Jun 26, 2009

Guide To Avoiding Foreclosure

Whether you're in foreclosure now or worried about it in the future, HUD has information that can help.

Jun 21, 2009

What Is CDD?

Have you heard of CDD? Some of the general public knows a CDD means an additional tax on a home, but not much else.

The best way to understand a Community Development District is to look at a real life example. The best known example of this are the new homes in the Lake Nona area. Infrastructure needed to create a new community out of nothing was paid for by a CDD. The most visible amenities include roadways, sidewalks, parks, and police/fire stations.

The CDD may impose property taxes, assessments or both on a home and is entirely separate from county property tax or county assessments.

Typically, homeowners pay their CDDs annually over the course of several years - say 10 or 15 years.

Jun 17, 2009

Short Sales: The Shortcomings

From smartmoney.com

Dealing with the burden of owning a home that's underwater, or worth less than the underlying mortgage, can be financially devastating. Go into foreclosure and the blemish will stay on your credit report for the next seven years. Try to eke by and you put the rest of your finances in danger.

One solution some struggling homeowners turn to in hopes of limiting the financial damage is a short sale. Even though short sales are often frowned upon by lenders, the U.S. government is trying to make them more amenable to such transactions.

Jun 14, 2009

A Return To 2002 Home Values

With the continuing drop in home prices, have you considered that your dream neighborhood may now be within reach, buyers?

Take University Estates for example: a four bedroom, two bath 2,500 square foot house on a 1/3 acre lake lot recently sold for $252,000. The last time this house was available in the mid $200s was May 2002, when this same house sold for $244,000.

This is just one real life example that shows what great values are available to buyers today. If you’re considering a first-time home purchase or move-up home – now may be your ideal time.

Jun 10, 2009

$8,000 Fast Cash For First-Time Homebuyers

From CNNmoney.com

There is one big obstacle for many first-time house hunters looking to take advantage of the market: cash for a down payment.

As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time when it's needed.

Jun 6, 2009

Can You Handle A Short Sale, Buyers?

If you’re a buyer looking for a good value and have the time and patience needed to complete a short sale purchase, consider a short sale home in east metro Orlando. These homes represent the majority of available homes on the market, so there are numerous homes to choose from.

- single family under $200,000
- single family over $200,000
- townhouse

The majority of sales today are short sales. These homes were purchased by some hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.

Bear in mind that a typical short sale home requires quite a bit of elbow grease. The average buyer just isn’t cut out for a short sale, but if you’re the kind of person who likes to take on a project, it could work. A short sale home may be just what you’re looking for - something to sink your teeth into – cleaning, painting, yard work and general repairs. I call this “sweat equity”.

Purchase price = est. monthly payment (30 year, 5.375% fixed rate)

$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260

Jun 3, 2009

Incredible Value In Bank-Owned Homes

If you’re a buyer looking for an incredible value, consider a bank-owned home in east metro Orlando. These homes are the most affordable on the market today.

Bear in mind that a typical bank-owned home requires some elbow grease. If you can handle some cleaning, painting, yard work and general repairs in exchange for a great home at a great value…a bank-owned home may be just what you’re looking for.

A bank-owned home can close quickly – no waiting around for a response like in the case of a short sale home. Generally, a bank-owned home can close in 30 to 60 days.

Purchase price = est. monthly payment (30 year, 5.375% fixed rate)

$150,000 = $840
$175,000 = $980
$200,000 = $1,120
$225,000 = $1,260