Free Credit Counseling

Fairwinds Credit Union is working with InCharge Debt Solutions to bring you a wealth of financial educational materials as well as personal credit counseling. Counseling sessions are free by phone or online. Get started today in a free confidential consultation with a certified credit counselor.

What is Financial Hardship?

A financial hardship is the inability to meet basic living expenses for goods and services necessary for the survival of the debtor and family. If you are facing financial hardship or anticipating a financial hardship, you are not alone. The following reasons account for 70% of all foreclosures nationwide:

- job loss / significant reduction in income
- disability
- divorce
- death of wage earner

Tall Tales Your Contractor Tells

Even honest contractors occasionally play a bit fast and loose with the truth. All tradesmen are looking to maximize profits and minimize hassle - and that can end up costing you extra money.

So don't take everything a contractor says as gospel. Try these strategies to neutralize three classic fibs without harming your working rapport.

Read full story at CNNmoney.com

Senior Housing Coming to Avalon Park

In 2011, a 90-unit senior housing facility will be built in downtown Avalon Park across from Publix.

Read full story at insightmagazine.com

Benefits of a Good Credit Report

A solid credit history can be one of your most useful and powerful financial assets. A record of prudent credit use and prompt payments can enable you to not only qualify for credit when you need it, but it may also enable you to get a lower interest rate on your borrowing.

Homestead Exemption

What is homestead exemption? If you own your home, reside there permanently and are a Florida resident as of Jan 1, you may qualify for homestead exemption. Homestead can reduce your taxable value on your home as much as $50,000 - saving you approx $750 annually. More importantly, your assessed value – the value used to calculate your property taxes - cannot increase more than 3% annually after you are granted the exemption.

Who is eligible to file? You must meet the following requirements as of Jan 1:

- Have legal title to the property recorded with Orange Co
- Reside on the property
- Be a permanent resident of Florida
- Be a US citizen or possess a Permanent Residence Card (green card)

When do I file? The deadline to file an application for exemption is Mar 1. Under Florida law, failure to file for any exemption by Mar 1 constitutes a waiver of the exemption privilege for the year. Regular filing is Jan 2 to Mar 1. Pre-filing for the coming year is Mar 2 to Dec 31.

How do I file? Orange Co Property Appraiser office mails all new homeowners a packet six to eight weeks after their deed is recorded in the county records. This packet includes instructions on how to apply online, by mail or in person.

More info from Orange Co Property Appraiser.

Shred Fest: UCF

Fairwinds Credit Union is partnering with Crown Shredding to bring you ‘Shred Fest’. Don't miss out on this incredible opportunity to protect yourself from identity theft by safely destroying your personal documents and papers in our shred truck courtesy of Crown Shredding. You can actually see the documents shred right before your eyes!

UCF Fairwinds Alumni Center
N Gemini Blvd, Bldg 126
Wed 12/8/2010
10am to 2pm
more info

Best Outdoor Projects To Tackle Now

You probably know that boosting your home's curb appeal is one of the most important ways to maximize its value. But that doesn't mean you need to take on a pricey job like replacing the windows or installing a blue-stone walk. In fact, you'll probably get a bigger bang for your buck with upkeep that costs a few hundred dollars at most - like touching up the paint, mulching planting beds and staining fences and decks.

Another advantage of these maintenance projects: since they generally involve grunt work rather than serious expertise, you can save some cash by doing them on your own.

Read full story at CNNmoney.com

Condo Buyers

Interested in buying a condo? Ready to make that offer? Hold everything. To keep from getting stuck with a lemon, you've got to do your homework. Here are seven important questions you need to ask before buying a condo.

Read full article at smartmoney.com

Reduce Credit-Related Junk Mail

If you decide that you don’t want to receive prescreened offers of credit and insurance, you have two choices: opt out of receiving them for five years or opt out of receiving them permanently.

888-5-OPTOUT (888-567-8688) or www.optoutprescreen.com

The telephone number and website are operated by the major consumer reporting companies. When you call or visit the website, you’ll be asked to provide certain personal information, including your home telephone number, name, social security number and date of birth.

More info from the Fair Credit Reporting Act.

Foreclosure Alternatives

By working together, your lender may be able to provide you with options to avoid foreclosure. If you are struggling to make your loan payment, here are some foreclosure alternatives that may be available to you:

Other Sources of Payment Your checking and savings accounts are not your only sources of payment. You can take a hardship withdrawal from your 401K, you can sell stocks or bonds you may own, or you can take the cash value of any life insurance policy. Before you use any of these other alternatives, make sure you understand the tax implications and penalties that may result.

Forbearance Your lender may be able to provide you a short-term postponement of your payments if you are facing a temporary hardship case.

Modification Depending on the severity of your hardship, your lender may be able to modify your loan terms to help get you back on track by giving you an affordable monthly payment.

Refinance Your lender may be able to extend additional credit to help consolidate your mortgage and other credit union obligations.

Short Sale Depending on your situation, if you owe more than your home is worth you may be able to sell your home for less than the loan balance through a 'short sale.'

Deed-in-Lieu After your lender has considered all other options and if your home is free of other loans, liens or judgments, you may be able to qualify for a deed-in-lieu. A deed-in-lieu is where you voluntarily transfer ownership back to your lender.

Source: Fairwinds Credit Union

Title Insurance Matters

Ron Lieber for The New York Times

When home buyers and people refinancing their mortgages first see the itemized estimate for all the closing costs and fees, the largest number is often for title insurance.

