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The asking
price is an invitation to make an offer rather than an offer that must be
accepted.
(source- Florida Association of Realtors )
Foreclosed -
Once a bank or lender forecloses on a home, they need to
sell it quickly to recoup as much of their loan loss as possible. This is a
main factor for lower prices and greater bargains for
foreclosure home buyers. If you're planning to purchase foreclosed real
estate, the sales process is just like buying a property from another owner,
except that now the owner is the bank or lender and requires understanding
the real estate process involved especially in offer prices and
negotiations. You must be pre qualified for a loan or show proof of
financial ability in advance of making any offer on a foreclosure. Get
assistance from a licensed real estate agent>
Contact Us for a Free Consultation
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Florida is turning out to be one of the first states to report a one-year
bounce from the bottom. Although national existing home sales dropped,
Florida reported a 12th consecutive month of sales increases, based on lower
property values and a high foreclosure inventory.
Current homeowner tax credit- An existing homeowner who
purchases a home may now claim a tax credit of up to $6,500. To qualify,
that owner must have owned and used the same residence as a principal
residence for any consecutive five-year period in the previous eight years.
Personal income limits, maximum home value, and contract/closing deadlines
are the same as those for first-time homebuyers.
Lenders assume that buyers with larger down
payments will have a higher likelihood of being able to close and that they
will be less likely to back out should small problems arise with the
property. Conventional, non-government loans are the best option when
writing a financed offer for a bank owned home. Writing an offer financed by
a conventional loan with a good down payment, a strong price, a quick
closing date are the best methods for real estate owned by lenders.
REO -The
bank has taken back the real estate from the
homeowner and now is Real Estate Owned or REO. The title
was obtained through
foreclosure
New York - May 2009 – Bank of America, one of the country’s
largest mortgage lenders, says it is loosening its policies on short sales
in response to the U.S. Treasury Department’s announcement last week that it
would increase incentives for lenders to work out short sale deals. The
government’s plan is a boon to banks, says David Sunline, B of A’s real estate
management executive, because it provides guidance when there are multiple
liens, a potentially litigious issue for lenders.
In the past, the bank followed Fannie Mae’s policy of giving second lien
holders about 10 percent of the second mortgage balance in a short sale. Now
when it holds the second lien, BofA will accept 5 percent of the net
proceeds of the short sale, Sunline says. When it is the first lien holder,
it will offer 5 percent to the holder of the second lien. Sunline says
homeowners considering short sales should contact the bank within five days
of getting an offer on the home and expect its cooperation as long as the
offer is within the range of other sales in the area and the borrower can
demonstrate financial hardship.
Short Sales - All real estate does not qualify for a short sale and not
all lenders accept short sales.
The short sale process can be less expensive
and a better alternative to foreclosure for both the lender and the real
estate owner. A short sale can
keep the foreclosure record off their personal credit reports. It's also less expensive
than going through the court system in a foreclosure lawsuit. A short sale
is an alternative to bankruptcy or foreclosed proceedings. Buyers pursuing
a short sale will have a much longer wait for their offer to be considered.
Foreclosures have increased significantly across the
country, including the
Tampa
Bay Florida area.
U.S. foreclosure
filings and bank repossessions continue to increase. Deteriorating property
values
and higher rates on adjustable mortgages forced owners to give up their real
estate.
Pre Foreclosures
- A real estate
owner in the pre foreclosure stage can be very motivated to sell. The lender posts a notice of public record that
the property owner is behind on payments and
they intend to foreclose the real estate. The lender will take it back if the owner doesn't move
fast to pay up to date.
Foreclosure News -
Florida ranks second in the nation with
286,285 foreclosed properties, according to data collected by RealtyTrac, a company that tracks
the foreclosure market. The top five foreclosure states are: California with 627,440;
Florida with 286,285; Ohio with 115,954; Michigan with 112,969; and New
Jersey with 64,636. Florida has reported 178,850 new foreclosures since Jan.
1, with 15,877 in June. The average sales price of a foreclose is $169,235.
The top five Florida counties reporting in June are: Broward:
7,104; Lee: 5,132; Miami-Dade: 5,087; Orange: 3,087; and Pinellas: 2,061.
FHA Down Payment Programs - Oct. 1, 2008 Minimum Down Payment
Increasing from 3% to 3.5%
We service Veterans Approved VA Homes
Price declines over the past year
have made this the best time to buy real estate. The inventory of
property for
sale gives buyers an incredible selection. The number o for
sale is greater than it has been in 15 years. The current
favorable market conditions may not last much longer. Research
shows that prices are beginning to stabilize.
Mortgage rates are near all-time lows. which now means your monthly payments are lower and more
affordable. Recent voter approval of Amendment 1 allows Florida
homeowners to transfer their “Save Our Homes” tax benefit from
their old home to a newly purchased home. Upsizing or
downsizing, this is the best time to buy. Real estate continues
to be a great financial investment. The average return on a five
percent down payment over 10 years is usually three to five
times greater than stock market returns. Information from the
National Association of REALTORS®.
July 30, 2008 - The Senate passed and the President signed a
landmark housing bill to shore up the nation's housing finance
system. The bill contains billions of dollars in loan
guarantees, a tax break for first-time real estate buyers and many
other provisions. The rescue plan extends an unlimited line of
credit to the two mortgage-finance giants Fannie Mae and Freddie
Mac for 18 months and gives the Treasury the authority to buy shares if the Treasury
deems the companies’ capital to be inadequate.
Sept. 5, 2008 - Foreclosure News - Foreclosures accelerated in the second quarter
to the fastest pace in almost three decades as interest rates
increased and real estate values fell, prompting more Americans to walk
away from homes they couldn't refinance or sell.
New foreclosures increased to 1.19 percent, rising above 1
percent for the first time in the survey's 29 years, the
Mortgage Bankers Association said in a report. The total
inventory of properties in foreclosure reached 2.75 percent, almost
tripling since the five-year housing boom ended in 2005. The
share of loans with one or more payments overdue rose to a
seasonally adjusted 6.41 percent of all mortgages, an all-time
high, from 6.35 percent in the first quarter.
Foreclosure News -
New foreclosures on subprime loans rose to 4.7 percent from 4.06
percent in the first quarter, according to the report. The total
foreclosure inventory increased to 11.81 percent from 10.74
percent and the so-called seriously delinquent share of loans
that are 90 days or more overdue rose to 17.85 from 16.42
percent.
Foreclosures started on prime mortgages rose to 0.67 percent
from 0.54 percent and the foreclosure inventory increased to
1.42 percent from 1.22 percent, the report said. The share of
seriously delinquent prime mortgages was 2.35 percent, up from
1.99 percent.
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