Orlando-Seminole County Florida Real Estate

TOP 10 DEFECTS IN HOME INSPECTIONS

noreply@blogger.com (Central Florida Real Estate) — Fri, 14 Oct 2011 15:32:00 -0400

One of my favorite inspectors put a list together of the 10 most common problems discovered found during home inspections. If you are thinking of selling your home a pre-inspection is smart! You can deal with the problems you have before a future buyer beats you up on the list price. Here they are:

Top 10 Defects Per AAA Building & Home Inspection

Roofing leaks, vent pipe's and skylights damaged
Exterior walls, foundation cracks and defective hardboard siding this is a moisture and installation related defect. Common brands of siding are Florida Pacific, Louisiana Pacific, and Masonite
Water damage in attic and uneven insulation
Defective ground fault circuit breaker interrupter outlets in bathrooms, kitchen, garage, and outside
Visible open wire connections in the crawl space and attic
Leaking or loosely mounted toilets, tubs not draining, hot and cold reversed at tub and shower controls
Heating system not function as intended, Mold on coils and filter dirty or missing
Air condition system not cooling proper, missing insulation on freon line and thermostat broken
Fireplace damper not working or fire bricks damaged
Smoke alarms not working or need batteries

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

Check out our website at www.WatsonRealtyCorp.com

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to which it is addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.

3 IMPORTANT THINGS A HOMEOWNER SHOULD KNOW ABOUT SHORT SALES

noreply@blogger.com (Central Florida Real Estate) — Tue, 11 Oct 2011 15:33:00 -0400

Market Value Matters

Short sales sell for market value. That’s right. A bank will typically agree to a short sale if the numbers make sense. Banks understand that homes need to appraise. Banks also need to mitigate their loss.

Listing a home for well below market value is not the best strategy for getting a short sale accepted. Sure, you may get plenty of offers, but if the bank won’t accept any of them you end up having wasted a ton of energy, not to mention paper, and facing quite a few angry potential buyers.

Banks are no longer in the business of giving away houses. If you send the bank numbers that make sense, you increase your likelihood of a successful short sale closing by 90%.

Only Real Hardships Get the Help

I’ve lost count of the number of times potential sellers have told me the only reason they are pursuing a short sale is because everyone else is doing it. Purchasing a house during the housing boom is not a legitimate hardship. Purchasing a house during the housing boom and being unable to pay your mortgage is a hardship.

Strategic default is never a good idea! Banks actually analyze short sale sellers’ hardships, and most center on the economy, so the bank is going to make sure that a short sale is in their own best interest. Acceptable hardships include medical issues, divorce, and disability, significant loss of income, death, unemployment, and relocation.

Laws are local

It’s important to know your state’s foreclosure laws because there are currently no national short sale laws on the books. There are federal guidelines, but they can be applied when and how a bank wants.

States, however, can either have recourse loans or non-recourse loans. A recourse loan allows the bank to demand a borrower pay the difference between what the properties are sold for and what is owed on the lien. Many recourse states allow lien holders (banks) to pursue judgment liens against the borrower for the deficiency amount. This process allows the bank to garnish a borrower’s wages until the debt is paid off. Garnishments can be as much as 25% of non-exempt disposable earnings, and bankruptcy doesn’t always save a defaulted borrower from judgment liens.

Real estate agents are not allowed to practice law, unless they are actually licensed to do so. However, agents do need to be aware of possible penalties for short selling a home and also be able to direct their clients to the right resources to discuss the possible consequences and solutions.

I have been involved in Short Sales since March of 2007. Call me if you need assistance in marketing your home as a short sale.

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

Longwood Homes for Sale!

noreply@blogger.com (Central Florida Real Estate) — Tue, 11 Oct 2011 15:21:00 -0400

If you have a loved one who owns a home in Longwood, Altamonte Springs or any close by city in the Central Florida area that needs help with getting the home sold, call me. I have been in the Central Florida area since July of 1991. I have experience with getting homes sold even in today’s tough market. It makes sense to list your home with an experienced realtor as well as one that lives close by to be able to properly service your loved one.

