Katie Creek

OCT. HUDSON BEACH CONTINUES IT'S CLIMB ON THE WATERFRONT WITH CASH AS KING!

AS WATERFRONT PROPERTY BEGINS TO CLIMB CASH IS KING!   

Area Sales almost doubled last month with 7 sales in the month of October showing me that Waterfront property may be turning the corner.  Sea Ranch was the only subdivision that didn’t have a sale in the month of October.  Hudson Beach took over the lead with 3 area sales. 2 of these were all cash sales and out of the 5 subdivisions that I monitor, there was only 1 loan taken out for the 7 sales we had.

    
Sea Pines had 1 sale this month and the largest at $230,000.  Currently they also have the highest listed price home at $859,000. with the lowest being in Sea Ranch at $75,300.

Last month we were looking at a total of 51 listed properties in these subdivisions.  Currently there are 74.  A gain of 23 properties on the market since last month! 

 Still time to purchase that waterfront home or condo at a reasonable price!!  Remember interest rates are still running around 4% (mol) a 15 year mortgage may even be less than 4%.

Remember, starting in January the way they check your credit score is going to be changing.  They are going to be looking at things like your mobile phone bill, utility bill, child support payments etc.  This will definitely have an effect on purchasing a home.  If you’re planning to purchase please remember to keep current on your payments as this will now have a direct effect on your credit score.

 With that being said, if you’re thinking of purchasing a waterfront property, remember I work, live and sell in this area.  I would love to help you find that perfect water front home.   Maybe with a dock and a pool?  But, if you’re thinking of selling, call me! 

We’ll go over a personalized CMA of your home and I’ll give you my best advice as a Realtor in this area, as an ASP (Accredited Staging Professional)   and of course as a Consultant.  Ask me what you can do for you to get the best Return on your investment!

I look forward to meeting you soon.
And Thank YOU for allowing me into your home!

Katie Creek
727-415-4669

AS OF 11/1/2011

CURRENTLY IN LEISURE BEACH THERE ARE:
 7 ACTIVE LISTINGS 
2 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $90,000.TO $379,000.



CURRENTLY IN HUDSON BEACH THERE ARE:
20 ACTIVE
3 ACTIVE WITH CONTRACT or PENDING SALE 
3 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $134,000. TO $499,999.


CURRENTLY IN SEA RANCH THERE ARE:
16 ACTIVE LISTINGS 
1 ACTIVE WITH CONTRACT or PENDING SALE
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $75,300.TO $599,000.

CURRENTLY IN SEA PINES THERE ARE:
 11 ACTIVE LISTINGS
2 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $120,000. TO $859,000.

CURRENTLY IN GULF ISLAND AND TENNIS CLUB THERE ARE:
 20 ACTIVE LISTINGS 
3 ACTIVE WITH CONTRACT or PENDING SALE
2 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $99,900.TO $264,999

WATERFRONT IN HUDSON BEACH AREA STARTS TO CLIMB AGAIN!

NEIGHBORHOOD SPECIALIST OF:

SEA PINES, HUDSON BEACH, LEISURE BEACH AND SEA RANCH
NOW FEATUREING GULF ISLAND AND TENNIS CLUB!
(see property stats below)

PROPERTY UPDATES FROM
September 1, to, October 1, 2011

LIVING BREATHING AND LOVING WATERFRONT PROPERTY

AS OF 10/1/2011

WATERFRONT PROPERTY AGAIN PICS UP!!!  Wow, we finally had 4 sales in the month of September showing me that Waterfront property may finally be getting noticed again.  This past month we had sales in Sea Ranch which lead the way with 2 sales.  One for $84,000. bought on a conventional loan and another all cash sale which was sold at $223,000.  This means that Leisure Beach lost its lead last month with only one sale at $126,000  an all cash transaction.  But, Hudson Beach had the largest sale of $290,000. with another conventional loan.

    
With that being said, again in September Sea Pines didn’t have any sales.  The only one of the 4 sub-divisions that didn’t however, they do have 3 pending or active with contract sales.

At last writing there were 40 properties listed on the MLS that were For Sale!  Now we are looking at a total of 51 in our area.  This is an increase of 11 homes since last month. 

 The highest asking price is still $499,999.  with the lowest price still at $75,300.  So this did not change at all this past month.  Still time to purchase that waterfront home at a reasonable price!!  Remember interest is still low with rates as low as 4.01 % this past month!