This moment is often profoundly irritating, mysterious and rushed — just like so much of the home-buying process. Lenders require buyers to have title insurance, but buyers are often not sure who picked the insurance company. And the buyers are so exhausted by the gantlet they’ve already run that they’re not interested in spending any time learning more about the policies and shopping around for a better one.

Besides, does anyone actually know people who have had to collect on title insurance? It ultimately feels like a tax — an extortionate one at that — and not a protective measure.

But all of the sudden, the importance of title insurance is becoming crystal-clear. In recent weeks, big lenders like GMAC Mortgage, JPMorgan Chase and Bank of America have halted many or all of their foreclosure proceedings in the wake of allegations of sloppiness, shortcuts or worse. And a potential nightmare situation has emerged that has spooked not only homeowners but lawyers, title insurance companies and their investors.

Read full story here.

Five Things to Know About Energy Rebates

The government's Cash for Appliances program, which lets you score rebates for about $50 to $500 swapping energy guzzling appliances for more efficient models, has gotten lots of attention.

But don't count your greenbacks just yet. The incentives, which are administered through the states, are typically doled out on a first-come, first-served basis, and in many locales the money is already gone. Florida's program, for example, closed just 36 hours after it opened. But some states, such as Michigan, still had plenty of cash in their coffers at the end of May, and other initiatives didn't launch until Jun. To check the status of the program in your state, go to energysavers.gov/financial.

Read full story at CNNmoney.com

Free Halloween Events

Thu 10/28/2010
Lake Nona Trunk or Treat Spooktacular
Lake Nona YMCA
9055 Northlake Pkwy, Orlando
5pm to 7pm trick or treat activities
6:30pm costume contest


Sat 10/30/2010
Halloween Spooktaclar @ Alafaya Library
12000 E Colonial Dr, Orlando
3pm to 4:30pm
Come dressed in your favorite costume and join us for spooky fun with crafts, games and trick or treating!
Online registration


Sat 10/30/2010
Waterford Lakes Haunted Halloween
Waterford Lakes Town Center
413 N Alafaya Tr, Orlando
5pm to 7pm mall-wide trick or treat activities
6:15 pm costume contest in front of Regal Cinemas


Sat 10/30/2010
Avalon Park Spooktacular
downtown Avalon Park
5pm to 9pm
Evening of free family fun including, trick or treating with local businesses, costume parade, pumpkin carving and more!

Renaissance Senior Center

Put down that crossword puzzle and take the coffee to go because fun activities and social events are just down the road at the Renaissance Senior Center for everyone aged 55 and older all for just $10 annual membership.

Located just south of Curry Ford Rd on Econlockhatchee Tr, Renaissance Senior Center is a mecca of fitness, social and educational activities created to help enrich the active senior community of East Orlando.

Shred Fest: Waterford Lakes

Fairwinds Credit Union is partnering with Crown Shredding to bring you ‘Shred Fest’. Don't miss out on this incredible opportunity to protect yourself from identity theft by safely destroying your personal documents and papers in our shred truck courtesy of Crown Shredding. You can actually see the documents shred right before your eyes!

Waterford Lakes
306 N Alafaya Tr
Sat 10/23/2010
9am to 1pm
more info

Fannie & Freddie Bargains

From smartmoney.com

To pare down their growing inventory of properties, Fannie Mae & Freddie Mac are scrambling to unload nearly 150,000 foreclosed homes. That means 2004-esque deals – like requiring as little as 3% down, offering to pay a portion of the closing costs and arranging special financing and home warranties for repairs & renovations.

Here are the three best features of Fannie & Freddie foreclosures that make digging for these deals worthwhile.

Small Down Pymt For its foreclosed properties, Fannie will accept down payments as low as 3% on 30-year mortgages at the same interest rates banks are currently offering. And Fannie doesn’t require private mortgage insurance. Compared to a typical bank mortgage, which requires 10% down, plus PMI for buyers with less than 20%, that’s a huge savings – an estimated $51,000 up front and upwards of $2,500 per year PMI on a $300,000 mortgage.

Help With Renovations Fannie and Freddie have always fixed big flaws like leaky roofs & damaged electrical work and they often handle small projects like replacing broken or missing appliances, tearing up old carpet or fixing intentional damage left by former owners or vandals. To entice buyers who want to update or upgrade, many of Fannie's properties now come with an optional mortgage that includes extra financing up to $30,000 for repairs & improvements.

First Dibs Buyers who plan to live in their Freddie-purchased home will get to see properties for at least the first 15 days on market - before the listing opens to would-be landlords. Many bank-owned foreclosure properties are snatched up by cash-stocked investors who can wait out the downturn to sell later at a profit.

What’s Selling in East Orlando?

What’s selling in east Orlando? Single family homes were the strongest seller in the past 60 days. These top-selling communities had 100 single family homes change hands primarily to owner-occupants.

Avalon Park
Bella Vida
Cypress Springs
Spring Isle
Timber Springs
Waterford Lakes
Waterford Trails

Still laden with high distressed inventory (bank-owned & short sale), half of sales were bank-owned & 1/3 of sales were short sales – this is where buyers found the best values by far. No ‘normal’ seller can compete with distressed sale prices. However, these bargains will not be around for long.

