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Lavish Incentives To Buy A New Home

Millie Gil, Lic. Florida Real Estate Broker — Fri, 17 Jun 2011 23:33:59 +0000

Savvy home buyers are seeing the best deals ever and the pickings are fabulous when it comes to selecting your dream home.

With a wave of foreclosures homebuyers have been reluctant to purchase new homes when they could snag a foreclosed home with a deep discount; but now, the big boys are introducing all types of incentives that really have placed foreclosed properties on the back burner.

Imagine purchasing a customizable colonial for under $200,000 with a brand new 2011, $17,000 car. Perhaps you’d be interested in a quaint and pristine brick-and-stone townhouse that comes with $25,000 in free upgrades that include wood-burning fireplaces, stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs. Sounds enticing, right?

Obviously, business has been soft in the housing market and these incentives are more evidence that buyers have the upper hand and every qualified buyer should be running to a real estate agent. However, this is becoming a bigger problem for sellers. Competition is stiff – not that sellers cannot compete and accomplish a sale, but it takes a few tips and tricks to get there.

Many potential homebuyers are taking their time to purchase a home; some have commitment phobia, others believe the housing market will become far worse opening up better deals with lower mortgage interest rates; these scenarios are unlikely since the housing market is pretty steady in most parts of the country.

Advantages of Buying a New Home Now

• Right now you are able to purchase more home than you could have 2 years ago. Builders that re-started their momentum 3 years ago have discounted brand new communities. You could purchase a single family home for under $350,000 and now that price is discounted.

• Buyers are being lavished with lawns sodded to perfection, absurdly low financing and free insurance that will pay the mortgage if you lose your job.

• Reduced costs on “immediate availability” sales; many times a transaction falls through because the homebuyer could not secure a mortgage on the home they selected; these homes go back on the market at reduced costs. The builder wants to sell immediately and the buyer is in the driver’s seat. To get the best deal on these homes you need a real estate agent because the builder’s sale team will definitely try and get the most out of this deal and you could wind up overpaying.

The biggest issue with home buying used to be raising the deposit and closing costs but with new home pricing and incentives to help with closing costs, all those costs excuses are a thing of the past.

The housing market’s recovery is definitely slow but we are within the greatest time to purchase right now; as we’ve already seen, mortgage interest rates slowly increase and home prices will follow.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net

Servicing Florida Cities: Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach, Hutchinson Island, Fort Pierce, Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.

Top Ten Florida Cities To Invest

Millie Gil, Lic. Florida Real Estate Broker — Fri, 17 Jun 2011 20:35:49 +0000

Top ten Florida cities to invest in real estate. Cape Coral, Miami, Fort Lauderdale, Naples, Fort Myers, Miami Beach, Kissimmee, Orlando, Jacksonville, Tampa.

There are key differences between investment property and a second home. Many assume that buying another house for investment purposes is just like purchasing a vacation property for the family. This can lead to a lot of frustration as the process will not meet their expectations. Understanding the differences helps to make the process of moving from personal to investment purchases a bit easier.

A major area of difference is home financing. Each type of property has distinct qualification standards. You may qualify for a second home but not for an investment property. This is caused by the higher risks involved in rentals and investment value. Market conditions, unknown tenants, and other factors cause lenders to see a greater chance of financial problems. Understanding the distinction between lending criteria and why differences exist will help you get through the investment process with less stress.

Investment Properties and Personal Use Homes

Down Payments:

A larger down payment and/or more collateral are required to finance a second home, compared to your primary house. While a loan for your first home may only require a 5 to 10 percent down payment, additional properties may need as much as 25% down. Lenders will usually require more collateral, larger down payment or shorter loan period for investment properties. Remember, the lender is attempting to balance the risks with the potential income from interest.

Interest Rates:

Interest rates usually rise for second and third properties. This is also true for leased and rental properties. Statistically, homeowners with additional property are more likely to default on at least one loan. In addition, properties which are leased or rented out can be subject to a lot of wear, tear, and damage from the temporary residents. The higher interest rate ensures a faster return on the loan for the lender, insulating them from these risks.

Homeowner’s Insurance:

Homeowner’s insurance almost always rises for secondary properties, whether for personal use or investment purposes. With personal use, such as vacation homes, the properties are left unattended and vacant for periods of time. This raises the risk of theft, unnoticed problems, and insufficient property maintenance. For investment properties, there are liability risks and a higher chance of property damage.

Other Factors

There are a few other things unique to rental and investment property that you should keep in mind:

1.A common requirement is the escrow of three months of financial obligations. This includes insurance premiums, loan payments, and taxes.

2.Only 50% to 75% of the expected lease or rental income will be taken into account when applying for a loan. You need to be able to show that you can cover a quarter to one-half of the expected payment without rental income. Documentation supporting the projected income is expected. The best way to get it is to ask the seller about their rental income from the property.

3.If there are no current occupants, the lender may require that you have a qualified lessee or renter lined up for the property. This helps reduce the risk of a loss on vacant property.

There may be other factors considered by the bank or lender for investment properties. However, a good credit rating, reliable income, and substantial down payment are universally required

Fannie Mae Extends Buyer's Sales Incentives

Millie Gil, Lic. Florida Real Estate Broker — Tue, 14 Jun 2011 19:52:02 +0000

Fannie Mae wants to help more buyers afford to purchase their new home. That’s why we are offering up to 3.5% in closing cost assistance for HomePath® properties beginning June 14th through October 31, 2011.

Eligibility Details

• Initial offers must be submitted on/after June 14th

o Buyers must be owner occupants (i.e., the home will be their primary residence).

o Buyers are required to sign an Owner Occupant Certification Rider to the Purchase Addendum with all initial offer submissions.

• Sale must close on/before October 31st.

• Other restrictions apply. For more information about the offer, including the terms and conditions, visit the Special Offers tab on HomePath.com.

http://www.homepath.com/

Servicing: Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach, Hutchinson Island, Fort Pierce, Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

View thousands of listings www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.HealthcareRelocationServices.com

Want to invest in Florida Real Estate? by Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Thu, 09 Jun 2011 16:00:22 +0000

Investment Properties and Personal Use Homes

Down Payments:

Interest Rates:

Homeowner’s Insurance:

Other Factors

There are a few other things unique to rental and investment property that you should keep in mind:

1. A common requirement is the escrow of three months of financial obligations. This includes insurance premiums, loan payments, and taxes.

2. Only 50% to 75% of the expected lease or rental income will be taken into account when applying for a loan. You need to be able to show that you can cover a quarter to one-half of the expected payment without rental income. Documentation supporting the projected income is expected. The best way to get it is to ask the seller about their rental income from the property.

3. If there are no current occupants, the lender may require that you have a qualified lessee or renter lined up for the property. This helps reduce the risk of a loss on vacant property.

There may be other factors considered by the bank or lender for investment properties. However, a good credit rating, reliable income, and substantial down payment are universally required

Click & view your choice of Florida Investment Opportunities in Jacksonville, Palm Coast, Ponte Vedra, Fernandina Beach, St Johns, St Augustine, Orange Park.

