Posted in the Wall Street Journal today, June Fletcher, made reference to options in how a Seller can assist a Buyer in purchasing a home in today's market. One option was to assist the Buyer with financing. Years ago, Sellers would hold the note on a home for a potential buyer only to be left with the liability of the debt later when the buyer would vacate the property or choose not to make payments. While this is a very good option to assist a Buyer, it is wise to obtain an attorney to assist you in the legal process of writing the note., determing the financing terms and to make sure there is an arbitration clause and liability clause to protect the Seller. As Fletcher also states in her article, it is wise for the Seller to also investigate the buyer's finances just as a bank would to determine if allowing this option to sell the home would be in the Seller's best interest.
As stated in Fletcher's article, the below five steps should be taken:
1. Investigate the buyer by asking him to fill out a Uniform Residential Loan Application.
2. Get bankruptcy details by checking out the case through Public Access to Court Electronic Records (PACER), a service of the U.S. Judiciary. ( This program requires registration and will only charge you for the viewing of the pages you print, so it does require a credit card to use,
3. Pull the buyer’s credit report and eviction and criminal history via the American Apartment Owners Association Web site.
4. Insist on 20 percent down or offer a contract for deed, which only confers full ownership rights after the home is paid off.
5. Consider offering a lease-option with part of the payment going toward the purchase price, which gives the buyer time to repair his credit before seeking conventional financing.
6. And one other area of research that should be done that is not included in the article is to verify past and present residential creditors in addition to pulling the Clerk of the Court Civil and Criminal Records ( which are public record) through the Court's online website to verify there are no lawsuits, liens or criminal activity against the Buyer that would otherwise pose a problem for you as the Seller.
If you are an agent, unless you have authority to do this from the Seller in writing, have the seller do this. The fees for pulling records on one potential buyer, can add up and unless you have a written agreement with your seller to reimburse for the background check or otherwise, the Seller should take this responsbility.
Althought there is alittle more legwork for this option, it is still a great option to assist a buyer in our current market.
Source: The Wall Street Journal, June Fletcher (08/28/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Additional information provided via Dawnmarie Hatfield, TRC, AHWD Realtor/Keller Williams Realty.
Tuesday, September 08, 2009
Tuesday, September 01, 2009
JUST LISTED
$158,000 * 4.4 Acres MOL VACANT LAND in Brooksville
(Residential and/or Agricultural) HERNANDO CNTY, FL
PRIME REAL ESTATE in FALCON RIDGE
(Residential and/or Agricultural) HERNANDO CNTY, FL
PRIME REAL ESTATE in FALCON RIDGE
Listing is being offered as possible short sale.
Accepting all offers; offer and commission subject to bank approval
$179,999 3 Bedroom/2 Bath
MLS# 7422067 ESTATE SALE in HUDSON
SHADOW LAKES Subdivision - Pasco County
Newly Renovated and Freshly Painted.
Brand New Appliances, Large Home Layout,
Brand New Cabinetry in Bathrooms, New Carpet,
Paint and More. A Must See.
Move In Ready Seller Accepting All Offers.
For Virtual Tour, Click Here
OPEN HOUSE : Sept 12, 1009 and Sept 26, 2009
TIME: 12:00 Noon to 3:00 p.m.
$236, 899 - 2 Bed/2 Bath Luxury CondoMLS #7371558 in Heart of Tampa, FL
VILLA SONOMA @ International Plaza
Owner has never lived in Unit. Condo in excellent condition. All appliances have warranties, great view from One-of-a-Kind Garden Window. Close to Shopping, Restaurants, downtown, Airports, Colleges and Beaches. Great location for all your enjoyment of living. Condo Community has secured entry and garage; pool, fitness center and spa area. Great place to relax.
Seller is accepting all offers. See this property and Virtual Tour on Realtor.com
Property Information is provided as a Courtesy of Dawnmarie Hatfield of Keller Williams Realty and said parties are held harmless for any descrepancy herein. Information has been gathered from Realtor.com and the Pinellas Realtor Organization. Price and terms of listings subject to change. Verify all information on listings with your agent.
