On Friday, November 6, 2009, President Barack Obama signed into law a new bill extending the $8,000.00 tax credit for first time homebuyers (those of you who have not owned a home in three years) and expanded to buyers who have owned their primary residence for five of the last eight years ($6500.00 tax credit). These tax credits expire on April 30, 2010.
Read the article from Florida Association of Realtors for all the specifics:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=226422
And don't forget, homeowners in Brevard County, Florida who purchase before December 31 may qualify for double homestead deduction, that's $50,000!
Sunday, November 8, 2009
Pay Off Your Mortgage in Half the Time
Pay Off Your Mortgage In 1/2 The Time -
Save 10's Of Thousands Dollars Of Interest -
Build Equity.
Sound too good to be true? We thought so to, until we saw
what this innovative system is doing to help nearly 100,000
folks across the country. These folks are keeping more of
their hard earned money in their pockets instead of giving
it to the banks along with building equity in these times.
As Realtors, we are always on the lookout for things to help
our clients. The award-winning Money Merge Account is the
real deal. It has great 3rd party endorsement and 100's of
client testimonials. Attention Investors - your top trade
magazine Personal Real Estate Investor gave the
Money Merge Account their "Editors Choice".
We also like the Money Merge Account because you do not need
to refinance, your current payments will not change and really best
of all, there is little or no change to your current lifestyle and budget.
Also, there is no credit check required.
We all know that time is money. Please contact our strategic partner
Michael Conley, PA to see if you qualify for this great program.
321-750-3150 Mobile
888-662-8665 24/7 Recorded Info.
www.MMA.us.com
BTW - Mortgage - NO, Debt - YES, they have a program for you!
It can also help Buyers with DTI and FICO issues get a mortgage
sooner.
Save 10's Of Thousands Dollars Of Interest -
Build Equity.
Sound too good to be true? We thought so to, until we saw
what this innovative system is doing to help nearly 100,000
folks across the country. These folks are keeping more of
their hard earned money in their pockets instead of giving
it to the banks along with building equity in these times.
As Realtors, we are always on the lookout for things to help
our clients. The award-winning Money Merge Account is the
real deal. It has great 3rd party endorsement and 100's of
client testimonials. Attention Investors - your top trade
magazine Personal Real Estate Investor gave the
Money Merge Account their "Editors Choice".
We also like the Money Merge Account because you do not need
to refinance, your current payments will not change and really best
of all, there is little or no change to your current lifestyle and budget.
Also, there is no credit check required.
We all know that time is money. Please contact our strategic partner
Michael Conley, PA to see if you qualify for this great program.
321-750-3150 Mobile
888-662-8665 24/7 Recorded Info.
www.MMA.us.com
BTW - Mortgage - NO, Debt - YES, they have a program for you!
It can also help Buyers with DTI and FICO issues get a mortgage
sooner.
Tuesday, September 15, 2009
A Never Ending Saga of a Loan Modification
It all began in January of 2009. They were self employed and had not had a paycheck for a couple of months. they had struggled financially since early 2007 and in 2008, they cashed in all savings accounts, but now there was nothing left.
Jan. 16, 2009
They called their lender to discuss their situation, hopeful for a loan modification.
They were faxed some forms to fill out.
Jan. 23, 2009
They faxed back the requested forms.
Feb. 24, 2009
Spoke to a representative, but made no progress.
Told to complete another package of forms and mail to lender.
March 3, 2009
Mailed requested package of forms.
March 17, 2009
File was assigned to a negotiator.
March 24, 2009
Called and received confirmation that package was received and negotiator was assigned.
Was told it would be up to 45 business days for review.
April 1, 2oo9
Called for an update, was told file was active and open and it would be 30-45 days.
April 20, 2009
Called for another update, was told file was in process, and it would be 38-43 days, probably Mid May and that we would be notified by mail.
April 21, 2009
Received email from negotiator requesting still more documents.
April 23, 2009
Negotiator called to discuss the possible options of a loan modification, such as interest rate reduction, extension of mortgage from 30 to 40 years, forebearance, probably prinicipal reduction would not be an option.
April 28, 2009
Emailed all other requested documents to the negotiator.
May 1, 2009
Negotiator emailed to say she would complete analysis of loan modification, but only if our couple did not make their April payment.
As it turned out, because our couple is self employed, it was determined they would need another 90 days of income history. So the only option was to take a 90 day forebearance which reduced the mortgage payment to $500.00 per month.
May 5th, 2009
Received written approval for the 90 day forebearance. Signed by the couple along with the first $500.00 payment. (June)
July 1, 2009
Sent second $500.00 payment.
July 25, 2009
Sent third $500.00 payment.
July 30, 2009
Called to find out what needed to be done to get a permanent loan modification. Was told they needed ALL THE DOCUMENTS that were sent earlier in the year back to lender again.
August 4, 2009
Received written request to fax all documents to the lender again.
And it needed to be done within 10 business days or the file would be closed!
August 13, 2009
Faxed complete 91 page package to lender.
August 14, 2009
Called and got receipt that package was received and it would take 6-8 weeks to complete.
Continue to make $500.00 payments until such time.
September 14, 2009
Received letter from PMI company stating that lender alerted them that our couple was behind in payments and that our couple should try to work with their lender to work out a modification.
September 15, 2009
Called lender for an update, was told the file was assigned to a negotiator on Sept 11, 2009.
September 15, 2009
Emailed contact at the PMI company to explain the situation and asked her to call to discuss.
Although this sounds like a fictional story, it is a true account and I am not revealing the name of our couple or the lender in question to preserve the privacy of our couple.
I am also withholding my personal comments on this loan modification until our couple gets resolution. However, I would love to hear your comments and experiences regarding loan modifications.
Stay tuned as the saga continues...
Jan. 16, 2009
They called their lender to discuss their situation, hopeful for a loan modification.
They were faxed some forms to fill out.
Jan. 23, 2009
They faxed back the requested forms.
Feb. 24, 2009
Spoke to a representative, but made no progress.
Told to complete another package of forms and mail to lender.
March 3, 2009
Mailed requested package of forms.
March 17, 2009
File was assigned to a negotiator.
March 24, 2009
Called and received confirmation that package was received and negotiator was assigned.
Was told it would be up to 45 business days for review.
April 1, 2oo9
Called for an update, was told file was active and open and it would be 30-45 days.
April 20, 2009
Called for another update, was told file was in process, and it would be 38-43 days, probably Mid May and that we would be notified by mail.
