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Category Archives: Real estate advice

Downtown St Petersburg FL Home For Sale

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Property values in most of the downtown St. Petersburg neighborhoods have been roaring back from the lows of 2009. We are seeing homes selling in Old Northeast (Old NE) at above their 2006 highs and in some cases 5-10% above those numbers.

Some cities in the center of Pinellas County are lagging behind which were hardest hit, due to the number of foreclosures and short sales, however condos in downtown St. Pete like,  The Madison, Parkshore, Signature Place and other are all seeing huge value gains over the past 18 months. With a major lack of inventory in the condo market downtown (view available downtown condos here) we expect to see values continue to rise over the next 12 months.

Waterfront homes in St Petersburg NE area have on average seen $100,000 jumps in the past 12-18 months. Many homeowners who have been waiting for the past 10 years to move can now finally make their move if they can find a home or condo to move into. Check out the Sold St Pete waterfront home here.

If you are considering selling a home in St. Petersburg, Gulfport, Seminole or the Gulf Beaches contact us now for a free property value analysis or click here and we’ll prepare a custom market snapshot of your home so you can quickly guage where your home stands in the marketplace.

In May, some flood policy costs revert to 2013 levels

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David L. Miller, associate administrator with the Federal Insurance and Mitigation Administration, part of the Federal Emergency Management Administration (FEMA), released a memorandum with guidelines for insurance companies that sell flood insurance on behalf of the National Flood Insurance Program (NFIP).

The guidelines – called “Phase I Implementation of the Homeowners Flood Insurance Affordability Act of 2014” – generally roll back the cost of flood insurance policies for most homeowners and buyers to the level charged before October 2013 when higher rates kicked in. The new guidelines become effective May 1, 2014.

“The purpose of this bulletin is to stop charging full risk-rates for all types of Pre-Flood Insurance Rate Map (FIRM) properties covered by section 3 of the (newest flood law), which includes primary residences and businesses,” Miller says in the memorandum.

Section 3 of the new flood law requires insurance companies that sell flood insurance on behalf of FEMA – called Write-Your-Own (WYO) companies – to restore Pre-FIRM subsidized rates for:

″ Pre-FIRM properties not insured when Biggert Waters was enacted

″ Pre-FIRM properties sold after Biggert Waters was enacted

″ Policies for Pre-FIRM properties rated full-risk under Biggert Waters due to a lapse in coverage

There are two gray areas in the memorandum for homebuyers. Since May 1 is two weeks away, what happens to homebuyers who need flood insurance before then? Until today’s memo was issued, owners and buyers paid the higher flood insurance rate to get or maintain coverage, and they expected to receive a rebate sometime in the future.

“Some insurers are ‘working it out,’ but supposedly, the full-risk rate premium is to be charged until May 1,” says Lisa S. Jones, a flood insurance specialist with Carolina Flood Solutions and consultant to the National Association of Realtors® (NAR). The two-week hiatus is awkward, and it’s not clear how individual insurance companies will choose to handle it. However, going against the rules “could get them into trouble,” Jones says.

The second gray area involves the actual charge for a flood insurance policy, and some homeowners could face a surcharge later after FEMA completely rolls in the new law.

“Currently, homeowners are paying the higher rates and expecting a refund later,” says Jones. “Under the new rules, rates temporarily roll back completely to their pre-October 2013 level. But the new law still allows some increases. Once the law is fully implemented, some individual homeowners and buyers may not see a difference, or will have to pay higher premiums on secondary homes once the surcharges and annual increases are applied at renewal.”

The complete memorandum, including a list of the homes and flood zones affected, is posted on Florida Realtors Flood Insurance Toolkit.

© 2014 Florida Realtors®

Termites – Fumigate or Spot-treat for termites… which is best for your house?

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If you ARE ONE of the lucky homeowners this year that DID NOT see any termite wings or evidence of their presence…..well congratulations!!

Unfortunately their are MILLIONS OF HOMEOWNERS around the nation that saw termites flying around their homes and/ or found evidence of wings on a window sill or sawdust droppings near a door / window frame.  This occurrence of having termites in their house is like lighting a stick of dynamite and not knowing how long it will be before the dynamite detonates.

The ‘stick of dynamite’ analogy brings up good questions like:  “How long have they been here? ….. Is it that I just have not ever noticed them before?”    “I wonder where they are feeding that I don’t even know about?”    

Unfortunately with termites, you see a few here and there…but there is absolutely NO DOUBT that the colony of termites embedded inside your home’s wooden structure supports is in the tens of thousands and growing every day exponentially!!!!

