Cape Coral foreclosures at the lowest now

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In the field, we all agree, it’s a seller’s market now. Several major cities in the country show a solid level of activity that increase Real Estate prices slowly but steadily. And Cape Coral is no exception. I see we are headed to a much more normal market now, and the fact that we just got below the 200 foreclosures mark for Lee County is a good sign.

As I often say to my clients over the phone or email, we had a peak of 1,085 foreclosure at any given day in December 2010. Today, we had 196 foreclosures. And that number is decreasing on a daily basis. So we are inexorably entering a much more normal market.

Congratulations to all buyers who bought a property ion Cape Coral or around last year or even in 2010. They officially bought at bottom. And I predict that if they hold for another 3 to 5 years, they will build some great equity in their properties.

And for those who were on the fence, waiting for the best deal to appear to them, that boat has sailed away. We are in a seller’s market and purchase prices at asking prices or higher are not uncommon. I even see multiple offers on a majority of the deal I come across.

Knowing that Lee County in general and Cape Coral in particular have the lowest single family priced in the country, I have a lots of demand for properties under $100,000. But those buyers have a hard time to get in now, hardly finding anything just decent.

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Comments (0) Apr 21 2012

Do you really need a Real Estate agent to purchase a property?

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Do you think you can write an offer on a Cape Coral foreclosure for sale without the help of an agent? The answer is a big YES!

If you think about it, my guess is you want to save the typical 6% commission that we make. If it’s the case, you are completely mistaken. First, our commissions are not set to be 6%. It’s negotiable. And in the foreclosure and REO world, it’s the bank that decides how much they really want to pay. Most agents doing foreclosure make about 1 to 2% of the closed price as the seller representative. So the buyer’s agent is really doing something like 2 to 4%. In that case, if you represent yourself for that foreclosure home purchase, you’re really saving about those 2 to 4% commission.

Now, prepare yourself to get an accepted offer on that Cape Coral foreclosure house for sale. You will need a few things checked with the listing agent, and I have been in contact with most of them, they use to be very difficult if they are not in front of another agent because they think they’ll have to do all the work believing that you won’t be able to do your part:

  • What kind of paperwork do they want?  Typical is proof of funds, pre-approval letter from your bank, etc…
  • How many offers are on the property? Maybe it is a multiple offers situation already.
  • Is there a mandatory minimum MLS marketing time?
  • How do they want to receive your offer?  Fax, website or email.

So, once you have all that done, you’ll be able to put a good offer but you will need to know something important: the price. Don’t google that. You will not be able to rely on sites like Zillow or Trulia for pricing. They are not accurate. Hire an appraiser instead, especially if you do not have access to your local MLS. The point here is that you don’t want to pay too much or too little. Too much and you may overpay for the property and too little,you may lose the home to higher bidder.

You can also read this buying a foreclosure in Cape Coral post for more tips.

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Comments (0) Sep 26 2011

To be or not to be…a landlord? That’s the question.

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I read an interesting article in the Wall Street Journal yesterday about the renting market versus the owning market. While the scene is in California, this can be very similar here in SW Florida and especially in Cape Coral and Lehigh Acres.

Agustin Gutierrez, a construction worker from this town in the hills northeast of San Francisco Bay, lost his job in 2009, then, 10 months later, he lost ownership of his home.

Now, the husband and father of 4 rents the identical five-bedroom ranch from McKinley Capital Partners, an investment company that is at the forefront of a brand new breed of big-money landlords.
McKinley, which has acquired more than 300 foreclosed single-family houses in the Bay Area over the past two years, lately teamed up with Och-Ziff Capital Management Group LLC, a new York hedge fund, with plans to buy at least 500 more foreclosed houses in the subsequent year. Those homes, too, will probably be rented to people like the Gutierrez loved ones.

Acquiring foreclosed homes as investment properties has long been dominated by mom-and-pop investors. But now hedge funds, private-equity firms, pension funds and university endowments are dipping into that market place. The attraction is double-digit returns at a time when most bonds along with other income investments yield extremely small.

Essentially the most well-liked strategy is for a large investor to team up with a neighborhood organization that scouts out houses and finds the renters. The hope would be to flip the homes within the future when prices recover.

“It’s kind of the Wall Street meets Principal Street phenomenon,” says John Burns, an Irvine, Calif.-based real-estate consultant who has discussed investing in single-family rentals with hedge funds. “The Major Street guys need to have the capital, and Wall Street requirements the expertise.”