April 21, 2009
Received email from negotiator requesting still more documents.
April 23, 2009
Negotiator called to discuss the possible options of a loan modification, such as interest rate reduction, extension of mortgage from 30 to 40 years, forebearance, probably prinicipal reduction would not be an option.
April 28, 2009
Emailed all other requested documents to the negotiator.
May 1, 2009
Negotiator emailed to say she would complete analysis of loan modification, but only if our couple did not make their April payment.
As it turned out, because our couple is self employed, it was determined they would need another 90 days of income history. So the only option was to take a 90 day forebearance which reduced the mortgage payment to $500.00 per month.
May 5th, 2009
Received written approval for the 90 day forebearance. Signed by the couple along with the first $500.00 payment. (June)
July 1, 2009
Sent second $500.00 payment.
July 25, 2009
Sent third $500.00 payment.
July 30, 2009
Called to find out what needed to be done to get a permanent loan modification. Was told they needed ALL THE DOCUMENTS that were sent earlier in the year back to lender again.
August 4, 2009
Received written request to fax all documents to the lender again.
And it needed to be done within 10 business days or the file would be closed!
August 13, 2009
Faxed complete 91 page package to lender.
August 14, 2009
Called and got receipt that package was received and it would take 6-8 weeks to complete.
Continue to make $500.00 payments until such time.
September 14, 2009
Received letter from PMI company stating that lender alerted them that our couple was behind in payments and that our couple should try to work with their lender to work out a modification.
September 15, 2009
Called lender for an update, was told the file was assigned to a negotiator on Sept 11, 2009.
September 15, 2009
Emailed contact at the PMI company to explain the situation and asked her to call to discuss.
Although this sounds like a fictional story, it is a true account and I am not revealing the name of our couple or the lender in question to preserve the privacy of our couple.
I am also withholding my personal comments on this loan modification until our couple gets resolution. However, I would love to hear your comments and experiences regarding loan modifications.
Stay tuned as the saga continues...
Wednesday, September 9, 2009
Owner Financing Makes Sense in a Buyers Market
If you have owned your property for many years and do not have a mortgage, then you should seriously consider owner financing. Not to be confused with a lease option or lease to own, where the buyer leases for a period of time prior to purchasing the property. Owner financing is selling the property to the buyers and they accept the deed to the property. The original owner becomes a lien holder to the property. Should the buyers default on the loan, the original owner can then foreclose on the property (according to each States foreclosure laws) and can then take possession of the property again.
Of course, the goal is not to foreclose, but to sell in a buyers market and recoup more equity through the financing of the property. Generally, owner financing will garner a higher interest than a traditional mortgage and can be tied to a balloon mortgage (such as a 5 year or 10 year balloon). So even though the sales price will be lower, any loss can be recaptured through mortgage interest.
Here are some other benefits to Sellers:
Of course, the goal is not to foreclose, but to sell in a buyers market and recoup more equity through the financing of the property. Generally, owner financing will garner a higher interest than a traditional mortgage and can be tied to a balloon mortgage (such as a 5 year or 10 year balloon). So even though the sales price will be lower, any loss can be recaptured through mortgage interest.
Here are some other benefits to Sellers:
- Maximize Profit in a "Buyer's Market"
Due to unprecenedted amount of foreclosures in Brevard County, prices have declined to record lows. It will take many years for significant price apppreciation.
- Relief of Property Tax Burden
Buyer will be responsible for all Property Taxes
- Relief of Hazard Insurance Burden
Buyer will be responsible for Hazard Insurance
- Steady Stream of Monthly Income
Buyer generally pays monthly interest only payments
- Sell Homes before Further Depreciation and/or Deterioration
Since many homes are vacant, they are sugject to deterioration due to inclement weather, vandalism, and pests, etc.
- Homes Sell More Quickly
Ability to price home competitively and offer financing which can be hard for a buyer to obtain in this market.
- Lower closing costs
Real Estate Commissions, Tax Stamps and Title Insurance will be based on the lower sales price.
- Another Financial Option for Buyers
There are very few financial options for Buyers without large down payments or excellent credit scores. Many qualified buyers can not buy due to new restrictions.
- Lower Monthly Payments for Buyers
Interest Only payments are lower than a conventional fixed loan, freeing up cash to enable the buyer to do improvements to the property.
- No Appraisal Necessary
Appraisal is not necessary for loan and condition of the property is not a deterrent as it might be with FHA or VA loans.
Of course, this type of transaction should not be undertaken without performing your due diligence and scrutinizing your potential buyers ability to afford the purchase. And as always, you should review all contracts with your attorney and tax consultant.
Thursday, August 20, 2009
Is Your Rental Being Foreclosed?
I get calls and inquiries all the time from renters who say the home or condo they are renting is being foreclosed and they fear they will be thrown out on a moments notice.
This is not true! A federal law was passed in May 2009 that protects tenants whose rentals are being foreclosed. This is Public Law 111-22, effective May 20, 2009, TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT.
In a nutshell, if you have a bona fide lease and are paying fair market rent, the new owner of the property must honor your lease. Unless, the new owner is going to occupy the property, then they need not honor the lease, but must give the tenant 90 day notice to leave the property.
If you do not have a lease, then the new owner must give you 90 day notice to leave. Also, the lease transaction must be an "arm's length transaction", meaning the lease can not be a spouse, child, or parent of the original owner.
You must also be current on your rent.
Keep in mind also, if you are current and keeping the rental in good repair, many banks who are foreclosing will pay a tenant to move out and leave the property in good condition. This is known as "Cash for Keys".
TITLE VII will terminate on December 31, 2012.
And since I am not an attorney or a politician, here is the link to the ACT with all the specific details: http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf
I look forward to your comments and experiences on this topic.
This is not true! A federal law was passed in May 2009 that protects tenants whose rentals are being foreclosed. This is Public Law 111-22, effective May 20, 2009, TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT.
In a nutshell, if you have a bona fide lease and are paying fair market rent, the new owner of the property must honor your lease. Unless, the new owner is going to occupy the property, then they need not honor the lease, but must give the tenant 90 day notice to leave the property.
If you do not have a lease, then the new owner must give you 90 day notice to leave. Also, the lease transaction must be an "arm's length transaction", meaning the lease can not be a spouse, child, or parent of the original owner.
You must also be current on your rent.
Keep in mind also, if you are current and keeping the rental in good repair, many banks who are foreclosing will pay a tenant to move out and leave the property in good condition. This is known as "Cash for Keys".