What do you do when this happens to you?  Well the cost-efficient homeowner would call Geiger’s Pest Services for a free inspection and estimate on solving their problem.  After the inspection, Geiger’s would give the results to the homeowner…..and those results 99.9% of the time are that you need to fumigate your home.  Fumigation is one of the best things you can do for your house…it kills all the bugs to include dry wood termites.  We all want to live in a bug free home…right?

Some pest companies would recommend you to ‘spot treat’ for termites! This spot method  is only a ploy to create a money stream for their company….this ‘treatment’ would continue and continue until one day the home owner finally sees the light and determines that what they have been doing for  termite control is not effective!  The money the homeowner spent on ‘spot treatments’ could have probably paid for a fumigation job and established a quarterly pest control contract for a year!

Do yourself, your home and your pocketbook a favor…..if you have termites and want to get rid of them…call Geiger’s!  We want to complete the job so you are happy.

http://gpsbugs.com/
(727) 785-2030

Flood Insurance FAQ's

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Many older homes in flood zones have long benefited from a subsidy that kept flood insurance rates very low. Starting next month, those homeowners will typically see annual rates jump more than 25 percent, including a fee for a new reserve fund.

Can you do anything to fight higher rates? Yes!

– Obtain an elevation certificate to show how high your home is compared with flood levels. There is an initial cost, but it may help reduce your rate.
Murphy’s Land Surveying specialize in surveys and elevation certificates,

Review your flood zone maps to see your property’s current flood risk and how close it is to a potential change in risk status if a new map is adopted.

And don’t let your policy lapse, this could be a trigger for a big rate increase.

Call Rachel Keeser at Commonwealth Insurance of Seminole on 727-392-1090 or email Rachel@cwagent.net
and she will be happy to give you a competitive flood quote after you have an elevation certificate.

Other Links:
Interactive Map for NFIP Subsidized Policies by State and County
FEMA: Homeowner’s Guide to Elevation Certificates
FEMA: Flood Insurance Rate Maps
FEMA: Flood Insurance Rate Maps

short sale sellers qualify for new mortgage

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For home short-sellers, finally comes some good news
Saturday, September 7, 2013 — Anonymous (not verified)
Sections:
Real Estate.Sunday, September 8, 2013

Author(s):

Kenneth R. Harney

WASHINGTON — Policy changes by two of the biggest mortgage market players could open doors to home buys this fall by thousands hard-hit by the housing bust and who thought they’d have to wait for years before owning again.

Fannie Mae, the federally controlled mortgage investor, has come up with a “fix” designed to help the many consumers whose short sales were misidentified as foreclosures by credit bureaus. Under previous rules, short-sellers would have to wait for up to seven years before becoming eligible for a new mortgage. Under the revised plan, they may be able to qualify for a mortgage in as little as two years. 
Homeowners who are foreclosed upon often must still wait for up to seven years before becoming eligible again to finance a house through Fannie. Industry estimates suggest that more than 2 million short-sellers might be affected by inaccurate descriptions of their transactions.

Meanwhile, the Federal Housing Administration (FHA) has announced a new program allowing borrowers whose previous mortgage troubles were caused by “extenuating circumstances” beyond their control to obtain new mortgages in as little as a year after losing their homes instead of the current three years. They will need to show that their delinquency problem was caused by a 
20 percent or greater drop in income that continued for at least six months, and that they are now back to work, paying bills on time and earning enough to qualify for a new FHA-insured mortgage.

Fannie’s policy change came after months of prodding by the federal Consumer Financial Protection Bureau, U.S. Sen. Bill Nelson (D-Fla), the National Consumer Reporting Association, the National Association of Realtors and Pam Marron, an outspoken Florida consumer advocate. They all sought fairer treatment of borrowers who had participated in short sales in recent years.

In a short sale, the lender approves the sale of a house to a new buyer but typically receives less than the balance owed. In a foreclosure, the bank takes title to the property and seeks to recover whatever it can through a resale. Though the two types of transactions are distinct and involve significantly different losses for banks, with foreclosures usually far more costly, credit bureaus have no special reporting code to ID short sales. As a result, say critics, millions of people who have undertaken short sales in recent years may have their transactions coded as foreclosures on their credit bureau reports.

That matters — a lot — because Fannie Mae and other major financing sources have mandated different waiting periods for new loans to borrowers who have completed short sales compared with borrowers who were foreclosed upon — in this case, two years versus seven. Under the new policy in effect Nov. 16, short-sellers who find that their transactions were miscoded on credit reports and are able to put 
20 percent down, should alert their loan officers and provide transaction documentation. The loan officer should advise Fannie about the coding error. Fannie will then run the loan application through its revised automated underwriting system.

