Tampa Real Estate News

You Need to Sell Your Home: Where to begin?

Sheila — Wed, 05 Jan 2011 18:05:31 +0000

If you are looking to sell your home, are you at a loss for where to begin? Maybe you have tried the For Sale By Owner thing and put a sign in your front yard and posted your listing on free websites such as Craigslist, but you just can’t seem to get the showings you expected and no offers have been presented. Selling a home is hard work and if you don’t have the resources or the know-how, you will have a tough time in this market. Of course, I feel that hiring a Realtor is essential in this market. If you are looking to do a short sale, a Realtor can help you tremendously and in most cases is absolutely essential in getting the deal done. The best part is it will cost you NOTHING. Realtors collect their commissions from the lenders and should not ask the seller for a single dollar to handle the sale. If you are one of the lucky ones who can sell their home for a profit or even break-even, paying a Realtor to market and sell your home is well worth the price.

Contact us with any questions today at 813-841-2000 or via email at sheila@buytampafl.com.

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Will the Low Interest Rates Continue?

Sheila — Tue, 23 Nov 2010 19:08:15 +0000

As of today, we have seen the 30-year fixed mortgage rate average in at around 4.3%. The big question is how long will this last? According to the National Association of Realtors Chief Economist, Lawrence Yun, there are two reasons interest rates are low. One is low inflation and the other are the Federal Reserve’s purchase of long-term bonds . Mortgage Backed Securities). The Fed announced recently that they may be purchasing MBSs (Mortgage Backed Securities), which will lower rates on all long-term loans. There is a possibility that mortgage rates could go even lower but will not more than likely go higher. This is good news for home buyers who are still on the fence. The current median price of a home in Hillsborough county is $186,300 (Q3 2010), with the expectation it will remain about the same in Q4. The first-time home buyer tax credit boost sales tremendously and sellers are currently feeling the backlash since it has expired. Of course, there is never a guarantee when it comes to interest rates, but for now, it looks like the low rates will be around for a while.

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New Short Sale Program – HAFA

Sheila — Mon, 30 Aug 2010 20:51:12 +0000

The U.S. Treasury Department rolled out the Home Alternative Foreclosure Alternative (HAFA) in April 2010. This program is an add-on to the existing Home Alternative Modification Program (HAMP) that is supposed to guarantee a faster short sale approval and closing while guaranteeing the homeowner that they will not come after them for a deficiency or ask them to contribute either cash and/or a promissory note in order to obtain a short sale approval. The HAFA program is supposed to dramatically decrease the time it takes for a lender to issue a short sale approval. The traditional short sale takes anywhere from 60 to 180 plus days, which is frustrating to everyone involved. HAFA requires that the seller calls the lender before listing the property in order to see if they qualify for HAFA. If they qualify, the lender determines the listing price of the home and the homeowner is instructed to list the property with a Realtor. Once a buyer is found and a contract is submitted, the lender has 10 days to approve the contract. I have yet to complete a HAFA deal, but I am sure HAFA will become very prominent in the real estate world and look forward to a smoother transaction for my buyers and sellers.

HAFA is set up as an alternative to HAMP. Lenders would like to keep homeowners in their homes and would prefer to modify their mortgage in lieu of a short sale, but if the homeowner does not qualify for HAMP, lenders must offer a short sale in writing to the borrower within 30 days. Borrowers will receive a Short Sale Agreement and must respond to the lender within 14 days.

Why go HAFA?

Quick response from lenders
Borrowers will not be asked to contribute to short sale and lenders will not come after them for the deficiency.
Borrowers will receive $3000 that will help with their move.
2nd lender is required to release borrower and has to accept 1st lender terms and a maximum of $6000.

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Are you considering a Loan Modification?

Sheila — Fri, 11 Dec 2009 20:27:05 +0000

If you are one of the many homeowners struggling to make your mortgage payments and considering trying for a loan modification, don’t get your hopes up. To date, only approximately 31,000 homeowners have actually successfully completed a loan modification. That is only 4% of the actual amount of people who have done the paperwork and have tried to work with their lender. The government is fast-learning that the banks themselves are to blame. Good old Bank of America tops the list as the worst (surprise, surprise). Apparently lenders aren’t as concerned about foreclosures as they say because you would think they would make good use of the programs available and help homeowners stay in their homes by simply lowering the monthly payment. I certainly don’t think that a loan modification is the answer to all homeowners woes, but there are many that would benefit from an extra $500 a month and avoid a foreclosure.

