The new VA hospital is attracting businesses

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The City of Cape Coral is unveiling an ambitious marketing strategy, aimed at attracting sustainable business towards the North Cape. The Economic Development Workplace is creating a “Veteran’s Investment Zone” to assist create a business complex around the new VA hospital.

The new VA Outpatient Clinic – currently under construction within the North Cape – is expected to attract hundreds of thousands of veterans. And developers are wanting at methods to profit from the VA’s enterprise.

“We have a important developer seeking at a piece of land to your west of your VA website for workplace and medical parks,” explained Christy Vogt, with the Cape Coral Financial Growth Office.

She says the city’s Financial Advancement Workplace sees the VA clinic as a major opportunity to market the north part of your Cape attractive to corporations.

The EDO has currently coined the area, the Veteran’s Investment Zone – or VIZ.

“We are seeing a great deal of activity there, inquiry from land owners and developers,” Vogt explained.

VIZ borders Diplomat Parkway, Littleton Road and NE 24th Avenue.

According on the Cape Coral Chamber of Commerce, the EDO has already received interest from one business searching to create a hotel near the property.

“There’s a good deal of interest into trying to take the crumbs that fall from the activity that occurs at the clinic,” mentioned Mike Quaintance, of the Cape Coral Chamber.

The Chamber has been providing interested developers with info on area demographics and accessible workforce.

And while it is too soon to tell if the VIZ will succeed, Quaintance says the plan has potential.

“It’s going to create some synergy to draw some organizations which are going to be complimentary on the VA Clinic,” he mentioned.

The EDO plans to hold a public forum in November.

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Comments (2) Sep 29 2010

The use of QR codes in the Real Estate

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In today’s World wide web world of cellular phones, text communications, as well as fast texting, it’s no wonder yet an additional device is growing, the QR Code. Obviously, it would stand for “Quick Response.” Everything is about fast data these days, plus the QR Code for true estate is no exception.

Any person with a smartphone that has the QR code reader computer software installed could capture a picture of that image and they might be taken for the web page for that code.

Describing it a bit much better, you’ll need to have a web-enabled cellphone. That’s becoming much much more widespread nowadays. There might be even much more soon, as the cell providers are upgrading their networks and offering net access at lower rates. Once you’ve the software program on the mobile phone, you’ll be able to shoot a picture of those qr codes wherever you see them. They’re appearing in print ads, on brochures and numerous other places. When you scan a single, you’re taken for the web page the marketer wants you to determine. Of course, it is going to be improved for viewing on a cell phone.

There are already several retail companies which use qr codes to direct clothing buyers to a internet site optimized for taking clothing orders from cell phones. That is fun, but how can we use this instrument in actual estate? Follow via to the subsequent page to see how these codes are already being used in authentic estate.

We’re not looking at the future right here. These are actual businesses doing innovative advertising with qr codes.

Personally, I print a QR code of my listing and put it on that specific property rider. Possible buyers stopping by can use their smartphone, take an image of the QR code and they’re redirected for the webpage I did for that incredibly same house. They get all of the inside pictures and all of the details without to get in, which is safer for the sellers, and so they can contact me directly from that webpage if they have more questions about it. All of my Cape Coral Authentic Estate properties have their quite own QR code.

The beauty of these yard indicators is the “cool factor” plus the ease with which a prospect can get to a internet site with color photos and full detail facts about a itemizing. But, there’s an additional advantage at the same time. You don’t need to post the sign at the house. You may spot a single of these QR code image signs anywhere. Perhaps there may be a local property show, and there may be a booth for swimming pools. You place one of those near that booth. Your listing gets targeted visitors!

Put in your marketing cap and think about the possible here. The number of phones that are capable of making use of the codes will increase significantly inside the next year or so. Get your plan together now, and you could possibly be seeing targeted site visitors to your custom listing sites from these codes. Remember, you are able to have a code for your personal web page as well, placing it on your business cards and in additional promotions.

