Short Sales vs. Foreclosure

The real estate market has caused unbearable stress and heartache for many families.  As a Certified Distressed Property Expert® and a Realtor®, I specialize in helping people who are having difficulty making their mortgage payments, are behind on their payments, owe more than the home is worth-and who must sell.

Foreclosure is NOT the only solution. Banks do NOT want to foreclose! I can help you successfully negotiate a Short Sale with your lender, save your credit and relieve the uncertainty.  Don't let others tell you to do nothing and walk away, mail your keys to the lender, or sign a deed-in-lieu of foreclosure.  A short sale is a viable option - and far less damaging to your credit, and your future, than a foreclosure.

You pay no upfront fees, no brokerage commissions or closings costs.

What is a Short Sale?   A short sale occurs when the seller owes the lender more than the property is worth - and must sell.  A Short Sale can almost always be successfully negotiated with the lender.  Lenders do not want to foreclose!  They are not in the business of owning and managing real estate.    A short sale is a way to avoid foreclosure - not a "get out of my mortgage free card."  The seller MUST have a valid financial hardship for why they can't pay their mortgage.   

Causes of Distressed Properties 

• Loss of Job
• Business Failure
• Damage to Property
• Death of a Spouse
• Death of family members
• Severe Illness
• Inheritance
• Divorce
• Relocation
• Military Service
• Payment Increase or Mortgage Adjustment
• Insurance or Tax increase
• Reduced Income
• Separation
• Too much debt
• Incarceration

Reasons to Avoid Foreclosure 

• You will always have to disclose a foreclosure on any future mortgage applications.
• Your credit score will be lowered by 300+ points and a foreclosure is the most devastating credit issue you can have.
• A foreclosure is the one credit report item that is almost impossible to have "repaired."
• Your lender can seek a deficiency judgement against you and collect for any amount they do not recuperate at bank sale.
• Many employers run credit checks on prospective emloyees and foreclosure is one of the top items that will put a potential new hire in jeopardy.
• Security clearances and government positions can be jeopardized by foreclosure.

The chance of avoiding foreclosure takes only effort and cooperation on your part.  As your agent I do all the rest and invest my time, money and effort.

As your CDPE agent I will explore every option with you and work towards a resolution.   While it may not seem like it right now, there will come a time where your current financial troubles will pass.  You will feel much better in the long run knowing that you did everything you could to avoid a foreclosure.   Hope is just a phone call away! 

941.204.9710
Website:  www.DebbieLawrence.com
Email:  Deb@DebbieLawrence.com

Florida Tax Relief - Homestead Exemption and Save-Our-Homes

In January 2008 Floridians passed Amendment 1, changing property tax exemptions.  What does that mean for homeowners?

The Homestead Exemption, formerly $25,000, has been increased to $50,000 for all homesteaded property valued over $75,000. 

1. The additional $25,000 does not apply to school district taxes
2. The new exemption has only a partial application to properties valued under $75,000

Portability

1. You have 2 years to transfer your accumulated benefit to a new homestead property up to $500,000 (in accumulated benefits). 
2. This applies to all taxes.

Example for Upsizing:  You sell your current homestead with a just value of $600,000 and the assessed value is $200,000.  You have $400,000 of accumulated benefit to take to your new homestead.   If your new homestead is purchased at $700,000, your new assessed value will be $700,000 minus the $400,000 in accumulated benefit, or $300,000.

Example for Downsizing:  You sell your current homestead with a just value of $200,000 and assessed value of $80,000.  You have $120,000 of accumulated benefit to take with you to your your new homestead.  If you purchase a new homestead at $100,000, your new assessed value would be $40,000, because you can only use a portion of your accumulated value when downsizing, $60,000 in this case.

State of Florida Homestead Portability Form and more information can be found here.  My website:  www.DebbieLawrence.com.

This is provided as general information and education purposes only.  Consult your legal counsel or appropriate authorities on how the new law will affect your individual circumstances.

 

 

Why is it a good time to buy?

 

It is true that home prices have fallen nationwide, and some feel prices may continue to fall over the next year.  So why is it a good time to buy?  