TITLE VII will terminate on December 31, 2012.
And since I am not an attorney or a politician, here is the link to the ACT with all the specific details: http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf
I look forward to your comments and experiences on this topic.
Friday, August 14, 2009
Short Sale Alert/Important New Information
I just had a very interesting conversation with a negotiator at Bank of America. As you may or may not know, short sales can be a very frustrating real estate experience. When I relayed my dismay at yet another delay to the negotiator, he felt the need to explain some policies that will delay the short sale decision.
Here is the information you need to know:
Here is the information you need to know:
- The negotiator has guidelines from each investor and when he/she reviews a short sale file, determines if it meets those guidelines.
- A credit history is pulled on the owner of the property and all financial information is confirmed before short sale is sent for approval.
- If it is determined that the owner can contribute financially to offset the loss, the short sale approval will be contingent on the owner bringing approximately 10% of the loss to the closing table or sign a promissary note for a higher amount at 0% interest for several years.
- If an owner disagrees with these terms, he may provide additional evidence that they are financially unable to contribute any money towards the loss or try to negotiate a different settlement. This will be presented to a vice president for review.
- If the vice president rejects this proposal, the file may be turned over to the Fraud Department for further review.
Real Estate Agents:
Don't take this lightly! Make sure your sellers understand there may be grave consequences if they do not provide complete financial information to the lender or servicer. Make sure they speak to an attorney if there is any question or concerns whatsoever!!
If you are working with a buyer who wants to put an offer on a short sale, make sure you have a conversation with the listing agent. You need to ask if the seller is prepared to make a financial contribution if asked by his bank. If not, you could be wasting your time and your customers time!
Sellers:
All financial information will be scrutinized. Make sure you submit a complete package to the lender. Speak to an attorney before proceeding with a short sale!
Consider each offer seriously, you may have a greater financial obligation with unrealistically low offers.
Buyers:
Find an experienced agent who understands the short sale transaction. Understand that the lender or servicer controls the short sale, and there is nothing that can be done to speed up the process.
Make a reasonable offer, if a seller is savvy, they will realize there is no benefit to them to take an offer below market value.
Please note:
Although this information came from a conversation with an employee of Bank of America and may not be the official stance of Bank of America, I think it is worth taking heed. It makes sense that lenders are continuing to lose large sums of money and will now start to reduce these losses in any way they can. I am sure Bank of America is not alone and I am sure most other lenders will look at short sales differently.
I look forward to your comments and your own personal experience with short sales.
Wednesday, August 5, 2009
57 Days Left!
Even though you think you have over 3 months left to get your $8,000.00 tax credit, you really only have about 57 days! The average sale now takes 45 days to close and when you factor in Murphy's Law (if something can go wrong, it will go wrong) you better give yourself a 2 week window to take care of any last minute issues. Remember, you must close no later than December 1, 2009.
And if you are a Brevard County resident (you don't need to be a first time home buyer) you may also qualify for up to $10,000 assistance!
If you have considered purchasing a home and have been waiting for just the right time, ie:the bottom of the market, I am here to tell you that the next 57 days is the right time to buy a home!
Start your search now at http:sthomson.servingbrevard.com!
And if you are a Brevard County resident (you don't need to be a first time home buyer) you may also qualify for up to $10,000 assistance!
If you have considered purchasing a home and have been waiting for just the right time, ie:the bottom of the market, I am here to tell you that the next 57 days is the right time to buy a home!
Start your search now at http:sthomson.servingbrevard.com!
Friday, July 31, 2009
What's Your Credit Score?
Now, more than any other time, you need to have a great credit score. Not only does good credit affect whether you qualify for a home mortgage, it impacts what you pay for insurance, whether you get that job you've applied for or whether you need to put down a deposit for utilities.
It will also affect the interest you pay for your mortgage, credit cards and car payment.
The Thomson Team at Exit Island and Beach Realty are offering a free service to our clients that will enable them to improve their credit score. Whether they are trying to buy their first home or trying to obtain the best interest rate, this service will help them acheive their goals.
The best part, we are offering this exclusively to our clients absolutely FREE!
For more information or a confidential discussion regarding this service, call The Thomson Team at 321-360-8051 or email sherylthomson@hotmail.com.
It will also affect the interest you pay for your mortgage, credit cards and car payment.
The Thomson Team at Exit Island and Beach Realty are offering a free service to our clients that will enable them to improve their credit score. Whether they are trying to buy their first home or trying to obtain the best interest rate, this service will help them acheive their goals.
The best part, we are offering this exclusively to our clients absolutely FREE!
For more information or a confidential discussion regarding this service, call The Thomson Team at 321-360-8051 or email sherylthomson@hotmail.com.
Monday, July 27, 2009
2009 Taxable Vaues Decline in Brevard County
Let's not dwell on this point, but Jim Ford, C.F.A., the Property Appraiser for Brevard County just released the preliminary tax roll for 2009.
The county wide market value is $59.2 billion for 2009 which is a decrease of $9.3 billion from 2008. Of course much of this is attributable to the declining real estate market and in particular the decline of new construction. In 2007, new construction added 1.8 billion to the tax rolls and in 2009 just 444 million. Wow, that's the lowest since 1999!
I would offer that the silver lining in this cloud is a reduction in property taxes, but chances are, if there is a reduction, it will be minor.
The county wide market value is $59.2 billion for 2009 which is a decrease of $9.3 billion from 2008. Of course much of this is attributable to the declining real estate market and in particular the decline of new construction. In 2007, new construction added 1.8 billion to the tax rolls and in 2009 just 444 million. Wow, that's the lowest since 1999!
I would offer that the silver lining in this cloud is a reduction in property taxes, but chances are, if there is a reduction, it will be minor.
Saturday, July 18, 2009
Condos in Celebration, FL are being Sold at Auction
This is a great opportunity to purchase a luxury condo at rock bottom prices in popular Celebration, FL. 10 units are being sold at absolute auction and opening bids start at $95,000! Original list prices started at $271,000 and went as high as $402,000. This what they mean by paying pennies on the dollar.
Celebration is a planned community close to Disney and all the attractions and a quick drive to Orlando International Airport. If you frequent the Orlando area, consider purchasing one of these condos instead of paying hotel fares. A great investment that will continue to build equity and a vacation getaway for the whole family.
For more information on this auction (coming soon) contact me at sherylthomson@hotmail.com or respond to this post.