Multi-Family Homes
Foreclosed Homes
Commercial Buildings
Hotels and Motels
Industrial Warehouse
Retail Investment Buildings
Farms and Ranch

PUD investments
Mobile Home Parks

Vacant Land Investment

Agricultural Investment

Four Plex Properties

Buying my first home in today's market by Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Wed, 08 Jun 2011 20:01:03 +0000

Buying My First Home in Today’s Market

Today’s real estate market offers some of the best opportunities if you’re buying your first home. Low interest rates, a plethora of homes for sale and first time homebuyer programs offering tax incentives and enticing down payment and closing cost assistance to help you acquire your dream home. But the preliminaries can become confusing and often deter many homebuyers. Your first solution is to always work with a Realtor-Buyer s Agent who offers FREE and exclusive Buyer Representation, because professional advice always outweighs a wing and a prayer.

Buying a home is one of the best investments in your life. It provides stability and it will become your primary tangible equity resource in your life. I’ve always been told that if there is one permanent thing you could want it is a roof over your head.

The current market has its obstacles whereas everyone and anyone could get a mortgage loan two years ago and now the criterion has changed – for the better! A good, stable and positive credit history is required accompanied by a healthy bank account. Lenders will heavily base their decision for a loan on your credit score and while these guidelines are not cast in stone, a score that is as close to 720 or higher is lined in gold and will get you closer to obtaining your dream home than a score in the mid-600’s.

While credit histories deter many homebuyers now is the time to begin working on improving your credit score. Sure, it’s true that interest rates will go up some but why keep waiting to fix your credit history? You just prolong ever becoming a home owner. Just think in a year what you can accomplish; programs will still be intact to help you with down payments and closing costs and your FICO credit score will be higher to qualify you. And many people always think the worst when it comes to their credit history but until you actually speak to the professionals – a Realtor-Buyer’s Agent and a Lender – you’ll never know what position you’re in for a new home.

Do you really need to act that fast to get into a home? Yes! Market indicators all suggest that the economy is standing steady but interest rates will undoubtedly not go lower than they are right now which means if you wait another six months to a year to purchase a home you could be looking to pay thousands of dollars more in interest. This means a larger monthly mortgage payment, more of a down payment and a larger loan package. Not to mention once the real estate markets begin to become more stable home prices will start to inch back up. Click Mortgage Calculator for quick estimate of mortgage payment.

Two years ago many people could not qualify for a single family home because their income was too low for such high-priced real estate but with today’s new home prices, first time home buyers are in a better position, especially with all the new programs to help you buy.

Every state has some program now that helps with either the down payment or closing costs. There are guidelines and criteria to meet but for many this means realizing their dream that much quicker.

Understanding all of your options and the value of purchasing now is very important. Today’s market is so advantageous that you can’t afford NOT to purchase a home. Talk to a Realtor-Buyer’s Agent quick while homeownership is ripe for the taking!

Click here and view thousands of new homes or resale in Ponte Vedra, St Agustine, Jacksonville, Palm Coast and many other areas!

Can You Trust Your Title/Escrow Company? by Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Wed, 08 Jun 2011 15:25:51 +0000

Every homebuyer and seller needs the services of a Title and Escrow Company. For the most part, your Realtor has dealt with the same companies year after year but there are times when the seller or buyer will want to use the services of a new company. Should you be worried or is every title and escrow company basically the same?

The escrow company ensures that no funds will be released until all paperwork has been signed, documents delivered and instructions and contingencies completed correctly. They safeguard your money until all conditions for both parties have been met. And although each transaction is basically the same each escrow company might not follow the same route when preparing to close your escrow account.

Most real estate brokers will be delegated this duty of choosing a title escrow company and will recommend a company they have dealt with numerous times; however, you have the right to choose any title escrow company you feel comfortable with. You should ensure they are licensed, competent and experienced. This is very important because choosing the right escrow title company will make the difference between a smooth transaction, loss of money, inflated fees and delays to close on your property. Remember, this company will be holding thousands of dollars for you. Would you trust just anyone to hold that amount of money?

Escrow corporations must be licensed however there are times when some companies are exempt and many see this opportunity to use funds in an unorthodox manner. What would happen if your funds were “borrowed” to close on another transaction? What would happen if your funds weren’t available for any reason when it came time for your settlement?

Any homebuyer or seller should take a proactive approach in questioning which title escrow company they are using. Ask the following questions to your satisfaction before committing to use that company.

1.   What are all the title escrow fees?
2.   How long have you been an escrow officer?
3.   Do you have an assistant to help in your office?
4.   Do you have an assistant? Are they familiar with the files?
5.   Are you comfortable closing “creative or difficult” real estate transactions?
6.   Can you do “subject to” closings, simultaneous closings, etc
7.   What are your hours of operation? If needed, are you willing to stay late?
8.   If needed can you meet clients for settlements away from your office?
9.   What recording times are scheduled for your company?
10.   How do you handle escrow collection accounts?
11.   Will you insure an all inclusive deed of trust?
12.   Do you have a notary available?
13.   What are your funding options?
14.   Do you have an after hours service for title information?

You want to simply ask everyone in this transaction “Will my money be safe.” If there is ever any hesitation to that answer keep looking for another title escrow company. You’d rather be safe than sorry.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net

Servicing: Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, St Johns, St Augustine, Daytona Beach, Fleming Island, Port St Lucie, Jensen Beach, Stuart, Palm City, Hutchinson Island, Palm Beach

View thousands of listings www.Northeast-Florida-Relocation.com and http://www.BoldRealEstateGroup.com

Short Sale solution service for homes in Jacksonville, Palm Coast, St Augustine, St Johns, Ponte Vedra, Neptune Beach, Amelia Island, Orange Park, San Marco, Mandarin

Millie Gil, Lic. Florida Real Estate Broker — Mon, 06 Jun 2011 17:11:55 +0000

What is a “short sale?”

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the brokers’ commission. The seller is unwilling or unable to cover the difference.

Who do you contact first?

Seller must contact a qualify Real Estate office specializing in short sale negotiations. Please feel free to contact Bold Real Estate Group for more information or concerns about the short sale process.

How do I get the lender to reduce the amount of the mortgage owed?

Many lenders will not negotiate the mortgage balance until a written Contract for Sale and Purchase has been received. The seller is often asked to submit income tax returns, income stubs and other information so that the lender can determine if it is truly a hardship case. The bank will also need comps or a broker’s price opinion showing your estimate of value. Bold Real Estate Group short sale division will assist with all negotiations towards a successful resolution.

What if the lender won’t reduce the amount of the mortgage?

Unfortunately, not all lenders will reduce the amount of the mortgage if they feel that the seller can pay the deficiency. In this case, the seller will have to either sign a Promissory Note to the lender, borrow funds from relatives or other sources, or the sale won’t go.

Are there any tax implications for the forgiveness of debt?

