Good news for Real Estate Investors!! - 02/26/09 10:54 PM
Good news for Real Estate Investors!!Effect March 1st, Fannie Mae has modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met. To qualify, borrowers must meet Fannie Mae's criteria. They cannot, for example, have a history of recent bankruptcy, or a delinquency payment over the past 12 months.  This may really make a difference in clearing out the large amount of listings for sale sitting on our Tampa MLS.  This also should be construed as good news for … (0 comments)

Can I really buy a home in this market? YES You Can! - 02/26/09 10:49 PM
Can I really buy a home in this market?  YES You Can!Despite all the bad stuff that you hear in the news, there are loans out there to fit you, despite some credit hiccups.Improving your score can pay off in a lower interest rate and a smaller monthly mortgage payment. Fixing errors on credit reports to boost the scores may not be difficult or time-consuming.To qualify for FHA loans, borrowers must be able to document their incomes and assets and not have defaulted on student loans or other government-backed debt. They usually need credit scores of at least 580. Scores range from 300 … (0 comments)

What is a Shortsale? - 02/24/09 09:25 PM
A "short sale" is a distress sale in which the lender agree to take less than the amount owed on the home's mortgage, so it can avoid the costs of a foreclosure.  The home owner is either behind in payments, or possibly the home is "upside down", meaning the homeowner owes more than the house is currently worth, based upon current Real Estate Market conditions.  There are some instances where the homeowner owes 2 times what the house is worth.  In order for the house to be sold, the bank would have to take a loss.  The bank has to weigh … (0 comments)

Benefits of "Green" Homes - 02/21/09 08:57 PM
Many home buyers are considering more green features in their current home as well as when they are purchasing or building a home. The reason - lowering costs over the long term, becoming more environmentally friendly, healthier lifestyle for the home owner and potentially for generations to comeGreen features focus on energy efficiency, water efficiency, resource efficiency and indoor air quality and include such elements as Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds, and building materials procured from local suppliers.The average green buyer will shell out $12,400 - on average - for green features, … (0 comments)

Are you renting a home that is in Foreclosure? Here is some good news!! - 02/13/09 05:50 PM
I know it can be very shocking to answer the door and find out that you have been served.  You are just renting the home, right?  Now what?  Do you have to move out fast?  Fannie Mae has a new policy where they want the renters to remain in the home, even if the owner of the home is behind in payments and in foreclosure.  If this is your situation, Fannie Mae would actually like to enter into a rental agreement with you.  This is a new program that would allow you to continue to rent the home with Fannie Mae … (0 comments)

Buying a home in Florida ... useful information so that you know what to expect - 02/12/09 04:56 PM
When contemplating a purchase of a home, you may wonder..."what are going to be some expenses I can expect to pay prior to closing on my new home?"Once you find a home that you really feel called to, you will need to make an offer with your real estate professional and you will want it to be considered a "strong offer". I would suggest making an offer with at least a $1000 earnest money deposit. This money will be taken to the title company that the seller usually picks that will handle the closing. It will be held at the title … (0 comments)

MacDill AFB Personnel Speak Out About Realtor - 02/12/09 04:47 PM
There are no words for all the hard work and effort you both put into helping me buy my first home. The experience was wonderful and I could not have asked for better individuals to help me make this dream a reality. I was able to utilize my VA loan, since I had served in the US Navy for 9 years and Craig handled the process with total professionalism and made it very easy for me. I am a single mother of two wonderful children and Stephanie was in tune with my needs and made this a seamless process. I would … (0 comments)

What are the Seller's benefits in getting a shortsale approved? - 02/12/09 04:38 PM
The worst thing on a homeowner who is behind in payments... a completed foreclosure on their credit. Once the shortsale is approved, and noted on their credit as paid as agreed, the seller's credit should rebound in time, if they are paying on their other bills as they should. Now they can move into a property they can better afford and sleep better at night.It's an exercise of patience for everyone, the banks, the seller, and the buyers. This approval process, if the bank accepts the offer, is going to take at least 6 weeks, maybe a lot longer.If you have … (0 comments)

Realtor tells all. Secrets that help you to sleep at night. Mr. & Mrs. Buyer, you should always... - 02/12/09 04:19 PM
Buyer, beware and ALWAYS do a final walk thru before closing...you won't believe this!
A customer of mine was extremely interested in a Cory Lake Isle Preforeclosure, on a ski lake. It was really a beautiful home directly on the water with all the extras. The seller had taken the kitchen appliances however. Also to our surprise, the outside a/c unit was gone, as well as the unit in the garage, and some air vents in the rooms. My customer however had some real interest in the house. Tonight, I spoke with the listing realtor in order to get some questions … (1 comments)

Why would I want to work with one Realtor during my home search? - 02/12/09 04:10 PM
Why should you work with one Realtor Pro for your home search?Working with one realtor can save you valuable time.  Sometimes buyers call on sign after sign in the neighborhood in order to find out information on each home.  If you work with a realtor that you feel comfortable with, you can ask for an email to be sent to you with homes that meet your needs in a specific subdivision or area and price range, with pictures and details about the homes including tax information.  This one realtor can also tell you about the price reductions that have occurred as … (0 comments)

You are in Foreclosure...NOW what? - 02/12/09 03:44 PM
Realize first that you have options.  Don't just sit there however, you are going to need to pursue your options.  Possible solutions would be:
A loan modification with your bank. A refinance if you have equity in your home. List your home with a realtor experienced in handling properties that need to sell quickly, and enact a short sale on the house. Sell the home to an investor yourself. File a bankruptcy. No matter what you do, please do not ignore the situation.  All of these options require action on your part and regular follow up.  When I list a home … (0 comments)

Fannie Mae Shortsale Pilot, including the Tampa Region - 02/12/09 10:37 AM
Fannie Mae has launched a pilot program in Orlando & Phoenix in order to test a new shortsale procedure.  Fannie Mae determines the amount that they will be willing to accept prior to a buyer presenting an offer.  A quicker response of days and not weeks or months is the goal.  This pilot program is an attempt of Fannie Mae to get Buyers and Realtors more excited about making an offer and thereby also clearing out the preforeclosures so that it doesn't become a bank owned home, or REO.  Currently many realtors avoid taking their customers to see shortsale homes because of the … (0 comments)

The "Typical" Home Buyer in Florida. Are you this person? - 02/12/09 10:27 AM
Per recent statistics the typical home buyer is ...
The median age of home buyers was 43 years old. Among first-time buyers, the median age was 32. The median 2007 household income of home buyers in Florida was $68,500. First-time home buyers accounted for 43 percent of recent home purchases. Forty-eight percent of first-time home buyers were between 25 and 34 years old. The median income of first-time home buyers was $58,400. For the timing of the home purchase, 34 percent reported it was just the right time for them, 19 percent noted they had to purchase when they did, and 29 … (0 comments)

You can't believe everything that you hear on TV and Radio! - 02/12/09 10:22 AM
Have you been seeing the news people stating that Americans just cannot get a loan anymore without 20%?  The Bank are just NOT lending.  Nothing could be further from the truth!  Here are some facts:FHA loans require only 3.5% down in order to get financing.  So, a $200,000 home would require only $7,000 down.  The buyer's closing costs can be paid by the seller in negotiations, or "rolled in" so that the buyer doesn't have to come to closing with a ton of money.  The media is sometimes very frustrating just throwing out statements like that.  Please let me know if you have … (0 comments)

 

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