Celebration is a planned community close to Disney and all the attractions and a quick drive to Orlando International Airport. If you frequent the Orlando area, consider purchasing one of these condos instead of paying hotel fares. A great investment that will continue to build equity and a vacation getaway for the whole family.
For more information on this auction (coming soon) contact me at sherylthomson@hotmail.com or respond to this post.
Friday, July 17, 2009
Business is Great! Thank you for asking.
A lot of people are surprised when they ask me "How's the Real Estate Business?" and I say great! They often respond by saying they have heard that there are still a lot of short sales and foreclosures. And of course they are right! But that is why business is so much better this year than it has been for the last two years.
Most buyers put their real estate purchases on hold in 2007 and 2008 anticipating dropping prices, and that proved to be a very smart decision. These same buyers have now recognized that we are bottoming out this year and now is the time to buy!
Not only have prices bottomed out, many are artificially low due to the tremendous volume of foreclosures and distress sales (this is a local phenomenon and doesn't affect every neighborhood). So the chance to build equity has increased even more.
Another unexpected bonus is the $8,000.00 tax credit for buyers who have not owned a home in three years. The government sweetened that deal by telling buyers who qualified for the credit that they don't even have to pay it back if they stay in the home for three years! Wow!
The icing on the cake is that interest rates have remained at near record lows making home ownership possible for buyers who never thought they could afford a home.
So yes, business is great, pass the word!
Most buyers put their real estate purchases on hold in 2007 and 2008 anticipating dropping prices, and that proved to be a very smart decision. These same buyers have now recognized that we are bottoming out this year and now is the time to buy!
Not only have prices bottomed out, many are artificially low due to the tremendous volume of foreclosures and distress sales (this is a local phenomenon and doesn't affect every neighborhood). So the chance to build equity has increased even more.
Another unexpected bonus is the $8,000.00 tax credit for buyers who have not owned a home in three years. The government sweetened that deal by telling buyers who qualified for the credit that they don't even have to pay it back if they stay in the home for three years! Wow!
The icing on the cake is that interest rates have remained at near record lows making home ownership possible for buyers who never thought they could afford a home.
So yes, business is great, pass the word!
Wednesday, July 15, 2009
Short Sales and the Second Mortgage Dilemma
I have recently encountered a new twist in short sales and second mortgages. Although it is often difficult to get approval from a second mortgage holder, now it appears they are insisting that the owner sign a promissory note to pay back the second (or a portion of the balance). Especially if you took out a second mortgage or equity line to purchase or finance items such as cars, vacations, furniture etc.
Now you may be infuriated that your short sale will not go through if you do not sign the promissory note, but on the other hand, most promissory notes are 0%interest over many years, making the payments fairly affordable.
If you do not agree to sign the note, chances are you will lose the home to foreclosure and both the first and second will probably try to collect the deficiency after foreclosure.
As always, before you make any decision you should consult an attorney or accountant to determine the best course of action for you.
Now you may be infuriated that your short sale will not go through if you do not sign the promissory note, but on the other hand, most promissory notes are 0%interest over many years, making the payments fairly affordable.
If you do not agree to sign the note, chances are you will lose the home to foreclosure and both the first and second will probably try to collect the deficiency after foreclosure.
As always, before you make any decision you should consult an attorney or accountant to determine the best course of action for you.
Monday, July 13, 2009
$8,000 Tax Credit Expires Sooner Than You Think!
First time homebuyers are running out of time to take advantage of the $8,000.00 tax credit the government is offering. (This means all of you who have not owned a home in three years)
And if you stay in your home for three years, you don't even have to pay it back!
This once in a lifetime offer expires on December 1, 2009, which means you MUST CLOSE ON YOUR NEW HOME by November 30, 2009!
I know what you are saying, you're saying Sheryl, thats more than 4 months away, I have plenty of time. Well, no you don't. First of all, if you are interested in buying a short sale, you need to be under agreement now or else chances are you will not have approval in time to close in November. Secondly, there are multiple offers on well priced foreclosed homes. We have seen buyers lose out on many deals because they were out bid. It can easily take a couple of months to find the right home. And lastly, it now takes an average of 45 days to get a home closed (providing there are no last minute glitches).
So, now you can see that you really only have a few weeks to find your dream home and take advantage of the $8,000.00 tax credit.
To see all homes in Brevard County go to: http://sthomson.servingbrevard.com
And if you stay in your home for three years, you don't even have to pay it back!
This once in a lifetime offer expires on December 1, 2009, which means you MUST CLOSE ON YOUR NEW HOME by November 30, 2009!
I know what you are saying, you're saying Sheryl, thats more than 4 months away, I have plenty of time. Well, no you don't. First of all, if you are interested in buying a short sale, you need to be under agreement now or else chances are you will not have approval in time to close in November. Secondly, there are multiple offers on well priced foreclosed homes. We have seen buyers lose out on many deals because they were out bid. It can easily take a couple of months to find the right home. And lastly, it now takes an average of 45 days to get a home closed (providing there are no last minute glitches).
So, now you can see that you really only have a few weeks to find your dream home and take advantage of the $8,000.00 tax credit.
To see all homes in Brevard County go to: http://sthomson.servingbrevard.com
Thursday, July 9, 2009
Luxury Homes Languishing
An interesting article written by the Associated Press and published on MSNBC.com discusses the slowdown in the luxury home market. According to the National Association of Realtors there is a 40 month supply of homes priced over $750,000.
I wondered if our inventory of luxury homes in Brevard County shared that same statistic, so I did a little research.
In fact, we have sold 53 luxury homes since January 1, 2009, but still have 463 luxury homes currently on the market. That equates to approximately a 38 month supply with average days on the market 247.
A quick snapshot of the number of luxury homes sold in previous years in Brevard County:
2008 117 luxury homes sold
2007 148 luxury homes sold
2006 220 luxury homes sold
2005 322 luxury homes sold
(all statistics taken solely from the Brevard County, FL MLS)
According to the AP article, a big reason for sluggish high end home sales is the lack of availability of jumbo loans. Fannie Mae and Freddie Mac, the government backed mortgage lenders can not purchase mortgages above $729,500, so jumbo loans must be held in house by lenders. For this reason, lenders who do offer jumbo loans also charge a higher interest rate than a traditional 30 year mortgage.
However, despite the higher interest rate, if you are in the market for a luxury home, since prices have declined so dramatically, you will also pay less in taxes and insurance. And you will be buying at the bottom of the market, so the opportunity to build equity is that much greater.