I anticipate yet another significant swing in the real estate market come summer 2011 – these ‘bargain’ homes will quickly become few & far between once first time buyers & investors snatch up this bargain inventory now. With distressed inventory levels depleting, ‘normal’ sellers will once again get back in to the competition & finally be able to sell their home after a hard couple of years of being unable to compete with bargain-priced distressed sales.

How to Bid on a Home

A buyer wanting an affordable, move-in ready home in east Orlando can expect to write numerous offers due to strong demand & competition particularly from first-time homebuyers. The competition for affordable homes in move-in ready condition is so strong, buyers are finding themselves in bidding wars, driving up the sales price over asking & still losing out on their first choice of home.

Successful home bidding is more than just price…it’s an art & a science to bid on & land the home you want. Here are five critical components of bidding on a home.

Realtor I would advise any buyer – experienced or not – to work with a licensed realtor. A buyer’s agent represents a buyer’s best interests throughout the entire transaction – from showing prospective homes, writing an offer & completing the closing process. Best of all, there is no cost to a buyer to work with a realtor – all commission is paid by the seller.

Price Come out swinging hard by writing a strong, supported offer from the start (low ball offers will get you no where). You may (or may not) even receive a counter offer from the seller, so make your opening offer count. Be knowledgeable about recent sales & homes currently under contract (prices of ‘active’ inventory mean nothing in writing an offer – only sold & under contract). Your offer should be solidly supported using up-to-date ‘comparables’ (anything older than 60 days is stale).

Time Nearly as important as price, time is of essence for all sellers – they want to close yesterday. New requirements & processes for lenders now require several additional days to close, so a 30 day close are history. Today, typical closing time on normal & bank-owned homes is 35 to 45 days. Your offer should state the soonest date you are able to close in (such as 11/25/2010)…don’t list a completely unrealistic closing date of 12 days from now, then not be able to perform - you would be out of contract & would likely lose your deposit.

Concessions Seller-paid closing costs & seller-paid home repairs are a thing of the past. Writing an offer today with any kind of seller-paid concession is likely to turn the seller off. With home prices at rock bottom levels, sellers have no room to give the buyer another dollar on the transaction. However, as the largest home seller in the country today, Fannie & Freddie are providing up to 3% seller-paid closing costs on certain homes (along with a free home warranty) – great incentives to watch for.

Standard Contingencies Your offer should be written using Florida’s standard residential real estate contract paperwork, which contains standard contingencies that serve to protect you, the buyer. This paperwork will include buyer contingencies for financing, appraisal, general home inspection, termite inspection & mold inspection. These contingencies are in place to protect the buyer & to get your deposit back in the case of financing not being approved, the home not appraising for purchase price or major inspection discoveries that are over the agreed upon repair ‘budget’.

Expect to Pay More For Bargain-Priced Homes

The best values in east Orlando real estate today are by far distressed sales (bank-owned & short sales). Buyers – primarily first time buyers & investors – are clamoring, competing & bidding up these distressed sales to an average of 1% over list in the past 60 days.

Competition for move-in ready, bargain-priced homes is fierce. When these homes hit the market, you can expect them to receive multiple offers in 48 to 72 hrs. Buyers, be prepared to write your offer for over list from the start. With the competition for move-in ready bargain homes, you’ll only get one chance to make your bid. These bank & short sale sellers will go forward with their highest offer immediately & you’ll be hitting the pavement again looking for the next best thing.

Five Mistakes Home Buyers Make

First-time buyers, without the burden of a home to sell, could benefit from the foul real estate market and the record low mortgage rates - but woe to the overconfident buyer. Here are five common missteps that first-time buyers make.

Read full story at wsj.com

The Roller-Coaster Ride Called a Short Sale

Short sales purchases are not for the faint-hearted. While there is a possibility for a good price, there is also a good chance that the deal will not go through. Many cooks are involved in this stew. The buyer must negotiate the price with both the seller and the seller’s lender. At the same time, the seller must negotiate with the lender on the terms for forgiving the amount still owed on the mortgage. Meanwhile the bank is negotiating fees for lawyers and brokers. The process can take six to nine months.

Read full story at The New York Times

Is a Housing Shortage Coming?

As the nation struggles to shrug off the worst housing crash since the Great Depression, it may be hard to believe a housing shortage could be on its way.

The nation is simply not building enough homes to keep up with potential demand. "It is ironic, but there is a growing consensus that there may be a new housing shortage coming," said James Gaines, a real estate economist with Texas A&M.

So far, the shortfall has been masked by a weak economy that has put a damper on home buying. Once the job market rebounds, however, people will look to have their own homes again. This pent-up demand could get unleashed on unprepared markets, causing shortages and rising local prices.

Read full story at CNNmoney.com

When Can I Buy Again After Foreclosure?

Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.

While homeowners who default due to economic hardship such as a job loss or divorce normally must wait two to five years before buying a home again, homeowners who walk away from their mortgage may face double that time.

Read full story at CNNmoney.com

DIY Projects For Labor Day Weekend

Labor Day looms large for homeowners. The end of summer signals that many of us will soon be immersed in an accelerated work schedule plus soccer practices, homework and other realities of back-to-school season, but there's still time to tackle a few DIY home improvement projects. While your goal may simply be to freshen the appearance of your home, you also want to know that your hard work will increase your home's value.

Here are eight home improvements you can finish Labor Day weekend that will pay you back - each costs less than $1,000 and require less than a day’s work.

