-378-5349 (fax)
727-656-6206 (office)
Namaste
"All that we are is the result of what we have thought." - Buddha
Please consider the environment before printing this e-mail
"We do not inherit the earth from our ancestors, we borrow it from our children."
~Native American Proverb
Just a "Happy New Year" post, a preview as it were, to the many wonderful things I predict for the upcoming year! Tonight is not only a "Blue Moon" (2nd full moon in the same month), but it's also a lunar eclipse--a portentous event, even if you don't follow astronomical stuff!
I personally don't "do" New year's resolutions--I believe that each day we have that opportunity, however for the upcoming New Year of 2010 I feel that a few intentions are in order...
I vow to be kinder from this point forward
May my thoughts and actions be more loving and careful (as in mindful of others)
May these intentions serve as an example to others to do the same--in the way that we treat ourselves, other people, and all living creatures, including our Beloved Earth!
Where are the best lights displays in Tampa Bay? Holiday lights displays in Pinellas County are posted by BayNews9: Pinellas Lights
Check out the video of this one, right around the corner in Tarpon Springs:
Better yet, in the true spirit of the holidays, these folks remind us to appreciate what we have, and ask for donations to be sent to the Foundation for Fighting Blindess--see their website HERE.
Maybe if we all could spend one evening out in our own community, appreciating those things we have, these special efforts made in honor of the Christmas Season might just carry us into a new and better New Year!
Baker House, the oldest restored "Cracker House" in Pasco County, which was closed to the public due to lack of funding and volunteers a couple of years ago is decorated and open for tours and refreshments, one day only, December 19, 2009.
The historic Baker House, located on Moog Road in Holiday next to the Pasco Arts Council and the Centennial Park Library, will be open for tours from 10 a.m. to 2 p.m. on Saturday, Dec. 19. The event is free; punch and cookies will be served.
Built in 1882 and now owned by Pasco County, the Baker House was restored in the early 1990s and opened to the public as a museum in February 1993. One of the volunteers in reclaiming this piece of Pasco history was also once a resident there, for fifteen years--Mary Cook Vinson, who passed away in 2007 at the age of 92, was one of those responsible for the restoration effort. Due to a lack of volunteers to staff the building, the doors were closed about two years ago.
This year, members of the Elfers Centennial Garden Club stepped forward and offered to clean the house and get it ready for the holidays. The group will be at the site on Saturday, Dec. 12 from 9 to 11 a.m. to clean and decorate. A second open house is scheduled for Saturday, Jan. 23. Azbell said the garden club hopes to hold one open house each month.
The Baker House was listed in the National Register of Historic Places on Feb. 14, 1997. To learn more, visit www.westpascohistoricalsociety.org.
short sale: Guidelines for Short Sales Announced--Are You Underwater? - 12/03/09 11:59 AM IF YOU OR ANYONE YOU KNOW OWES MORE ON THEIR HOME THAN WHAT IT'S WORTH--TAKE NOTE! Government Announces Short Sales Guidelines The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. Scheduled to launch in April 2010, the Home Affordable Foreclosure Alternatives Program (HAFA) ... (1 comments)
What are your thoughts? Would YOU walk away if it made more financial sense? What would the financial impact be on ... (4 comments)
short sale: SHORT SALES Just Got Easier in CA--Why Not for the Rest of us?!? - 09/24/09 01:01 PM For once I agree with something happening on the West Coast regarding Real Estate--they just passed SB 306, which requires lenders to respond (accept, reject, or deny) IN WRITING within 21 days to a short sale request (with full documentation, of course). That's not all, of course, there's also something about ... (6 comments)