To view all our luxury homes in Brevard County click on: http://sthomson.servingbrevard.com/
To read the entire AP article click on: http://www.msnbc.msn.com/id/31782625/ns/business-real_estate/ns/business-real_estate/
I wondered if our inventory of luxury homes in Brevard County shared that same statistic, so I did a little research.
In fact, we have sold 53 luxury homes since January 1, 2009, but still have 463 luxury homes currently on the market. That equates to approximately a 38 month supply with average days on the market 247.
A quick snapshot of the number of luxury homes sold in previous years in Brevard County:
2008 117 luxury homes sold
2007 148 luxury homes sold
2006 220 luxury homes sold
2005 322 luxury homes sold
(all statistics taken solely from the Brevard County, FL MLS)
According to the AP article, a big reason for sluggish high end home sales is the lack of availability of jumbo loans. Fannie Mae and Freddie Mac, the government backed mortgage lenders can not purchase mortgages above $729,500, so jumbo loans must be held in house by lenders. For this reason, lenders who do offer jumbo loans also charge a higher interest rate than a traditional 30 year mortgage.
However, despite the higher interest rate, if you are in the market for a luxury home, since prices have declined so dramatically, you will also pay less in taxes and insurance. And you will be buying at the bottom of the market, so the opportunity to build equity is that much greater.
To view all our luxury homes in Brevard County click on: http://sthomson.servingbrevard.com/
To read the entire AP article click on: http://www.msnbc.msn.com/id/31782625/ns/business-real_estate/ns/business-real_estate/
Wednesday, July 8, 2009
Another Buyer Walks Away From A Short Sale!
Buyers, I know this is your market, but for heavens sake, if you want a really good deal you have to wait for it! You can't put in a ridiculously low offer on a short sale and expect the lender to jump through hoops to lose tens of thousands of dollars. They really are not that motivated to lose money.
I know, the rationale is that they will end up foreclosing and losing even more money, but short sales are just not that simple. Since most mortgages have been sold and re-sold, then cut up into securities and sold again to many different investors, all investors involved must agree to the short sale. And if and when that happens, it will take a considerable amount of time to complete the process.
So the next time you decide to purchase a short sale, evaluate the market and offer fair market value and then be prepared to wait (yes, 90-120 days is typical). I guarantee, you will be richly rewarded for your patience.
I know, the rationale is that they will end up foreclosing and losing even more money, but short sales are just not that simple. Since most mortgages have been sold and re-sold, then cut up into securities and sold again to many different investors, all investors involved must agree to the short sale. And if and when that happens, it will take a considerable amount of time to complete the process.
So the next time you decide to purchase a short sale, evaluate the market and offer fair market value and then be prepared to wait (yes, 90-120 days is typical). I guarantee, you will be richly rewarded for your patience.
Tuesday, July 7, 2009
Why Wouldn't You Want Top Dollar When Selling Your Home?
No matter what type of Real Estate market we are in, the most desirable homes always sell fastest and for the most amount of money. And now that we are in a buyer's market it is crucial that your home is in tip top shape. Trust me, buyers are seeing a lot of distressed properties, and when they finally see a fabulous home in move in condition, they are ready to buy!
- Curb Appeal: Keep your lawn mowed and trim all shrubbery. Put down fresh mulch and plant a few flowers. Power wash your home and put a fresh coat of paint on your front door.
- Interior: First of all, declutter your home. Have a yard sale and get rid of anything you no longer use. Rent a portable storage box and pack away all those chotchkies and items that you do not use on a regular basis. Arrange all closets so they are neat and orderly.
- Clean, Clean, Clean: Now that the house is clutter free, its time to clean and I mean everything. Ceiling fans, walls, stove, refrigerator, flooring, windows and bathrooms.
- Touch up and Repair: Patch and repair any holes in the walls, caulk tubs and sinks, make sure all doors and windows operate properly.
- Pleasing Aromas: You've heard this before, bake some chocolate chip cookies or bake an apple pie to make your home smell enticing! If these ideas are too laden with calories, then plug in some air fresheners...vanilla or citrus works well.
- Showing Time: Open the window treatments and turn on the lights. And turn on a little soft music.
It doesn't cost much to get your home in prime condition. A little time and sweat equity will help you achieve top dollar!
Tuesday, June 30, 2009
Feng Shui, The Art of Selling Your Home
Try a little Feng Shui when preparing your home for sale!
While there are many conflicting schools of feng shui, some of the basic principals are just common sense and good design.
Feng Shui ( meaning wind and water) has been used for centuries to create good energy (chi) in homes and businesses. When the 5 elements of Feng Shui are used in balance, good energy is created.
The five elements are Fire, Earth, Metal, Water and Wood. If your home decor has an imbalance of any of these elements, the good energy may be affected.
The most important principals of Feng Shui are a clutter free and clean home. Every home stager will agree that a clean and clutter free home is the basis for good staging. Also rearranging furniture to create an easy flow throughout the home is also an important feature to both Feng Shui and home staging.
People also have individual elements. Just for fun, find your element by going to http://www.chiquiz.com/. If you are a fire, wood or water element you are considered a linear thinker and your best direction is East. If you are an earth or metal elemnt, you are considered a conceptual thinker and your best direction is west.
Many students of Feng Shui will say they feel more comfortable or are more productive when facing their best direction. And this may explain why someone may be attracted to a East facing home as opposed to a West facing home.
Remember, Feng Shui is not a religion or cult. In regards to Real Estate, Feng Shui is merely the art of arranging furniture within a home or designing a pleasing landscape to create a good energy flow throughout the property. And whether you call it staging or Feng Shui, these principals will definitely help to sell your home!
While there are many conflicting schools of feng shui, some of the basic principals are just common sense and good design.
Feng Shui ( meaning wind and water) has been used for centuries to create good energy (chi) in homes and businesses. When the 5 elements of Feng Shui are used in balance, good energy is created.
The five elements are Fire, Earth, Metal, Water and Wood. If your home decor has an imbalance of any of these elements, the good energy may be affected.
The most important principals of Feng Shui are a clutter free and clean home. Every home stager will agree that a clean and clutter free home is the basis for good staging. Also rearranging furniture to create an easy flow throughout the home is also an important feature to both Feng Shui and home staging.
People also have individual elements. Just for fun, find your element by going to http://www.chiquiz.com/. If you are a fire, wood or water element you are considered a linear thinker and your best direction is East. If you are an earth or metal elemnt, you are considered a conceptual thinker and your best direction is west.