The forgiveness of any debt is imputed income to the seller for tax purposes. A 1099 is usually given to the seller at closing and the imputed income is listed on the HUD-1.

What is Necessary from a Successful Short Sale Negotiator?

Sophisticated financial knowledge
Understand the lender’s language
Reliable – a company with name to protect
Time, time and more time
Accurate paperwork
Experience
Legal knowledge
Negotiation skills
Strong supportive administration
Capability to handle high volume
Legal reasonability

Bold Real Estate Group Short Sale division is dedicated to working with home sellers towards a successful resolution of the Short Sale process. Our legal assistant will collect and review all the necessary documents, research tax, title and liens on the property and purchase contract for lender review. Our legal assistant will not collect a retainer fee for services. Legal fees and Real Estate commission will be paid by the lender as part of their NET loss for the short sale approval. Your lender is contacted weekly for updates and make sure positive progress is being made on the file. Please feel to contact our office with any questions or concerns regarding our short sale process.

Don’t buy that furniture and flat screen TV just yet if you’ve recently applied for a mortgage

Millie Gil, Lic. Florida Real Estate Broker — Fri, 03 Jun 2011 15:37:23 +0000

Investors are requiring that we order a second full credit screening just prior to closing. This last minute screening is designed to determine whether you’ve incurred any additional debt between the date of your loan application and loan closing. If additional debt, or even application for new debt, is discovered you may experience a delay, or a hold on your loan closing. We’re talking about debt of any kind, a new credit card, line of credit, appliances, furnishings, TV’s, automobiles etc. For many borrowers it’s difficult to fight the urge to shop for all the things needed for the new home. You go to Best Buy or Home Depot and it’s difficult to pass up 0.00% financing with 2 years of deferred payments. If you take on new debt large enough to exceed the original debt to income ratio, or there are recent inquiries in to your credit, your deal could unravel just before the finish line.

Fannie Mae spokeswoman Janis Smith said lenders “will have to look for things like new credit accounts, increased credit lines, increased balances on existing accounts, undisclosed or newly recorded liens, second mortgages — anything that may have changed since initial application that might impact a borrower’s debt-to-income ratio.” Home buyers and refinance borrowers need to resist any additional credit of any kind prior to the closing of their loans.

If you’re purchasing a home or refinancing, it’s crucial that you be aware of these new rules and proceed accordingly. If in doubt contact your lender about any additional credit you’re considering and make sure you’re given the green light.

Source: Kim Davis

Mortgage Loan Originator NMLS #272652

Group One Mortgage NMLS #53185

900 E Indiantown Rd Suite 110

Jupiter, Fl 33477

561-745-6075 fax 561-747-8409

HUD NEW 2011 Income Limits

Millie Gil, Lic. Florida Real Estate Broker — Fri, 03 Jun 2011 15:02:05 +0000

HUD has released the estimated median family incomes (MFIs) and income limits for Fiscal Year (FY) 2011. MFIs are used as the basis for income limits in several HUD programs (including the Public Housing, Housing Choice Voucher, CDBG, and HOME programs), as well as in programs run by agencies such as the Department of Agriculture, the Department of Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and Government Sponsored Enterprises.

FY 2011 estimates are calculated for 535 metropolitan and 2,037 nonmetropolitan areas in the U.S. and its territories, using the Fair Market Rent area definitions applied in the Section 8 Housing Choice Voucher program. HUD updated the methodology for producing the FY 2011 estimates, which are now based on the five-year American Community Survey data from 2005–2009, rather than the 2000 Decennial Census. The FY 2011 income estimates and limits documentation system explains the derivation of each area’s limit and median income estimates and links to the current Income Limits Area Definitions and other useful information available from HUD USER at http://www.huduser.org/portal/datasets/il/il11/index.html.

HUD has also developed a set of income limits specifically for projects that rely upon Internal Revenue Code Section 42 Low-Income Housing Tax Credits and Section 142 projects financed with tax-exempt housing bonds and that were in service in 2007 and 2008. Projects in these two categories are referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs). The FY 2011 HUD MTSP income limits documentation system explains the derivation of each area’s MTSP limit and median income estimate and provides other useful information available from HUD USER at http://www.huduser.org/portal/datasets/mtsp.html

Now it's the time to buy in Jacksonville Florida

Millie Gil, Lic. Florida Real Estate Broker — Thu, 02 Jun 2011 15:53:10 +0000

The City of Jacksonville Beach is where you will find 20-miles of shoreline with three magnificent beaches; Atlantic Beach, Neptune Beach and Jacksonville Beach featuring the quarter mile long Jacksonville Fishing Pier and the best surfing waves in the region. Jacksonville Beach is a business, resort, and residential community offering oceanfront hotels, great dining, shopping from antiques to art galleries, an eighteen hole municipal golf course, family entertainment, festivals, concerts and much more. Atlantic Beach and Neptune Beach provide the ideal place for seaside biking and wonderful strolling. The two beaches meet at Beaches Town Center, surrounded by historic upscale galleries, shops, outdoor restaurants sandy beaches, and popular pubs. Enjoy many city parks recreational activities, nature trails, canoe, kayak, late night skates, art walks, outdoor concerts, and great campout under the stars.

Sunday Open at Cascades Port St. Lucie

Millie Gil, Lic. Florida Real Estate Broker — Thu, 02 Jun 2011 15:44:51 +0000

Offered at $227,499

CASCADES PORT ST. LUCIE HOME REDUCED FOR QUICK SALE!

2 Bedrooms & 2 Baths, Den/Office, 2 Car Garage, Lakeview

Call For Community Tour of Cascades at St. Lucie West (772) 224-1634 or (772) 224-9011

If you’re looking for an incredible lifestyle clubhouse, please come to preview a gorgeous Ruby model home in the unique Cascades lifestyle community. This beauty possess two bedrooms, two full bathrooms, a lovely Den/Office, formal dining room, living or family room overlooking a wide lake, nicely done kitchen with large size cabinets, large breakfast area inclusive with table, chairs and built-in angled extra seating with cushions, new gas heater in March, 2011, gas range, gas interior heat, plenty of closet space, two car garage, screened lanai overlooking the lake and exotic birds. This beauty is a rare find!

Rent or Buy and experience the lifestyle you deserve. The Cascades at St Lucie West is a premier resort lifestyle active 55+ community featuring Mediterranean-style architecture and beautifully manicured grounds.

The Cascades offers it’s own 9-hole golf course, 10 lighted Har-Tru Tennis Courts, a 26,000 sq.ft. Clubhouse, outdoor pool & spa, fitness center, sauna, multi-purpose ballroom, media room, library, and card and billiards rooms available to enjoy year round, yoga classes, tai-chi classes, water aerobics, bridge class, bocce, scrabble, games, computer class, music & performing arts club, art and crafts, ballroom dancing, theater, travel clubs, mah jongg, Canasta, book club, poker club, weekly events and much more! Gated entry with 24-hour controlled access for privacy. St Lucie West is the location of the New York Mets spring training program. The community is conveniently located, minutes away from theaters, houses of worship, great restaurants, movie theaters, post offices and hospitals. Contact Bold Real Estate Group for a complimentary tour and let us welcome you to your dream home. Your best investment opportunity is at The Cascades! Short Sales, Foreclosures and Rentals available. Single family homes priced as low as $134,900

Having the right real estate agent means having an agent who is committed to helping you buy, sell or rent your home with the highest level of expertise in your local market. This commitment level has helped me build a remarkable track record of delivering results.

