Merry Christmas

Merry Christmas! I hope the holiday season brings you lots of rest and maybe a present or two. I'm showing houses tonight so maybe my Buyers will get a signed acceptance before Santa comes!

Let's see what the New Year brings in the housing market. Wish I had a crystal ball...

Warmest Christmas wishes,

First Time Buyers in Jacksonville Running Out of Time!

Okay all of you procrastinators! It's time to get very serious about finding your first home! Time is of the essence! Please don't hesitate any longer. You must have a "fully executed" contract by April 30th with a closing date before June 30th. That's really cutting it close! Today is April 14th and you've got 16 days to find a house! Please don't wait any longer. There are currently 3338 homes in the price range of $120,000 to $190,000 listed in our MLS. Let's go look at a few of them this weekend! :-)

Call me today if I can help. We'll find something in time if you're willing to start looking with me TODAY!

Christmas Real Estate Update Jacksonville

Is it just me, or is this Christmas here to soon? I'm just not ready for it yet. It could have something to do with the fact that it's going to be 83 degrees tomorrow. Somehow, 83 degrees and Christmas just don't seem like a good match! How can we get past this heat?!?!?

The real estate market remains hot too. I got another short sale listing today. Another investor owned property that would be a really good buy for someone. There still seems to be a lot of activity out in the market. Lots of buyers trying to take advantage of the First Time Buyer tax credit. Lots of buyers trying to take advantage of the foreclosures on the market as well as the short sales.

Interest rates dropped so low last week that they are the LOWEST THEY'VE EVER BEEN!! Wow! At one point they were just above 4%. That's amazing!

What are you waiting for? If you've been thinking about buying a house...NOW is the time to act!

In the meantime, I hope the weather cools off, but not the market! :)

Halloween Horror Story for a REALTOR

Once again it's time for me to repost the scariest real estate story ever! It's become an annual tradition to repost this article. I call it my "List Em and Leave Em" post. Don't let this happen to you!

The names have been changed to protect the slackers and the victims...


I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the REALTOR again!! I'm not exaggerating! Check out this story....

New example of a "list em and leave em" real estate company

Wednesday, May 02, 2007JANESVILLE, Wis. - A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda stood in the dining room while Justin and Colleen walked through a house Monday night. Before long, she heard Colleen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," agent Linda said. But then she peered into the bedroom and saw the body of the owner.

An autopsy determined the owner had been dead for two to three weeks, Rock County Coroner Jenifer K said Wednesday. The cause of death remained under investigation, but the woman appeared to have died of natural causes and no foul play was suspected, the coroner said.

The agent who listed the house, said it was for sale "for a while." Agent Linda said she had noticed a faint odor but thought it was from the mess in the house or the countertop full of dishes. After seeing the body, she said she told the couple: "We need to leave. This is not right. We need to get out of here."

I rest my case! If you want to list your house with someone that will communicate with you---give me a call! I look forward to hearing from you. I promise not to list your house and forget about you!

Jacksonville Short Sale and REO Market Keeps on Growing

The number of short sales in the Jacksonville market continue to increase while the number of REO homes seems to be decreasing. There are a lot of foreclosed homes (REO) that are being sold for MORE THAN ASKING PRICE with multiple offers! There are often more than a dozen offers on a foreclosed home that is in good condition. The short sale market is absolutely dead at the moment. In order for a First Time Buyer to purchase a short sale, they should have placed their offer MONTHS ago! Short sales are taking 5-6 months to get to closing so they're not a good option for a First Timer trying to meet the November 30th deadline for closing.

As the homes that have been on the market continue to sit there, more and more of them are becoming short sales as the price has to be reduced. The price drops and the status of the home becomes a short sale. It's brutal out there right now for SELLERS and it's GREAT out there for buyers!

Interest rates are approaching historic lows and the inventory of homes remains high. Now is the time to buy.

Call if I can help.

Short Sales Are The Name of The Game!

Hurry! If you've been watching the market, waiting for just the right time to jump in---now is the time!! Short sales are the name of the game. There are a bazillion of them on the market right now and lenders seem to be getting their act together. I have partnered with one of Jacksonville's finest real estate attorneys, David Heekin, to ensure that my buyers AND my sellers are protected and under the watchful eye of an attorney. There are so many legal ramifications of a short sale that I just felt like it would be a good investment for my clients to have peace of mind throughout the entire process. David is involved from day one. Put us to work for you today before all of the bargains are snatched up.

Foreclosure Rates Continue to Rise

The number of foreclosures continue to increase in the Jacksonville area. Several different auctions are held at least once a month and these tend to clear out large numbers of homes in one afternoon.You can even buy foreclosures online! Lots of empty, foreclosed homes continue to sit in many neighborhoods creating eyesores and in some cases, a safety hazzard.

The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.

I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.

I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!

Call me today and I'll send you info on foreclosures in the Jacksonville area.

Help For Renters Living in Foreclosed Homes

Great news concerning renters of foreclosed properties! I have been complaining and worrying about these tenants for months! I am so relieved that SOMETHING is finally being done. I hope they follow through with all of this and really protect these families caught in the foreclosure mess. This is not fair to the tenants that have been paying their rent and playing by the rules. Please see the article below from the Florida Association of Realtors site today:

Fannie Mae bans evictions of renters

WASHINGTON – Jan. 14, 2009 – Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure.

The new policy will allow residents of about 4,000 properties to sign new leases with Fannie while the property is up for sale. Michael Williams, Fannie Mae’s chief operating officer, said in a statement that the change should “help bring a measure of stability to communities impacted by high foreclosure rates.”

