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Foreclosures & Short Sales in Destin

real-estate-investment-property-foreclosureWith the manner things are coming along in the real estate market, it has become a veritable lot of real estate properties with rock bottom price tags! Off hand, we have a tendency to say that indeed we are in a buyers market. We can dare say that homebuyers never had it so good with the increasing number of properties being offered at very reasonable costs within their community. Can we then go all out in absolute confidence that everything out there guarantees to be a homebuyer’s dream deal? Sadly, this is often not perpetually the case.

The deal takes on a very different complexion when we think about distressed properties. You are getting into a volatile space in the real estate market if you decide to explore your best choices among the distressed properties being offered for sale at  ”discount” prices.

Distressed properties include short sales and bank-owned properties. It\’s vital that you fully perceive the intricacies similarly as the dynamics of deals involving these sorts of real estate properties. Foreclosed homes are defined as distressed properties for the only reason that their house owners were not ready to meet their monthly mortgage obligations leaving the bank with no alternative recourse but to foreclose the subject property below the terms of the mortgage agreement. These properties are then sold through auction. These foreclosed homes become REOs or bank-owned if they\’re not sold through auction.

On other hand, a short sale comes about when a distressed property is offered for sale at a price which is significantly less than what the homeowner actually owes their lender. In result, the lender is giving their imprimatur by consenting to a reduced payoff to close out a problematic mortgage account. Short sales happen when homeowners are in default in their monthly payment obligations and opt to lose the distressed property prior to the initiation of foreclosure proceeding. A short sale might conjointly be undertaken if the homeowner losses an important portion of his equity and works out an agreement with the lender to lose the property to settle his existing mortgage obligations.

In both home shopping for opportunities, buyers tend to bid for a lot of time and wait it out on the sidelines with the anticipation that the worth can continue to decline. There\’s also this notion that lenders are arduous-pressed to lose their inventory of REOs and can accept cut price offers just to offload these distressed properties. This is often just one side of the story, which is sometimes the position taken by optimists.

However, if you concentrate on yourself as a wise buyer, then you have got to look at the ”dark side” of the deal. The longer these distressed properties remain within the hands of lenders, the more they lose their value. An REO is a shut down property which makes it at risk to serious injury and deterioration. You may also have to contend to an assortment of issues as well as moisture issues, vandalism, frozen pipes, broken electrical system, pests, etc.

There are a substantial range of distressed properties in excellent state at the time of offering that quickly flip into a useless pile of ramshackle properties after only some months. So, before you opt to wait out till costs can bottom out, you have to understand that the property will still deteriorate at a much faster pace and whatever discount you would possibly have will just be negated by the degradation in value of the property.

You stand to lose your proverbial shirt if you do not apply smart judgment when choosing to go for distressed properties. There are not any safety nets or guarantee for a rundown REOs. Keep in mind the golden rule when shopping for distressed properties – caveat emptor.

For more information on Short Sales & Foreclosures, contact the Laurie Hollowell Team today at 850-269-1369.

Destin Area Photos

Here are some pictures of Destin area. I especially like the photo of Destin Commons at night. If you haven’t been there lately, during November and December they have the biggest Christmas Tree I have ever seen on display in the middle of the commons.

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Home Affordability: Myth or Reality?

For many young couples, the idea of owning their own house just like their parents is an attractive idea, but it’s not very realistic. A recent poll conducted by the Associated Press and America On Line Real Estate showed that 80 percent of respondents believe that it is hard for first-time buyers to afford a home. A majority of those polled – 59 percent – also said that they believe it is harder to buy a home now than it was five years ago.

Taking a closer look at the poll reveals that young adults and those that classify themselves as minorities consider the affordability of homes a bigger problem now than five years ago, compared to those over the age of 50 and those that identify themselves as white.

Broken down by region, almost 70 percent of those living in the western United States and almost 65 percent of those living in the Northeastern US say that it’s harder to buy now than five years ago, compared to only 54 percent of those living in the South and 51 percent of those living in the Midwest.

The poll also found that almost half of those surveyed thought that the real estate market in their home area was overpriced.

A recent report by the census bureau seems to back up the findings of the AP/AOL survey. The census report found that approximately one third of all homeowners in the US that have mortgages spent at least 30 percent of their income on housing and housing related costs. It’s widely considered excessive if your housing costs make up more than one third of your income. The census took things like mortgage payments, insurance and utilities and taxes into account.

The biggest reason for this lack of faith in new home ownership can be directly attributed to the recent housing boom over the last five years. Also, a recent increase in mortgage rates has also dampened optimism. And while incomes are up, as well, most don’t even keep up with inflation.