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Comments (0) Sep 29 2010

Purchase tips for first time homebuyers

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Purchasing a household, especially if it’s your first one, is usually very scary. There are so numerous things you don’t know as well as terminology you have never came across before. Folks usually worry what they don’t realize.!!!. So it is not surprising that studies have shown that this concern literally prevents some folks from taking the initial steps to acquiring a house!

As a Very first Time Residence Buyer, you happen to be possibly “doing your homework,” seeking info on the net, and asking concerns with the people you trust. If you are like most of us, your household will be the biggest buy you ever make. And if it is your 1st time, this obtain may be even extra intimidating simply because that you are taking full responsibility upon yourself!

I often talk with first time home buyers these days because they begin to realize that rent is more expensive than to pay a mortgage, and here are the five actions I suggest you take prior to buying:

1) Before you begin your residence search, discover what the actual difference is between rent and household ownership. How much are taxes, what will your tax benefit be, what may be the marketplace like within your area (not just the headlines you read within the paper)!!! Comparing a rent payment of $1000 to a house payment of $1000 is like comparing apples to oranges.

2) Get real about your credit, because we all know this is the initially thing a lender is going to appear at!. Learn NOW if your credit rating report appear like a train wreck.!!!. and do not PANIC if it does! Poor credit rating does not ought to stop you from acquiring a home – we can usually get someone’s credit score scores up to where it needs to be within six months!

3) Think about what you’ll be able to afford.!. A down payment might be a huge barrier to homeownership. FHA requires a 3.5% down payment (and they will allow a gift!) USDA House Loans and VA Mortgage Loans require no cash down! In today’s market place, the seller’s are paying most of the closing costs, but you should be ready to pay for your appraisal, taxes, homeowner’s insurance, Inspection Fee and your portion from the Title Insurance.

4) Get Pre-Approved, not Pre-Qualified. A Pre-Qualification could mean that you spoke with a loan officer for 20 minutes, and they said, “well, based upon what you are telling me – we’re good to go.” Should you work with us, we are usually going to go via the full Pre-Approval method. This means, that you will have to offer your income documentation, credit score, bank statements and numerous other items required by the lender to in fact underwrite your file. When you are ready to make an offer on a property, you’ll have more bargaining power over somebody who is just pre-qualified! When talking to your lender, remember to ask lots of questions.!.

5) Hire a Realtor from day one. It will cost you nothing!!

Real Estate in Cape Coral is really improving in regards of pricing. Initial time buyers can discover tremendous deals here and construct equity within the next years to come. Feel totally free to call me at 239-240-7346 if you’d like to see a list of homes inside your price range or contact me here.

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Comments (0) Sep 26 2010

Cape Coral chinese drywall issues

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Drywall imported from China and commonly referred to as “Chinese drywall” is causing quite a stir. But I also heard from my own office manager that no less than 9 different countries- including the USA – were actually making defective drywall and US builders were buying and importing them into the United States. So while those drywall are known as Chinese drywall, I prefer to call them defective drywall instead.

Defective drywall was imported to the United States in massive amounts during the housing boom between 2004 and 2008. It appears that when the importation of defective drywall first began, no one knew how much trouble it would cause. But then again, I challenge builder to open their imported container full of those defective drywall and not noticing the smell, which could have thrown a red flag right there.

Over time defective drywall begins to emit toxic fumes and odors that smell like rotten eggs. As if the smell isn’t bad enough, many people have become ill from chemicals found in drywall from those countries and homes themselves are falling apart as a result of the defective drywall. For instance, copper pipes are corroding and appliances are breaking down, all as a result of the drywall.

Desperate homeowners have filed claims regarding the problems associated with defective drywall with their insurance agencies only to find that problems as a result of defective materials used in construction are not covered in their policies.