Nothing is more exciting to me than the gratifying feeling I get from helping people meet their real estate needs. You can count on me to always do what’s in your best interest. I pride myself on being honest, trustworthy, and knowledgeable in the real estate market. I know how important it is to find your dream home. Therefore I will make it my responsibility to help you achieve those goals.

Whether you are an experienced investor or a first time buyer, I can help you in finding the property of your dreams. Please feel free to browse my website or let me guide you every step of the way by calling or e-mailing me to set up an appointment today.

Concierge: Bold Real Estate Group will provide concierge services including set up of excursions and area information.

Dining and Shopping: Residents will find an enticing selection of restaurants in the area, ranging from light meals and fast food to gourmet dining. Nearby shopping venues include mainstream consumer retail outlets, shopping mall and specialty boutiques.

Health Care: Three nearby hospitals, Lawnwood Regional Medical Center, St. Lucie Medical Center and Martin Memorial Health Systems provide complete modern medical care including 24-hour emergency services. Martin Memorial’s St. Lucie West Walk-In Clinic is located in the St. Lucie West area.

Now It's The Time To Shop For New Home! Ponte Vedra, Palm Coast, Jacksonville, Orange Park, St. Augustine

Millie Gil, Lic. Florida Real Estate Broker — Thu, 02 Jun 2011 14:50:31 +0000

Bold Real Estate Group understands that you may be in the information-gathering stage and may not be ready to open up about who you are or your real estate needs at this time. Click on your community of choice and complete form to receive your FREE information packet to preview new Florida developments .

Jacksonville New Communities

Emily’s Crossing located in the heart of Mandarin. NO CDD BOND FEES

Greenland Chase located in the heart of downtown Jacksonville, minutes away from shopping, dining, entertainment and the airport. NO CDD BOND FEES

Victoria Lakes located north of the Dames Point Bridge, minutes away from shopping, dining and entertainment. NO CDD BOND FEES. Move-in ready homes starting from the $160,000s

Cimarrone Golf & Country Club located in St. Johns County with high performance Energy Star built homes. NO CDD BOND FEES. Move-in ready homes starting from the $279,000s

Caroline Harbor located in east Arlington with high performance Energy Star built homes.

North Creek located in Jacksonville 10 minutes from the airport, offering beautiful single family homes. Single Family homes starting from the $160,000s

Sweetwater A retirement community featuring 2 bedrooms and 2 baths with great amenities and clubhouse. Single Family homes starting from the $159,990s

St. Augustine New Communities

Samara Lakes located in the heart of the World Village area and highly rated St. Johns county school district. Single Family homes starting from the $150,000s

Murabella beautiful homes surrounded by golf courses offering Italian style designs. Single Family homes starting from the $180,000s

World Golf Villages located in St. Augustine offering 2,700 acres of nature preserves and two of Florida’s finest golf courses including the King & Bear and the Slammer & Squire. Move-in ready homes starting from the $318,000s

Whisper Ridge Reserve Build your custom home on your homesite starting from the $99,900s Move-in ready homes starting from the $129,990s Custom luxury homes on 1/4 acre lots with lake frontage available.

Ponte Vedra New Communities

Nocatee Greenleaf Village A beautiful coastal community minutes from miles of pristine beaches, golf courses, airport, shopping malls, and historical towns of St. Augustine and Fernandina Beach. Move-in ready homes starting from the $175,000s

Riverwood at Nocatee A retirement community offering 2-3 bedrooms including magnificent new clubhouse. Single Family homes starting from the $149,990s

St. Johns New Communities

St. Johns Forest located at I-95 and CR 210 with easy access to Jacksonville and St. Augustine. A gated community featuring great amenities including clubhouse, fitness center, children playground. Move-in ready homes starting from the $220,000s

Durbin Crossing North A beautiful community with over 2,000 acres of carefully planned neighborhoods located minutes from I-95 with easy access to beaches. Move-in ready homes starting from the $266,900s

Wellington Park at Aberdeen A master planned community offering 1,316 acres with impressive amenities, including soccer field, and lighted softball recreational facilities. Move-in ready homes starting from $220,000s

St. Johns County

Welcome to the St. Johns County, Florida
St. Augustine & St. Johns County Chamber of Commerce
City of St. Augustine – Department of Heritage Tourism
St. Johns County School District
Flagler College Learn about nearby Schools

Orange Park New Communities

Forest Hammock A single family neighborhood environment providing outdoor recreational amenities, nearby Jennings State Forest and Cecil Commerce Center. Single Family homes starting from the 150,000s

Creek View At Oakleaf Plantation A masterplanned community on the west side of Jacksonville. Single Family homes starting from the $170,000s
Southern Hills at Eagle Landing A beautiful golf course communityoffering tennis, pool, fitness center. Eagle Landing features an 18-hole championship golf course. Single Family homes starting from the $230,000s

Palm Coast New Communities

Forest Park Estates Homesites range from 1/3 of an acre to over 1/2 acre with beautiful mature hardwood trees. Single Family to be built homes starting from the $243,900s Move-in ready homes available.

Rivergate A private gated community, Now selling final phase of Single Family homes starting from the $160,000s

Palm Coast Plantation build on your homesite starting from the $99,900s Move-in ready homes starting from the $129,990s

Grand Haven A master-planned community with a 4,000 acre nature preserve, walking & biking trails and the Interacoastal Waterway. For the golf enthusiast, memberships are available for the Jack Nicklaus signature golf course. Single Family homes starting from the $137,990s Move-in ready homes available

Hidden Lakes build on your homesite starting from the $159,990s

Flagler County

Flagler County Chamber of Commerce
Flagler Beach, Flagler County, Florida
Welcome To Flagler County Florida
City of Palm Coast
Flagler County Public Schools
Public Transportation Info for Flagler County Learn about nearby Schools

Buying Property Overseas? By Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Fri, 20 May 2011 22:43:11 +0000

Today I write today with some more disturbing news about North American Baby Boomers and the state of their retirement funds. The alarm bells have been going off ever since the shocking report released by Ernst and Young warning of massive shortfalls in retirement savings on the part of many pending retirees. It talks about drastic cut backs in life style and quality of life to ensure than many don’t outlive their nest eggs.

In E&Y’s words:

Many of the 77 million baby boomers retiring over the next few years will face unprecedented challenges in maintaining their standard of living in retirement.

The analysis finds that almost three out of five middle-class new retirees can expect to outlive their financial assets if they attempt to maintain their current pre-retirement standard of living. To avoid outliving their financial assets, middle-class retirees will have to reduce their standard of living, on average, by 24 percent.