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

Fall 2011 Market

noreply@blogger.com (Central Florida Real Estate) — Tue, 11 Oct 2011 15:14:00 -0400

Believe it or not, we are still selling houses in this slow market. If you have great credit you could find and interest rate at 3% or below! The combination of that and low purchase prices have truly made this market more affordable than paying rent! What are you waiting for! There are some nice houses out there today! Call me if you are in the Central Florida area or looking to move to the area!

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

Pool Owners: Be Prepared to Pay!

noreply@blogger.com (Central Florida Real Estate) — Tue, 17 Aug 2010 14:18:00 -0400

This is good information on the costs and benefits of having a pool:

The water temperature may be just right, but the cost of buying and operating a pool is scalding.

Anyone who contemplates owning a pool should expect it to cost at least $3,000 a year, or $5,000 if they turn the job of maintaining it over to a pool service, estimates Susan Elser, a certified financial planner in Indianapolis.

Installing a pool along with the required extras like a high fence costs at least $25,000 and probably $50,000 is a better estimate. And in most parts of the country, it isn’t likely that pool owners will get their money back when they sell.

"I question whether it adds anything to the [sale price]," says Ed Rose, a financial planner at Bayside Wealth Management in Pensacola, Fla. "It may contribute something, but you'll never get your money out of it on the resale."

Source: The Wall Street Journal, Brett Arends (08/11/2010)

Anne-Marie Ferraro, REALTOR®
Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell
800-943-6444 Ext. 131
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

Deeds-in-Lieu

noreply@blogger.com (Central Florida Real Estate) — Wed, 30 Jun 2010 15:13:00 -0400

Thanks to new federal programs that offer cash incentives, some lenders are turning to deeds-in-lieu as the best solution for underwater borrowers, who are willing to turn over their properties.

It’s cheaper for lenders to do deeds-in-lieu because it gives them overnight control of the property. With mortgage rates at less than 5 percent, lenders believe that they can resell a property faster and on more favorable terms than they would going through a short sale.

Bank of America is offering cash incentives that range from $3,000 to $15,000 to persuade trouble borrowers to sign on.

Deeds-in-lieu don’t harm a borrower's credit rating as much as a foreclosure or a bankruptcy, but because they are treated as debts that are “not paid as agreed,” they do leave a mark.

School Begins August 16th

noreply@blogger.com (Central Florida Real Estate) — Tue, 29 Jun 2010 11:23:00 -0400

School in Florida always starts sometime in August. This year school starts August 16^th.

This year Florida will have the Sales Tax holiday. These have gained in popularity in recent years, in part because of the economy but mostly because everyone wants to get a good deal, and more and more states are starting to get in the fun. I have information on what Florida gives you a tax breakon but if you ever have a question, the employees of the stores know what it applies to.

Florida will be having their tax break holiday on August 13-15. This applies to books, clothing and footwear <$50 and school supplies <$10.

Get out there that week and enjoy a little more change in your pockets!

FORECLOSURES!!!

noreply@blogger.com (Central Florida Real Estate) — Tue, 29 Jun 2010 10:51:00 -0400

WOW! The deals that are out there in today’s market are unbelievable! Just three years ago one of my buyers purchased a 3 bedroom home in a lovely neighborhood in Orlando for $190,000. That was a deal back then! Today, in the same neighborhood there is a 4 bedroom foreclosure for $100,000!!!

Folks! You are missing the boat if you are not out there looking for a home! The inventory is extraordinary!

Short Sales

noreply@blogger.com (Central Florida Real Estate) — Tue, 29 Jun 2010 10:48:00 -0400

Short Sales! Can be considered two of the worst words you have ever heard if you were part of one of these transactions. They are tedious, time-consuming and sometimes just don’t pan out! But, on the flip side, the buyer of one of these homes can find a deal of the century in today’s market! I have been involved in the short sale of both listings and sales since March of 2007. So many of my sellers have been able to get out of the hole and start a new life! My buyers have all bought homes that they never could have dreamed of owning just a few short years ago!