1. If you are purchasing a home to live in for the next 8 - 10 years, or more, you will most likely come out ahead, even if prices decline in the short term.  Historically home prices increase an average of 6% annually.  Although prices have fallen, it follows and unreasonable exuberance and unsustainable rise of nearly 88% in the last 10 years.  And, according to the National Association of Realtors, 2007 was the 5th best year in the history of real estate in the U.S.  Bet your nightly newscast never mentioned that!
2. Interest rates are still near historic lows.  Should oil prices and other costs continue to rise and push up inflation, interest rates are likely to rise as well. This is one huge reason not to wait if you are thinking about delaying a purchase because you think prices will continue to fall.
3. There is a huge inventory of homes on the market to choose from.  Finding your dream home is more likely than in recent years, where you may have had only a few homes in your price range to choose from.  A couple of years ago buyers were buying the first home they saw because they were afraid of not getting a home at all.  Now you have the option of taking more time, and being able to buy more home for your money.

Many people these days are holding off because they think prices will continue to fall.  But, like the stock market, you can't time it and you can't predict it.  If you have the ability, and will be living in the home for the long-term, Now is a Great Time to Buy!

In this area, North Port, Port Charlotte, Punta Gorda and Englewood Florida, there are some great deals right now!  We are back to 2003-2004 housing prices.  What are you waiting for?

Look for my blog on Short Sales - coming soon!

Punta Gorda Isles, Florida

Simply Paradise! 

Punta Gorda Isles is a community with over 129 square miles of waterfront on Charlotte Harbor with access to the Gulf of Mexico.  The Peace River and Myakka River are easily accessible as well - a true fishermans' paradise!   Punta Gorda was named one of the top 10 "Best Small Cities to Live" by Money Magazine twice - in 1996 and again in 2003.  Incorporated in 1877, it is the only City in Charlotte County.

Punta Gorda Isles is a deed-restricted community. Many different housing options are available. 

Downtown Punta Gorda provides many charming dining and shopping opportunties. The downtown area is undergoing many revitalization projects. Many Historic homes and Historic buildings can be found in the Punta Gorda dowtown area.

For more information, visit my website.

Watch a video about Charlotte County sponsored by Charlotte State Bank. Click on the movie camera icon on their website.

 

Charlotte County, Florida Area Real Estate

  One Diverse County!

Charlotte County, Florida is located between Sarasota and Fort Myers, Florida.

From beautiful beaches to sprawling ranches, Charlotte County is full of diversity.  Organized in 1921, this Census Designated Place, has grown to a population of 56,000 in 1980 to approximately 157,000 in 2005.  The area encompasses 694 square miles from the Gulf of Mexico to the interior section of the State.

On the west end of Charlotte County, we have pristine beaches, Charlotte Harbor, fishing and boating.  Move to the east end, and you find farms, ranches, livestock, crops, and pine forest for miles.  Between these two extremes, you'll find Charlotte Harbor, canals, golf courses, entertainment, schools, colleges, an airport, parks, a historic downtown, two rivers, and many diverse lifestyles and unique communities. To the north lies North Port, Venice and Sarasota, with Fort Myers, Bonita Springs and Naples to the south. 

Charlotte County has become the destination of choice for vacationers, world-class fisherman, snowbirds, and full-time residents.  It's no surprise that the area is one of the fastest growing in Florida. Its unspoiled beauty, livability, climate and relaxed lifestyle invite many to visit, and ultimately stay in the area. 

Punta Gorda, Englewood, Port Charlotte and the smaller communities in between have their own distinct flavor.  Most of the area is single family homes, but in recent years, new low-rise condominiums, townhouses and villas have come along to provide a living style for everyone.  Many gorgeous golf course and gated communities are available as well.

Recreational opportunities abound in the area - water sports, fishing, boating, sun bathing, canoeing, kayaking, nature walks, golfing, bird watching, the arts, geocaching, shopping and sightseeing. With all this sunshine, the possibilities are endless!

Come see for yourself!

To search area listings, visit my website.

Watch a video about Charlotte County sponsored by Charlotte State Bank. Click on the movie camera icon on their website.