Many Americans will have to reduce their standard of living significantly due to fluctuating investment returns and the probability of spending more years in retirement.

Source: Ernst & Young LLP “Retirement Vulnerability of New Retirees: The Likelihood of Outliving their Assets”.

It’s hard to believe that 60% of retirees will have to cut their lifestyle by a quarter or more just to have enough to survive. Survive? What about thriving and enjoying the best of things in retirement? These are serious issues.

It is precisely because of these realities that retirement overseas is gaining popularity. In fact, over 4,000,000 Americans are already living abroad and already nearly 500,000 retired US citizens pick up their social security checks at embassies around the world. These folks know that you can actually have a substantially higher quality of life for much less money. Yes, a higher quality of life that costs less.

You may be one of these people who have considered, or are now considering a move overseas. It is however, a different world outside of the Unites States and you must know that in most areas it is a land of “buyer beware.” It is precisely because of this, that we want to invite you to an informational seminar entitled “The 15 Must Ask Questions Before Buying Property Overseas.”

This one-hour, free presentation is hosted by Michael Cobb, an expat development professional living and working in Latin America for more than 17 years. His anecdotal stories will entertain and drive home the importance of asking the right questions. Armed with good information, you’ll make wise decisions. This seminar is a “must attend” for anyone considering overseas property ownership.

Please mark the dates May 24^th, Ft. Lauderdale and May 26^th, Bradenton. Your attendance will likely save you tens of thousands of dollars and tons of heartbreak if you decide that a move or property ownership overseas makes sense for you. E-mail now to reserve your spot. Seminars in the past have filled up quickly. Contact our office boldrealestategroup@comcast.net

For those of you considering a home overseas, you already know about the enchanting quality of life experience waiting for you. You know that you will enjoy your new home and perhaps even your “Golden Years” in a fashion most never imagined possible. Remember, a full time maid and part time gardener in many countries will cost you less than $200 per month and dramatically change the way you live. Imagine: no more chores….. ever.

And it gets better. Imagine the years of fun you’ll have with kids and grandkids enjoying year-round warm weather, swimming in the ocean, beachcombing for shells, teaching them ride a horse, gardening, snorkeling, sailing, fishing, exploring 400 year old cities, hiking in the rain forest, or just kicking back and reading Dr. Seuss to them under the shade of a palm tree. The choices are nearly boundless and the opportunity to create a unique and exciting set of memories for them and with them will become part of your legacy gift to them. A gift that they will tell their kids and grandkids about too.

Please plan to attend this event if you’ve ever considered a home or property overseas. For just 60 minutes of your time, you’ll take home a set of incredibly valuable information and ensure a far better overseas ownership experience. We hope you join us. Contact me for details and to reserve: boldrealestategroup@comcast.net

Should You Build A New Home Or Buy Older With Personality? By Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Fri, 20 May 2011 22:00:29 +0000

It’s your most important decision yet – buying a home; but who knew just the thought would dredge up so many decisions?

Buyers on the market today have three main options: building from the ground-up, buy old, or focus on new homes. Your budget will likely have the biggest influence on your choice, followed by your homeowner goals and current availability in the market.

Here is a comparison of the options to help you narrow down your choices.

Buying New

If you are buying your first house, there is nothing quite like knowing that everything you do, change, or add will be all your own. New homes are untouched and fresh, which means they can be tailored to suit your individuality and you know exactly where all of the materials were sourced and how they can be obtained again if repairs arise. If you decide to make additions or alterations, new homes won’t hold many unpleasant surprises such as weak foundations, poor soil quality, or other damaged areas that were undiscovered during the initial inspection. Most of these modern dwellings are also far more eco-friendly with future modifications being just as easy to make. Buying new is also a great way to boost the economy, and you may find a great deal since many developments are still left empty.

Buying Old

The appeal of something with a bit of personality and character, or an engaging history, and potentially lower prices is a bit compelling. Some buildings, such as those that are of rare architecture or in certain areas, are better guaranteed to retain and continue building value over the years. Certain dwellings such as craftsman bungalows or ornate Victorian designs will always have a reliable niche market of interested buyers, while new homes may suffer from lack thereof. Sometimes it is the history that draws buyers into older residences. A famous person or historical figure may have lived there, or an important event may have taken place in the house. This may not add any intrinsic value to a house, but it can add to personal appeal. You’ll be more confined by current layout of the house and there may be more repairs necessary, so before you think you’ve found a great bargain, be sure to get a thorough inspection. You won’t save much if you have to shell out for a brand new roof in two years.

Building from the ground up?

For the very brave, new homes aren’t even fresh enough and there are those that prefer building from the ground up. Creating your own house can be a very rewarding, frustrating, and expensive experience. While people have many expectations regarding planning and building their own abodes, one thing is guaranteed: it will take a while. There are almost always setbacks and holdups during construction, so always add extra room in your timeline, not to mention the budget. Delays can add up as well as materials. Estimations of expenses are always rough, so plan accordingly. Building is a good option for those with a specific vision in mind or needs that traditional architecture can’t fulfill.

You have many options for your new home. Carefully consider these and other factors as you start down the path of home ownership.

You Really Save Buying A Foreclosed Home? By Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Fri, 20 May 2011 21:40:01 +0000

Everyone has heard how good of a deal you can get when you purchase a foreclosed home but just how good is “good” and how do you negotiate a good deal?

Finding the Deals

Remember that negotiation dealings will vary depending on the current stage of the foreclosure process.

• First, to get a great deal you should consider fixer-upper foreclosed homes for a higher profit margin. Fix the property up and instantly you’ll increase the value in the home. This type of distressed property can be purchased under market value with a renovation loan to take care of needed repairs.

• Check prices in the neighborhood. Your realtor will do comparisons of the most recent six-month period. You’ll want to stay at least 20 percent below the median price of recent sales in that neighborhood.

• Search bank websites since many list their foreclosed properties for sale online.

• Look up government-owned listings. HUD and Fannie Mae, just to name a few, both list their foreclosed properties online. Once you find a home you’re interested in, your agent will make an offer through the representing agent of that property. But the departments warn that the homes are sold “as is” and after the sale is made, the government is not responsible for any repairs or problems.

Negotiating with the seller (banks)

Find important clues to cleverly negotiate with the banks;

• Days on the market: How long has the property been in the market?

• Offers received: How many offers have been received so far? You may not necessarily get an exact figure, but it does not hurt to ask. Is the foreclosed house under contract or are there any pending offers? Was any contract canceled? Was it due to a financing contingency or inspection?

• Condition of the foreclosed property: Age of the house, roof, appliances, air-conditioning unit, water heater, etc.
While a foreclosure seems like a good deal, foreclosures can come with some downsides including homes that have liens against them. It can also be difficult or downright impossible to inspect foreclosed homes in advance of their sale, which means there’s no time to check if the basement is flooded or if there are any appliances left.

So while its harsh, it’s still true that you can benefit from others misfortunes by seeking homes reclaimed by lenders. While foreclosed properties do involve risk the bargains are way-to-good to pass up.