At the finish of May possibly, 3.five million loans had been at least 90 days delinquent or in foreclosure, based on investment bank Barclays Capital. In the very same time, the country’s house ownership rate has fallen, to 65.9% inside the second quarter of 2011 from its peak of 69.2% in 2004, based on figures released by the U.S. Census Bureau final month. That drop has produced millions of new renters and helped push the vacancy rate for rental housing down by about two percentage points, to 9.2%.

“The single-family rental market is truly very large,” said Dennis McGill, director of investigation at Zelman & Associates, a study firm that follows the housing market place. “The average American says, ‘If I’ve got two kids and a dog, I can’t live in a one-bedroom apartment.’”

Zelman lately issued a report saying that in Arizona, Florida and Nevada, states hard-hit by the foreclosure crisis, the number of families renting a single-family house increased 48% from 2005 to 2010.

Huge institutional investors could eventually help stabilize the marketplace by soaking up the huge overhang of foreclosures, which could allow housing to begin healing. However, the number of single-family houses being bought by institutional investors is still small compared to the millions of distressed properties. The biggest players in the industry are deploying hundreds of millions of dollars, not the billions necessary to make a major dent.

The federal government has a significant role as well. The Obama administration is currently considering ways of selling foreclosed houses to investors who agree to rent them out. Fannie Mae and Freddie Mac and the Federal Housing Administration own a lot more than half of all unsold foreclosed houses.

Being a landlord can be a costly hassle for significant investors. Unlike apartment complexes, which concentrate hundreds of rental units in one place, investors must obtain hundreds of single-family houses that are miles apart, each with separate maintenance problems. Tenants can be troublesome.

“You could have a bad tenant who doesn’t want to pay their rent, or maintain the pool,” says Guy Johnson, an investor who buys foreclosed properties in Nevada, Arizona and California and rents some of them out. “A hedge fund manager doesn’t want to have to be their own plumber or electrician.”

Purchasing foreclosed properties isn’t easy either. Investors sometimes have to pay thousands of dollars in “cash for keys” payments to the previous homeowners in order to entice them to leave the property, and foreclosed homeowners often damage their houses before they are evicted.

Private-equity giant Carlyle Group LLC tried its luck with the single-family property market two years ago but abandoned the strategy late last year after concluding that the returns weren’t big enough. Carlyle’s method was different. The organization formed partnerships with nearby asset managers in California that bought and flipped houses, rather than renting them.

For now, a lot more investors are plunging into the single-family rental marketplace. McKinley, the Oakland, Calif., business that owns Mr. Gutierrez’s house, has already begun to use Och-Ziff income to purchase houses. Its model would be to acquire houses at an average price of about $100,000 apiece, put between $10,000 and $25,000 in renovations into them, and set the rental rate of the house so that it produces a return of 8% to 12% annually. This often works out to a rent of roughly $1,200 per month.

McKinley and Och-Ziff could see additional returns from selling the houses at a higher price after a few years, once the market place has improved. “Two years ago no one thought you could scale this business or that it could be institutionalized,” stated Gregor Watson, a principal with McKinley. “Now, you can get extremely good yields. It’s a quite good long-term strategy.” He declined to comment on the Och-Ziff investment. Och-Ziff also declined to comment.

Other significant investors have formed rental-housing partnerships.

G8 Capital, a private-equity fund based in Ladera Ranch, Calif., has bought 3,000 houses across the country since 2008, mostly to flip them. It decided last year to begin pursuing a hold-and-rent technique. It has since bought 250 foreclosed houses as rentals. Carrington Property Services LLC, a Santa Ana, Calif.-based property investment business that manages about 4,500 houses nationally, is in talks with investors to raise funds for a real-estate investment trust, to be called Residential National Trust, which would acquire foreclosed houses for rental. The company plans to purchase as many as five,000 far more rental homes in markets including Chicago, Miami, Phoenix and Las Vegas.

Waypoint Genuine Estate Group, an Oakland, Calif.-based firm, has bought 700 houses within the past two years as rental properties. Doug Brien, a former place kicker for the New York Jets who is now managing director of Waypoint, says that his company has approached pension funds, university endowments and big private investment groups about investing in his fund. In July, he says he closed on a financing deal from an Ivy League university endowment, but declined to name the university.

“At some point, there is going to be a shortage of housing,” Mr. Brien mentioned. “Everyone is realizing that single-family buy-and-hold is the way to go.”

In November, hedge fund manager William Ackman’s Pershing Square Capital Management LP released a report arguing that single-family rental properties are an “under-owned asset class” that would make “an intelligent investment for institutional investors.” Pershing Square predicted that investing in single-family houses and holding them as rentals for 10 years could produce double-digit investment returns, even if U.S. residence costs only improved marginally.