 With that being said, if you’re thinking of purchasing a waterfront property, remember I work, live and sell in this area.  I would love to help you find that perfect water front home.   Maybe with a dock and a pool?  But, if you’re thinking of selling, call me! 

We’ll go over a personalized CMA of your home and I’ll give you my best advice as a Realtor in this area, as an ASP (Accredited Staging Professional)   and of course as a Consultant.  Ask me what you can do for you to get the best Return on your investment!

I look forward to meeting you soon.

And Thank YOU for allowing me into your home!

Katie Creek
727-415-4669

AS OF 10/1/2011

CURRENTLY IN LEISURE BEACH THERE ARE:
 8 ACTIVE LISTINGS 
1 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $90,000.TO $172,500.

UP FROM LAST MONTH’S $146,000. FROM THE PREVIOUS MONTH
FOR HIGHEST LISTED


CURRENTLY IN HUDSON BEACH THERE ARE:
20 ACTIVE
5 ACTIVE WITH CONTRACT or PENDING SALE 
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $88,000. TO $499,999.
UP $200,000.+  FROM THE PREVIOUS MONTH
FOR HIGHEST LISTED

CURRENTLY IN SEA RANCH THERE ARE:
17 ACTIVE LISTINGS 
1 ACTIVE WITH CONTRACT or PENDING SALE
2 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $75,300.TO $549,000.
UP OVER $100,000 FROM PREVIOUS MONTH
FOR HIGHEST LISTED

CURRENTLY IN SEA PINES THERE ARE:
 8 ACTIVE LISTINGS
3 ACTIVE WITH CONTRACT or PENDING SALE
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $89,500. TO $340,000.
 DOWN FROM LAST MONTHS LISTING
 

NOW FEATURING STATS FROM:
GULF ISLAND BEACH AND TENNIS CLUB 

As many of you know we have a condo complex here in Hudson Beach called Gulf Island Beach and Tennis Club.  This was started years ago and the concept behind this was to teach tennis to upcoming pros. 

Although this didn’t quite work out as expected, it did leave us with an extremely nice water front condo actually directly overlooking the Gulf of Mexico.  Many of these units were redone in the late 90’s and each has a unique view of the Gulf.

Active Units now start in the 90’s with some listing prices as high as $264,999. currently.  Square Footage can run as small as 730 while some of the larger could be 1236 sq. ft, with many in between. 

As with most of our property (waterfront included) there are many short sales in this complex along with Pre-Foreclosure, REO and thankfully some property that is a regular sale. 

With that being said, check out the stats below for Gulf Island Beach and Tennis Club.  As always, if you have any questions or concerns about this property or any property please feel free to email me or call me at your convenience.

AS OF 10/1/2011

CURRENTLY IN GULF ISLAND AND TENNIS CLUB THERE ARE:
 21 ACTIVE LISTINGS 
4 ACTIVE WITH CONTRACT or PENDING SALE
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $99,900.TO $264,999.

See WaterFront Property online at: 

www.FL-WaterFrontProperty.com

Katie Creek-727-415-4669
Florida Luxury Realty

all information is deemed to be correct but not guaranteed

HUDSON BEACH UPWARD TREND ON WATERFRONT PROPERTY ENDS!

NEIGHBORHOOD SPECIALIST OF:

SEA PINES, HUDSON BEACH AND SEA RANCH
(see property stats below)

PROPERTY UPDATES FROM
August 3th, to, September 2, 2011

LIVING BREATHING AND LOVING WATERFRONT PROPERTY!

WATERFRONT PROPERTY HIT THE SKIDS again this last month with only one sale the entire month in the sub-division of Leisure Beach.  Tracking our Water Front Property this month seems that Leisure Beach continues to be a hot area as it again led the way with the only sale!   This Waterfront property went UP from last month’s sales of $179,000 and $137,500.  This property in Leisure Beach sold for $193,000. With a new FHA loan.
    
With that being said, we didn’t have any sales in Sea Pines, Hudson Beach or Sea Ranch.  However, at this time there 5pending sales not counting the 2 in Leisure Beach.

At last writing there were 45 properties listed on the MLS that were For Sale!  Now we are looking at a total of 40 in our area.  This is making the inventory limited for that perfect home but still enough to search for a great purchase.

 Asking price appears to have gone DOWN NOW with the highest asking price now at $449,999. This is a $50,000. Drop in the asking price in the four sub-divisions to a NEW LOW of $75,300. 