To add insult to injury, the insurance policies on homes constructed with defective drywall are then canceled. To complicate matters further, other insurance agencies don’t want to write up policies on homes constructed with defective drywall, so desperate home owners are left without insurance on their homes. Since it is required to have insurance on homes that are not completely paid for, this puts home owners in a real bind and some of them even lose their homes because of it.

Replacing defective drywall may seem to be the only solution to this problem, but such a fix is neither cheap nor easy. Depending on the size and construction of the home, the two quotes I got from a contractor were roughly around $20,000 for each 1,000 s/f of home. Not only these drywall need to be replaced but the isolation also need to be replaced. Plus, all copper pipes and electric wired need to be fixed as well.

Most of the homes that have defective drywall were built in Florida, but other states, including Colorado, were also constructed with defective drywall. Here, in Cape Coral, when I show some properties to potential buyers, I have a lots of questions to answer in regards of defective drywall. I hope the public will find their questions answered here.

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Comments (0) Sep 23 2010

August showed an increase of 10.5% in the construction field

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Property development increased last month and application submissions for building permits also grew. However the growth were influenced mostly by apartment and condominium construction, not the much larger single-family residences sector.

Development of new households and apartments rose 10.5 p.c in August from a month earlier to a seasonally adjusted yearly rate of 598,000, the Commerce Department explained Tuesday. That’s the highest level given that April.

Pulling the figures up was a 32 % monthly enhance inside the condominium and apartment market place, a small portion from the total industry. Single-family houses, which represent about 80 per-cent with the marketplace, grew far more than 4 per cent.

Housing starts are up 25 p.c from their bottom in April 2009, but are still down 74 percent from their peak in January 2006.

Building permit applications, a sign of future activity, grew by nearly 2 per-cent to an annual rate of 569,000.

Builders are struggling with weak demand for new households caused by high unemployment and a glut of foreclosed properties on the marketplace. They had benefited in the spring from federal tax credits, but those expired in April.

Lennar Corp., a major builder based in Miami, explained Monday the number of buyers signing agreements to buy its homes fell 15 % from a year ago inside the three months ended August 31.

“It’s been a tough summer,” mentioned Stuart Miller, Lennar’s chief executive, on a meeting contact with purchasers Monday. “As we’ve gone into September, we’re seeing just a little bit of pickup in our traffic, but that shouldn’t be cause to heave a sigh of relief at this point.”

Development activity rose 34 percent inside the West and was up 22 % inside the Midwest and 7 per cent inside the South. Nonetheless, building fell by 24 per-cent in the Northeast.

On Monday, the National Association of Home Builders mentioned its monthly index of builders’ sentiment was unchanged in September at 13. The index has now been at the lowest degree because March 2009 for two straight months.

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Comments (0) Sep 21 2010

Addendum language

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This is a list of addendum language that I use when needed.

1. ACCESS TO PUBLIC ROAD:
The Seller warrants that the subject property has the right of ingress and egress to and from_________________________ road without limitation by way of the existing driveway located at:____________________________________________
2. AGENT AS PRINCIPAL OR RELATIVE OF PRINCIPAL:
A. All parties acknowledge that___________________is a duly licensed Real Estate Agent under the law of
__________________ and is acting as the____________________________________.
B. All parties acknowledge that_____________________________is a duly licensed Real Estate Agent under the law of ____________________, and is the____________________of the____________________________and is acting as the agent of the ________________________________________.
(Buyer or Seller)

C. All parties acknowledge that the Buyer/Agent intends to sell the Property at a future date for a profit.

3.AMENITY PACKAGE RELEASE:
In the event that the Property is served by a recreational amenity package either now existing or to be constructed, Buyer acknowledges and represents that he has investigated the ownership and availability of such amenity package, and hereby releases Broker and Affiliated licensees from any responsibility or liability in regard thereto.
4. ASSESSMENTS OR LIENS:
The parties hereto are aware that there is a_______________assessment or lien against the within described Property in the amount of $________________________. Said assessment or lien shall be paid by/at the closing of this sale.
5. PROPERTY EXCHANGE:
This Agreement, and the Separate Agreement which is attached hereto, are intended to be Exchange Properties pursuant to Internal Revenue Code § 1031. The parties agree that they will perform all necessary acts and that they will execute all necessary documents to effectuate an Exchange of Properties under said Section. The parties anticipate that the closings upon the properties which are the subject of this Agreement and the attached Agreement will be simultaneous.

