NEW TO MARKET and not a short sale!!!If you are looking for a great deal……You have found it!!!     This solid, quality-built property has been well-cared for and needs very little to make it your own and is on over a 1/4 Acre. The back yard is just perfect for grilling and relaxing on the back deck with Pool, Jacuzzi and firepit for BBQing. It’s close to shopping, restaurants and just a few miles to Down town St. Pete, Clearwater, Tampa or the Beaches!!     This home is located in a great neighborhood on a quiet street and has excellent curb-appeal. One of the best homes for the money in the area…..You will be surprised….It’s priced to sell and REDUCED for a FAST SALE.

Just listed and getting attention! Call me to set up a showing today!

Great little home just sold as a Short Sale two weeks ago……again, helping home owners stay out of Foreclosure! Call me directly if I can help!

Just helped another home owner from Foreclosure!!!

Call for a private consultation today!

According to the Mortgage Bankers Association’s recent delinquency report for the country, approximately 9.5% of mortgage loans were either around 90 days behind or were already claimed by the foreclosure machine by end of March 2010. The result being that the foreclosure supply has far exceeded the demand for homes.

The United States alone has a two year inventory of foreclosed homes. Like condos or single family homes, foreclosures have become a legitimate subset of the real estate market.  But their distinguishing characteristic of course is that they pose a threat to real estate values across the board.

While the recent S&P/Case-Shiller report cited that the property values of 20 U.S. cities have realized a 4% increase from one year ago; it is still not an exaggeration to state that foreclosed homes have made their splash and have caused some dramatic ripples in the market.

And again…just as huge opportunities produce big responsibilities, so it goes with buying a foreclosure; you’ll save on one end, but you’re likely to pay somewhere else: roof, major plumbing repairs, and your basic big ticket items.

You never really get something for nothing; the condition of the foreclosed property is often commensurate with the price tag.

Bottom line, there are plenty of properties from which to choose whether they are foreclosed, short sales, real estate owned (REO), or a traditional sale. Just take nothing for granted and buy nothing without an in-depth investigation.

Emotion is a key part in the home buying process, but if you approach (the foreclosure market especially) with the heart of a business person, you’ll sleep much better in that new home.

FHA REO properties sold by FHA
Re-sales of properties purchased by an employer or relocation agency
Property inherited by the seller
Sales by other U.S. Government Agency of SFR properties
Sales of properties by nonprofits approved to purchase HUD owner SFR
Sales of properties by state and federally charted financial institutions and GSE
Sales of properties by local and state government agencies
Sales of properties within Presidentially-Declared Disasters Areas
Sales of properties acquired by foreclosure by state licenses mortgage lenders
Any re-sales, other than those exemptions listed above, where the sales price increase is less than 20% of the seller’s acquisition cost

If a property sales price has increased more than 20% over the acquisition cost, the property is not eligible for FHA financing.

If you have any specific questions, feel free to contact me directly.

So… if you are making an offer on a short sale property, here are a few best practices that will help to ensure your success. Basically, talking a good game will take you nowhere; it comes down to letting your actions speak for your intentions.

1. Start with a decent earnest money deposit …go with a binder in the range of 1 to 3% of the short sale price; anything less may appear a bit too casual.
2. Go with the stipulations – If the contract requires that the deposit be placed into a trust account pending the approval of the short sale package, don’t balk. Your earnest deposit should be just that.
3. Get a solid letter from your lender – Show ‘em what you’ve got and that your candidacy is as strong as your ability to come through with the financing. If an underwriter says you’re golden, you can’t be trumped.
4. If you really want this place, take it “As Is” – this is not a typical real estate transaction, don’t be nit picking about minor repairs and fees; odds are you’re getting a great deal…don’t jeopardize it with requests for a replacement garden hose or a carpet allowance for the guest bedroom.
5. Have patience – don’t go in thinking your deal is going to be the exception to the rule; plan on up to four months to close, hope to be pleasantly surprised, but be ready to go at any time.
6. Do what you say you’re going to do – although more streamlined than ever, the short sales process is a complicated and time consuming one; work with your Realtor and do whatever he or she advises.  

Bottom line, if you’ve found your dream home and you’re getting it at a bargain price, don’t let impatience or arrogance gum up the gears. Short sales may be around for a while, but you don’t want your dream home to get away.

Today the Florida Supreme Court ruled in favor of the Federal Trade Commission (FTC) in the pivotal case Olmstead v Federal Trade Commission. The decision greatly favors creditors in their attempts to collect personal debts from debtors with assets held in single member Limited Liability Corporations (LLCs). LLCs are business entities created to provide tax benefits similar to that of a partnership, and liability protection similar to that of a corporation. The ruling of Olmstead threatens these benefits and protections for LLCs that have only one member (owner).

via Key Victory for Creditors in Florida Supreme Court.