short sale: Who Knows How to Deal With Chase on a WaMu 2nd (Short Sale)? HELP!! - 09/15/09 05:09 PM Here's the background: This is the FOURTH time I've sold this house--the first three times the 1st (Countrywide, now Bank of America) took so long to work it through their system I lost each buyer prior to closing. The current offer on the table, approved by BofA and Freddie Mac after ... (1 comments)
short sale: What's Quick About a Short Sale? - 09/15/09 01:05 PM I guess we all know the answer to that one by now: Nothing! There's nothing "short" about a short sale--ask me, as a person of diminutive height, I can tell you that short sales are nothing about shortness! So, where from did this term derive, anyway? Well, put simply, the real ... (5 comments)
short sale: Aniee, DON'T Get Your Gun!! - 07/29/09 01:31 PM I met Aniee last year--she called on one of my listings, looking for something she could purchase as a lease-option. I could tell right away she was a 'can-do' kind of a person, her enthusiasm and sparkle (yes, I said sparkle!) virtually crackles right through the phone when she's happy. Today ... (5 comments)
short sale: It's a FEEDING FRENZY--the Bottom Feeders are out--Are We At Bottom?!? - 07/03/09 09:10 AM There has been so much activity lately of the 'shadier' sort here in Pinellas County, Florida--I thought it pertinent to mention yet again some of the scams which have surfaced, proving yet again that greed really brings out the worst in many. From Trulia this morning: Our house is getting ready ... (1 comments)
short sale: Pinellas County Distressed Properties - Do You Owe More On Your House Than It's Worth? - 02/16/09 05:51 PM Continuing the process of learning as much as I possibly can about my local market and how best to help those caught in the pinch of the mortgage crisis and subsequent foreclosures resulting, I've been compiling statistics in an effort to hopefully sooth some fears. Nationwide, the statistics of homeowners who are ... (0 comments)
short sale: Want to Buy a Home in Pinellas County for Less Than $500 Per Month?!? - 01/27/09 05:10 PM Seriously--with Largo's down-payment assistance program, which gives qualified first-time homebuyers up to $35,000 in down payment assistance, if that were to be applied to one of the foreclosure or short sale homes available RIGHT NOW in Largo (tour a couple below), your mortgage payment would be in the ballpark of under ... (0 comments)
short sale: The Cottages of Lake St. George - Palm Harbor, Florida Affordable Community - 09/09/08 08:41 PM Lake St. George is one of my favorite neighborhoods in Pinellas County, Florida, because of its proximity to both downtown St. Pete and Tampa, the lovely white-sand beaches in Tarpon Springs, Dunedin, and Clearwater, and the best schools in Pinellas County. This adorable cottage can be had for less than it ... (0 comments)
short sale: HELP!! I'm Lost in Countrywide Short Sale HELL...and NOW--SAXON?!? - 08/21/08 01:14 PM I spent two hours on the phone with Countrywide Short Sale Department yesterday--no, I take that back, I spent hours ON HOLD attempting to speak with a negotiator for Countrywide. I did speak with FOUR different people, and the first was actually trying to put me through to the negotiator, Norberto ... (8 comments)
short sale: Sea Pines in Hudson | Lovely Waterfront Community with Boat Access - 07/29/08 10:51 PM To GET TICKETS for the next FORECLOSURE BUS TOUR, FILL OUT THE: EASY ONLINE FORM Be sure to tell us how many tickets you'll need, the cost for the entire day will be only $25 per person. Thanks for your interest, and best wishes in your home search. For ... (2 comments)
short sale: Sea Pines Golf and Gulf Front Community ~ Conservation Lot - 07/28/08 07:00 PM Sea Pines in Hudson, Florida - Great Gulf Access, Golf Course Community, Discount Pricing! This is one GREAT home, and one really HUGE deal--for less than you can rent a lovely 2/2/2 home like this, you could be buying THIS one!