Read full story at kiplinger.com

How To Shop for a Mortgage

Finding a mortgage can be a strenuous process. Not only are there hundreds of institutions offering mortgages, it can seem as though there are dozens of different types of mortgages themselves. Different interest rates, different lengths and other features can be confusing. This article describes some of the different options you may encounter as you shop for a mortgage.

Shred Fest: Vista Lakes

Fairwinds Credit Union is partnering with Crown Shredding to bring you ‘Shred Fest’. Don't miss out on this incredible opportunity to protect yourself from identity theft by safely destroying your personal documents and papers in our shred truck courtesy of Crown Shredding. You can actually see the documents shred right before your eyes!

Vista Lakes
7037 Narcoossee Rd
Sat 8/28/2010
9am to 1pm
more info

Free Homebuyer's Workshop

Sat 8/28/2010
9am to 12pm

FAIRWINDS Corporate Center
3087 N Alafaya Tr
Orlando, FL 32826

Thinking about purchasing a home? How can I best prepare for the homebuying process? Please join us at this special complimentary workshop designed especially for homebuyers. Area professionals will share their expertise on topics including: understanding your credit report, homeowners insurance, appraisal and home inspection process, what to expect at closing and much more. Plus, Fairwinds lending experts will provide you with techniques and strategies to help improve your credit score. more info

Beachline Interchange No More

Chances are slim that the interchange providing a direct connection from S Alafaya Tr to the Beachline will be built any time soon - if at all.

Orange Co received notice from Suburban Land Reserve that the Beachline/528 Interchange is off the table ‘indefinitely’.

What’s a TRIM Notice?

In mid-Aug of each year, the Orange Co Property Appraiser sends a Truth in Millage (TRIM) notice to all property owners as required by law. This notice is very important - look for it in the mail! You'll recognize it by prominent lettering "DO NOT PAY - this is not a bill."

The TRIM notice tells you the taxable value of your property. Taxable value is the just value less any exemptions.

The TRIM notice also gives you information on proposed millage rates and taxes as estimated by your community taxing authorities. It also tells you when and where these authorities will hold public meetings to discuss tentative budgets to set your millage tax rates.

Fees not related to your property value may also appear on your TRIM notice for garbage collection, roads, lighting and other government services. These fees are set by your taxing authority and are not affected by any change in the value of your property.

More info from Orange Co Property Appraiser.

Homes Commonly Selling Over List

Buyers beware! A strong indictor that the east Orlando buyer’s market is officially dead: 1/3 of all single family home sales in the past 30 days sold for over list. Add to that: 20% of these buyers were all cash buyers. Woh. Where have the deals gone? Aren’t homes selling for a song? Can I still get my dream home with a low ball offer?

Buyers of normal homes paid more for their home & closed faster. On average, these buyers paid a 4% premium on their purchase & closed 25% faster (compared to overall sales during same period).

Buyers of distressed homes (short sales & bank-owned) paid less for their home & closed faster. On average, these buyers saved 5% on their purchase & closed 20% faster (compared to overall sales during same period).

What does this mean? For buyers, it’s critical to understand the marketplace here & now (not 2009, not at the ‘boom’, not what your sister experienced in Chicago) & what to expect from the home buying process. A knowledgeable buyer armed with real-time sales info can be confident they are writing their strongest possible offer to get the best home for the best value – isn’t this ultimately what every buyer wants?

‘Trapped’ in a Home?

Some intrepid homeowners are intentionally taking a loss on their current house - and writing a big check to retire their old mortgage - in order to buy twice the home for not much more money. Others, eschewing conventional personal-finance advice, are even opting for 'cash-in' refinancings, paying thousands of dollars out of pocket to settle old loans - and then taking out new mortgages with lower payments, shorter durations or both.

Read entire story at wsj.com.

National Night Out @ Avalon Park

Tue, Aug 3 @ 6pm to 9pm more info

View From the Trenches: Single Family Homes

In the market for a single family home in east Orlando? Here is sales activity for the past 30 days, a likely indicator of what you will experience in your house hunt.

East Orlando has closed 138 single family home sales and 72% of these were distressed sales (short sale or bank-owned). Average sale price was $202 for a normal sale & $151 for a distressed sale.

21% were cash deals. A very significant detail – no buyer with a mortgage can compete with a cash buyer. An all cash offer trumps even your higher priced offer (with financing). If you’re financing your home purchase (and most of us do), expect your buying competition may likely be paying all cash.

Sellers got 98% of their asking price. Buyers who intend to gamble with low ball offers like in spring 2009 are wasting everyone’s time. Homes are priced right today & are selling. The strong buyer’s market has become a thing of the past with fresh, hot buying competition for affordable homes in move-in ready condition. These buyers are out bidding each other for these homes & commonly drive the selling price above list.

Top selling communities: Waterford Lakes (19), Avalon Park (16) and Waterford Trails (9). I’m loving seeing old home inventory getting sold/closed & seeing new families move in to these communities every day. After nearly of year of this hot activity, the surplus of distressed sales are going to be gone, gone, gone before we know it.

Normal sales went under contract after 64 days on average (plus another 42 days to close on average). Distressed sales went under contract after 93 days on average (plus another 83 days to close on average). Buyers considering taking on a short sale, do the math (93 days + 83 days = just under six mos). You’re needing & wanting a home yesterday – can you wait six months to move in to your new home?

What Buyer’s Market?

The buyer’s market in east Orlando is officially over. Buyers can no longer expect their every wish to be granted when buying a home – lowball offers, seller-paid closing costs & seller-paid home repairs are a thing of the past.