Does Your Home Have Potential Trouble-Spots in Safety and Security? By Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Fri, 20 May 2011 21:33:43 +0000

Single family homes are twice as likely to be burglarized as apartments, hotels or businesses. The most likely things to be stolen in a burglary are cash, small electronic equipment, home computers, cameras, jewelry, furs, tools and hand guns.

Few people really bother about security until something happens to them or a neighbor. There are many things homeowners can do to make their home less of a target. Remember, the two things a burglar fears most are being seen and having to take too much time to complete the crime.

While burglars typically “target” a home when no one is home, if you surprise one in the act, your chances of being injured are too high to attempt to intervene. A sobering statistic shows many homeowners attempting to defend their home with a weapon end up having it turned on them.

Did You Know?

Many local law enforcement agencies will provide a free “walk through” of your property. The purpose is to identify all potential trouble spots and determine what steps can be implemented to improve the overall security of your property.

A few words of caution though; if you have a third party security company do a survey for you, this is their opportunity to get their foot in your door and try and sell you their security devices, which may not be a bad idea.

Dead Giveaways that say “No One is Home”

• Always closing the drapes ONLY when you’re not home.
• Newspapers piling up outside the front door
• Turning on front outside light that remains on for days

Top Tips and Deterrents

• Alarm sensors for windows and doors; many burglars will break a window before entering to see if you have an alarm; noise that neighbors could hear turns most burglars away.

• Exterior door should be at least 1¾ inches thick and any glass paneling should preferably be laminated

• The best deterrent you can get is a menacing dog; close to 90 percent of convicted burglars say that a dog is not worth the time spent trying to break in.

When thinking of what you can do to deter a burglar don’t consider the after effect, such as the burglar getting caught.

We all want the burglar to get caught; consider what you can do to stop them before they break into your home.

10 Tips to Create the Illusion of More Space for Small for Small Homes by Bold Real Estate Group

Millie Gil, Lic. Florida Real Estate Broker — Fri, 20 May 2011 21:15:49 +0000

We all know by now we should de-clutter to make rooms appear larger but who wants to pack away that treasured antique furniture that dear ole grandmother gave you?

It might be time to try some decorating tips that will help you make rooms look larger and use your space wiser.

1.Go Vertical

Extend cabinets, wall units and bookshelves to the ceiling; especially the kitchen cabinets.

2.Go Lighter

Paint walls light or use pale colors which make the rooms look wider.

3.Go Brighter

Use recessed lighting, inexpensive wall sconces and standard tube-like skylights instead of table or floor lamps; light closer to the ceilings also widens a room.

4.Add a Splash of Wow! Don’t Be Boring

Adding bold accents with varying patterns, prints and colors can deflect thoughts that a space is small. This is an area which you’ll want to experiment. And separating the walls of a small room into blocks of color can also add visual depth.

5.Utilize Wall Space

Place hooks and magnetic strips on walls in the kitchen and elsewhere and use them to hang pots, pans and other objects to off tables and counters. This emphasizes focus from smaller units to the walls.

6.Size Matters

Measure your space and furniture before any purchase. Couches designed to hug walls are a great way to open up a room, and armless couches and chairs can create the illusion of space. Floor cushions are a good alternative to create seating without adding more furniture and can be easily stored when not in use.

7.Watch Your Angles

Furniture that sticks out at the wrong angle in a small room can draw the eye and make it appear even smaller.

8.Make a Small Bathroom Appear Larger

Small bathroom design can be made to look larger with a few fast easy decorating tips. Enhance small bathroom space using pale, cool colors that reflect light; whites, pastels, and neutral colors to make the bathroom appear larger than it really is.

9.Small Dining Rooms

The easiest way to create more space in a small dining room is to downsize the table. A small dining room table, or one with removable leaves that can be stored away when not in use, will go a long way in making the room look more open and spacious.

10.Decorating for a Small Living/Family Room

It is one of the most frequently used rooms in the house, especially for purposes of entertaining and relaxing, so decorating a small living room to be warm and inviting yet still appear spacious is very important. Sometimes the most effective way to increase usable space is to simply reorganize the furniture. Get as many items off the floor as possible by repositioning them on shelves if possible.

6 Tips for Choosing the Best Offer for Your Home

Bold Real Estate Group — Wed, 27 Apr 2011 14:31:24 +0000

6 Tips for Choosing the Best Offer for Your Home

By: G. M. Filisko

Published: February 10, 2010

Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Did You Know? Fannie Mae First Time Homebuyer Program

Millie Gil, Lic. Florida Real Estate Broker — Sun, 17 Apr 2011 22:47:03 +0000

Fannie Mae wants to help more buyers afford to purchase their new
home. That is why we are offering up to 3.5% in closing cost
assistance for HomePath® properties beginning April 11 through June
30, 2011.

Eligibility Details
• Initial offers must be submitted on or after April 11, 2011.
o Buyers must be owner occupants (i.e., the home will be their primary
residence), and buyers are required to sign an Owner Occupant
Certification Rider to the Purchase Addendum with all initial offer
submissions.
• Sale must close on or before June 30, 2011.
• Other restrictions apply. For more information about the offer
including the terms and conditions, visit the Special Offers tab at
HomePath.com.
HomePath.com
Search HomePath.com today for the most updated list of properties. And
remember, all owner occupants enjoy a 15-day preview of all HomePath
properties — without competition from investors — through Fannie
Mae’s FirstLookTM period.

For more information about available homes for sale contact Bold Real Estate Group at communityinfo@comcast.net

Servicing areas: Jacksonville, Palm Coast, St. Augustine, Ponte Vedra, Port St. Lucie, Jupiter, Jensen Beach, Stuart, Palm City, Palm Beach

Moving To Northeast Florida?

Millie Gil, Lic. Florida Real Estate Broker — Wed, 13 Apr 2011 20:42:14 +0000

St. Augustine is located approximate 45 minutes south of Jacksonville, the nations oldest city with narrow brick streets, historic sites, antique shops along San Marco avenue, museums, restaurants and pubs, walking tours and much more.

Ponte Vedra is a golfer’s paradise home to the PGA Tour and The Players Championship, the region offers some of the most prestigious and scenic golf courses in the world.

View thousands of listings www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com

What If You Could Buy A Home 50K Under Market

Millie Gil, Lic. Florida Real Estate Broker — Sun, 10 Apr 2011 23:48:45 +0000

With the unfortunate circumstances of foreclosures, home prices took a nosedive and left lenders with a huge inventory of homes. Some in pristine condition and many that became an eyesore, just waiting for anyone to take it off their hands. Those eyesores are available for sale at bottom dollar pricing.

You’re probably familiar with many of the acronyms including REO’s that banks are holding title to. These are homes that were foreclosed and were not sold at auction. These REOs are sitting there on the banks books waiting for the right owner at an unbelievable price.