6.CONTINGENCIES:
A. Appraisal.
This Agreement is contingent upon_____________having Property appraised no later than_________________
and to pay for the appraisal. In the event the appraisal is not timely made, this contingency shall be deemed waived. The property must appraise for at least the amount set forth in the “Purchase Price” paragraph of the Agreement or the Buyer may, at his option, on or before_______________________, declare this Agreement null and void and all earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation. In the event Buyer fails to exercise this option, it shall be deemed waived.

B.Approval of Others.
This Agreement is contingent upon___________________viewing and approving the above described Property, and, if acceptable, notifying the Seller or Broker on or before________________________. Should the Property be unacceptable to_____________, this Agreement shall become null and void and all earnest money refunded in full, in which event all parties agree to execute all necessary documentation. In the event this contingency is not removed by the date set above, this contingency shall be deemed Waived and the Agreement shall remain in full force and effect.

C.Bankruptcy Pending.
The parties herein acknowledge that they have been informed of bankruptcy proceedings in the Federal District Court, and that this Agreement is contingent upon a final judgment and decree authorizing the sale of the Property. In the event that a final judgment sale authorization is not granted by_______________________, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

D.Court Permission to Sell.
Seller’s obligations under this Agreement are contingent upon approval or order of the appropriate court having jurisdiction over the sale of the Property on or before___________________________. Seller shall proceed diligently and in good faith, using all reasonable best efforts, at Seller’s expense, to obtain said approval. In the event said approval or order is not received by said date, the Agreement shall be null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

E. Divorce.
The parties herein acknowledge that they have been informed that the Sellers are involved in a divorce proceeding and that this sale is contingent upon Sellers obtaining a final judgment and decree authorizing the sale of the Property. In the event that a final judgment sale authorization is not granted by___________________, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.
F. Not Contingent on Sale of Property.
Buyer warrants that this Agreement is not contingent upon the sale of current residence or any other property and further states that failure to sell any of said properties will not be grounds for refund of earnest money in the event of loan denial.

G. Trade-in of Buyer’s Property.
This Agreement is contingent upon the Buyer and Seller reaching a mutually satisfactory trade-in agreement on the Buyer’s current Property located at_____________________________________________________________
on or before_____________________________. In the event a mutually satisfactory agreement is not reached within the time stated above, this Agreement shall become null and void with earnest money returned in full to Buyer, in which event all parties agree to execute all necessary documentation.

H. Release of Liability (Contingencies).
1) Conventional Loan.
This sale is contingent upon Buyer assuming Seller’s existing loan and Seller’s existing indebtedness for repayment of the loan and lender’s agreement to release Seller from liability thereon on Seller’s Property as described herein. Buyer agrees to immediately apply and submit necessary information to lender. If Buyer has not received such approval and agreement from the lender within________days after the date of acceptance of this Agreement, or should Buyer fail to qualify, the seller shall have the option of waiving this stipulation or declaring the Agreement null and void and all earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

2) FHA Loan.