If you are a seller or buyer and would like to know about the process I would be happy to explain.

Disney Luxury Home Plans!

noreply@blogger.com (Central Florida Real Estate) — Thu, 24 Jun 2010 16:13:00 -0400

I was so surprised to hear this announcement on the radio this morning! This is great news for the luxury home buyers out there! Call me if you are interested in this new community! Read this news release!

Walt Disney Co. announced plans Wednesday to develop and sell vacation homes near Orlando’s Walt Disney World. The homes will be priced between $1.5 million and $8 million. In announcing the development, Disney said the luxury home market is recovering.

The proposed 980-acre Golden Oak development will include two golf courses, 450 homes and a 445-room Four Seasons hotel, as well as a clubhouse, pedestrian walkways, and a nature preserve. The first homes are expected to be completed in 2011.

Lots will range from a quarter to three-quarters of an acre. Buyers may choose their own architects, but Disney will supply the builders and require buyers to choose from a limited number of exterior building materials and architectural styles.

Buyers interested in the first lots must deposit $25,000 to be placed on a reservation list.

Source: The Wall Street Journal, Juliet Chung (06/23/2010)

$8,000 Tax Credit is over BUT the deals are out here!

noreply@blogger.com (Central Florida Real Estate) — Thu, 17 Jun 2010 12:32:00 -0400

With the prices of homes today who needs the $8,000 anyway! I am flabbergasted at the purchase price of the homes my buyers have purchased this year! Homes that were once worth a million are selling for under $600.000! Just yesterday I looked through the MLS to discover the deals that are out there. I have a buyer who is relocating to Central Florida soon. He was so surprised when he opened the links I sent to him. He couldn’t believe what he can get for his money! Don’t miss out! Just as the once heated market came crashing down this market will also disappear!

LOWEST INTEREST RATES SINCE 1964!

noreply@blogger.com (Central Florida Real Estate) — Thu, 17 Jun 2010 12:26:00 -0400

Buyers! It is time to come out and buy a home! The inventory is bountiful! The interest rates are the lowest they have been since 1964!!! Take advantage of these low rates now! I am a full time professional who would be happy to help you find a home to live in, an investment home or a second home! Don’t miss out! Who knows when we will see the rates this low again!

Oil Catastrophe in the Gulf!

noreply@blogger.com (Central Florida Real Estate) — Thu, 17 Jun 2010 12:22:00 -0400

It has been two months since the explosion in the gulf. It is a catastrophe for our entire nation but my thoughts are especially with the everyday American family who makes their living from our beautiful gulf. Being a resident of Florida since 1991 I am frightened for what it may do to our state especially. So much of our economy will be greatly affected if we don’t solve this problem now! This will trickle down to our real estate market which is already in a low place. I have seen several people on TV talk about their solutions including actor Kevin Costner. I truly hope that BP and our government really listens to all of the possible solutions so that we can once again have pristine waters and famlies back to work.

Marketing to Sell Your Home!

noreply@blogger.com (Central Florida Real Estate) — Wed, 6 Jan 2010 20:59:00 -0500

So often I come across listings that do not have a virtual tour. How sad that is for the sellers. Over 88% of buyers are on the internet before they call a realtor. Seeing a virtual tour is like going to an Open House without leaving your home! I have found many buyers for my listings just because of the virtual tours. Also, marketing on the internet in general is the way to go! Having a listing in a magazine doesn't neccessarily give the exposure you need. You need a realtor who is going to get it in every possible place on the internet.

Experienced Short Sale REALTOR

noreply@blogger.com (Central Florida Real Estate) — Wed, 6 Jan 2010 20:56:00 -0500

Don't waste your time with someone who is new to short sales. I have been closing these successfully since March of 2007, before the public even knew what a short sale was. If you are looking to list your home and you owe more than what the market shows for value, email me. I will be happy to assist you!