Another recent trend that has kept optimism for first time home buyers down is the 32 percent jump in median home value from 2000 to the end of 2005. The current median price is around $167,500.

While buying your first home is never easy, things may be a bit harder now than they have ever been. But bargains so still exist, and if you’re patient, a first home can still be yours.

The Forgotten Tip When Moving

Here is a tip that most people forget about.

How to Unpack without Exploding

One of the forgotten steps in moving is the fact that physically moving your belongings from one spot to another is only part of the deal. Once you get your boxes and your mattress and your desk to its final destination, you still have to be able to find everything and put everything where it belongs. A rule of thumb when surveying your house is that no matter how many box-fulls you think you have, a good idea is to at least increase your most generous estimate by at least 50 percent. And remember, for every box you pack, that’s a box you have to unpack.

According to data from the US Census, 14 percent of all American households last year moved. That translates to somewhere around 40 million people switching addresses.

Most of us take weeks, sometimes months to slowly and painstakingly categorize, wrap and pack all of our belongings. We spend months looking at prospective houses, arguing with our real estate agent and we spend days with our fingers crossed hoping we got the property we wanted.

But once you do get your dream house, then what? You took all this time to get everything ready and then you leave yourself….

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Walking Away From Your Mortgage?

Nationwide, homeowners have found themselves in a home that they owe more on the mortgage than the current market value of the property, and are not sure how long it’s going to take to actually see equity in their property again, at least not in the near future.

Because of this, many economists are now concerned about something called “Strategic Defaults,” which is basically homeowners that feel that it doesn’t make financial sense to keep their home anymore and are now considering a short sale or just letting it go into foreclosure. Lenders are now seeing a lot of cases where the homeowners are choosing to be late on their mortgage, even though they can afford the mortgage.

Strategic defaults are fueled by the declining value of homes, as homeowners feel like they are throwing good money after bad, so lenders need to come up with programs to combat this, which should include some principle reductions or incentives for on time payments or we will see a very slow recovery in the housing market. Florida is one of the states that are experiencing a high level of strategic defaults as its one of the states that has seen the largest decline in home values.

The Obama Administration understands that as the economy gets worst more and more homeowners will decide to walk away and that will hinder the recovery of the real estate market, so they have invested over $75 billion to encourage lenders to work more diligently with homeowners nationwide to encourage them to stay in their homes by means of a loan modifications and short sales instead of walking away. Homeowners have to also realize that if they choose to walk away from their home, they are going to see some negative impacts to their credit report, as they will have late payments and now a foreclosure in the public record section of their credit report. Which can result in 100 – 200 point drop in your credit score, as this will disqualify you for a new mortgage for a few years, as well as you can see your credit card interest rates go up and insurance premiums will also increase just to name a few, being late on your mortgage and having a foreclosure on your credit causes a ripple effect in your finances.

Nationwide nearly 600,000 borrowers walked away from their home in 2008, which was double the amount when compared to 2007. Since foreclosures are taking longer than normal in today’s market, borrowers that do decide to stop making payments will ride it out for months and in some cases at least a year or more until they are evicted by the lender. Borrowers need to consider all the ramifications of this option, as its not only detrimental to your credit which can affect you for years to come, but also your lender can sue you for any past due amounts, as well as get a deficiency judgment against you, for the difference of what the house is sold for once the home is sold back on the market and the amount you owed.

So if you decide you no longer want the home, its best to continue making the payments and go through a short sale process, which you will get the banks cooperation to sell the property for less than you owe. And if you want to keep it, then definitely consider a Loan Modification.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796

Home Inspection is Your Right

A home inspection is usually a visual assessment of the interior and exterior parts of your house. A typical checking should include all physical structures and systems in and out of your home – from the foundation to the attic and the roofing. While most people doubt that this process is an actual need for a real estate contract to close, read on and learn how to make this step to your advantage.

Before you purchase or sell a home, you need to think about the property. It should be at its best condition possible in order to guarantee that the deal was a sound investment. The inspection enables you either as a buyer or seller to become familiarized with the property. You would see if any damages need to be addressed immediately. By acquiring the services of professional home inspector, you would definitely have a more visible understanding of the weakness and strengths of the house. Hence, for the seller, the selling stage of promotions would be improved and for the buyer, the purchase deal is sealed with professional care background.

You could choose from a wide array of professional performers of the home inspection. But note that you must hire the services of the licensed ones. During the scouting of probable servicers, ask for their certifications, certified association membership, portfolio of previous work including detailed, descriptive and informative reports. When you are finally satisfied with his or her credentials, it is now time to prepare yourself and your home.