Distressed Sales still dominate the market place.  There are many REO Homes, Foreclosures and Pre-Foreclosure property available!  And prices appear to be lower than the previous month.  I wonder if this has something to do with the
 S & P downgrade?  Write me, I’d love to know your opinion.

Also if you’re thinking of purchasing a waterfront property, remember I work, live and sell in this area.  I would love to help you find that perfect water front home.   Maybe with a dock and a pool?  But, if you’re thinking of selling, call me! 

We’ll go over a personalized CMA of your home and I’ll give you my best advice as a Realtor in this area, as an ASP (Accredited Staging Professional)   and of course as a Consultant.  Ask me what you can do for you to get the best Return on your investment!

I look forward to meeting you soon.

Thanks for allowing me into your home!

Katie Creek
727-415-4669

AS OF 9/2/2011

CURRENTLY IN LEISURE BEACH THERE ARE:
 5 ACTIVE LISTINGS 
2 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $90,000.TO $146,000.

DOWN $26,500. FROM THE PREVIOUS MONTH
FOR HIGHEST LISTED


CURRENTLY IN HUDSON BEACH THERE ARE:
16 ACTIVE
2 ACTIVE WITH CONTRACT or PENDING SALE 
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $88,000. TO $299,900.
DOWN $200,000. FROM THE PREVIOUS MONTH
FOR HIGHEST LISTED

CURRENTLY IN SEA RANCH THERE ARE:
10 ACTIVE LISTINGS 
3 ACTIVE WITH CONTRACT or PENDING SALE
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $75,300.TO $449,000.
UP FROM PREVIOUS MONTH
FOR HIGHEST LISTED

CURRENTLY IN SEA PINES THERE ARE:
 9 ACTIVE LISTINGS
0 ACTIVE WITH CONTRACT or PENDING SALE
0 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $115,000. TO $340,000.
NO CHANGE FROM LAST MONTH LISTINGS
 

See WaterFront Property online at: 

www.FL-WaterFrontProperty.com

Katie Creek-727-415-4669
Florida Luxury Realty

Florida Luxury Realty and Katie Creek are not associated with the government and our services are not approved by the government or your lender.  Even if you accept this offer & use our service your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit.

all information is deemed to be correct but not guaranteed

STATS SHOW WATERFRONT NEIGHBORHOOD REBOUNDING

NEIGHBORHOOD SPECIALIST OF:

SEA PINES, HUDSON BEACH AND SEA RANCH
(see property stats below)

PROPERTY UPDATES FROM
July 3th, to August 4, 2011

LIVING BREATHING AND LOVING WATERFRONT PROPERTY!

WOW....Waterfront Sales have taken off and People are realizing that prices will not be this low along with the interest rates for a long time to come.  Tracking our Water Front Property this month seems that Leisure Beach again led the way again!  We had 2 properties that have been SOLD there in the Month July and the first part of Ausust!   These Waterfront property went reasonable at $179,000 and $137,500.  PRICES UP as in May through June the sales were $115,600 and $126,000!!   Still a far cry from the 2005 prices but considerably up in price!!!  
    
With that being said, we also had another sale in Sea Pines.  This one sold for $245,000.  The May though June Sale was at $145,000.  UP AGAIN. However, at this time there are no further pending sales but, there are now 8 active listings!

At last writing there were 58 properties listed on the MLS that were For Sale!  Now we are looking at a total of 45 in our area.  This is making the inventory limited for that perfect home but still enough to search for a great purchase.

 Asking price appear to have gone UP Now with the Highest asking price now at $499,999. to a low of $115,000.  Which is up from Last writing.   Mortgage rates are still at all time lows.

Out of the 5 sales that were generated last month between the 4 sub-divisions, there were 4 properties that sold for all cash and 1 that was purchased with a new conventional mortgage!

Mike Wells, Pasco County Property Appraiser said to be on the lookout for prices to start making the curve and head the other direction.  At this particular time after looking at the stats I have to agree with him.  

Distressed Sales are  continuing to dominate the market place.  There are many REO Homes, Foreclosures and Pre-Forclosure property available!

Don't forget about our FHA203K program.  Get that house looking like brand new in 180 days or less after your purchase.  You'de be surprised at what you'll find out and how this can help you get the home of your dreams!! And yes, you can use it for WaterFront Property!

Also if you're are thinking of purchasing a waterfront property, remember I work, live and sell in this area.  I would love to help you find that perfect water front home.   Maybe with a dock and a pool?But, if you’re thinking of selling, call me! 

