May 2009

Congratulations Courtney and Adam!

  

I love working and selling with my friends. I am really excited for Courtney and Adam as they take this big step in thier lives. I can hear and see the excitement in thier faces everytime we comine into contact. Thier new Sanford home has alot of character. Very pretty looking home. I cannot wait until the housewarming party.

Thanks to Rick Cason with Integrity Mortgage. Thebest mortgage broker out there. your hard work is always appreciated. Also Thanks goes out to Paula Berryhill with Broker’s title for always keeping the closings fun.

Congratulations J!

Another Shortsale property has closed. Congratulations to J and his mother Susan on closing on a fantastic home in Timber Springs. A bueatiful home in a beautiful neighborhood. What a deal too. Best of Luck to J as this is a huge step in his life.

A special thanks goes out to Lori from 5/3rd bank and Tris from Leading Edge Title.

Free Foreclosure List

Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a home. It’s not easy for the average homeowner to find these deals, because you have to keep scouring the paper to see when one comes up.

If you’re the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you’re automatically plugged in to the most current list of Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.

Here’s how it works. Every week, you will receive a FREE computerized report listing the current Foreclosure properties in your desired price range and location. There is no cost for this information, and absolutely no obligation. This insider information, sent to you in an incredibly simple and efficient format, will give you a huge advantage over other buyers in the marketplace.

You can request this free service by simply filling out the information on the form below including the specific price range and area you would like the “Foreclosure Weekly Report” on. When you have completed the form just click the “Submit” button at the bottom of this page.

	Your Contact Information Name: * E-mail: * Contact Phone #: Address: City: State: AL AK AR AZ CA CO CT DC DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY Zip code: Do You Own or Rent?: Own Rent Other Prequalified?: Yes No Please Pre-Qualify Me …………………………………………………………………………………………………………………………… Describe Your Ideal Home Minimum Price: Maximum Price: Location/Area: Type of Property: House Townhome Condo Other Minimum Bedrooms: 1 Bed 2 Bed 3 Bed 4 Bed 5+ Bed Minimum Bathrooms: 1 Bath 2 Bath 3 Bath 4+ Bath Pool: Yes No Don’t Care Other Details:

Buying a Condo with FHA Financing? Think Again.

When the Real Estate bubble burst, so too did the days of snatching up condo’s and flipping them. I’m not Saying that buying a condo is not a good idea or investment these days, but getting them financed has become increasingly harder. Financial institutions these days will not finance condo’s dues to high investor-tenant mix and dropping prices.

KingKwong.com, a Orlando real estate blog  reports that government-backed Fannie Mae and other banks in Florida are refusing to lend money to investors of condo’s unless they meet certain criteria. An increasing amount of condo’s are being purchased in cash these days because of the financing. The prices have dropped to staggering low prices. In area’s such as Vista Lakes and Oviedo, cond’s can be purchased as low as $20,000.

If condo’s cannot being financed, then they cannot be sold and this will lead to a growing number of foreclosed units. When multiple units get foreclosed on then the Homeowners association fee’s are not getting paid, and then the common area’s do not get maintnenced. From there cable can be shut off and the electricity could be cut causing a domino effect in the worse way.

So is buying a condo still a good idea? It can be, but you have to understand that whether you are buying or trying to refinance your condo, lending restrictions have become stricter for these types of projects.

Here’s a look from Fannie Mae at its three new specific characteristics that make a condo project ineligible.

 
• New projects where the seller is offering sale/financing structures in excess of Fannie Mae’s eligibility policies for individual mortgage loans. These excessive structures include, but shall not be limited to, builder/developer contributions, sales concessions, HOA or principal and interest payment abatements, and/or contributions not disclosed on the HUD-1 Settlement Statement. 
• Projects where more than 20 percent of the total space is used for non-residential purposes. 
• Projects where a single entity (the same individual, investor group, partnership, or corporation) owns more than 10 percent of the total units in the project.

Knowing the new restrictions hould not keep you from wanting to buy condos, but it should help you narrow your search down. Contact kingkwong.com here for any other questions you may have.

Report: Orlando area new-home market may be on verge of bottoming out

Kingkwong.com, a orlando real estate blog, has read reports of the new home market on the verge of bottoming out.

Based on studies from a Houston metrostudy, new home builder inventory market has gone down from 4,223 homes at the end of last year to 3037 homes after the first three months of this year.

The four-county metro area now has enough new home inventory to cover the population the size of Eatonville.

Competition from the resale market, bloated with foreclosures and distress sales, is keeping the pressure on housing starts and new-home sales, Metrostudy said. “Existing-home inventory levels have declined but remain high,” said Anthony Crocco, director of the firm’s Central Florida division.