All the activity is fueling a renewed debate over whether investors are good or bad for the housing industry. In the early days of the housing bust, some community groups discouraged banks from selling foreclosed houses to investors for fear they wouldn’t take proper care of the properties. Some communities riddled with foreclosed houses became slums.

Alan Mallach, a senior fellow with the Brookings Institution in Washington, argues that instead of running from investors, local governments should provide subsidies to investors who buy, rent out and are good landlords for foreclosed properties. “If a neighborhood has a high rate of residence ownership, that’s obviously better,” he stated. “But in some markets, there was so much inventory coming on the market place that the sheer number of properties was destabilizing those markets.”

Mr. Gutierrez, the Vallejo construction worker, now pays $1,800 a month in rent, compared to the $2,500 per month he was paying to cover the cost of his mortgage when he owned the house. He says it bothers him that he no longer owns his property, but is happy to pay less and says his new landlords are good property managers.

He bought the house in 2003 for $340,000 using a $322,700 loan. He refinanced the house 5 times, driving up the total amount of debt on the house to $400,000. He lost the house to foreclosure in 2009. McKinley paid about $155,000 for the house that year.

“It’s confusing, because sometimes I think it’s my house, but I have to remind myself that it’s not,” mentioned Mr. Gutierrez, who says he doesn’t plan to try to repurchase the house. “It’s sad, but it’s what happened to a lot of men and women.”

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Comments (0) Aug 06 2011

Foreclosures in Cape Coral, Florida : Get ready before to buy !

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Today I break two records since I have my Real Estate license, about 10 years ago now.

The first one is I made, so far, more offers than days in the month. We are Nov 18 and I made 19 offers so far.

The second one, and most important for me, the last offer passed the limit of the 10% higher than asking price. Last year, offers were about 2% to 5% below asking price for those foreclosures in Cape Coral. Last spring, they were about on the asking price. Since last summer, buyers had to go higher than asking price for any Cape Coral foreclosure. November and I had an offer at $301,000 for an asking price of $272,900

Now, what’s amazing is my client has been outbid! Someone offered an even higher price for a foreclosure. That’s a very good sign. We were in a buyer’s market and we are entering a very strong seller’s market.

Of course, everything is not lost. My clients are cash buyers and very motivated to buy. So tomorrow will be another offer for them. I’ll have to suggest to pass the 10% above asking bar though, but they know that already :-)

I often have newer buyers calling me about foreclosures in Cape Coral. When I explain that an offer at asking price or below is just not enough, some of them are a bit sceptical. Some believe I’m bluffing to get more commission, other will try another agent, just to hear what they want to hear. The remaining buyers will try several times below asking until frustration appears. Then, they will remember what I said and will try full asking price offers. Most of the time, if not every time, they will be outbid. Usually, the number of offers at asking price is lower than the previous offers at below asking price. They seems to understand faster. That’s when they hit the third level, and honestly, they can be frustrated as well.

  • - If you are interested to enter the Cape Coral foreclosure jungle these days, be prepared.
  • - If you need a loan, you are already in trouble but it’s not necessarily an impossible mission. Just get you loan paper works ready and handy. Your best chance will be to make an offer the very first day. However, you have 50% chance to be outbid by an all cash offer!
  • - If you try asking price or below, 99% chance you’ll be outbid. Don’t waste your time and start above asking price right away.
  • - If you are a cash buyer, make sure to have your solid proof of funds with you, in your pocket, ready to get it at anytime.


The prices of the foreclosures in Cape Coral, Florida, are increasing, little by little. The demand is there and starving for “good deals”. The best time to buy a foreclosure in Cape Coral was last year and winter-spring 2010. The market is rebounding and for those who didn’t catch the train will regret soon or later.

UPDATE:

Today is March 29, 2011 and I wanted to give some updates.
Last November, when I wrote this article, there were more than 1,000 foreclosures in Lee County. Today, there are only 389! That’s mean we are going forward the end of the foreclosure crisis. And, banks realize that they can get more money now for their properties. The good prices we saw in 2010 are not there in 2011. I hope you bought your foreclosures last year.

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Comments (3) Nov 19 2010

Heavy drop of foreclosure in Cape Coral, Florida

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I saw the big title in the newspaper today. There had been 656 foreclosure lawsuits filed in Lee County in October, the lowest range in a lot more than three years, according to statistics released Monday by the South West Florida Real Estate Investment Association.

It was a rare ray of hope in a grim situation: The Lee County and Cape Coral  foreclosure rate is normally within the top five metropolitan areas nationwide, with only Las Vegas consistently worse.