Many students of Feng Shui will say they feel more comfortable or are more productive when facing their best direction. And this may explain why someone may be attracted to a East facing home as opposed to a West facing home.
Remember, Feng Shui is not a religion or cult. In regards to Real Estate, Feng Shui is merely the art of arranging furniture within a home or designing a pleasing landscape to create a good energy flow throughout the property. And whether you call it staging or Feng Shui, these principals will definitely help to sell your home!
Friday, June 26, 2009
Successful Short Sales
Every day I talk to someone who wants to know more about short sales in Real Estate. Here is my post of April 26, 2009 on Short Sales.
A Successful Short Sale!
The key to negotiating a successful short sale is to price the property correctly to obtain an offer the lender is willing to accept. This means the offer must be more finanacially feasible for the lender to accept a short sale rather than foreclosing and selling the property themselves.Once you get a reasonable offer submit that to the lender with the following information:
Purchase and Sales Contract
Prelim HUD-1
Buyers Pre-Approval Letter or Proof of Funds
Listing Agreement
Authorization Form
Sellers Financial Statement
Sellers Last Two Pay Stubs
Sellers Last Two Bank Statements
Sellers Last Two Years Tax returns
It is important to send a complete package to the lender as opposed to "piece-mealing" it one document at a time.
Also, put the account number on each page. Send the entire package to the second mortgage company if applicable.
Each lender will have certain methods to process the short sale once it is recieved, but the general procedure for short sale approval is the package is reviewed to determine whether the price may be acceptable and completeness of all documentation. It is then sent to another "handler" to order an appraisal or BPO (broker price opinion). Many lenders are requesting 2 BPO's to verify fair market value. If offer falls within acceptable range of fair market value, it is then sent to the "investor" for final approval or counter offer.
Once you recieve an approval, the lender will require closing in 30 days. Most lenders will grant one extension if necessary, but don't count on it.
As I mentioned in my last blog, this process will take approximately 90 days.
A Successful Short Sale!
The key to negotiating a successful short sale is to price the property correctly to obtain an offer the lender is willing to accept. This means the offer must be more finanacially feasible for the lender to accept a short sale rather than foreclosing and selling the property themselves.Once you get a reasonable offer submit that to the lender with the following information:
Purchase and Sales Contract
Prelim HUD-1
Buyers Pre-Approval Letter or Proof of Funds
Listing Agreement
Authorization Form
Sellers Financial Statement
Sellers Last Two Pay Stubs
Sellers Last Two Bank Statements
Sellers Last Two Years Tax returns
It is important to send a complete package to the lender as opposed to "piece-mealing" it one document at a time.
Also, put the account number on each page. Send the entire package to the second mortgage company if applicable.
Each lender will have certain methods to process the short sale once it is recieved, but the general procedure for short sale approval is the package is reviewed to determine whether the price may be acceptable and completeness of all documentation. It is then sent to another "handler" to order an appraisal or BPO (broker price opinion). Many lenders are requesting 2 BPO's to verify fair market value. If offer falls within acceptable range of fair market value, it is then sent to the "investor" for final approval or counter offer.
Once you recieve an approval, the lender will require closing in 30 days. Most lenders will grant one extension if necessary, but don't count on it.
As I mentioned in my last blog, this process will take approximately 90 days.
Monday, June 22, 2009
My Listing Expired! Again!
If you are currently listed with a brokerage (or have been), chances are you realize that it can take several months to sell a home in Brevard County. And if you are like most home owners, your listing has expired at least once, if not twice or three times!
The dilemma for sellers is whether to re-list with the same agent or search for another agent in the hopes a different agent might be able to produce a ready and willing buyer.
Well, of course there are no simple answers, but perhaps I can shed some light on how to make a decision when re-listing your home.
First of all, do you really need to sell your home? or are you just "testing the market"? If you do not need to sell your home, then spare yourself the agony and take it off the market. Wait until the market starts to rebuild some upward momentum before listing again.
Secondly, assuming you interviewed 3 really good agents before selecting one to list your home, did you price the home in the range your agent recommended? or did you decide to list "just a little higher, you know, for some wiggle room to negotiate"? If you listed higher, then you are chasing the market downward and probably losing equity each month.
Thirdly, did you insist that your agent hold open houses, advertise in the newspaper and glossy magazines and put out flyers in front of the house? Well, your agent is probably absolutely frustrated and possibly lost interest in trying to sell your home, since those marketing techniques are a thing of the past!
And lastly, when your agent gently recommended that you de-clutter, clean your home and spruce up the landscaping, did you say it really isn't that important, buyers can see past all that?
What? Your Real Estate Agent didn't tell you that there are only three things that sell a house: Location, Condition and Price? Then you probably need to interview a couple of more agents that truly understand today's market.
And then heed their advice and get your home SOLD!
The dilemma for sellers is whether to re-list with the same agent or search for another agent in the hopes a different agent might be able to produce a ready and willing buyer.
Well, of course there are no simple answers, but perhaps I can shed some light on how to make a decision when re-listing your home.
First of all, do you really need to sell your home? or are you just "testing the market"? If you do not need to sell your home, then spare yourself the agony and take it off the market. Wait until the market starts to rebuild some upward momentum before listing again.
Secondly, assuming you interviewed 3 really good agents before selecting one to list your home, did you price the home in the range your agent recommended? or did you decide to list "just a little higher, you know, for some wiggle room to negotiate"? If you listed higher, then you are chasing the market downward and probably losing equity each month.
Thirdly, did you insist that your agent hold open houses, advertise in the newspaper and glossy magazines and put out flyers in front of the house? Well, your agent is probably absolutely frustrated and possibly lost interest in trying to sell your home, since those marketing techniques are a thing of the past!
And lastly, when your agent gently recommended that you de-clutter, clean your home and spruce up the landscaping, did you say it really isn't that important, buyers can see past all that?
What? Your Real Estate Agent didn't tell you that there are only three things that sell a house: Location, Condition and Price? Then you probably need to interview a couple of more agents that truly understand today's market.
And then heed their advice and get your home SOLD!
Tuesday, June 16, 2009
For Sale By Owner
I know many of you want to sell your home without a realtor, but I'm here to give you several reasons why you should hire a Realtor.
In the current real estate market, 40% of the buyers are first time home buyers. A significant percentage are investors. Both categories can spell trouble for the home owner trying to sell their home on their own.