We’ll go over a personalized CMA of your home and I’ll give you my best advice as a Realtor in this area, as an ASP (Accredited Staging Professional)  and of course as a Consultant.  Ask me what you can do to get the best Return on your investment!

I look forward to meeting you soon.

Thanks for allowing me into your home!

Katie Creek
727-415-4669

AS OF 8/4/2011

CURRENTLY IN LEISURE BEACH THERE ARE:
 6 ACTIVE LISTINGS 
1 ACTIVE WITH CONTRACT or PENDING SALE
2 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $90,000.TO $172,500.


CURRENTLY IN HUDSON BEACH THERE ARE:
19 ACTIVE
3 ACTIVE WITH CONTRACT or PENDING SALE 
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $299,000. TO $499,999.

CURRENTLY IN SEA RANCH THERE ARE:
12 ACTIVE LISTINGS 
1 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FRON $128,500. TO $349,900.

CURRENTLY IN SEA PINES THERE ARE:
 8 ACTIVE LISTINGS
0 ACTIVE WITH CONTRACT or PENDING SALE
1 SOLD IN THE LAST 30 DAYS

PRICE RANGES ARE FROM $115,000. TO $340,000.
 

See WaterFront Property online at: 

www.FL-WaterFrontProperty.com

Katie Creek-727-415-4669
Florida Luxury Realty

GET A 203K LOAN AND GET THE JOB DONE!!!

203K COMING ON STRONG IN THIS ECONOMY

Perfect location, perfect house but the updating would take so much money.  Would it be worth it?  Well, it may just be. 

OK, I have to admit, I went into this seminar a little skeptical with everything that is going on in our economy.  But, I was pleasantly surprised to hear about something old (Being the 203K) having new life.

FHA 203K has been around since 1978, but not used much, until now.  This program lets you purchase a home and repair the home and everything is figured into your payment.  You can even do additions, or second stories, repair that septic system or well!  This program covers just about anything you can think of within reason.

There are a couple of things to think about when using this program.  First, it will improve the looks of the home itself.  Second, all the remodeling to be done is added in prior to close.  So, you are aware of the bottom line of this home (after the remodeling is done). 

The way it works is this.  Say, you find a nice home around 70K, in a great neighborhood, the location is perfect for you but, it just needs to much work.  Enter..203K…say you need an additional 30K to have repairs done on the home.

Enter the General Contractor for this job, and have him get estimates for what you would like to have done.  Visit Lowes, Home Depot, among others to see what repairs can look like after they are done.  New bathrooms, kitchen, etc.  Many of these places will do sample lay outs for you as well as give you the installation charges. Remember the appraisal on this home will be done on “after the improved value” and not what it is at time of purchase.

They will add the repairs into the sales price of the contract.  So the price now becomes $100,000. After you pay your initial down payment of 3.5% the base loan would be $96,500.  $30,000. Is in escrow for you to use for your remodeling.

It doesn’t stop there; any work that needs to be done must be started within 30 days and completed by 180 days.

There is a couple of catches though.  First, you must use licensed, bonded, and insured contractors for the remodeling.  Some things you are allowed to do yourself however.  If you decide to do this yourself, the money that you have in escrow for this job, will be paid on your mortgage.

Here’s another one, say you’re a cash buyer, but you have no money for fix up.  You can finance with a 203K loan and get the home up to par.  New windows, doors, flooring, appliances, almost anything you need with the exception of a pool or hot tub.

Yes, I have to admit I was really surprised and will be adding this to my list of recommendations!

Katie Creek
727-415-4669
Florida Luxury Realty
Email:  kdsrealestate@yahoo.com

Two Story HOME For Sale in Spring Hill Unit 06

• 2,503 sq. ft., 2 bath, 3 bdrm single story - MLS® $175,000 - AWESOME PROPERTY

Spring Hill Unit 06, Spring Hill  -  Great Room floor plan with 3 bedrooms, possibly 4 if you count the bonus room, 2 bath and 2 car garage. What a beautiful piece of property just view these pictures. Beauiful Trees and a side barn for all those accessories needed for the home.
Sitting on almost 1/2 Acre of land this concrete and stucco home boasts a newer roof, Filreplace & Inside Laundry Room are just some of the features of this home.
Large Oaks, plenty of greens and a view of the lake. EASY access to the Suncoast, U.S. 19, Tampa or any of our Major Airports. Close to all the area beaches, Restaurants and Shopping! 