October’s variety is down 31 % from September’s 953. Yes, you read me: 31% less than the month before. The pace hasn’t been this slow since quite a long time.  555 had been filed in February 2007 as the wave of mortgage failures that followed the housing boom was just obtaining under way.

Experts stated that the decline likely was part of a long-term downward pattern — but that’s not all.

Foreclosures possibly plunged at least in aspect since for the past month, some banks have been holding off on foreclosures whilst they sort out issues including who truly owns the note and whether attorneys basically read all the paperwork, but the holding was only for 1 week and from 2 banks, including a major one though: Bank of America.

But the recent lender troubles alone couldn’t have caused a drop as sharp as October’s. Bankers “did knock some things out, but in the totality with the trend, no. 10 to 20 percent of your mortgages might be affected,” but not enough to account for the whole drop.

County Clerk of Court Charlie Green said that whatever the trigger, the downward pattern has helped whittle away at a daunting backlog of foreclosures within the court system: Public auctions disposing of properties are now outnumbering new filings.

Only about 14,700 cases are from the pipeline now, Green mentioned, down practically half from the 26,000 when the difficulty peaked at the end of 2008.

Still, he cautioned that there’s a substantial “shadow inventory” of houses that banks are selecting not to foreclose on. “I believe we’re clearing some out, but the banks are holding back.”

But we don’t really know how many far more. Next month will give us a better indication as to whether or not it was a normal trend or lenders stopping until they figure out what the issue with their process was.”

Also the pace of foreclosure doesn’t occur in a vacuum: if the winter tourist season is strong, it will reduce unemployment and keep far more people financially able to keep their homes, which is the case in South West Flroida, which include Cape Coral.

I think it will be only in April, May, June of next year that we’ll see how this season’s sales and the economic effect of your season influenced foreclosures.

A big builder in Cape Coral, stated that whatever the short-term pattern, foreclosures can’t sustain themselves at that pace. It’s going to sooner or later start slowing up. And I think it is happening right now.

Also, the issues with the foreclosure process have made some prospective buyers skittish about buying a previously mortgaged house.

However, while I find it easier to sell to prospective renters a house where owners are living in than a foreclosure, that  non distresses market has a hard time to compete with the foreclosures. Plus, new potential buyers have still a hard time to accept the fact that most of the time, there is a multiple offer situation on every foreclosed properties, ending by an accepted offer above the asking price. Often, those buyers go through a 3 step buying process. The first is the below asking price period where the buyer experience the frustration of being outbid. Then there is the full price offers period of time, which is usually shorter than the first one. Most of the time, the buyers learned their lessons and go the third period, the above asking price offers moment where they finally get a property under contract.

It’s now even more difficult with the decrease of the number of foreclosure and with a possible increase of pricing, even for foreclosures.

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Comments (0) Nov 02 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

Cape Coral Real Estate market is moving!

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Well, since 2 or 3 weeks now, I have seen an increase of leads, emails and phone calls from buyers. It seems that they really begin to see an increase of pricing and realize that it’s now or never!

There is no day that I don’t have a couple of showing, and I mean showing properties for 2 different persons in that day. Of course, the main market is the foreclosures and/or properties priced under $120,000. There is a huge demand at the moment. And there are lots of beautiful houses in that price range, sometimes with pool.

However, I experience more difficulties to find what I was finding in the past months. The inventory is shrinking for that $120,000 and less houses. Those buyers will definitely get a nice equity in their purchase soon. I’m guessing 2 – 3 years from now. And those who were waiting will regret what we experiencing now.

TV news also showed a decrease in the foreclosure filing in Lee County, from the 900+ down to 800+

Bottom line, not only there are much more buyers out there but the low priced properties are decreasing in number. That’s the rule of  this time…So hurry before it’s too late :-)

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Comments (0) Jun 04 2010

Lee County foreclosure rates increase.

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The rates of foreclosure in Lee County has increased for the month of February over the same month last year.
The Cape Coral-Fort Myers area foreclosure rate is 13.47% for the month of February, an increase of 0.99% compared to February 2009 when the rate was 12.48%.
However, the activity sourrounding the foreclosures in Cape Coral-Fort Myers is higher than the national foreclosure rate, which was 3.17% for February 2010, representing a 10.30% difference.
In Lee county, the mortgage delinquency rate has increased as well. 22.93% of mortgage loans were 90 days or more delinquent compared to 20.05% for the same period last year.
No need to say that Real Estate investors have still some good months ahead by investing today. If you are interested to receive my list of Foreclosures for Lee County, feel free to visit my website at www.1capecoral.com

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Comments (0) Apr 23 2010

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