Many of us have been looking at homes without real vision and seeing the potential the home may have. You can walk through a home where the appliances have been removed and copper pipes pulled out or perhaps even the walls have holes; but don’t turn and run just yet because a 203K Rehab loan could repair and upgrade all of that.

First of all, don’t let all the guidelines and paperwork scare you because there are some steps to take in order to secure a 203K Rehab loan; but they’re simple steps;

• Identify the property you’re interested in

• List specifically what must be done to the property and what you “want” to be done

• Give the items on your list an approximate estimate for the work to be done (get a contractor to provide some estimates and other general help)

• Submit the offer with your list

• After the offer is accepted contact a licensed contractor for an itemized estimate

• An FHA appraisal will be done and it will outline what absolutely must be done

• Revise and fine tune what will be done and we’ll make a final FHA worksheet

• One closing and we are done!

The 203K Rehab loan is designed to allow homebuyers to purchase and rehab a home with a small down payment on a house and use their leverage to roll costs into the loan and still personalize with repairs and upgrades right from the start. It’s like starting off with a shell and customizing it. This rehab loan is definitely not for the homebuyer looking to move-in quickly, since any construction takes time to plan and complete. This is for the homebuyer that has a long-range plan.

Think of how much money is saved when you can get a deal on a home and then customize it to your liking.

And just because a home is labeled as a foreclosure doesn’t mean it’s gutted from the inside out. Many of these homes are in perfectly good shape with minor needs for repair. Here is a solution for finding your dream home and improving upon what you have.

Everyone assumes bankruptcy automatically means you bid farewell to credit and that’s not necessarily true; you can get approved for a mortgage after going through a bankruptcy but there will be conditions you need to meet.

First of all, anyone that files for bankruptcy needs to have a plan to restore their credit. This is a tool for you to restart your financial future yet many people let this opportunity slip away.

Yes, bankruptcy is damaging to your credit however, lenders look at this as a clean slate and you are really in a better position than most individuals because you can build up a new reputation. Keep in mind, there are many reasons people file for bankruptcy and creditors take this into consideration.

Bankruptcy often reduces credit scores by 100 to 150 points and if you have filed a Chapter 7, it will normally takes2 or 3 years to attain scores required to qualify for a new mortgage.
If you have filed a Chapter 13, you will not qualify for a mortgage until you fulfill all your scheduled payments; the newest bankruptcy laws prohibit debtors from obtaining credit during the payment phase, unless you can get court approval.
Individuals who file mortgage bankruptcy to stop foreclosure and later lose their property might not qualify for another home loan for at least 5 years. Foreclosed homeowners should consider investigating alternative finance options such as if a seller will carry or lease purchase option agreements.

There are government lending programs such as FHA that have more lenient credit guidelines to help you qualify for a mortgage, even with a prior bankruptcy. If you have a steady job with solid income and have been working to pay off debts lenders will definitely look at the “new you” as a reliable potential homeowner.

You can also use your current home, as well as other assets to use as equity to convince a lender that you should qualify; and always remember, the less money you want to borrow, the less risk you are to a lender so choose a moderately priced home to start with.

The real lesson here is that bankruptcy should not be taken lightly; you must be absolutely sure that it is the best option for you because your credit will take a few dings and you will have to work to show that you are once again credit worthy.

The success rates for the HAMP modifications have been extremely low and the program was best labeled a failure. While there are a few reasons for this disappointment Many servicers have improperly denied homeowners HAMP eligible loan modifications due to improper evaluation procedures, poorly trained employees or due to faulty data; but homeowners who’ve been rejected will now be able to question the validity of these denials.

A new HAMP appeals process will help borrowers understand why they were rejected for the program. This new test falls under the Dodd Frank Wall Street Reform and Consumer Protection Act. Here are some highlights to this new process;

• The HAMP appeals process gives you an opportunity to see what information was used to determine that you were ineligible for the HAMP program.

• Servicers must reveal up to 33 test factors on some mortgages.

• Borrowers have 30 days to dispute the accuracy of the disclosed data

As of Feb 1st, if you are not approved for a trial HAMP modification plan or a permanent HAMP loan modification, your servicer (this does not include Freddie Mac or Fannie Mae backed mortgages) is required to send you a Non-Approval Notice which explains the reason you were not approved and provide you with an opportunity to submit evidence that the information used in the evaluation was inaccurate.

These notices are required to disclose up to 33 key data factors as to why a homeowner has been rejected for the HAMP program. And once the appeal process has been started, the lender is required to provide reasons and justifications within very specific time frames.

Under the Dodd Frank Wall Street Reform and Consumer Protection Act, servicers are also required to supply guidance to you such as how to communicate with the servicer if you wish to dispute the reasons for the non-approval determination and where you can send your evidence.

But is the transparency just more hype because it looks more like a blessing in disguise. Won’t this add a heavy load to servicers who are already under water with mounds of paperwork? Borrowers cannot test the HAMP model’s accuracy, and they will never be able to test their servicers’ assumptions. Although borrowers now have an appeals process, the last word still lies with the servicer; there is no third party to settle any dispute.

Soon homeowners’ will be able to evaluate whether their situation might pass the HAMP test; the US Treasury is setting up a website for consumers to run their own practice HAMP tests.

This should give you a better outlook as to where you stand and how the servicer might view your paperwork.

View thousands of listings www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com

Buyers Scrutinize The Neighborhood Before You Buy

Millie Gil, Lic. Florida Real Estate Broker — Sun, 10 Apr 2011 23:36:56 +0000

It used to be a heck of a lot easier to tell a good neighborhood from a bad one. All you had to do was drive through the neighborhood, perform a quick check on nearby schools, do a crime check and keep an eye out for abandoned properties. If the schools were good and the homes well-kept, the neighborhood was a keeper.

But today, determining whether a neighborhood is good and will hold its value isn’t so easy. The suburbs were once the Mecca of homebuyers with kids the white fence and a dog yet now the burbs outrank urban city centers in terms of poverty.

So how can you tell if you’re buying into a neighborhood likely to hold its value until you’re ready to sell? There are a few ways to properly scrutinize a neighborhood before you buy.

1.Most people have a clear idea of their dream home but they give little thought to the neighborhood. Start by defining what your dream neighborhood is like. Is it walkable? Can you walk to the downtown area? Do you want to live in a historic neighborhood? Do you want to be in an exciting college town or in a more sedate, family-oriented environment?

2.With property taxes being lowered many towns and cities have to cut back on the public services they offer. Parks, libraries and town police often get the ax first. Drive through a potential neighborhood, and then through the town, and look carefully for clues that the city is having financial trouble. Are the streets clean? Are the parks in good condition? Is the grass cut? Check the library as well. Have they had to cut their hours?

3.If you have kids, then the quality of local schools is a huge issue. Even if you don’t have children local schools still matter simply because when it comes time to sell, your buyers may have kids. Research the local schools and think about attending a PTA meeting to talk with parents. You can get an ear full of the neighborhood pro’s and con’s from local parents.

4.Examine the clues right under your nose; do you see a barrage of For Sale signs? Are the surrounding businesses shutting down? These are signs that things might be on the decline.