This Agreement is contingent upon the Buyer’s ability to assume (a) the Seller’s existing FHA loan and (b) the Seller’sliability to the Federal Housing Administration (FHA) for the repayment of the FHA loan. Buyer agrees to apply immediately to FHA and submit necessary information. If Buyer has not received such approval and agreement from FHA within______days from date this instrument becomes a binding agreement, or should Buyer fail to qualify to assume the seller’s liability, seller has the option to waive this contingency or to declare the Agreement null and void and earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

3) VA Loan.
This Agreement is contingent upon the Buyer’s ability to assume the Seller’s existing VA loan and to assume the Seller’s potential indemnity liability to the U.S. Government for the repayment of the loan and the VA’s agreement to release Seller from liability thereon. Buyer agrees to apply immediately to the VA and submit any necessary documents and information required by VA. If the Buyer has not received such approval and agreement from the VA within_______ business days from the date this Instrument becomes a binding Agreement, or should the Buyer fail to qualify to assume the Seller’s liability, Seller has the option to waive this contingency or to declare this Agreement null and void and earnest money shall be refunded in full, in which event all parties agree to execute all necessary documentation.

7 . EARNEST MONEY:
A. Additional Earnest Money Held by Broker/Holder.
Buyer agrees to pay Holder additional earnest money in the principal amount of $_____________________on or before _____________________, making a total earnest money deposit of $_____________________. In the event Buyer fails to pay additional earnest money by said date, then, at the option of Seller (this option to be exercised within seven days of said date), this Agreement may be declared null and void by written notification to Buyer and Broker.
B. Held until Specific Time.
All parties to this Agreement acknowledge that the earnest money will not be deposited until_________________.
8. RECEIPT ACKNOWLEDGMENT:
Receipt of this notice is hereby acknowledged this_________day of____________,______ at_____o’clock____.
By:_____________________________________________.
9. RENT PRORATION:
All prepaid rents on said Property shall be prorated at the closing of the sale. The Seller represents that the monthly rentals on said Property of $___________________will be current at the time of the closing, and that there will be no expenses chargeable to the Seller except the taxes on said Property. The Seller shall pay to the Buyer all security and damage deposits, if any, which have been paid to the seller by any of the tenants. Buyer shall enter into an agreement to hold the Seller harmless against such transfer of security or damage deposits. At the closing of the sale, the Seller shall execute an affidavit which will verify the number of leases and tenancies then outstanding on the Property, the prepaid rent as to each, and the amount of security deposits as to each.

10. SUPERSEDE PREVIOUS CONTRACT:
Upon signatures by all parties, this agreement supersedes and makes null and void previous agreement accepted
____________________________, by and between the parties hereto.
11. THIRD PARTY AGREEMENT:
Seller hereby reserves the right to assign this Agreement to________________________________ (3rd Party) for closing and payment of mission in accordance with the terms hereof.

12. ZONING:
A. Rezoning Contingency.
Buyer understands and agrees that Property is zoned_________________________________and that the improvements thereon may not meet zoning requirements. The Buyer’s obligation hereunder is conditioned upon the Property being rezoned to_____________________________by the appropriate______________________ (County/City) authorities by _____________________________. The_______________________(Buyer/Seller)
shall be responsible for pursuing such rezoning and paying all affiliated cost. In the event that said rezoning is not obtained by said date, then this Agreement shall become null and void and all earnest money shall be refunded to the Buyer. All rezoning applications shall be submitted to Seller for Seller’s approval prior to filing, which approval shall not be unreasonably withheld. All parties agree to cooperate, to sign the necessary documentation and to support the rezoning application.
B. Homes converted to multifamily use where zoning for multifamily use may be questioned.
This Agreement is contingent upon Seller providing a letter from the city or county zoning authority stating that the
Property is presently zoned for multifamily use. Seller shall have two (2) weeks from date of acceptance to present said letter to Buyer or Broker(s). Should the Seller not present the letter within the above-stated time period, Buyer must, within forty-eight (48) hours past the time period, declare this Agreement null and void or this contingency shall be removed as a condition of this Agreement. If Buyer elects to declare this Agreement null and void, said declaration shall be on a Termination and Release Agreement with all earnest money being promptly refunded to Buyer. All parties agree to sign promptly all documentation.