The competition for affordable homes in move-in ready condition is so strong, buyers are finding themselves in bidding wars, driving up the sales price over asking & still losing out on their first choice of home. A buyer wanting a move-in ready home at $200,000 & under can expect to write numerous offers due to strong demand & competition particularly from first-time homebuyers.

Affordable homes in move-in ready condition commonly receive multiple offers – four or five offers within 24 hrs of hitting the market is not unheard of. And 1/3 of sales in east Orlando are all cash, something no ‘regular’ buyer (with a mortgage) can compete with.

Distressed sales (short sales or bank-owned) are already at bottom-of-the-barrel prices where there simply is no more room for a buyer to come in and offer less than asking. Homes are selling at 97% of asking price in east Orlando in the past 30 days, so buyers who intend to submit a lowball offer are simply wasting their time in this market.

Energy Credit Deadline

Homeowners have until the end of 2010 to make improvements that qualify for a federal energy-efficiency tax credit including insulation upgrades and purchases of heating and air-conditioning equipment.

Eligible upgrades for a federal tax credit include insulation, windows and doors, roofs, heating, ventilation and air-conditioning systems, water heaters and biomass stoves. The credit is worth 30% of the costs up to a maximum $1,500 total for all improvements.

Read full story at wsj.com

Alafaya-Beachline Interchange Petition Scam

About a month ago, a man came into a Vista Lakes office collecting signatures for a petition supporting a connection between the Beachline and Avalon Park.

A week later employees got an e-mail from Lake Mary Jane Alliance in southeast Orlando, a group that informs residents of proposed developments coming into their area, warning people that petitioners hired by Suburban Land Reserve developers were misleading the public saying their signatures would support the Beachline interchange near Alafaya Trail when they were actually petitioning for Innovation, a project that combines International Corporate Park, a plan estimated to bring 10,000 jobs in southeast Orlando with a residential plan for about 6,300 homes near the Econ River called Innovation Way East.

When Innovation developers went before the Orange Co Commission on May 11, they boasted the 17,000 signatures they were able to collect in two weeks in support of their project. After some prodding from commissioners, they added that some of the petitioners were paid $5 per signature.

Read full story at eosun.com

Verifying Borrowers’ Finances

Mortgage brokers and lenders will often caution borrowers against charging up their credit cards or changing jobs before the closing date on a home loan. Now that advice seems especially prudent.

On Jun 1, Fannie Mae, the government-sponsored company that establishes the underwriting standards for most of the nation’s mortgages, started requiring lenders to recheck a borrower’s finances shortly before closing the loan. If a broker or lender finds significant changes, the loan could be delayed, or in some cases, denied.

Read full story at New York Times

200,000 Buyers May Lose $8,000 Tax Credit

Nearly 200,000 homebuyers could lose out on the $8,000 tax credit because they can't get deals done by the Jun 30 deadline.

What did they do wrong? They tried to take advantage of the distressed properties flooding the market.

For example, many are trying to take advantage of short sales, buying from sellers who owe more on their mortgage than the home is worth. In these deals, the lender has to agree to forgive the remaining debt, and that can take time -- at least two to three months from the time an offer is made until lender approval. And that assumes a relatively clean deal, in which there's no second mortgage. If there are any complications, expect six months or more.

Read full story at CNNmoney.com

Don't Wait – Protect Your Home From Hurricanes Now

Now is the time to make sure your home is as hurricane-proof as possible. Once the weather reporters don their yellow slickers, it's usually too late to effectively protect against hurricane-force winds and deluging rains, said Scott McCurdy of Coastal Reconstruction, a general contractor who specializes in restoration from natural disasters.

Read full story at orlandosentinel.com

Fourth of July Celebrations

Sat, Jul 3 Altamonte Springs Cranes Roost Park 4pm to 11pm more info

Sat, Jul 3 Mount Dora Gilbert Park 5pm to 9pm 10am parade Donnelly below 7th Ave more info

Sun, Jul 4 Avalon Park Downtown Avalon Park 5pm to 9pm Fireworks 9pm more info

Sun, Jul 4 Celebration Celebration Town Ctr 5:30pm to 9:30pm Fireworks 9:30pm more info

Sun, Jul 4 Downtown Orlando Lake Eola Park 4pm to 10pm more info

Sun, Jul 4 Sanford Riverwalk Fireworks 9:15pm more info

Sun, Jul 4 St Cloud St Cloud Lakefront 12pm – 10pm Fireworks 9:30pm more info

Orange Co Property Tax Values Plummet

Orange Co Property Appraiser Bill Donegan delivered some sobering but not-so-surprising news to local governments May 26, declaring that his "best estimate" is that property values will drop by 12% countywide this year.

Lawsuit: Flippers Destroyed Our Neighborhood

A Florida couple is suing builder Hovnanian complaining that their townhome community, Firenze, is filled with “irreverent transients” who party loudly, park erratically and install unauthorized satellite dishes, the Palm Beach Post reports.

Jonathon and Brandy Miller of Boynton Beach filed a lawsuit in April in Palm Beach County blaming flippers, or buyers who plan to resell quickly for a profit for the neighborhood’s downfall. They want to be reimbursed for their purchase price and closing costs. They also want a jury to determine further damages.

Read full story at wsj.com

Four Ways To Avoid Getting Outbid

Q: I am a first-time buyer trying to buy a condo, but every time I put in an offer, someone else gets it instead. In some cases, I was muscled out by people who could pay cash. I can't afford to do that. Is there any other way I can win one of these bidding wars?