$8,000 FIRST TIME HOMEBUYERS CREDIT!

noreply@blogger.com (Central Florida Real Estate) — Wed, 6 Jan 2010 20:50:00 -0500

Now is the time to buy a home! Mortgages are finally lower than rentals! Investors can come out and buy a home and cover their expenses. It's been a long time since they came out to buy! They extended the credit but you have to act quickly before it expires! Email me for more information. realtorannemarie@gmail.com

FHA LOANS are Back by Popular Demand!

noreply@blogger.com (Central Florida Real Estate) — Tue, 14 Oct 2008 16:46:00 -0400

With today’s strict lending rules the FHA government loan has made a come back. Currently, this loan only requires 3% down payment. Here is what it offers to buyers:

Low down payments
Low closing costs
Easy credit qualifying

Why pay rent when you can purchase a home and probably spend the same amount you would if you were renting? Feel free to contact me for more information on this great alternative to 20% down loans.

Co-Ownership is getting Popular

noreply@blogger.com (Central Florida Real Estate) — Tue, 14 Oct 2008 16:32:00 -0400

Since Down Payment Assistance Programs such as AmeriDream, are gone more and more friends are joining up and buying a home together. If you are thinking of doing this, my advice to you would be to get an attorney. He can draw up the co-ownership papers as well as the particulars on how to get out of a co-owned home.

The scary part of this arrangement is that there is a great potential to have it fail. You really need to know who you are going to do this with. You need to know there finances and they yours. You will need a good loan consultant who will be able to walk you through the process. You need one who will explain the total costs, including taxes and hazard insurance. You will also need a patient realtor who will listen to your needs. I have help out a few friends in the past and all went well but I cannot promise that will always be the case.

Buy Now and Inherit your Homestead for the Entire Year!

noreply@blogger.com (Central Florida Real Estate) — Tue, 14 Oct 2008 16:20:00 -0400

Did you know that if you buy a home that will be your main residence and close on it by mid-night, December 31^st you will get to claim your homestead for the whole year! So many people rush to buy a home at this time of the year so that they can claim their homestead. Homestead can save you a significant amount of money on your home taxes. Call me if you are in the market for a new home by the end of 2008.

COME OUT AND BUY TODAY!

noreply@blogger.com (Central Florida Real Estate) — Tue, 14 Oct 2008 16:13:00 -0400

If you believe everything you hear today, there isn’t any credit available. That’s not true! Tons of banks and mortgage companies have money for loans for homes. It’s the home equity lines and credit to buy cars that’s tight today but if you have good credit and a steady job you can get a home loan!

I work with Watson Realty. We have our own mortgage department. Currently, we have 30 million dollars just waiting to be loaned out for new home buyers!

Come check us out! The houses are priced so well and the inventory is so high that you will have to agree with me that NOW is the time to BUY!

Loan Modifications

noreply@blogger.com (Central Florida Real Estate) — Wed, 1 Oct 2008 15:45:00 -0400

There is help out there for people who are having a hard time making their mortgage payments. Most banks are agreeable to what is known as a Loan Modification. A bank would rather restructure your existing mortgage instead of having you do a short sale or foreclosure.

The loan modification may allow you to take your mortgage payments that are over due and put them at the back of your loan and it may also lower your interest rate.

Call me if you need further explanations. With all that’s going on the bank DOES NOT want to foreclose.