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Short Sale Process May Be Improving

Sheila — Tue, 08 Dec 2009 19:21:19 +0000

The current way lenders handle short sales is very inefficient and frustrating for everyone involved in the process. It is very obvious to me, as a Realtor, that something needs to change. The short sale negotiation process currently takes anywhere from 90 to 180 plus days, during which time the house sits vacant and deteriorating. The Treasury Department recently released a new plan called the Home Affordable Foreclosure Alternative Program (HAFA) that may help to streamline the short sale nightmare. HAFA does not apply to Fannie Mae or Freddie Mac loans, but we are expecting a similar plan to come out soon from them. HAFA will allow the borrower to obtain short sale pre-approval prior to listing the property, which will hopefully drastically cut back on the amount of time a buyer has to wait for a response from the lender on an offer. Another main component that may help ease borrower’s minds, is the HAFA plan requires that borrowers are released from any future liability associated with the first mortgage (no cash required at closing, no promissory notes, or deficiency judgments). I know from my experience, the possibility of a seller getting a deficiency judgment has been a big issue.

Of course, HAFA is complicated (what government program isn’t?). The program contains 43 pages of guidelines and forms that are supposedly going to make a short sale easier. I guess we will see when the program officially rolls out April 5, 2010.

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$8000 Tax Credit Extended!

Sheila — Thu, 29 Oct 2009 18:50:53 +0000

MSNBC reported today that the First-time homebuyer tax credit that is set to expire at the end of November, will be extended through April. All sales contracts will be need to be signed by the end of April and then closed by the end of June. This is great news for the sagging real estate market and for first-time homebuyers who are still waiting for a lengthy short sale to be approved.

It appears there may be further help to promote home sales. Buyers who have owned a home for at least 5 years may qualify for a $6500 tax credit, which would further help improve the overall real estate market.

We won’t hold our breath just yet though!! It still has to go through the Senate and the President.

MSNBC article: http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

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Don’t Let Your Home Go Into Foreclosure! Short Sale it!

Sheila — Tue, 15 Sep 2009 15:37:00 +0000

Amherst Securities Group issued a report suggesting that programs designed to support short sales could be the most effective loss mitigation approach, as they minimize loss severity. “In all cases, the loss severity on the short sale is 15-20% less than on the foreclosure sale,” Amherst researchers reported. Amherst researchers also said the Hope-for-Homeowners (H4H) program is a “powerful alternative” to the Home Affordable Modification Program (HAMP). Amherst researchers point to H4H’s ability to mimic the impact of short sales, such as a one-time loss on the loan, which provides a softer loss severity than foreclosure sales.

Borrowers completing the H4H program become re-equified and refinanced into a new Federal Housing Administration-insured mortgage, while HAMP provides capped incentives to servicers to modify mortgages in danger of foreclosure. The US Treasury Department then adjusts the HAMP incentive caps based on the level of actual participation. Plans for the “new and improved” H4H program could be released within the next two months, resolving enough issues to maximize the net present value of loans in bank portfolios but “unlikely” to be used for loans in private label securitizations, according to the report.

Brought to you courtesy of broker, Chris McLaughlin

Technorati Tags: short sales,foreclosure,borrower default,Hope for Homeowners

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10 Reasons First-Time Homebuyers should Buy Now

Sheila — Wed, 06 May 2009 18:40:11 +0000

If you are a first-time homebuyer with a job and fairly decent credit, your dream of owning a home instead of throwing away your money in rent can come true. There are so many incentives available to you that you simply cannot afford to wait. Below is a list of the top 10 reasons I think a first-time homebuyer needs to make a move now:

Mortgage Interest Rates – they are at an unprecedented, all-time low (I am talking below 5%). Mortgage rates are steadily going up and they will not be this low forever. You will lose if you are waiting for home prices to go down, but have to pay a higher interest rate. What if home prices don’t go down and you still have to pay higher interest rates? Time is money and don’t forget about inflation. The government is printing money and it will come back to bite us in the immediate future.
Best Inventory Now – there is an abundance of homes for first-time homebuyers to choose from. Inventory is dwindling and the good ones are getting whipped up.
$8,000 Tax Credit – This is FREE money to all first-time homebuyers (this means people who have never purchased a home or haven’t purchased a home in the last 3 years). This tax credit expires December 1, 2009 so if you do not close prior to this date, you will lose out (it is currently taking approximately 45 days to close on a loan so don’t think you can wait to buy until late October). You can even amend your 2008 tax return to get the credit.
Inventory and Prices – there’s a lot of inventory so prices are competitive. The inventory is going down and people are buying so as the inventory goes down, prices will go up. Supply and demand!
FHA 203k Rehab Loan – this is a great program implemented by the FHA to assist in the rehab of homes that wouldn’t otherwise qualify for an FHA loan. This loan will let you tack the repair costs to your FHA loan so you can make the necessary repairs to qualify for the 3.5% down loan program.
USDA loan – this is a 100% loan that requires zero money down and no mortgage insurance (like a VA loan). You can even roll in 3% of the closing costs. There are income and area restrictions so you would want to check with your mortgage broker or Realtor. This money may not be around next year so don’t wait!
Job Protection Programs – if the fear of losing your job is holding back from buying a home, the job protection program may ease your mind. There are sellers offering this protection to buyers that would help assist in mortgage payments.
Lower Taxes in 2009 – taxes dropped in 2008 and are expected to go even further in 2009. Florida residents are now able to take a $50,000 homestead and property values are being adjusted. Taxes were incredibly high during the housing boom, making it difficult for homebuyers to afford the mortgage and the taxes too.
1% Rule for Investors – if you are a first time homebuyer looking to buy an investment property, it makes economic sense to purchase if you are able to rent the property and collect 1% of the sales price that will cover the mortgage. You can live in the house initially and then rent it out.
Short Sales are taking less time – most of the homes in the Florida market are short sales. These homes are being sold at or below current market value and buyers are getting the benefit of a great home for much less than it was originally sold for. Short sales have traditionally taken several months to a year to get approved, but they are getting better as lenders have been forced to stream-line their business.

Take advantage of this great time to buy and stop procrastinating!

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Technorati Tags: first-time homebuyer,Florida,mortgage,owning a home,interest rates,FHA loan,USDA loan,taxes,investors

Need to Find a Job?

Sheila — Mon, 20 Apr 2009 15:10:24 +0000

Finding a job in today’s economy is very tough. Employers have their pick from the cream of the crop and are no longer seeking the fresh, young college grad. Why would they when they can hire an experienced person with impressive credentials for the same amount of money? Employers know people are desperate and are willing to take jobs they ordinarily wouldn’t have dreamed of interviewing for in the past. They also know these people will stick around for a while because the job market isn’t going to get any better for the next few years to come. Companies are laying off many of their “worker bees” so having a few highly experience people to do the work of ten will greatly benefit their business. The big question is how does the job applicant find the right employer and vice versa? Searching for jobs on Monster.com or Careerbuilder.com just aren’t going to cut it. They are getting an overwhelming amount of resumes and the chances of your resume actually being read is slim. The only way to find these coveted jobs are through the people you know. A good way to find these important contacts is via Internet social networking sites like Twitter, Facebook, LinkedIn or Plaxo. These sites allow you to get to know people you wouldn’t otherwise meet. By simply posting “What are you doing,” you are essentially letting other people in to your world. These sites will allow you to post blogs, photos, videos and the URL to your website. All of these things help a potential employer get to know what type of person you are as well as your job experience. Personality goes a long way in attracting employers and is just as important as your job experience, sometimes more important.

Beginners are usually skeptical and have a difficult time understanding how the Internet social networking sites can help them, but I recommend you keep an open mind and try to see the big picture. As a Realtor in the Tampa Bay area, it is a very effective tool in my business in getting to know potential buyers and sellers as well as colleagues around the nation. It is so easy and most of all, it’s a lot of fun!

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Technorati Tags: Job,economy,employers,college grad,realtor in tampa bay

Buyers Beware of Chinese Drywall

Sheila — Tue, 07 Apr 2009 19:06:33 +0000

A new and growing concern in the Florida real estate market is drywall that was manufactured in China. U.S. manufacturers of drywall couldn’t keep up with new homebuilders demand during the housing boom from 2000 to 2006. In addition to the housing boom, Florida suffered through a bad hurricane season that dramatically increased the need of drywall. For those of you asking "What in the heck is Chinese drywall?" It is a defective drywall that contains Sulfur Dioxide that when wet emanates a foul odor. The sulfur-based gases can cause corrosion to air conditioning coils and anything metal in your home. It is not known at this time the extent of damages the drywall could do to your home or any health problems the defective drywall could cause. The main health concern the CDC has posed are possible respiratory problems.

In an already declining market where sellers are stuck in their homes, the fear of this defective drywall could drive property values to a new low.

Buyers and Buyer’s agents need to be aware of the possibility of Chinese drywall in homes built during the 2000 to 2006 (and beyond). It is imperative to find a home inspector that is familiar with Chinese drywall testing if you find evidence of a problem.

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Technorati Tags: Buyers,Chinese Drywall,Sellers,Sulfur