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Comments (1) Sep 18 2010

Cape Coral Real Estate foreclosures rates

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Foreclosures in Florida fell in August for the fifth straight month, but the state still ranks amongst those with the highest foreclosures rates within the united states, RealtyTrac reported Thursday.

Florida ranked second behind Nevada inside proportion of real estate units receiving foreclosures notices in the course of the month, with a single in every 155 properties receiving one – more than twice the national common, according to the Irvine, Calif. company’s monthly survey of your U.S. real estate marketplace.

Two Florida metropolitan regions – Cape Coral/Fort Myers (third) and Miami-Fort Lauderdale-Pompano Beach (fifth) – ranked among the leading 10 metro regions around the country in terms of the frequency of property foreclosures for the month.

Across the country, default notices, auctions and financial institution repossessions dropped 5 % from August 2009 but were 4 percent higher than in July, a figure RealtyTrac CEO James Saccacio attributed to a convergence of elements which includes stepped-up financial institution repossessions and fewer initial default notices.

“On the front finish, seriously past due loans are rolling into foreclosure at an unusually slow rate, while on the back finish, the dammed-up inventory of properties already in foreclosures is moving to (lender ownership) in a steady stream instead of a flood, presumably to prevent further erosion of household costs,” Saccacio said in a statement.

Numerous states, which include Florida, have enacted regulations or made voluntary arrangements with mortgage lenders to expand the time period prior to which mortgage loans become past due in an effort to give home owners as much help as possible to maintain their properties. Sluggish house prices and a glut of supply on the market, however, continues to add pressure on some home loan holders who uncover themselves “upside down,” having to pay home loans on home valued at considerably less than what they paid for it.

Across the country, Nevada continued to guide all states from the proportion of houses in several state of foreclosure proceedings. One in each and every 84 property units in Nevada got a foreclosures discover in August, more than four times the nationwide common. August marked the 44th straight month Nevada held the dubious position, despite a 25 % drop in foreclosure activity compared to August 2009.

Arizona, California and Idaho rounded out the top five states in the proportion of properties in foreclosures. In terms of sheer numbers, California led the nationwide with 69,143 properties getting a discover in August. In Florida, 56,877 properties obtained notices for the duration of the same time period.

In all, five states – California, Florida, Michigan, Illinois and Arizona – accounted for more than half of the 338,836 households inside U.S. to fall into default.

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Comments (2) Sep 17 2010

10 Short Sales questions and tips

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Here are 10 frequently asked short sales made questions which are incredibly useful especially if you are just getting started or contemplating quick sales as a means to acquiring pre-foreclosures.

1. What occurs on the seller’s credit rating when they permit an investor to short sell their property?

What typically takes place is the loan will show up as “paid” on their credit report; even so there will probably be a notation that says “settled for less than originally owed” or something along these lines. It’s additional favorable for a homeowner to small promote than to have a foreclosures on their credit report.

2. Where do you find investors for short sales?

Depending on where you live, you may see buyers who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they’re experienced in performing short product sales and if they would be interested in working with you. Another good place is your nearby real estate investors club meeting.

3. Define a short sales?

A short selling is really a form of pre-foreclosure sale made and occurs when the mortgagee agrees to accept much less than the loan volume to avoid foreclosure. A negotiated short sale results inside a discounted buy price for the buyer. The buyer would finance the acquisition significantly the same as in any conventional realty acquisition.!. but devoid of the luxury of time.

4. Can an proprietor profit from a short sale?

The seller can’t profit (monetarily) from a pre-foreclosure short sale.!!! But you will find usually exceptions towards the rule.

5. How do bankruptcies affect the possibility of carrying out a short sale?

Most mortgagees won’t take into account a short sale if the house owner is in bankruptcy.!.why? Due to the fact negotiating a short sale made payoff is considered a collection activity. Collection activities are prohibited in bankruptcy.