Property information

Pertaining to short sales, the FTC Mortgage Assistance Relief Services known as (MARS) has asked up to put this in all our advertising:

Florida Luxury Realty is not associated with the Government and your service is not approved by the Government or your lender.  Even if you accept his offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit rating.

DID YOU KNOW YOU CAN HOMESTEAD A DUPLEX?

Most people don’t realize that you can purchase a duplex and homestead one side of it while keeping the other side as a rental.  If you need help with a mortgage this is just the thing to offset you’re payment.   Especially with the interest rates being low right now.

You could probably purchase this home this home for less than $500.00 monthly (not counting taxes and ins.)  at today’s current interest rate?   This is of course with a 20% down mortgage at full purchase price.   Taxes were less than a thousand dollars last year and if you homesteaded, they should be even less!  Insurance on this including flood insurance is running currently $1800.  Not to bad being so close to the water and beaches.

What a great opportunity that is currently available for someone that would like to get started in Rental properties while living close to the beach.  The market is great and it doesn’t matter if you’re a young family, snowbird, or retiree, you couldn’t ask for anything much better.

 With that being said I want you to know that I Ljust listed this 2 bedroom 2 bath Duplex with a 1 bedroom 1 bath rented, and the other side is awaiting your arrival.  Laundry Area could be put in place as it already has all the hookups.  Huge back yard with fire pit ready to go along with that extra storage unit.  A large area Lanai is already in place and that could be screened in if wanted!

Located close to all the area’s fishing and boating facilities.  Hudson Beach is just about a mile away, and only about 45 minutes to Tampa or Clearwater recreation or airports. 

 Area Malls are both North and South of this location.  You are within walking distance to a strip mall that has a major grocery chain and restaurants.  If you plan on purchasing in the next few months, why not think about something like this?  It’s a win-win situation for you, the buyer, and the tenant.  Needless to say, giving you help to pay your mortgage!

You can see this Duplex Online at: 
http://www.fl-waterfrontproperty.com/Listing/ViewListingDetailsAuthenticated.aspx?preview=true&listingid=30880900

Katie Creek
Florida Luxury Realty
727-415-4669

UPDATE ON SHORT SALE and LOAN REDUCTION

As you may know, I have and currently have short sales in process.  The process of a short sale does not appear to be getting any better in fact, sometimes it seems like it continues to get worse and worse.

In the meantime, homes are continuing to drop in value and the market remains unstable.  A couple of years ago I figured that we would be pulling out of this by now but because of the persistance of the lenders and the economy it does not seem it's true here in Florida.

Property here is at a fantastic price which puzzles me why investors haven't been down purchasing some of the best homes available here on the water!  With the interest at an all time low...I have to question, why this is.

On another note, I have just added on to my short sale page at http://shesellshortsales.com  Here you will find the new LOAN REDUCTION that you may have seen on TV.  This came to light late last year as the Attorneys seem to have found a way to help in the Loan Reduction process.  I have been to the classes on this and personally, I can't believe my hears.  But, if this is true, witch seems to be after watching C-Span.....The American People should be outraged.  Go ahead and check this out, it's on the same page as the Short Sale Process.  You may enjoy reading this and if your behind or upside down at all, this plan could be for you.

Hope your New Year is going well, I'll keep you informed on how mine is going.

Join me on FaceBook for updates, there's no to many Katie Creek's around....LOL

 Katie
727-415-4669

Florida Luxury Realty is no associated with the government and our service is not approved by the government or your lender.  Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit rating.

WATERFRONT AT IT'S FINEST!

JUST REDUCED THIS FANTASTIC WATERFRONT AND FANTASTIC FLORIDA!!!  Check out this WaterFront Property available with over a quarter acre.  If you getting ready to build and need a great location you couldn't ask for anything better.  Located on Hudson Creek, Hudson, Florida is noted for it's tides and the tide chart.  Large Deep Water Canal with Newer Seawall already in place just waiting for your boat.  Catch Fish, Crabs, watch Dolphin and Manattes all year round.  Known for some of the areas best fishing and close to Hudson Beach.

Restaurants galore, an Ice Cream Shop just up the street and Flea Market just down the road.  Within an hour to either Tampa International Airport or Clearwater - St. Petersburg's airport.  Come and play in Hudson today!!!