First of all, first time home buyers are the least experienced and more likely to get "cold feet" and pull out of a deal. There is a great deal of coaching required to help a first time home buyer wade through the complicated process of buying a home. Because most first timers lack confidence in buying real estate, they usually turn to a Realtor to help guide them through the process. (recent surveys show that approximately 86% of buyers use a realtor). Since the majority of buyers are using a Realtor, that means the majority are finding the home they purchase on the Multiple Listing Service.
On the other end of the scale, you have investors who usually have much more experience buying and selling real estate than the average home owner. The investor is definitely looking for the best deal which means the lowest price so that they can maximize their profit potential. Without the aid of a Realtor, it will be difficult at best to achieve the best price for your home. The number one reason that Buyers and Sellers hire a Realtor is to fight for the best price possible for their client.
Studies have been pretty consistent over the years showing that For Sale By Owners (FSBO's) are only successful selling their own home 12-15% of the time. 85% of the sellers in this county sell their home through a Realtor.
Some of the other benefits of hiring a Realtor:
In the current real estate market, 40% of the buyers are first time home buyers. A significant percentage are investors. Both categories can spell trouble for the home owner trying to sell their home on their own.
First of all, first time home buyers are the least experienced and more likely to get "cold feet" and pull out of a deal. There is a great deal of coaching required to help a first time home buyer wade through the complicated process of buying a home. Because most first timers lack confidence in buying real estate, they usually turn to a Realtor to help guide them through the process. (recent surveys show that approximately 86% of buyers use a realtor). Since the majority of buyers are using a Realtor, that means the majority are finding the home they purchase on the Multiple Listing Service.
On the other end of the scale, you have investors who usually have much more experience buying and selling real estate than the average home owner. The investor is definitely looking for the best deal which means the lowest price so that they can maximize their profit potential. Without the aid of a Realtor, it will be difficult at best to achieve the best price for your home. The number one reason that Buyers and Sellers hire a Realtor is to fight for the best price possible for their client.
Studies have been pretty consistent over the years showing that For Sale By Owners (FSBO's) are only successful selling their own home 12-15% of the time. 85% of the sellers in this county sell their home through a Realtor.
Some of the other benefits of hiring a Realtor:
- Accurate pricing of your home
- Professional presentation (or staging) of your home
- Access to Qualified Buyers
- Handling extensive paperwork
- Reduced Liability
- Overseeing transaction from start to finish
- Multiple Listing Service and other Internet Marketing
Talk to your friends and family and neighbors and ask them who they use as a realtor and whether they would recommend that Realtor. Interview at least three full time, experienced agents before making a decision. I think in the long run you will be happy you chose a Realtor to sell your home!
Monday, June 8, 2009
Luxury Homes Sell At Auction
Let's face it, the longer it takes to sell your home, the more holding costs you incur and less profit you will make on the sale. There for, it makes sense to get your property sold as soon as possible!
That being said, I would like to discuss a marketing strategy that is often overlooked. Real Estate Auctions can be very successful and will get a home sold in record time.
Some of the Benefits of an Auction:
That being said, I would like to discuss a marketing strategy that is often overlooked. Real Estate Auctions can be very successful and will get a home sold in record time.
Some of the Benefits of an Auction:
- Quick closing, usually 30 days after the Auction
- Qualified buyers, all sales are Cash, sold As Is
- No lengthy negotiations, Seller determines the terms of the sale
- Advertising program specifically designed for your property
- Auction atmosphere creates a sense of urgency, forcing a buyer to bid
- Multiple bidders can drive a price higher
- No Real Estate Commission, winning bidder will pay a 10% premium
Many sellers that I talk to are concerned that will have to sell their home for the lowest bid. That is not true, all sellers have the right to set a minimum bid and reject any bid that the seller considers too low.
Consider the financial advantage of having your home sold in less than three months when many homes sit on the market for a year or more. How much does it cost you in mortgage payments, insurance, taxes, utilities and HOA fees to carry a home for more than three months?
Visit my friend Jim Accursio's website at http://www.theauctioncompany.info/ for more information on Real Estate Auctions or my webpage at http://archive.constantcontact.com/fs006/1101520700187/archive/1102528073124.html.
You can also call me at 321-360-8051 or Jim at 1-877-747-4336 for a confidential, no obligation discussion about real estate auctions.
Thursday, June 4, 2009
Monetize Your $8,000.00 Tax Credit
You can now use your $8,000.00 tax credit towards closing costs and/or down payment on the purchase of your home! Remember, if you have not owned a home in the past 3 years, you probably qualify for the $8,000.00 tax credit.
Read the official HUD press release: http://http://www.hud.gov/news/release.cfm?content=pr09-072.cfm
Although mortgage lenders may take a couple of weeks to get up to speed with this change, it will be available very soon.
There are several reasons I think the time frame between July 2009 and October 2009 will be the optimum time for a first time homebuyer to purchase their new home.
Read the official HUD press release: http://http://www.hud.gov/news/release.cfm?content=pr09-072.cfm
Although mortgage lenders may take a couple of weeks to get up to speed with this change, it will be available very soon.
There are several reasons I think the time frame between July 2009 and October 2009 will be the optimum time for a first time homebuyer to purchase their new home.
- $8,000.00 tax credit will expire on December 1, 2009 (meaning you MUST CLOSE by Dec.1!!)
- $8,000.00 can be used to offset closing costs until Dec. 1st.
- Interest rates are at record lows, but already starting to rise and are anticipated to continue to rise.
- Rock Bottom real estate prices this year. Multiple offers and bidding wars are happening every day and this will start to increase real estate prices!
- Large inventory to choose from, however the numbers are decreasing which will eventually mean an increase in real estate prices.
Even if you are not a first time home buyer, why not upgrade or downgrade this year as well? You may not make as much money on your current home when you sell, but you will pay less taxes and insurance and closing costs on a home purchased this year and be assured since you are buying at the bottom of the market that your home will appreciate in value over the next few years!
Start looking for that deal of a lifetime right here: http://sthomson.servingbrevard.com
Tuesday, June 2, 2009
My Short Sale Seminar
I held my short sale seminar today at the Spacecoast Board of Realtors. Initially offered for just agents in my office, we decided to open up the room and invite any Brevard County agent. Despite the late notice we were pleased with the turnout.
This is the fourth short sale seminar I have given/participated in this year. I think most agents who have attended these seminars have come away with a better understanding of the short sale process and maybe less hesitant to assist either a buyer or a seller with a short sale.