Fannie Mae had indicated last month that it was planning to do so. Sibling mortgage financier Freddie Mac is working on a similar policy, company spokesman Brad German said.

But Amy Marx, an attorney with New Haven Legal Assistance in Connecticut, said Freddie Mac has not been responsive to requests that it do the same, and has continued with evictions of renters in recent weeks.

“We are thrilled that Fannie Mae has done the right thing,” she said. “Our hope that Freddie Mac will follow their lead.”

New Haven Legal Assistance and two other legal aid organizations in Connecticut represent seven tenants facing eviction on properties whose loans are held by Fannie Mae or Freddie Mac. The legal groups argue that financial bailout legislation passed in October requires the companies allow tenants to remain in their homes.

Some households, Marx said, haven’t been notified of Fannie Mae’s policy change by the real estate agents charged with selling the properties.

Fannie and Freddie said last week they will extend a suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the holidays.

The government-controlled home loan giants say the extension will allow borrowers facing foreclosure to keep their homes as they work to modify more loans.

Washington-based Fannie Mae and McLean, Va.-based Freddie Mac own or guarantee around half of the $10.6 trillion in U.S. outstanding home loan debt.

The pair were taken over by the government in September and placed in a conservatorship after mounting mortgage losses put them in distress that was a prelude to the broader financial crisis that hit Wall Street last year.

Jacksonville Homes For Sale

Great Article on Selling Your Home
by Anonymous (I read it online and loved it! Started following other links and never got back to the article!) Enjoy the read. IT IS SO TRUE!

Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.

The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.

The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.

Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.

Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.

A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!

AMEN!

Foreclosure Rates Continue to Rise

There are currently 3000 preforeclosure homes on the market in Jacksonville. If they aren't in full blown foreclosure proceedings, they're definitely in deep trouble. Most are in some stage of the foreclosure process, lots are short sales. In troubled times like these, it's time for the buyers to come out of hiding! Interest rates fell again Friday to below 6%! Now is the time to get into the market! Whether you're a first time buyer or an investor--the time is right. Inventory remains extremely high (which means lots of homes to pick from) and now interest rates are low so it's the "perfect storm" for buyers. I can even tell you about a way to get up to $35,000 in buyers assistance for first time buyers! Yep. You read that right. I can get you up to $35,000 to help get the price down, pay closing costs, do repairs, or whatever it takes to get you into that first home! Call me today and I will put you in touch with the lender that will guide you through the simple process of taking advantage of these funds. Don't wait! Buy today.

What about the tenants??

I've been hit in the face with the harsh reality of what really happens when an investor faces foreclosure on the home(s)he/she bought as rental homes. I've had the unpleasant task of informing renters that the home they're living in is in foreclosure. This is really a bad situation. The renters have been paying their rent on time and have a lease that is good through next year. Unfortunately, they will have to move right away if the home is foreclosed on. They are caught up in the housing nightmare that is engulfing our market. They are the innocent bystanders that are going to suffer through no fault of their own. At least my tenants know!! I have been hearing way too many stories about tenants having Sheriff's officers show up at their door telling them to GET OUT. It's gotten so bad, several cities have begun to refuse to evict these tenants without prior notice. SOMETHING must be done on a national level to ensure that these tenants have ample time to find a new place to live. I'm thinking that if a home is foreclosed on and the property is rented, the tenants should get 60 days to move out. Is this being unreasonable? I don't think so.

I am anxious to see how this all plays out. It's a MESS!

If you're facing a possible foreclosure on your home--CALL ME! Let's see if we can sell it as a short sale.

Jacksonville, FL PreForeclosed Homes

The Mortgage Bankers Association reported that nearly 3 million homeowners were behind on their mortgages at the end of last year. An additional 1-million-plus borrowers were at risk of imminent foreclosure. Wow! As if that's not bad enough, a lot of the borrowers are finding out that they're so upset down, they just mail in the keys! Don't leave your house without a fight! The lenders can't help you, they can't work with you, they can't do a thing except foreclose if you mail in your keys and walk away from your house. Do NOT use this crazy option if you're upside down. Lenders are working harder to help you keep your home. FHA has programs to help with the ARM loans out there right now. The lenders are working with home owners after recieving pressure from the Feds to help them. Hundreds of thousands of distressed homeowners are reaching out for help. The Homeownership Preservation Foundation, part of the Hope Now Alliance, fields more than 4,000 calls daily to its toll-free hotline (888-995-HOPE).

Before you give up and mail your keys to your lender and move out--call me. I'll be happy to tell you what your house value might be based on recent sells and overall market activity. Don't give up yet! I'll try to help.

Jacksonville PreForeclosures

I have been trying to research the subject of foreclosures in the Jacksonville area. It's really sad. Depending on exactly what search criteria I use, the average number is somewhere in the neighborhood of 1300 homes. This does not include Condos. There are approximately 100 of those. These homes are either in some stage of preforeclosure, have already been foreclosed on and are now owned by the lender, or they are currently offered on the market as a short sale. I think that the community of Realtors needs to figure out how we can HELP these people that still have a chance to keep their homes. There are a whole lot more people that are just one late payment away from getting into arrears on their home loan. These are the folks we need to concentrate our energy on. There is hope! If you are in trouble, please read the following tips taken straight from the HUD web site. This will keep you out of trouble!
If you are unable to make your mortgage payment:
1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm

6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Please! Do NOT let your situation get worse! I don't want to sell your house if there is ANY way you can keep it. I could care less about listing your house if it doesn't HAVE to be put on the market. Please exhaust all means of relief before you give up. I will help if I can.