Katie Creek
www.FL-WaterFrontProperty.com
727-415-4669

SHORT SALE UPDATE

I just wanted to pop in and let you know that I just got finished doing a new site about short sales.  You can view this site at:  www.SheSellShortSales.com
Although it's rather lengthy it does give you some insight on short sales and the process that we go through.  Short Sales do not happen overnight although with plenty of perserverance, it will get done!

 Here are a few things that I've learned through my journey this last few weeks, and I thought that I would take this opportunity to share them with you!

IS A SHORT SALE HOME A GREAT DEAL? YOU DECIDE!!!

This depends upon a few different things,  first how much the home initially is, second if the lender will accept your offer, third you’ve heard this before, location, location, location, forth, what the “real cost” of the home is.

While many great deals are out there classified as “Short Sales” there are a few things that a buyer should be aware of.  First and foremost, has the lender OK’D the price of this home?  In other words told the listing agent that they will sell this home at a certain price?  It’s been my experience that there are some agent’s low balling the selling price of a home to get multiple offers on a home.  Thus creating an auction like process. 

Best suggestion before making an offer on a home is to check and see if there are multiple offers.  This will not only influence your offer but, what you offer will be carefully looked over by the lender. 

Another thing that many people don’t realize is the cost of a short sale as lenders now are doing several different things to regain some of their losses.  First, they may try and negotiate an offer, by asking for a higher selling price.  Second, they may ask that you pay the DOC Stamps on the Selling price of the home.  Third, they may ask for you to pay Title Insurance, or possibly both. Forth, they may ask for the buyer to pay all Closing Cost.   Fifth, be aware many lenders will not turn on the electric or water for your inspections leaving you “in the dark” about what may (or may not) be wrong with the home.  Of course, you can pay for this if wanted.

So, let’s take a look at a 100,000 home for instance.    If you are asked to pay Title Insurance on this home, it could be around $775.  Doc Stamps would run approximately $700.  Commissions vary but with 6% commission your cost would be $6000.  And, administration fees, they vary now anywhere from around $250 to $399.  So you see, closing costs on a home can really adds up. 

Your $100,000. Home just cost you about $108,000. More or less.  However, if you need to purchase a mortgage for this home there will be other charges, the mortgage company will charge you for the mortgage, this usually varies from lender to lender.  Along with this charge there will be Escrow for the insurance company, (this is usually one year in advance) Escrow for your taxes.  You may want a Home Warranty then there is another charge, and so on and so on.

So, it could be by the time you are looking to purchase that $100,000. Home it may cost you more like $120,000.  Then it becomes your call if you think the home is worth the extra monies.  By the way, the selling price of the home remains the same of $100,000.  All the while, this process could take several months to complete!

Hope this helps in your process of purchasing a “Short Sale”. 

Katie
Florida Luxury Realty
727-415-4669

The FCT Mortgage Assistance Relief Services know as (MARS) are asking us to put this on all our advertising:

Florida Luxury Realty is no associated with the government and our service is not approved by the government or your lender.  Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit rating.

THE MORTGAGE REVOLUTION: WALKING AWAY

The following article appeared on Housing Watch by Alyssa Kalz, January 25, 2010.

After sending it email to many of my friends I got such feedback that I wanted to share this with many of you.

THE NEW MORTGAGE REVOLUTION:  WALK AWAY!!!

Big real estate developers do it all the time - like yesterday, when the owner of New York City's Stuyvesant Town complex decided to stop paying its $3 billion mortgage. So why are you still writing a check every month on that mortgage that's much bigger than your home is actually worth?

Good question, University of Chicago economist Richard Thaler says. Thaler tells New York Times readers that it's not just alright to walk away from one's over-sized mortgage -- it may actually be a moral imperative. (An earlier Times article, by Roger Lowenstein, said much the same thing.) After all, lenders had no second thoughts about lending more than many borrowers could afford or than the homes might actually be worth. It's just not fair to expect borrowers to follow rules that the lenders don't.

But why stop there? Some commentators are now calling on borrowers to start a mass mortgage strike.

"Remember burning draft cards? Burn your mortgage," the blog DailyKos told readers recently:

"The real risk to the banks and investors is that the people in those homes might just decide to walk away. And that's what we must do. Doesn't have to be everybody, of course; but anyone who finds themselves seriously underwater with no hope of ever recouping their investment....just walk away Renee. Morality has nothing to do with it. You are a cog in the wheel of a machine that is killing this country and if you remain a cog you enable it. Remove your cog and the machine will not keep running. Remove millions of cogs and the machine gets replaced."