Fannie Offers Spur to Avoid Foreclosure

Fannie Mae will make it easier for some struggling homeowners to buy houses in the future if they avoid foreclosure in the present.

Under rules released this month that will take effect in Jul 2010, some troubled borrowers who give up their homes by voluntarily transferring ownership through a "deed in lieu of foreclosure" or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.

Stoneybrook Buyers Hit With $4,000 Fee

Homeowners associations have been struggling to make up for thousands in dues lost when homes sit empty for months, waiting for foreclosure.

Two Orange County golf-course communities have decided to make their new residents foot that bill. Buyers in Stoneybrook West in Winter Garden and Stoneybrook East in east Orange County have to add $4,000 to closing costs - mostly for dues that went unpaid by previous owners while the houses were in foreclosure for more than a year.

The so-called "resale capital contribution" doesn't sit well. Typically, buyers in those communities would pay $1,000 to move in, but the fees were increased as the housing crisis deepened.

Read full story from Orlando Sentinel.com

All Cash Sales Remain Strong

Who can pay cash? Apparently, lots of buyers can. 1/3 of all homes sales in east Orlando in the past 60 days were all cash deals - and nearly half of these homes sold at or above list.

What does this mean to the average buyer? The average buyer finances their home purchase, so if you’re competing with a cash offer, it’s over - an all cash buyer will always trump a financed offer even if the financed offer is higher on purchase price.

The financing contingency - the #1 contingency to a sale - is removed with an all cash buyer. From a seller’s perspective, financing takes time - typically 35 to 40 days in today’s market. A cash deal can close in 10 to 15 days assuming no title issues. In terms of time & money, a financed deal innately comes with a degree of uncertainty – will the buyer’s lender close on time, will the buyer get their financing? With a cash deal, these uncertainties are removed.

Major Competition For Buyers in the $100s

For buyers in the $100,000 to $200,000 price range in east Orlando, they likely saw & felt the increased competition over the past few months while out house hunting & making offers.

57% of all east Orlando home sales in the past 60 days were for homes btwn $100,000 & $200,000. And 73% of these sales were distressed sales (bank-owned & short sale). This is an affordable price point for many buyers – singles & families - particularly first-time buyers who pushed to take advantage of the $8,000 federal tax credit that just expired Apr 30.

While inventory in the $100s is still high, over half of all homes are short sales - homes that come with a high degree of uncertainty for buyers with weeks (or months) of waiting for short sale approval from the existing lender. I am seeing my buyers turn away from short sale homes & focus exclusively on normal & bank-owned homes; they want/need a home now & the short sale buying process is too much of a gamble for many buyers.

The condition of these homes is only ‘fair’ for the vast majority of all home inventory – home needs a deep clean, yard is overgrown, carpet is stained/torn, doors ripped off hinges, ant trail through kitchen - things that turn the average buyer off. The average buyer wants a home that is move-in condition, so when that rare, affordable, move-in ready home hits the market, it will likely receive multiple offers & sell for over list.

Avalon-Waterford Road Congestion Relief?

Alafaya Trail will no longer be Orange County's largest cul-de-sac with the opening of Monument Parkway, a mile-long connector for temporary access to the BeachLine/528.

The road will bring some relief to residents of Avalon Park, Waterford Lakes and other area neighborhoods who had been waiting on a stalled plan for Innovation Way, a proposed high-tech corridor that would connect Alafaya Trail to the BeachLine/528 and Orlando's "medical city" in southeast Orange.

Read full story from Orlando Sentinel.com

Short Sale Buyers Need To Know

Buyers are attracted to short sales because of price – no one can compete with the lowball pricing of a distressed sale. However, there is more to consider than purchase price alone. Purchasing a short sale home is unlike any other home purchase (normal or bank-owned). Buyers need to armed with knowledge, be informed, ask questions, understand the process & know what to expect before writing an offer on a short sale home.

The questions below are fundamental information the listing agent should freely provide when asked. If the listing agent will not provide this info or answers ‘I don’t know’ to any of these questions - move on, find another home. Trying to pursue a short sale home without this basic knowledge is taking a stab in the dark & you will most likely end up empty handed after investing time, money & energy on the process.

Who is the existing lender? Every short sale transaction is handled on a case-by-case basis - no two short sale transactions are the same (even within one lender). Every lender has different timelines, requirements & business processes. Lenders have ‘reputations’ for their short sale handling: some lenders are aggressive in closing short sales within 60 to 90 days. Other lenders ignore the transaction or do not respond in a timely manner…then weeks (or months) later, the buyer tires of waiting & walks.

Is there one lender/lien, two lenders/liens or more? Closing a short sale purchase on a home with one lender/lien is a challenge in and of itself. Add multiple lenders/liens & the hurdle quadruples (not doubles!) in size. It is all too common for that second lender/lien to reject the short sale & derail the entire transaction. If the second loan is with the same primary lender, the hurdle becomes somewhat easier to navigate.

What is the expected response time on an offer? You find a home you want to buy, you make an offer & like all buyers, want to hear immediately if your offer is accepted...you want the home! With a short sale, response time to an offer is 45 days at best, though majority of lenders are still quoting 60 to 90 day response time. Are you prepared to wait around one, two, three months (or longer!) for a response?