We all benefit as a community if all professional real estate agents acknowledge that this is a once in a lifetime real estate market and the tools used to buy and sell in the past no longer have any use in this distressed market. By taking the extra time and effort to assist sellers who must sell their property short, we can go a long way toward creating a "normal" market.
This is the fourth short sale seminar I have given/participated in this year. I think most agents who have attended these seminars have come away with a better understanding of the short sale process and maybe less hesitant to assist either a buyer or a seller with a short sale.
We all benefit as a community if all professional real estate agents acknowledge that this is a once in a lifetime real estate market and the tools used to buy and sell in the past no longer have any use in this distressed market. By taking the extra time and effort to assist sellers who must sell their property short, we can go a long way toward creating a "normal" market.
June is Home Ownership Month
Interest rates are creeping up and home prices are leveling off. You can use your first time homebuyers $8,000.00 tax credit towards closing costs and down payment. It seems like the right time to buy, but is it?
Sign up for our free public webinar hosted by Exit Realty http://exitrealtypress.blogspot.com/2009/06/to-dream-american-dream.html
Tami Bonnell will discuss the current real estate market exclusively for folks who are considering buying or selling this year.
Sign up for our free public webinar hosted by Exit Realty http://exitrealtypress.blogspot.com/2009/06/to-dream-american-dream.html
Tami Bonnell will discuss the current real estate market exclusively for folks who are considering buying or selling this year.
Saturday, May 30, 2009
Cash Is King!
One thing has remained a constant through out the history of Real Estate. Cash is King! Whether you are buying a traditional re-sale or foreclosure or short sale, cash offers will always be more appealing to the sellers.
Even if you do not have enough cash to pay for a property in full, having 20 or 30% down payment will go a long way when buying real estate, especially foreclosed properties and distressed properties.
You may ask why cash is so important. Well, cash is important right now because most lenders are only offering FHA loans with 3.5% down payment. And FHA requires inspection of properties so that they meet certain standards before a loan is issued.
Many of the properties being sold have had damage, vandalism, missing appliances and fixtures, neglect and so on. These properties do not meet FHA standards which means the seller will need to incur additional costs to repair. A cash buyer can waltz in and make an offer and close in less than 30 days, and the seller reduces holding costs and avoids any repair costs.
That's why a cash buyer can usually purchase for less than a typical buyer using FHA. And if you have 20% down, you probably qualify for a traditional mortgage and can also purchase the home "as is". The other reason an FHA loan is not attractive to a seller is that it may take as long as 45 days to complete a transaction.
So, is it impossible to get a great buy using FHA? Not at all! All it takes is a little research and common sense. When searching for a property, look for homes that have been on the market for more than 90 days. The lenders who are selling foreclosed properties lose money every day the house is on the market and after 90 days, they are probably very motivated to get it off their books.
Also, look for homes that are in good condition, ie: newer roofs, a/c units, good windows, fully applianced and good flooring throughout. These are items that FHA inspectors are looking for.
Once you find that great deal, have your buyer's agent do a CMA of the property to help determine how much to offer. Remember, the seller has already done at least one or two CMA's and has a pretty good idea of the market value. If it's priced right, don't make a ridiculous offer, usually around 5% of asking is reasonable. Of course, if the property is truly over priced, offer close to market value and submit comps that support your offer.
Just keep in mind, the banks who own and sell foreclosed properties are only concerned with their financial bottom line, this is not an emotional transaction as it is with a traditional home owner. If the numbers work, you will get the house!
To start your search, go to: http://sthomson.servingbrevard.com
Even if you do not have enough cash to pay for a property in full, having 20 or 30% down payment will go a long way when buying real estate, especially foreclosed properties and distressed properties.
You may ask why cash is so important. Well, cash is important right now because most lenders are only offering FHA loans with 3.5% down payment. And FHA requires inspection of properties so that they meet certain standards before a loan is issued.
Many of the properties being sold have had damage, vandalism, missing appliances and fixtures, neglect and so on. These properties do not meet FHA standards which means the seller will need to incur additional costs to repair. A cash buyer can waltz in and make an offer and close in less than 30 days, and the seller reduces holding costs and avoids any repair costs.
That's why a cash buyer can usually purchase for less than a typical buyer using FHA. And if you have 20% down, you probably qualify for a traditional mortgage and can also purchase the home "as is". The other reason an FHA loan is not attractive to a seller is that it may take as long as 45 days to complete a transaction.
So, is it impossible to get a great buy using FHA? Not at all! All it takes is a little research and common sense. When searching for a property, look for homes that have been on the market for more than 90 days. The lenders who are selling foreclosed properties lose money every day the house is on the market and after 90 days, they are probably very motivated to get it off their books.
Also, look for homes that are in good condition, ie: newer roofs, a/c units, good windows, fully applianced and good flooring throughout. These are items that FHA inspectors are looking for.
Once you find that great deal, have your buyer's agent do a CMA of the property to help determine how much to offer. Remember, the seller has already done at least one or two CMA's and has a pretty good idea of the market value. If it's priced right, don't make a ridiculous offer, usually around 5% of asking is reasonable. Of course, if the property is truly over priced, offer close to market value and submit comps that support your offer.
Just keep in mind, the banks who own and sell foreclosed properties are only concerned with their financial bottom line, this is not an emotional transaction as it is with a traditional home owner. If the numbers work, you will get the house!
To start your search, go to: http://sthomson.servingbrevard.com
Friday, May 29, 2009
Foreclosures, Foreclosures, Foreclosures
The new mantra in Real Estate! Forget location, location, location. Buyers are gobbling up foreclosures no matter what the condition, location or size of the property. Low, low prices are the attraction and cash is king in these deals!
This is good news. The sooner we absorb these foreclosures and distressed properties, the sooner we will see a rebound to a "normal market".
Should you invest in a foreclosure (also known as an REO or bank owned property)? As long as you do your due diligence, you will be rewarded with a property that will probably increase in value over the next few years.
My next post will talk about how to buy a foreclosed property.
This is good news. The sooner we absorb these foreclosures and distressed properties, the sooner we will see a rebound to a "normal market".
Should you invest in a foreclosure (also known as an REO or bank owned property)? As long as you do your due diligence, you will be rewarded with a property that will probably increase in value over the next few years.
My next post will talk about how to buy a foreclosed property.
New and Improved
New title and new content for my real estate blog discussing Real Estate Trends in Brevard County, Florida.
To view previous posts go to: http://southernfriedrealestate.blogspot.com.
To view previous posts go to: http://southernfriedrealestate.blogspot.com.
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