With so much being written about foreclosures nationally, it is time to put aside rumors and report exactly what is happening with foreclosures in Tallahassee. Rather than talk in general, this blog will report exactly what has occurred in Tallahassee, thus far this year. Read the rest of this entry
Special occasions occur in life at various times, and when they are acted upon in a timely manner, they can change our destiny. I believe now is one of those times. The “perfect storm” of economic events and global opinion has created a small window of opportunity for us regular people to take advantage of something normally only available to the financially advantaged. Read the rest of this entry
I took a look at some of our higher trafficked articles on the Tallahassee Florida Real Estate Blog and found that these ten articles received a ton of traffic. If you are seeking great real estate information and happened to miss any of them, I’ve included a link below for you to see what everyone else is reading about.
What You Need To Know About Open Houses - One technique that real estate professionals use to meet more buyers is to hold an “Open House” at a home for sale. Statistically, we have less than a 1% chance of selling the home that we are in due to that Open house, so you might wonder why we do it at all.
How Home Values Are Determined - Everyone who owns a home typically likes particular aspects of that home. But these likes and dislikes have less to do with value that you might think, so let me give you some value-thoughts to chew on.
Short Sale Advice - A real estate short sale is when a home gets sold and the proceeds from the sale “fall short” of what the property owners owes on the mortgage(s) on the home. The bank(s) agrees prior to closing to accept a lesser amount than what it is owned. The bank will do this if it feels it will get more money through a short sale than through the timely and expensive cost of a foreclosure action. The property owner will often consider a real estate short sale when the owner receives assurance from the bank the loan will be deemed “paid in full.” Sometimes though, the property owner’s only option is the short sale, even if a deficiency judgement results in the process.
How To Buy A Foreclosure - So you’re hell-bent on buying a foreclosure! If so, this article contains the perfect “to do” list for you to use as guidance as you enter a market full of opportunity, surprises, pitfalls and rewards.
How To Evaluate Income Producing Properties - Take a look at a model that I refer to as the Real Estate Stack. This is the most basic of measurement models which allows an investor to take an investment and convert it to a mathematical model so that it can be compared with all other investment opportunities.
A Case Study in Buying Investment Real Estate - The return in real estate is found in long-term, leveraged appreciation. Too many investors think the money is in speculation or in the “flip,” whereas seasoned investors like to watch the appreciation build up.
Predicting Housing Consumption - With data on hand that has been recorded since 1991, I’m thinking that there might be a way to extrapolate a housing consumption estimate for the future by looking at what has happened in the past.
Tallahassee Real Estate Market Report (Free Download) - This is our third consecutive month of offering our free Tallahassee Housing Report. The purpose is to provide useful information about Tallahassee Housing by showing supply and demand across all price ranges in Leon County. This is the most comprehensive report that you will find on supply and demand in Tallahassee because it brings in more sources than just the MLS.
Making Florida Housing Affordable - So much of Florida real estate, especially near the beaches, has appreciated so highly that it is hard for working families to buy a home. It is so hard to build affordable housing with the cost of land, sticks, bricks and labor so high. That is where some key programs offered by the government can come into play, luring investors and developers alike. A few key programs that I think will make the difference are featured within.
How To Prepare To Sell Your Home - Preparing to meet with an agent is an important step in the process of selling your home. You see, the real estate agent is going to give you advice, and this advice will only be as good as the information that the agent uses to form the advice. With that in mind, let’s review what you should do to prepare for this meeting.
I hope you enjoyed this compilation of great real estate information. If you liked this summary format, please leave a comment below and I will put together more in the future (or if you didn’t like it, a comment here will help as well).
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible.
Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
If you like this Article then please subscribe to my blog through a full RSS feed. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.
Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
It’s all the talk among the real estate blogs. Have you heard?
I had not written a blog on real estate short sales because there is so much out there already. I decided to get up early this morning and see if anybody had written anything that would explain this process to a lay-person (a lay-person in short sales is somebody who owns a home with lots of equity — humor).
A real estate short sale is when a home gets sold and the proceeds from the sale “fall short” of what the property owners owes on the mortgage(s) on the home. The bank(s) agrees prior to closing to accept a lesser amount than what it is owned. The bank will do this if it feels it will get more money through a short sale than through the timely and expensive cost of a foreclosure action. The property owner will often consider a real estate short sale when the owner receives assurance from the bank the loan will be deemed “paid in full.” Sometimes though, the property owner’s only option is the short sale, even if a deficiency judgement results in the process.
If you own a home that is highly leveraged (read that to mean that you borrowed as much money on it as you could sometime in the past three years) and you need to move for one reason or another, you need to know that you basically have four options right now:
Because this is a blog about real estate short sales, we will assume that number 1. and number 2. are not options for you. In order to determine if a short sale is the right solution, the next step is to meet with a real estate professional that is an expert in real estate short sales.
Once you have determined that you must sell your home and you are concerned about maintaining your credit rating, you must interview the best real estate company to successfully work through the real estate short sale. That’s right, the correct company. The short sale process is easy to talk about, but the reality is that few companies give good short sale advice. Good companies successfully help the property owner through to the very end, with complete forgiveness on the loan. Here are some critical issues you should address in the interview:
First and foremost, one must realize that real estate short sales take much longer than “normal” sales. This is because the bank requires a due-diligence period to ensure that it is not being taken advantage of and to ensure that it is getting the best return on its investment. I believe that this is fair. But there are things that your real estate company can do to make the short sale process go quicker, and that is where experience is the key.
A real estate company with real estate short sale experience will have a kit, a package, or at least a process to expedite the lenders decision-making ability. This package should include everything the lender will need to form its opinion on the real recovery value of the property. Additionally, the real estate company giving you short sale advice should be prepared to provide the following information to the lender at first contact (Be proactive, do not wait for the lender to ask):
Once the lender(s) has made a decision, just remember that there are often layers of decision makers at every bank. All agreements must be approved through the lenders legal department, and this too adds to the time it takes to close on a real estate short sale.
Conclusion
If you plan on selling through a real estate short sale, just understand that it will take some work. In the long run, it will be worth the hassle as you will better protect your credit rating and you most likely won’t have to repay as much of the money. The choice of real estate expert could be the difference between success and failure, so choose wisely on who should give you this short sale advice.
If you plan on buying through a real estate short sale, remember that patience is a virtue. No matter what the home owner agrees upon in the sales contract, the bank will be the final decision maker in the process. The bank and the real estate professionals will determine how long the entire process takes, so choose your short sale advice (real estate company) carefully.
As a reminder for those who subscribe to the Tallahassee Real Estate Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible.
Keep checking out the Tallahassee Real Estate Blog every day for updates that include charts, graphs, and analysis of the Tallahassee real estate market.
If you like this Article then please subscribe to my blog through a full RSS feed. You will be able to stay informed about the happenings in the Tallahassee Real Estate Market. You can also subscribe to this blog and have it delivered by Email.
Joe Manausa is a real estate investor and the Broker and Co-Owner of Century 21 First Realty. He can be reached via e-mail through the Tallahassee Real Estate Website or catch his latest writings on the Tallahassee Florida Real Estate Blog , or by calling (850) 386-2001.
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