Now the call for a borrowers' revolt is being joined by folks who know an opportunity when they see it: real estate agents. Over the past month, agents have been rushing to declare 2010 "the year of the strategic default." Here's Connecticut Realtor Minna Reid:

Loan modifications do not address the real problem of heavy negative equity and are sure to fail most of the time. Even if the homeowner lowers their current payment they are left more trapped than ever. There will be no quick recovery this time. Years later when there is a need to HAVE TO move, the original problem of being upside down remains and the modified homeowner is left to short sell or foreclose once again.

Isn't it better to just cut the losses upfront ?

I know many will consider strategic default wrong or immoral, but as for me, I stopped passing judgment long ago.

Reid is far from the only real estate agent using mass revolt against the banks as a sales strategy. San Diego broker Bob Schwartz asks, "How many homeowners will suddenly wake up to the fact that their home is now worth tens of thousands of dollars less than their mortgage balance? Only the naive will believe that their San Diego home's value will bounce back anytime soon.... Defaulting "strategically" can entice more walk-aways by buying all the major items they may need in the near future, such as a car or even a house, right before they take a hike. As long as you stay current with other mortgage lenders, one could potentially have a good credit standing in 2 years after the walk-away."

And Phoenix agent Bob Stahl joins the chorus, assuring borrowers that a strategic default followed by a short sale won't hurt their ability to get a mortgage in the future.

Many of the agents calling for a mass movement of strategic defaulters specialize in short sales -- selling a home for less than the mortgage on it – something that mortgage servicers will often only consider once a borrower has begun to miss payments. It's ironic that after years of helping push prices up to maximize commissions, real estate agents are now pushing borrowers to dump their properties in short sales, so they can jump in and close a deal.

Still, they may be on to something.

Calling for mass strategic defaults is the equivalent of shouting "fire" in a crowded theater, prompting a stampede to the exits, and stampedes can leave a lot of people hurt – in this case, all the homeowners who live next door to the borrowers who stop paying, and suddenly see their property values plummet.

But there's also potential for millions of borrowers to gain if strategic defaults occur on a large scale. Nearly one in four borrowers nationally owes at least 20 percent more on mortgages than their home is actually worth, and in Nevada and Arionza it's more than half. The Wall Street Journal reports that about 1 million borrowers deliberately decided to stop paying their mortgages in 2009, or one in four of all mortgage defaults. When a critical mass of borrowers stops paying, it makes lenders – really, we're talking about the investors in mortgage-backed securities -- a whole lot more receptive to the idea of lowering the principal borrowers owe on their mortgages to persuade them that it's worth continuing to pay.

"People are spending far more on mortgage and ownership costs than they would to rent the same unit and there is almost no realistic prospect that there will ever get equity in many of these homes," says Dean Baker, co-director of the Center for Economic and Policy Research and author of the book False Profits: Recovering From the Bubble Economy. "Walking away will save them money and also free up money for consumption, thereby providing a boost to the economy. Banks will likely be far more forgiving of people who default in this crisis than they would ordinarily be. This isn't altruism -- they want to be able to make loans."

This is just one of the articles in Housing Watch...Here's the link: 

http://www.housingwatch.com

Katie Creek

727-415-4669

kdsrealestate@yahoo.com

The FTC Mortgage Assistance Relief Services know as (MARS) has asked us to put this on all advertising if we use the term "Short Sale."

Florida Luxury Realty is no associated with the government and our service is not approved by the government or your lender.  Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit rating.

NEW SHORT SALE GUIDELINES MAY HELP YOU RESTART

I just received the following from my title company.  This may help if your possibly thinking about a Short Sale and moving to another location.
Here are the Guidelines, see if you qualify!

Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

Scheduled to launch in April 2010, the Home Affordable Foreclosure Alternatives Program (HAFA) will offer up to $3,500 in incentive payments to qualified borrowers, servicers and investors who complete short sale transactions for properties with loans on the verge of foreclosure.

HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.

To qualify under these new guidelines:

• The property must be the home owner’s principal residence.
• The home owner must be delinquent on the mortgage or close to defaulting.
• The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
• The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

The following incentives will apply:

·         The borrowers will receive $1,500 from the government for relocation expenses.

·         The mortgage-servicing companies will receive a $1,000 from the government to cover administration and processing costs.

·         Investors who hold the first mortgage will receive up to $1,000.00 from the government for allowing the second-mortgage holders to receive up to $3,000.00 of the sales proceeds in exchange for releasing their liens.