Are there any offers currently being considered? Listing agents will commonly accept numerous offers in order to have ‘back ups’ for the all-too-common 1st buyer who walks away. Since short sales are considered by the existing lender on a case-by-case basis, a ‘back up’ offer cannot simply be inserted in the transaction if & when the 1st buyer walks. The listing agent starts from scratch with the short sale package, the ‘back up’ offer that has slipped into primary position & resubmits the entire short sale package for consideration.

Hot Sales for Avalon Park & Spring Isle Townhomes

Where are the best townhome deals on the east side today? Clearly, it’s Avalon Park & Spring Isle where 19 sales closed in the past 60 days (only two were normal sales). That’s nearly as many as the 26 single family home sales in the same period.

What’s happening here & why is Avalon Park & Spring Isle so hot? Simple…great location…great value. These communities are nearly new with desirable community amenities like pools, tennis, parks, basketball, dog parks all within a mile to shopping, dining & the YMCA.

Even more proof of the strong demand for townhomes in these communities – there are 66 homes under contract & expected to close in the next several months. Check out available homes while you can still get them.

Tight Home Inventory in Waterford Lakes

Waterford Lakes is experiencing low levels of inventory & high levels of homes that are under contract, but awaiting close. What does this mean to a buyer or seller? To a buyer, it means being ready & waiting for new homes to come on the market & to be prepared for the likelihood of multiple offers yet again. To a seller, it represents high demand for this great family community & heck, maybe it is time to sell again.

Though Waterford Lakes is a sprawling community with thousands of homes across many price levels, presently there are only 32 homes available for sale from $140,000 to $345,000. Active homes here

Also important to consider is the number of home presently under contract, but awaiting close. Presently, there are 30 homes under contract from $96,000 to $330,000 and expected to close over the next several months. Pending homes here

Year of the Short Sale

Homeowners who are underwater and struggling to offload their homes through a short sale may get relief soon through Home Affordable Foreclosure Alternatives (HAFA). Part of the government’s Making Home Affordable program, HAFA is designed to incent borrowers & lenders to avoid foreclosure. It takes effect 4/5/2010 -12/31/2012 and is aimed at homeowners who are eligible for a loan modification, but unable to complete the process.

Read the whole story from smartmoney.com.

10 Things Home Inspectors Won't Say

If you’re buying a home, you will most likely be hiring a home inspector once you’re under contract. Want the inside scoop…

Read the whole story from smartmoney.com.

Rybolt Park: Voted Down

Rybolt Park could have been a $1.2 billion development in East Orlando, a little city to accommodate UCF's booming population. The 1,440-acre cattle ranch would have been developed over 10 years into 5,000 homes, 150,000 square feet of retail, 922,000 square feet of office space, 1.1 million square feet of research park and 335 acres of parks and trails. But commissioners voted against submitting the project's plan to the Florida Department of Community Affairs, essentially killing the project.

Read the whole story from East Orlando Sun.

Precautions For Buying 'As Is'

An ‘as is’ clause in your sale contract means that the seller will not make guarantees as to the property's condition and will not make any repairs. Buying ‘as is’ means you are agreeing to shoulder the costs for any obvious defects from ripped screens to stained carpeting.

Read the whole story from wsj.com.

Want a Short Sale? Best to Wait

Effective Apr 5, the current frustrating system of buying a ‘short sale’ home will change. That's when the federal government will begin to provide financial incentives to lenders to do more short sales. The rules also help standardize the process, so your chances of negotiating a distressed-property bargain will increase.

Read entire story from wsj.com.

Foreclosure Counseling

Lending a helping hand to homeowners facing foreclosure, a local program offers counseling and mitigation services to East Orlando in an attempt to keep roofs over its residents' heads.

The Helpful Hands Foundation Foreclosure Counseling Assistance program, which works to raise financial awareness through education and foreclosure assistance, has helped more than 500 homeowners save their homes with an additional 450 currently working with them.

From one-on-one, case-specific counseling to workshops open to the public, Helpful Hands counselors work to educate local residents on the process of foreclosure and help them understand that they have options.

Read the whole story from East Orlando Sun.

SunRail in East Orlando?

East Orlando won't be getting any stations in the first wave of SunRail funding, but that doesn't mean local leaders aren't anxiously waiting for the rail to branch out to this end of Orange Co.

Gov Crist signed the $1.2 billion SunRail legislation into law on Dec 17. Local politicians have said that they would like to see SunRail stations at the airport, UCF and the new UCF medical school in Lake Nona, which will have a new veterans hospital in the spring.

Read the whole story from East Orlando Sun.

HOA Strong-Arms Homeowners

As many east Orlando communities deal with delinquency rates of 30% to 50% in HOA dues from homeowners, the Stoneybrook HOA took a drastic measure to penalize homeowners who are behind on their HOA dues.

Read the whole story from OrlandoSentinel.com.

East Orlando Steps Closer to ‘City’ Status

After four years of working to make East Orlando its own city, the East Orange County Incorporation Effort feels like it is finally making real headway.

Last week the group released a study that suggests incorporating East Orlando as a city would keep more tax dollars on the east side and provide more government services for the population.

Read the whole story from East Orlando Sun.

New Sheriff Station Coming

East Orlando will soon be home to a new Orange Co Sheriff station located at Lake Underhill & Rouse. Expected completion was planned for summer 2009, but the facility is still under construction at this time.