To GET TICKETS for the next FORECLOSURE ... (0 comments)
short sale: Do I Know Short Sales?!? Yep--I Even (co)Wrote the BOOK! - 07/21/08 09:01 PM "Should I Short Sale My Home?" It's a question on the minds of thousands of homeowners right now, especially the "upside-down"ers out there, who've got more mortgage than house, which is why I have chosen to represent these folks, who most need expert advice right now. Short Sale and Home Loss ... (6 comments)
short sale: Shame on You, Suze!! Bad Advice--Bad, BAD Advice! - 07/10/08 10:11 AM Apparently now Suze Orman (whom under most circumstances I believe gives good, sound, basic financial advice), has joined the ranks of the MIS-Advisor--like Kramer, whom I also used to revere, in front of millions of Americans on Larry King Live, she has blithely thrown out the advice to an upside-down homeowner ... (11 comments)
short sale: Which Would YOU Rather--FIVE Years or ONE Year? - 06/24/08 03:41 PM If you or anyone you know are considering "letting go" of your home to foreclosure--be sure you know ALL the facts first! The rules are changing, and have changed--used to be the difference between a Short Sale and a Foreclosure was about a hundred points on your credit, and a year ... (0 comments)
short sale: Foreclosure Bus Gets REAL! This One's No VIRTUAL TOUR... - 06/19/08 06:21 PM That's right--we're gearing up for the FIRST Tampa Bay area Foreclosure Bus Tour in RealTime (this one's no Virtual Tour): Imagine yourself owning your own home instead of paying rent to a landlord, and saving thousands of dollars at the same time! Imagine saving money on your income taxes and building ... (6 comments)
IF YOU OR ANYONE YOU KNOW OWES MORE ON THEIR HOME THAN WHAT IT'S WORTH--TAKE NOTE!
Government Announces Short Sales Guidelines The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
Scheduled to launch in April 2010, the Home Affordable Foreclosure Alternatives Program (HAFA) will offer up to $3,500 in incentive payments to qualified borrowers, servicers and investors who complete short sale transactions for properties with loans on the verge of foreclosure.
HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
To qualify under these new guidelines:
The property must be the home owner's principal residence.
The home owner must be delinquent on the mortgage or close to defaulting.
The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
The borrowers' total monthly mortgage payment must exceed 31 percent of their before-tax income.
The following incentives will apply:
•· The borrowers will receive $1,500 from the government for relocation expenses.
•· The mortgage-servicing companies will receive a $1,000 from the government to cover administration and processing costs.
•· Investors who hold the first mortgage will receive up to $1,000.00 from the government for allowing the second-mortgage holders to receive up to $3,000.00 of the sales proceeds in exchange for releasing their liens.
In total, each transaction under HAFA will cost the Treasury up to $3,500 in incentive payments.
Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Yes, Virginia, there IS a Santa Claus! This is your chance to pass "GO" AND Collect $200--how often does that happen these days?
OK, I don't agree with much of what's happening with banks right now, those that are refusing to negotiate with homeowners to modify their loans or agree to short sell the property, but is this taking it too far?!
Is this an example of Lender Fraud, bad bookkeeping and customer service, or simply one judge's frustration with the way many foreclosures are being handled?
I've been studiously avoiding watching the news, so as not to fall into a deeper depression over the current market, but maybe it's time to start paying attention!
Is this the only way that homeowners will receive thier share of bailout money?
If you or someone you know owes more on their home than what it's worth--don't let it get this far--consult with a professional who can go over ALL of your options!
All things Florida and Tampa Bay--from the area's natural wildlife, to the local wild nightlife! Tampa Bay Real Estate - Suncoast Homes for Sale in St. Petersburg|Tampa|Clearwater|Palm Harbor|Trinity|Gulf Beaches|Safety Harbor|Crystal Beach|Ozona|Oldsmar. By Referral Only means telling someone you care for about someone you respect~ Please Don't keep Me a Secret!
------------
NEW LISTINGS:
RENTALS:
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
IF YOU OR ANYONE YOU KNOW OWES MORE ON THEIR HOME THAN WHAT IT'S WORTH--TAKE NOTE!
;)
;)