In total, each transaction under HAFA will cost the Treasury up to $3,500 in incentive payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Courtsey Keystone Title
Port Richey, FL

Katie Creek
727-415-4669
www.RealEstateHomesFlorida.com

The FTC Mortgage Assistance Relief Services know as "MARS" has asked us to up this on all advertising when using the term "SHORT SALE":

Florida Luxury Realty is not associated with the government and our service is not approved by the government or your lender.  Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage you could lose your home and damage your credit rating.

AMERICAN FORECLOSURES KEEP ON LOOMING

As the economy continues to get blasted from all ends, mainstream Americans are seeing their homes value continue to plummet.  Recent reports show that more than 23% of people that have a mortgage on their property owe more than it is worth.   Another  2.3 million that are within 5 % of being underwater (meaning, owing more than their home is worth) bringing the total to approximately 28 percent. 

Being a Realtor in these tough times is not the easiest thing in the world to do.  Owners can’t get out of their homes to take on another job, or afford to retire to another location if they would like.  Their previous “nest egg” has seen much better days, and walking away from a home may not be the best option for them.  Although, I have to admit, I have seen it done.

With all the Federal Programs out there to help people now, you would think that the lenders would be willing to help out these people however; only about one in five actually are getting help from the lenders.  It seems that they would prefer to foreclose on a property than to try and help the owners stay in their homes.  So, let’s take a look at the picture from my point of view.

Lender not willing to help owners,
Lender then proceeds with the Foreclosure Process
Lender hires an attorney (not cheap)  
Attorney files all paperwork
Now were in the court house stage, where this could set for a year or so.
Meanwhile, owner is living on or in the property without paying anything to lender.
Short Sale may be an option.   However, owner may not have cash to bring to closing table.
People then move, via Short Sale or Foreclosure.

Have you any idea what the price tag of this maybe?  Needless to say if the house has been abandoned, repairs may need to be done, lawn needs to be mowed (extra expense as county will mow) or anything extra that may need to be done could fall back on the lender.  However, most sales are “as is” therefore, you better know what you’re buying.

In the meantime, the lender has lost a year or so worth of payments, had to pay an attorney, perhaps even a Realtor.  I have said it before and I’ll say it again.  If a lender can afford to give someone access to a home for 4% interest to start, do you think that this lender is making money?  Of course they are!  Just not as much as they would like to up front, but plan on it, on the back end. 

With that being said, while the Lenders are giving themselves HUGE BONUSES  you, the average, hard working middle class American take the hit for more taxation and more control by the Government!  

Wall Street and the Players of bigger Government have proven to us repetitiously, that they cannot restraint themselves when it comes to the American Taxpayer Monies.  This being said, if we don’t soon find ourselves someone with real common sense when it comes to matters such as these we may want to consider what our next lifestyle may be.  Perhaps a commune? 

UNDERWATER MORTGAGES:

California:  35 Percent
Michigan:   37 Percent
Florida:      45 Percent
Arizona:     48 Percent
Nevada:     65 Percent

 Katie Creek
727-415-4669
www.RealEstateHomesFlorida.com

THE GOOD, BAD or UGLY HISTORIC HOME CHART

A few months ago I had the privilege of watching Glenn Beck.  He is a huge fan of mine as I feel he is one of the most upfront commentators on the tube today.  The episode that he had on was a chilling tale of what we may be headed for and I think that most Americans would agree that History just may be repeating itself again like it has so many times in the past. 

Even though this video is now 9 months old, it’s nice to review the chart he created of the American Home sales where they were in what era (which got my attention as a Realtor) and where they may actually be headed.  Because many of you do not work in Real Estate you may not feel the same effects that I do, but I think it would behoove us all to take notice of this video and think about it seriously.

http://glennbeck.com/content/articles/article/198/22010/

Since this has been broadcasted we have had the First Time Homebuyers Program, a National Stabilization Program, a Lease Back Program and now a tax credit for people that want to move if they have been in their home for 5 years or more. 

Interest  is remaining low and is projected to creep up gradually.  Inventory is still quite high here in the State of Florida, and the prices are exceptional.  All of these incentives for you to move or to buy a home and yet today, a national poll states that only 5% of American expect to move this coming year. 

Please watch this video and give me your feedback.  I would love to hear what your opinion is of this either way....good or bad.

As they Say "the proof will be in the pudding".