Here are some areas you could perform minor repairs even before the inspection would begin: damaged walkways and/or steps, cracks in the driveway, windows and doors, broken or damaged shingles, dirty and grassy gutters, clogged drainage, leaky pipes, faucets, sinks and tubs, chipped painted surfaces and smoke detectors. You could easily cover the damages with sealants. Or if you have enough budget, replace some of the broken glass windows and shingles. These repairs would only cost you a few dollars. However, if the damages could not be dealt with simple sealants, it is best that you wait for the home inspector. The inspector has a pretty better idea about suggesting longer lasting replacements and/or repairs.

When the home inspection day finally starts, you should not overlook these areas that are most susceptible to damages:
- renovations and structural additions
- furnace, heating and cooling systems
- excessive pipe leakage due to structural plumbing damage
- electrical wirings
- uneven elevation in the attic and basement
- cracks in the walls, foundation
- insulation
- framing for the roof and exterior walls
- ventilation
- land grading

The said areas are not few. On the other hand, during the home inspection process you should not be too much apprehensive. For the seller, remember that this process is your way to finally achieving a great offer and closed deal. For the buyer, this step clears the path to ultimately have the dream home in your hands. Let and trust the inspector to do his job and everything would run smoothly.

The Real estate market can be an enjoyable, satisfying and lucrative experience for you. Whether you are a homeowner, a buyer, a landlord or simply a real estate enthusiast, get to know more about the latest in the real estate market now.

Article Source: http://EzineArticles.com/?expert=Marikor_Hidalgo

Destin Beach Pictures

Thought you could use some pictures of the beaches and water recreation of Destin. Enjoy

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Staging Your Home To Sell

Selling a house can really be a difficult task if you do not know about the ways through which you can present your house in an appealing fashion. Home staging is one such process which is very popular in the real estate market. Various good techniques like updating old and unattractive fixtures, accessorizing, depersonalizing, furniture rearrangement, de-cluttering and cleaning can be used for staging a house before sale. Professional stagers can also be hired for arranging all the things and preparing the house for a good presentation in front of the potential buyers.

So, now let me tell you about some tips that can really help you to improve your house before sale.

1. Your home should contain accessories and furniture
It is a known fact that houses which contain furniture, photos, paintings and decorative items sell more quickly than the houses which are presented vacant. Prospective buyers can easily imagine themselves living in the house which contains various objects and decorative items. If you want then you can even rent chairs, tables and sofas from rental companies.

2. The house should be spacious and should have a good lightening system
The potentials buyers always look for homes that are spacious with good attractive lights. Dim, dull and small places may give a wrong impression to the buyers and might also prevent the house from being sold. You should re-arrange your furniture in an orderly manner and all the things which make the house overcrowded should be removed.

3. Religious and political items should not be displayed
Items which show your religious and political views, certificates, cultural items and personal photographs should be removed from your house. This will create a good impression on the buyers and they would be able to imagine themselves living in the house in a more clear fashion.

4. Some essential things to consider
Air out your home for any musty smells and add room freshener before the presentation of your house. No pets should be kept in the house while the buyers are viewing the interiors. All the windows, draperies and curtains should be kept clean. The shower curtains should be hung properly and all the old carpets should be removed.

5. Decorate your house
Before the presentation of house before prospective buyers, you should decorate your house with vases of colorful flowers and bowls of fresh fruit. The bookcases should be kept clean and all the miscellaneous items should be kept in an orderly manner.

Well these are some crucial things that you must consider before staging your house for the sale presentation.

Home staging is a very profitable process that can really make your house sell in the real estate market at higher value. Great business for the recession become a home stager get free info visit Staging A Home To Sell!

Article Source: http://EzineArticles.com/?expert=Lisa_Clark_II

USDA Rural Housing Mortgages – Increased Income Limits

November 23, 2009

In april, the USDA Rural Housing Income Limits were increased. This is great opportunity to get a quality mortgage vehicle with little down payments. If you have questions on this program, I can get you in contact with a lender that specializes in this mortgage product.
Here are the new limits
Okaloosa County:
If there are 1-4 persons [...]

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Green Housing – Eco Friendly Real Estate

November 22, 2009

If you are looking for a house and you want something eco-friendly, then this is something that you should give much of your effort to. Finding a new home can really be a tough job, but searching for a green home is incredibly tougher. Nowadays, there are several green homes out in the market. Some [...]

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