5.How are the neighbors keeping up their homes? Take a stroll through the neighborhood; look at all the details like sidewalks, grass and trees. How’s the upkeep? Are decks being maintained; what about window coverings? All of these signs tell the story of the neighborhood and how people feel about where they live.

Small details are a reflection of the people living in our communities. When you’re about to invest in one of the most important purchases in your lifetime, you should scrutinize where you will be happy; why wait until after you move in to notice all the things you don’t like about the neighborhood?

View thousands of listings www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com

Sellers Focus On The Listing Price

Millie Gil, Lic. Florida Real Estate Broker — Sun, 10 Apr 2011 23:32:58 +0000

When it comes to buying a home, most potential buyers will use the listing price when determining which homes to look at. Even though the price may be too high and most buyers probably won’t give it a second thought, keep in mind, there are always negotiations. No price is set in stone so if you find your dream home you should certainly try to bargain for a better price.

Sellers

If you set the correct price, you’ll notice a much faster sale. Many homeowners will argue this point with their realtor; you placed so much time and effort in your home and you have a set number in mind. However, setting the right listing price will attract more potential buyers to your property and you’ll also notice an increase in response from realtors, and receive more calls from prospects. The listing price is very important – and it can ultimately determine whether or not you sell your property or it remains on the market.

When you put your home up for sale, most activity will happen within the first few weeks. If you price your home right, you’ll notice immediate interest. There are always buyers looking for homes in a specific price range and waiting for new homes to be listed or homes to be reduced in price. Potential buyers could miss seeing your home completely if the price is too high.

Buyers

The list price greatly determines the search criteria for finding your home. Anticipating that many homes in today’s market are overpriced with respect to their Fair Market Value, some real estate agents may extend the upper limit of the search by $10,000 or so to provide a better selection of homes for the buyer.

To determine the listing price of your home, you may consider having it appraised before you put it on the market. This way, you’ll know the full value of your home. You can sell it for market value or go a little under, although you should never attempt to go way over the value. In doing so, you’ll miss out on a lot of potential buyers.

The home market is very competitive these days, which is why you want your home to draw as much interest as possible. Keep in mind that realtors really have no control at all over the real estate market, only the plan behind marketing.

Realtors don’t determine the asking price – the market does.

If you follow your realtors’ advice you’ll set the listing price in the right area and have no problems selling your property.

View thousands of listings www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com

Find The Note

Millie Gil, Lic. Florida Real Estate Broker — Sun, 10 Apr 2011 23:28:27 +0000

Roughly one of every three mortgages has been found to have a considerable legal discrepancy and this is most notably because a substantial amount of loans are bought, sold and assigned to a third-party.

Most homeowners look to the lender as the owner of the mortgage loan – Wrong!

Individual mortgages are often bundled into pools of similar mortgages and sold on the market as a mortgage backed security (MBS) or investment. After your mortgage loan closes and paperwork processed, your lender probably outsourced the job of managing your loan to another third party company called a SERVICER.

The nation’s four largest banks – JP Morgan Chase, Wells Fargo, Bank of America, and Citibank – are the largest mortgage servicers.

Mortgage servicers have a long list of administrative responsibilities, from collecting monthly payments, maintaining detailed accounting records, paying taxes and insurance premiums, and distributing payments to the investors. For this work, they receive a servicing fee.

The problem with many servicers is that they often fail to maintain proper records. And the fouled-up paperwork and other lack of legal compliance have resulted in a much higher rate of negotiated mortgage modifications.

Each time millions of mortgages are sold the paperwork should exchange hands to the new investors and new servicers; yet this rarely happens. This makes it all the more difficult to decipher the true holder of the mortgage.

So what does this mean for the Homeowner?

When lenders wish to foreclose on a homeowner, the law typically requires them to produce original, signed documents including the mortgage and loan note. While the mortgage documentation is on file at the local courthouse, the note is often lost or misplaced, particularly if the mortgage has been sold. The “missing note” has become a tool for those homeowners who face foreclosure.

Keep in mind, there are varying state laws so while a few states require foreclosure proceedings to go through a judge, there are states that leave it up to the homeowner to file motions to fight on their own. You must be knowledgeable in what to do, what to ask for and what to argue or you can count on running up legal bills for an attorney’s help. And if you’re losing your home, you should get the help of an attorney.

Chances are the lender or servicer cannot put their hands on that original note and any legal proceedings will have to be delayed until they do.

Be proactive; learn everything there is to know about where your money is going and whom are the responsible parties when it comes to your home. Never wait until the last minute to learn how to protect your home and your interests.

View thousands of listings www.Northeast-Florida-Relocation.com or www.BoldRealEstateGroup.com or www.NewYork-Florida-RealEstate.com

Choosing the Casual Mr. Fix-it over the Expert

Millie Gil, Lic. Florida Real Estate Broker — Fri, 08 Apr 2011 18:42:12 +0000

1 in 6 homeowners will hire an unlicensed contractor, with two-thirds believing it will save them money. Believe me, a penny saved is not always a penny earned.

The tragedy of hiring a casual laborer is that it can cost homeowners hundreds of times the money they saved, and worse, it can jeopardize their safety and nullify a warranty.

Many of these workers might not have current knowledge of building codes and many times the unlicensed contractor has not updated his or her education to know the latest requirements for your particular needs.

Handymen are hired to do odd jobs around the house that homeowners don’t have the patience, skills or time to do. From fixing a leaky faucet to hanging an office shelf, handymen provide an affordable alternative for homeowners who don’t want to hire an expensive specialized tradesmen or contractor to do the work.

Handymen are also commonly called in to tackle do-it-yourself projects, like assembling furniture or switching out light fixtures that seem too overwhelming for the homeowner to do.

By outsourcing small home improvement projects you can save a significant amount of time and energy however using a handyman that is not licensed or insured can put you at risk. If an uninsured handyman were to get hurt on your property while working, you or your homeowner’s insurance policy would be responsible for damages. And using an unlicensed handyman can makes things challenging to get fixed if something goes wrong. Unlike a licensed company you would be able to file a claim with their insurance company or through your state.

When homeowners look to save a buck, they often don’t realize the project they thought was easy requires expertise; we’ve all heard the horrific stories for example a homeowner who attempted to do his own wiring rather than hire a licensed electrician.

• The homeowner made a series of mistakes, including connecting aluminum and copper wires of different gauges directly together without using a junction box. The wiring overheated and sparked a fire, and a state inspector ordered that the entire house be rewired. It cost nearly $20,000 to correct.

• A homeowner hired a handyman to build a carport onto his house. The handyman used materials that were too heavy and attached the carport only to the home’s siding, not into the studs. The carport collapsed and crushed the homeowner’s expensive car.

Your home is your castle! Homeowners should always hire a licensed and bonded contractor whenever the work involves a permit, codes, or has other community regulatory restrictions.
And you can always contact your state’s labor department to check on a contractor’s license and surety bond information.

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