Freddie Mac, the other government-administered mortgage investor, continues to require a four-year waiting period for short-sellers who cannot demonstrate “extenuating circumstances” as having caused their problems. If they can do so — documenting income reductions beyond their control that wrecked their credit — they may be able to qualify for a new Freddie Mac loan in two years.

FHA’s policy change may prove to be an even more generous deal for some previous homeowners. Like Freddie Mac, FHA wants to see hard evidence of what economic events beyond the borrowers’ control — loss of a job, serious illness or death of a wage earner, for example — led to the delinquency or loss of the house. Applicants must be able to show 12 months of solid credit behavior, participate in a housing counseling program and get through the agency’s underwriting hoops. But unlike either Fannie or Freddie, if you qualify under FHA’s revised rules, which are now in effect, and your lender approves, you might be able to buy a house with a new, low-down-payment mortgage in as little as a year.

It’s worth checking out.
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Source URL: http://bostonherald.com/business/real_estate/2013/09/for_home_short_sellers_finally_comes

Deed Notice SCAM

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Deed Notice Scam

 

Home Buyer’s across the country are getting official looking notices in their mailboxes asking them to pay for a copy of their deed. Companies are sending out mailers to home buyers asking for a lot of money for a document you can get for next to nothing. This is not a government agency; they are private companies trying to take advantage of unsuspecting people.

Two of the companies were contacted asking why anyone should pay a high price for a copy of their Deed, one stated “We offer a service and it’s an optional service. If you’re interested in the service, you can pay the fee and if you’re not interested, you can disregard the letter.” The other company said “We offer this as a convenience for customers. It can be difficult to find time to stand in line at the county recorder’s office. We are just an alternative source for getting the deed.” Counties automatically provide homeowners with their original deed for no cost. Homeowners can also obtain copies for a few dollars at the recorder’s office or even get it by mail. If you receive a notice like this, do not respond this is a SCAM.

 

If you have questions regarding your deed, please contact us so we can help you obtain a copy.

Buying tips

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Buying Tip: when I show property to clients one of the 1st things I look at when we arrive is the roof! In today’s market where insurance in Florida is so hard to obtain and expensive. A newer roof can save you hundreds of dollars a year.

If you buy a home with a new or newer (2002 on) it should have been in stalled with new nails and maybe special clips and a secondary waterproof barrier.

The second reason I look at the roof is quite often homes build in the 60’s and 70’s had tile roofs. Looking at the homes in the area if you see 50% of them have shingle roofs it could be a strong indication that the roof is at the end of its life. If that’s the case you maybe unable to get insurance. Insurance companies want to see at leased 3 years of life remaining.

Fannie Mae increases options for surrendering deed, called mortgage release

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If a homeowner wants to walk away from a home by mailing in the deed and seeking forgiveness, it’s no longer a deed-in-lieu of foreclosure, according to Fannie Mae. From now on, it’s a mortgage release.

Under the changes, Fannie Mae gives owners three options:

• an immediate move
• a three-month transition with no rent payment
• a twelve-month lease with market rent payment

Other rule changes focus on the mortgage servicers. They don’t, for example, have to get written approval to postpone a foreclosure sale on a home more than 12 months delinquent.

However if you have a 2nd mortgage or an equity line of credit you would need to get approval from that bank to take advantage of this program.

To find out if your loan is a Fannie Mae mortgage click here

What Turns Renters Into Home Owners?

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It’s not what you know about home ownership that makes you want to own a home, but rather how you value it. Or so says a new study from Fannie Mae that concludes having a personal experience like being unable to pay a mortgage, thinking home values will fall in the future, or being underwater on a home loan don’t play a big part in renters wanting to be home owners.

The key drivers pushing renters toward home ownership are attitudes and beliefs. Those who believe “owning makes more sense financially over the long term” do indeed go on to buy homes.

Things that are much less important factors for renters:

· The perceived ease of getting a mortgage

· Knowing someone who defaulted on a mortgage

· The belief that home values will rise or fall

· The desire to have a good place to raise and educate children

· Safety

· More space and control over your living environment

The study suggests Americans’ desire to own homes is strong, even when the housing market undergoes dramatic challenges.

“Our study shows that the negative housing events of the past few years have not discouraged
people from wanting to own a home,” the study authors wrote. “Exposure to mortgage default, perceived home value appreciation/depreciation, and self-reported underwater status are not significant factors in the models predicting individuals’ intentions to own a home for their next move.”

Source: Fannie Mae

Updated mortgage-aid program aims to pick up slack

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PHILADELPHIA – April 5, 2012 – After months in the works, HARP 2.0 is available to Fannie Mae and Freddie Mac borrowers who want to refinance but owe more on their mortgages than their houses now are worth.