DAWNMARIE E HATFIELD, TRC, AHWD
KELLER WILLIAMS REALTY
35095 US Hwy 19 North, Ste 100
Palm Harbor , FL 34684
727-772-8919 ext 149
Dawnmarie@kw.com
Tuesday, August 18, 2009
GREAT TIME FOR VETERANS TO BUY
VA Loan Still Good Option in a Challenging Economy
Week of June 22, 2009 Military.com
More service members and veterans are using their Department of Veterans Affairs (VA) home loan guaranty benefit, as VA's loan program remains a strong option in today's housing market. No-down payment loans are increasingly difficult to obtain with conventional financing. Under recently enacted legislation, VA now uses a locality-based approach in determining ceilings on its no-down payment home loans. VA no-down payment loans are available for as much as $729,000. Larger VA loans may be obtained with relatively small down payments. See full article.Visit the Military.com PCS/Home Buying Guide. It will help you sort through the moving process and ease your PCS. This guide offers moving checklists, articles about finding homes in the right neighborhood, tips for selling your home fast, and much more.
Week of June 22, 2009 Military.com
More service members and veterans are using their Department of Veterans Affairs (VA) home loan guaranty benefit, as VA's loan program remains a strong option in today's housing market. No-down payment loans are increasingly difficult to obtain with conventional financing. Under recently enacted legislation, VA now uses a locality-based approach in determining ceilings on its no-down payment home loans. VA no-down payment loans are available for as much as $729,000. Larger VA loans may be obtained with relatively small down payments. See full article.Visit the Military.com PCS/Home Buying Guide. It will help you sort through the moving process and ease your PCS. This guide offers moving checklists, articles about finding homes in the right neighborhood, tips for selling your home fast, and much more.
What Floridians Need to Know About Insurance
DO YOU HAVE ENOUGH INSURANCE?
Living in Florida we all know we are at risk of a hurricane between June 1st through November 30th. The biggest mistake I have seen is the assumption that because you have Homeowner’s insurance you are covered in the case of a Hurricane. But there are other mitigating circumstances that result from a hurricane like water and wind damage, which may not be made a part of your homeowner’s insurance policy.
There are two critical must know facts regarding insurance. Homeowners insurance is not hurricane insurance and there is a 30 day waiting period. "Prepare for Hurricane Season: Buy Flood Insurance Now" is the title on the FEMA website posted May 29, 2009. According to FEMA, floods are the most common hazard in the US, and most homeowners insurance doesn't cover flood damage.
Everyone is at risk of flooding and Flood coverage is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers. The fees for insurance are mandated by NFIP so even if you try and shop around, the only difference you may see in rate would determine on the fee the insurance agent is charging you to manage that policy.
NFIP was created in 1968 by Congress for those communities that agreed to adopt and enforce flood plans to reduce flood damage would have federally backed flood insurance. And in 1994 Congress passed the National Flood Insurance Reform Act (SFHA) lengthening the waiting period required before an NFIRA policy can go into effect. The waiting period is 30 days for a new or modified policy. During a Hurricane it is less likely any insurance company will insure you so it is important that you obtain insurance before hurricane season.
A 2008 poll by the Insurance Information Institute found that only 17 percent of Americans have a flood insurance policy, ranging from 15 percent in the West to 17 percent in North Central States and the South to 20 percent in the Northeast. Coverage is provided for up to $250,000 for the home and $100,000 for personal belongings and policy premiums can range anywhere between $300 to $2,000 depending on the coverage amount, type of home and amount of personal property coverage you need. The higher deductible you select, the possibility for a lower premium.
On the FEMA website there is information about the National Flood Insurance Program, flood maps and a calculator to estimate premiums. They also link to FloodSmart.gov, the official site of the National Flood Insurance Program and the Insurance Information Institute website has down-loadable information regarding the National Flood Insurance Program.
In addition to Flood, hurricanes cause wind damage. Typically homeowners insurance covers wind damage; but during a hurricane there can be wind related damage to a window or door that results in flooding. According to the fine print, this type of flood damage might not be covered in the policy. Additional wind and hail coverage might be necessary.
When researching Homeowner’s insurance , typically enough insurance will be required to rebuild the home ( replacement value) and to replace all personal belongings. Speak to an insurance agent or company and have discussions regarding requirements as well as deductibles. Most coastal residents have percentage deductibles for storm damage rather than the traditional dollar deductibles that are used for other types of losses such as fire or burglary.