6. Can somebody tell me what paperwork do I have to include inside a short sale package?

Documents depend on the lender. Each loan company has diverse requirements. It is typical to require hardship letter, buy and sales contract, ECOR, settlement statement (HUD 1), net sheet, pay stubs, bank statements, personal financial sheet (monthly budget), amongst other things.

7. What percentage of mortgage firms send somebody out for an appraisal on a achievable short sale?

All lenders order a BPO or full appraisal of the asset prior to making their decision to accept or reject the short purchase offer. This is there only way of assessing the worth of your home.

8. How late in the pre-foreclosure procedure can you begin a short sale?

Attempt to allow a window of at least 90 days to effectuate a mortgagee approved, pre-foreclosure Short Sale made.

9. What is a Due on Sale clause?

“Due on Sale” Clause (DOS) Provision inside a mortgage or deed of trust calling for the total payoff of your loan balance inside event of a selling or transfer of title towards the secured genuine asset. A contract provision which authorizes the loan provider, at its choice, to declare immediately due and payable sums secured by the lender’s security instrument upon a purchase of all or any part of the genuine home securing the loan devoid of the lender’s prior written consent.

For purposes of this definition, a sale or transfer indicates the conveyance of authentic house of any proper, title or interest therein, regardless of whether legal or equitable, regardless of whether voluntary or involuntary, by for deed, leasehold interest with a term greater than three years, lease-option contract or any other technique of conveyance of true home interests. Standard language which states that the mortgage must be paid when a house is sold.

10. Will banks enable a short sale when the owner has some or a beneficial sum of equity?

If a asset has what the financial institution would consider a substantial quantity of equity, chances are they would take into account allowing the asset to foreclose and then reselling it closer towards the retail value. Focus on homes that don’t have much equity. Your job will be to create the fairness in the home by negotiating a successful short sale made.

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Comments (1) Sep 12 2010

Lee County residents asking for higher assessment values

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Lee Home Appraiser Ken Wilkinson is used to fielding complaints from people who think their home assessments are too high.

After all, a increased assessment translates into greater taxes.

But what a difference the housing crash makes.

Now some individuals have a new complaint: “My assessment is too low.”

“Before two years ago, I never got a call,” Wilkinson said. “This year I got two calls. They wanted higher value since they needed to sell it.”

The News-Press also received calls from individuals upset about low assessments since Truth in Millage Notices were sent out with house values and tax rates last month.

Things changed when property values fell sharply right after the residential real estate boom ended in 2006 and commercial house followed suit two years later.

On this year’s county tax roll, as an example, of properties the use of which hasn’t changed, 459,226 went down in value (compared to 2009); only 36,716 went up; and 22,525 stayed the same.

But those who wish to promote or refinance aren’t all happy about the declining values.

“Our lot is appraised at $18,000? That’s insane,” mentioned certified public accountant Leslie D’Alessandro, who with her husband, Peter, has owned a three-bedroom, two-bath house in Caloosa Yacht & Racquet Club along the Caloosahatchee since 1999.

The value of their property on the notice sent out by Wilkinson’s office last week was $169,279, which Leslie D’Alessandro also considers a lowball figure. It’s down from $282,020 in 2009 and $390,730 in 2008.

“It concerns me as far as homeowners insurance,” she said. “How much is the replacement value?”

Refinancing the home also would be more difficult due to the fact of the low assessed value, D’Alessandro stated, and selling would be even harder.

“I’m just glad we don’t have to sell our house,” she mentioned.

Wilkinson mentioned his hands are tied. Even though house owners would pay more taxes if their home were adjusted up in worth, state law requires he assess everything equally.

The notices sent out by the home appraiser every August also are not intended to reflect current worth, he stated; they’re based on comparable sales no later than the end of the previous year.

They’re also more conservative than a private appraiser’s estimate, Wilkinson said. Sales costs are deducted from the total figure, for instance.

Mike Hagen, an attorney who handles home tax value appeals, stated he hasn’t been asked to get anyone’s home value higher. But he said that typically he’d advise someone making the request to leave well enough alone.

