Buying Real Estate

TO SHORT SALE OR TO NOT SHORT SALE

Thursday, July 22nd, 2010 at 1:48pm. 156 Views, 0 Comments.

Some people are enamoured with the thought of possibly stealing a property and do not seem to look at the bigger picture when it comes to short sales.

One of the biggest problems is that if you are willinng to take a shot and make an offer on a short sale, you had better be able to wait the process out with the understanding that you may not get the property in the end. We are constantly being told that the time frame for the short sale process is taking far less time, but you cannot prove that by me. My buyer just waited four months only to be told that the bank wanted more than he was willing to pay, and quite frankly, more than I thought the property was worth.

During that long wait, not only had he missed opportunities that were not…

'SHORT SALE' REPLY TIME FRAME GETTING SHORTER?

Thursday, May 6th, 2010 at 6:52pm. 502 Views, 0 Comments.

One of the major complaints from real estate agents is the amount of time that it is taking to get a response from the lending institution regarding an offer on a short sale. The issue can be that the bank or lender will hold out until they review all the offers, instructing their listing agent to ask for 'highest and best", thereby creating a bidding war.

If in the final analysis the lender determines that more money can be made by sending the property to the courthouse steps, then often that is what they will do. Therefore the whole short sale process and time frame that the property has been a short sale is totally waste, never mind the time spent by realtors and buyers trying their best to put the property under contract. Bank of America has been…

INVESTORS BACK IN THE MARKET

Wednesday, March 24th, 2010 at 8:06pm. 167 Views, 0 Comments.

It's great to see that the investors are back in the market again after a bit of a lengthy absense because it is helping to deplete the current inventory and will eventually cause the prices to rise. The interesting thing is that the percentage of all-cash transactions is up almost by 50% over one year ago. Naturally they are interested in getting the highest return on their investment, thereby avoiding paying interest charges on loans so the mode of opeation is cash.

The investment market literally hit bottom in later 2007 and into 2008, but with the recent stabilazation of prices during the past 6 months or so, the comfort level for investors has totally hanged and now they aree willing to take the risk. Although many are still a bit cautious, at least…

INVESTORS BACK IN THE MARKET

Wednesday, March 24th, 2010 at 8:06pm. 135 Views, 0 Comments.

It's great to see that the investors are back in the market again after a bit of a lengthy absense because it is helping to deplete the current inventory and will eventually cause the prices to rise. The interesting thing is that the percentage of all-cash transactions is up almost by 50% over one year ago. Naturally they are interested in getting the highest return on their investment, thereby avoiding paying interest charges on loans so the mode of opeation is cash.

The investment market literally hit bottom in later 2007 and into 2008, but with the recent stabilazation of prices during the past 6 months or so, the comfort level for investors has totally hanged and now they aree willing to take the risk. Although many are still a bit cautious, at least…

THE CANADIANS ARE COMING...EH?

Friday, March 19th, 2010 at 1:19pm. 164 Views, 1 Comments.

I have been touting the fact that the Canadians have been flocking to Southwest Florida and the Naples area during the past five or six months in droves and are responsible for a good amount of the sales that have been taking place here. Recent articles have confirmed that fact.

There are several reasons for that fact. First once again, (it was the case last July), the Canadian dollar is almost on par with the U.S. dollar. Second, and equally important, the greater Naples price points across the board are extremely attractive. For years the Canadians have been coming to our area and renting, so they are very familiar with what we have here in terms of value.

Not only are they helping to boost sales and deplete existing inventory, but they are certainly…

THE EXPANDED HOMEBUYER TAX CREDIT

Friday, January 8th, 2010 at 6:33pm. 497 Views, 0 Comments.

The Homebuyer Tax Credit has created a lot of buzz since becomming law and now the extended or Expanded Tax Credit could help to cure the winter blues for many first time home buyers.

Ken Trepeta the Director of Real Estate Services at RISMEDIA, the leader in real estate information systems, yesterday wrote a very informative article detailing the expanded home buyer tax credit. For those considering buying a home for the first time, it is well worth investigating, but time is of the essence because a binding contract must be written by 30 April, 2010 and it must be closed by 1 July, 2010.

The article can be found by clicking HERE.

THINKING OF BUYING A FORECLOSED PROPERTY?

Tuesday, December 8th, 2009 at 1:34am. 272 Views, 0 Comments.

The lure of purchasing a 'short sale' or foreclosed property might seem highly compelling, but before considering such you might heed the old classic warning of Caveat Emptor or let the buyer beware. Because foreclosures are traditionally sold as-is, it is extremely important that you have done more than the usual due dilligence, especially here in South Florida. Known as R.E.O.s (Real Estate Owned), there can be many pitfalls that you need to avoid.

If you are purchasing at auction, it is imperative that you have inspected the property along with someone who is qualified to to render an opinion about the major equipment, such as the air conditioning unit(s). This sometimes can be extremely difficult becuses in many cases the power to the home has beenoff…

HOMEBUYER TAX CREDIT ADDED BENEFITS FOR ARMED FORCES

Tuesday, November 17th, 2009 at 5:07am. 403 Views, 0 Comments.

The $8,000 homebuyer tax credit that was was set to expire at the end of November now has added benefits for our military. Anyone in the foreign service, intelligence service or a member of the armed services either on active duty or in for 90 days during any part of 2009, now will have until May 1st, 2011 to purchase a home.

An additional benefit for those who qualify is that the time of occupancy is waived. Normally the residence must be a principal residence for those using the tax credit and they must stay in the home for minium of three years before they sell, or the credit must be paid back. Qualified military personnel have that time frame waived if they sell in less than three years and move due to official business.

The National Association of…

GOOD FAITH ESTIMATE HELP EASES HOMEBUYERS FRUSTRATIONS

Wednesday, November 4th, 2009 at 6:40am. 269 Views, 0 Comments.

Many times purchasing a home and the whole mortgage process can seem like a mystery and very frustrating, but with the new (GFE) Good Faith Estimate the federal government has done a makeover on helps to demystify the process. The intention of the Good Faith Estimate is to give the consumer an estimate of the settlement charges once they are approved for a loan. The revision along, with other mortgage reforms, was a long time in coming and the first time the government had addressed the issue in more than 30 years.

EXTEND THE FIRST-TIME HOMEBUYER'S TAX CREDIT?

Saturday, September 19th, 2009 at 2:49pm. 349 Views, 0 Comments.

There is concern that the first-time Homebuyer's Tax Credit due to end in November might not be extended. There ia a bit of a ground swell to extend, and from our perspective, it certainly makes a great deal of success.

It is estimated that with the way the it stands now, the credit will account for some 400,000 buyers coming into the market, which has helped to stabilize the real estate market. It is reasonable to assume that an extension will only help to further stabilize the market., bringing in even more buyers.

There has been a bit of a ground swell in the past week to push for an extension and we certainly support that!