Best Selling Communities 2010

East Orlando is experiencing brisk sales this year with 307 homes and $46,000,000 changing hands. 75% of these sales were distressed (bank-owned or short sales). Top selling single family communities are:

New East Orlando Rec Centers

There are two up and coming rec centers coming in 2010 to east Orlando. Each rec center will offer a 24,000 sq ft fitness center with cardio and weight-lifting equipment along with indoor basketball, soccer and volleyball.

1) South Econlockhatchee Park, 3800 S Econ Tr (est completion date Mar 2010)
2) Goldenrod Park, 4863 N Goldenrod Rd (est completion date Jun 2010).

Read more from Victor Manuel Ramos, Orlando Sentinel.

Distressed Sales Still Dominate

In Jan, 73% of all Orlando home sales were distressed sales (bank-owned or short sale). The average home spent 90 days on the market before going under contract & sold for an average 94% of asking price.

“Homeowners should note that Orlando’s median price is being downwardly distorted by the significant proportion of distressed and bank-owned sales,” says ORRA Chairman of the Board Kathleen Gallagher McIver. “This distorted median price does not equate to an across-the-board loss of value for traditional homes in good condition.”

Learn more from Orlando Regional Realtor Assn.

203(k) Loan

There are many great, affordable available for sale in East Orlando and many of these homes are in need of repair. Due to cost and time, the average buyer shies away from these homes. When will we have the time to do necessary repairs and more importantly, where will we get the money?

For a homebuyer with the time and money to buy a distressed property, a 203(k) loan may be something to consider. With a 203(k) loan, a homebuyer can get one mortgage loan at a long-term fixed (or adjustable) rate to finance both the acquisition and the rehab/repair of the property.

Learn more from HUD.

Orange Co Alert

A free service to the public, OCALERT is an alert system that allows Orange Co to contact you during an emergency via email or text. Emergencies may involve:

- life-threatening weather warnings
- amber alerts
- highly disruptive road closures
- evacuation
- emergency shelters

You need to register online for the service.

Rybolt Park

Located at Chuluota Rd/419 & Lake Pickett Rd, Rybolt Park is envisioned as 1,440 acre ‘traditional neighborhood development’ with residential, commercial and office space in a compact village environment using green housing standards. Rybolt Park will be an ideal home for people who work in East Orlando and want to spend more time at home and less time commuting.

Read more from the developer.

Innovation Way Stirs Controversy

While many Orange Co residents living south of the Beachline support the idea of "smart growth" hugging the Innovation Way high-technology corridor — planned to connect UCF to Lake Nona's medical city — they are opposed to growth proposed outside of the corridor for land that is currently rural including an environmentally sensitive area between Turkey Creek and the Econ River.

Read more from Megan Stokes, East Orlando Sun

ArtsFest 2010

2/5/2010 – 2/14/2010 ArtsFest (All Arts, All Week, All Free) is a celebration of Central Florida arts and culture that takes place for 10 days over four counties in metro Orlando. ArtsFest includes hundreds of free arts and culture events. ArtsFest provides you with a taste of everything the arts community has to offer in your own backyard!

Decorating Together

Audiences - male and female - now lap up hours of TV programming about renovating, decorating and DIY-ing. Magazines and web sites explore every aspect of home design. And big-box retailers offer surprisingly stylish furniture and home accessories at bargain prices.

Read more from Melissa Rayworth, Associated Press.

What a Mortgage Will Really Cost

Starting Jan 1, shopping for a mortgage has just gotten simpler.

Lenders are now required to use easy-to-understand forms providing basic loan terms and good-faith estimates of closing costs. And closing agents are required to provide a settlement statement that clearly compares borrowers' final and estimated closing costs.

Read more from Amy Hoak, wsj.com.

What is Escrow?

What is an escrow account? Should I or should I not escrow? What are the benefits of establishing an escrow account? These questions and many more are answered.

Read more from Fannie Mae.

SmartBuy Program

As part of the SmartBuy purchase program from Freddie Mac, HomeSteps is offering:

- 2 yr home warranty
- up to 3.5% closing costs
- up to 30% savings on appliances

Read more from Freddie Mac, HomeSteps.

New Rules Help Borrowers at Closing

Plenty of home buyers have found themselves at the closing table, ready to sign the myriad documents that will officially make them new homeowners only to get nasty sticker shock. What was originally supposed to cost them, say, $2,500 in closing costs, has turned into $3,000.

Read more from Lisa Scherzer, SmartMoney.

Top Selling Communities

Always looking for new info & trends to pass on to you, here are the top selling single family home communities in east Orlando in the past 30 days:

- Avalon Park 11 homes sold for average of $208,000 (avg 60 day close)
- Waterford Lakes 11 homes sold for average of $181,000 (avg 74 day close)
- Waterford Trails 7 homes sold for average of $181,000 (avg 83 day close)

See all east Orlando sales in past 30 days.

Selling in the New Year

So you want to sell a home in 2010? Think Jan, not Jun. Not only are prices expected to keep falling, cutting into sellers' profits the longer they wait, but demand will be strong early in 2010 from first-time and move-up buyers looking to qualify for tax credits that expire 4/30/2010.

Read more from Paul Owers, Sun Sentinel.

Down Pymt Assistance Program

The City of Orlando’s Down Payment Assistance Program is available to eligible very low and low income first time homebuyers for the purchase of a home within the city limits of Orlando. Depending on gross household income, assistance may be $10,000, $20,000 or $30,000.

Read more from City of Orlando’s Down Payment Assistance Program.