Insurance companies and banks deciding whether to refinance don’t rely on the property appraiser’s figures to make their calculations, Hagen mentioned.

A larger assessed worth would help only when trying to sell a house.

“There’s no question a potential buyer may look at the house appraiser system, see what their opinion is,” he said.

Bill Davis thinks his house value is too low but doesn’t blame the home appraiser.
Davis, a retired banker who lives in Marietta, Ga., owns a unit in the Renaissance condominium on Winkler Avenue.

Over the past three years his assessment has fallen from $133,000 in 2008 to $76,430 in 2009 and $22,200 this year.

His unit is worth more than that, Davis stated, but lenders who are dragging their feet on foreclosures keep the complex in limbo.

Dominic Calabro, president of the Tallahassee-based taxation watchdog group Florida Taxwatch, stated there’s some concern about overly low assessed worth by commercial property owners.

“They have a myriad of different loans to support the activity and they’re often leveraged,” he said. “It does (cause problems) in the sense that it can affect whether you have a net loss of worth: whether the banks will continue to renew loans for the appraised value.”

But generally, Calabro said, it’s a perfect storm of low house values and a difficult lending environment that has some people today in denial.

“Florida’s seen some house tax declines once every 30 or 40 years,” he said. “It’s just we haven’t seen the decline in value at the same time as tight money.”

One thing remains constant, he said.

“Property taxes are a lot like the weather: Men and women are never happy with them,” he stated.

If you need more info about Lee County properties, feel free to check the Cape Coral Real Estate website

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Comments (0) Sep 07 2010

Foreclosing a property while payments are current.

Posted: under Real Estate.
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As a Real Estate agent, I’m a bit ashamed to admit that when it comes to foreclosure, I only had one scenario in mind, that is the owner stops paying his/her
monthly payment to the bank and therefore, at one point, the bank would foreclose on the property.
Well, I have seen with my own eyes that at least another scenario exists, and therefore, most probably several others as well.
The one I have seen evolved is a out-of-the-country owner, owning a property bought with owner financing.
Actually, as a German resident, there is no way for him to get bank financing in the US. You already have a hard time to get in a mortgage broker office
with a 700 credit score and a solid job these days, so imagine a foreigner without any credit here.
Obviously, you will have to have some specific ingredients to successfully foreclosed a property with this recipe.

First, you have to have a property that is free and clear and willing to sell it with owner financing. The higher the down payment you get, the better.
But stay attractive in terms, as the interest rates and so on. The deal will be to steal the deed – and therefore the property – as soon as possible and repeat the process.

Secondly, you need to find a buyer who will live as far as possible of the property location. In this case, the buyer was German and is living in Dusseldorf.
Since he bought the property as an investment, he didn’t come in the US regularly to check the property,which was managed by a rental management company.

This is how you will need to proceed.

You are receiving your check on a monthly basis. However, one month, you will not cash it or deposit it to your bank account. You just put it in your drawer
and let it there. Just deposit the 2 or 3 next months though. Then, all you need to do is publish a notice of default in the local newspaper, 3 weeks in a row. Your far away buyer will most likely never read the local newspaper anyway.
You record your notice of default at the city hall and set a date for foreclosure sale on the city hall steps. That day, you take ownership of the property.
You will notice the rental management company that you bought it as a foreclosure and need to have the property out of their program.
The management company will call the German owner, stunned in his Dusseldorf sofa.

Rinse and repeat for more profit.

Legally, it’s solid. While my German client is seeking US lawyer’s advice, at this time, very few thing can be done. It’s just too late.
Now, don’t make me wrong, THIS IS WRONG AND SHOULD BE PUNISHABLE BY LAW. But the procedure is legal.

So, I’m still wondering how many possibilities are out there to foreclose on a property. Maybe still a few that I can’t think of for now…

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Comments (0) Sep 05 2010

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