HARP 2.0 – HARP stands for Home Affordable Refinance Program – is being billed as an improvement over the three-year-old version that just about everyone acknowledges didn’t help anyone.

The reason for that failure: The original program had limits on loan-to-value ratio, the amount of a mortgage as a percentage of the appraised value of a property. If the balance of a mortgage exceeded the appraised value – say, $300,000 versus $150,000 – the borrower wasn’t allowed to refinance.

Recognizing that none of the borrowers the program was intended to help would be able to qualify, the limits were dropped when the new version of HARP was heralded in October.

Does that mean all lenders have agreed to no limits?

“I have lenders that have limited the loan-to-values. Some have even differentiated between attached and detached homes,” said Philadelphia mortgage broker Fred Glick, who has launched a blog, http://harp2.com, to update consumers. “They still are limiting what they will do” with loan-to-value ratios of 150 percent and no more.

“All in all, it is a great way to get people’s rates down in spite of low values,” Glick said. “This will decrease the supply of homes for sale and increase values over the long run.”

As with all these programs, the months since HARP 2.0 was announced have been spent trying to get lenders on board – no easy task since Fannie and Freddie loans are pooled as mortgage-backed securities that are owned by many investors. All the investors need to agree before borrowers can apply to reduce monthly payments to today’s low fixed interest rates, which remained under 4 percent for many months but now are beginning to increase as bond yields rise in an apparently improving economy.

As of March 17, HARP 2.0 has been in place to help keep homeowners above water. About four million Fannie Mae and Freddie Mac borrowers nationwide owe more on their mortgages than their homes are worth.

The government has a website, http://www.makinghomeaffordable.gov, (link) that has details about HARP 2.0 and other information.

Underwater loans might also be eligible to refinance under provisions of the recent National Mortgage Settlement. That applies to loans neither owned by Freddie or Fannie nor insured by the Federal Housing Administration, which has its own streamlined refinancing under a program announced in January. Details of that settlement are being worked out, and eligible borrowers will be notified by the five participating lenders – Wells Fargo, Bank of America, JPMorgan Chase, Ally Financial, and Citibank – at some point.

To be eligible for HARP, homeowners must be current on their mortgage. That means paid in full up to date, with no late payments in the past six months and only one in the past 12. They also need to show that they can afford the new payments gained through refinancing without any trouble.

Borrowers must have closed on their current mortgage on or before May 31, 2009, and cannot have refinanced through HARP before. In addition, mortgages must fall under current “conforming-loan limits,” which vary by region.

One thing both Fannie and Freddie want to see is whether borrowers refinance to loans with terms shorter than 30 years. They call this “movement to a more stable product.”

Borrowers with an interest-only loan will be urged to refinance to a mortgage product that provides amortization of principal and accumulation of equity in the property.

Those who have an adjustable-rate mortgage will be encouraged to refinance to a fixed-rate loan that eliminates the potential for payment shock, or to an adjustable with an initial fixed period of five years or more and equal to or greater than the existing mortgage.

Homeowners with a 30-year fixed-rate mortgage will be advised to refinance to a 15-, 20- or 25-year fixed that offers, in Fannie Mae’s words, accelerated amortization of principal and equity building. But borrowers won’t be allowed to cash out equity under this refinancing “except for closing costs and certain allowances to cover items such as association fees, property tax bills, insurance costs and rounding adjustments.”

Plus, borrowers may not satisfy subordinate financing in the form of a home-equity line of credit or a closed-end second mortgage with the proceeds of the refinance mortgage.

Balloon mortgages and convertible adjustable-rate mortgages are eligible for HARP 2.0 if the conditional right to refinance the balloon or convert the ARM was exercised by the borrower and “redelivered” to Fannie Mae before June 1, 2009.

Resources

• To determine whether Fannie Mae or Freddie Mac owns your mortgage, check at http://fanniemae.com/loanlookup and http://freddiemac.com/mymortgage.

• To access Fannie Mae’s frequently asked questions file, go to http://goo.gl/pN54x.

• Many of the rules and regulations outlined in the latest information from Fannie and Freddie are far beyond the understanding of the typical homeowner, and, as the government warns, scam artists are already hovering above borrowers, waiting to pounce. For information about mortgage-assistance-relief scams, visit http://FTC.gov.

• Some underwater homeowners will qualify for assistance under the Mortgage Settlement. The Center for Responsible Lending has a downloadable consumer’s guide for that program at http://goo.gl/2FZKM.

Copyright © 2012 The Philadelphia Inquirer. Distributed by MCT Information Services.

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