Short Sales in Central Florida

noreply@blogger.com (Central Florida Real Estate) — Fri, 25 Apr 2008 16:22:00 -0400

These are two words that are popping up everywhere you look! Whether you are watching TV or listening to the radio you can’t escape it! How did we get here? Here is my theory:

Back in the frenzy of home sales in 2004 and 2005 there were many people who felt if they didn’t buy a home then that they would never be able to afford a home. People were offering more money than the houses were listed for. This just continued to inflate our market prices. Some buyers should never have been able to qualify for the home they bought but back then mortgage brokers could get someone a home without any kind documentation or proof of income. They also had adjustable arm mortgages. This took many people by surprise when their mortgage adjusted two years later to $400 or $500 more a month! When these people tried to refinance they found that they could not because prices of homes had come down to below what they purchased their house for. When this happens you have people who can no longer afford their homes but cannot pay the bank all monies owed once they do sell. They have to ask their bank if they will be willing to take a short sale. In layman’s term this means that the bank will take less money than owed on the mortgage to satisfy the debt due.

If you have the patience and the time a home that is listed as a short sale could be just want you need. However, the banks are going to require a BPO (Broker’s Price Opinion) before they accept an offer on the home. Most will not give you any money for repair and you could end up waiting three months and find out that the bank won’t work with the offer.

If you have any questions on this feel free to call me!

The Importance of Pre-Approval Letters

noreply@blogger.com (Central Florida Real Estate) — Sat, 23 Jun 2007 01:20:00 -0400

It is really important to have yourself pre-approved for a loan prior to your home search. Savvy sellers and listing agents will not sign your offer unless you have one submitted at the same time of making your offer. It is such an easy process that I am surprised to see so many people just jumping into the house buying arena without first finding out what you can qualify for. Any good realtor will have several mortgage people they can refer you to. Once you know what kind of mortgage payment this will give you based on a Good Faith Estimate, you will be able to start your search for that perfect home with confidence.

Anne-Marie Ferraro, REALTOR
Watson Realty Corp.
1445 West State Road 434
Suite 100
Longwood, FL 32750
407-622-8531
"You're Home Free With Anne-Marie!"

Check out our new website at http://www.watsonrealtycorp.com

This email and any files transmitted with it are confidential and intended exclusively for the use of the individuals or entity to whom they are addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of computer viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.

Good Faith Estimate

noreply@blogger.com (Central Florida Real Estate) — Sat, 23 Jun 2007 01:12:00 -0400

What is a Good Faith Estimate, you ask? It is something that every buyer should get so they will know what their mortgage payment will be. It boggles my mind just how many buyers I have met that just don't ask for this in the early stages of looking for a home. Even if you haven't chosen a home, you can still get a ball park idea of what your monthly payment will be. So many people wait till after they are in contract to find out what their estimate will be. It is never a good thing to buy a house before first asking your mortgage person to provide you with one based on the figures for the property you are thinking of making an offer on. By delaying this you may be setting yourself up for what I call "sticker shock."

You have to consider not just what the numbers on the borrowed sum are but you need to know how much are your home association dues, if any, what are you projected taxes for the coming year and what exactly are the closing costs in the transaction. Save yourself a lot of heart ache and do this in the early stages of the transaction.

Anne-Marie Ferraro, REALTOR
Watson Realty Corp.
1445 West State Road 434
Suite 100
Longwood, FL 32750
407-622-8531
"You're Home Free With Anne-Marie!"

Check out our new website at http://www.watsonrealtycorp.com

Relocating to Central Florida?

noreply@blogger.com (Central Florida Real Estate) — Mon, 5 Feb 2007 16:48:00 -0500

If you are planning on relocating to the Central Florida area I would be happy to assist you in making your transition smooth. If you would like to have the most up to date properties sent to your email address just contact me. I will set you up for a free MLS search for the area that you are thinking of relocating to. I will also mail you a map as well. I relocated to Central Florida in 1991 and have knowledge and experience to assist you in your move.

Anne-Marie Ferraro REALTOR

Watson Realty Corp.

1445 West State Road 434

Suite 100

Longwood, FL 32750

407-622-8531 Direct Line

800-943-6444 Ext. 131

amferraro@watsonrealtycorp.com

You're Home Free With Anne-Marie!

Check out our new website at http://www.watsonrealtycorp.com

This email and any files transmitted with it are confidential and intended exclusively for the use of the individuals or entity to whom they are addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of computer viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.