If you are buying a home during hurricane season, some insurance companies may freeze the underwriting of new policies until the storm is to pass. Don’t be discouraged, if you can not get your quotes or a binder for closing. Remember you can always ask for an extension of closing to allow for the storm to pass and the proper binder to be obtained.
Get informed this Hurricane Season and know your options so you can be properly protected.
Information gathered from FEMA.gov, floodsmart.gov, Florida Department of Insurance 2009
Living in Florida we all know we are at risk of a hurricane between June 1st through November 30th. The biggest mistake I have seen is the assumption that because you have Homeowner’s insurance you are covered in the case of a Hurricane. But there are other mitigating circumstances that result from a hurricane like water and wind damage, which may not be made a part of your homeowner’s insurance policy.
There are two critical must know facts regarding insurance. Homeowners insurance is not hurricane insurance and there is a 30 day waiting period. "Prepare for Hurricane Season: Buy Flood Insurance Now" is the title on the FEMA website posted May 29, 2009. According to FEMA, floods are the most common hazard in the US, and most homeowners insurance doesn't cover flood damage.
Everyone is at risk of flooding and Flood coverage is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers. The fees for insurance are mandated by NFIP so even if you try and shop around, the only difference you may see in rate would determine on the fee the insurance agent is charging you to manage that policy.
NFIP was created in 1968 by Congress for those communities that agreed to adopt and enforce flood plans to reduce flood damage would have federally backed flood insurance. And in 1994 Congress passed the National Flood Insurance Reform Act (SFHA) lengthening the waiting period required before an NFIRA policy can go into effect. The waiting period is 30 days for a new or modified policy. During a Hurricane it is less likely any insurance company will insure you so it is important that you obtain insurance before hurricane season.
A 2008 poll by the Insurance Information Institute found that only 17 percent of Americans have a flood insurance policy, ranging from 15 percent in the West to 17 percent in North Central States and the South to 20 percent in the Northeast. Coverage is provided for up to $250,000 for the home and $100,000 for personal belongings and policy premiums can range anywhere between $300 to $2,000 depending on the coverage amount, type of home and amount of personal property coverage you need. The higher deductible you select, the possibility for a lower premium.
On the FEMA website there is information about the National Flood Insurance Program, flood maps and a calculator to estimate premiums. They also link to FloodSmart.gov, the official site of the National Flood Insurance Program and the Insurance Information Institute website has down-loadable information regarding the National Flood Insurance Program.
In addition to Flood, hurricanes cause wind damage. Typically homeowners insurance covers wind damage; but during a hurricane there can be wind related damage to a window or door that results in flooding. According to the fine print, this type of flood damage might not be covered in the policy. Additional wind and hail coverage might be necessary.
When researching Homeowner’s insurance , typically enough insurance will be required to rebuild the home ( replacement value) and to replace all personal belongings. Speak to an insurance agent or company and have discussions regarding requirements as well as deductibles. Most coastal residents have percentage deductibles for storm damage rather than the traditional dollar deductibles that are used for other types of losses such as fire or burglary.
If you are buying a home during hurricane season, some insurance companies may freeze the underwriting of new policies until the storm is to pass. Don’t be discouraged, if you can not get your quotes or a binder for closing. Remember you can always ask for an extension of closing to allow for the storm to pass and the proper binder to be obtained.
Get informed this Hurricane Season and know your options so you can be properly protected.
Information gathered from FEMA.gov, floodsmart.gov, Florida Department of Insurance 2009
Pinellas County Sales for July - UP!
The Pinellas REALTOR® Organization Releases Early Indication of the Pinellas County Real Estate Marketplace Activity for the Month of July, 2009
by Mathias Bergendahl
On August 10, 2009 The Pinellas Realtor® Organization released marketplace activity in Pinellas County for the month of July, 2009 indicating that the Pinellas County residential real estate market continued to see declining inventory, rising sales, and a fairly stable median price.
Residential unit sales were 1,134 compared to 841 in July 2008, an increase of 26%. At the end of July, 12,479 active residential listings were on the market compared with 15,919 in July the year before, reflecting a 22% decline in inventory. The median price for all residential properties was $136,200 contrasted with $172,500 in July 2008.
For most of 2008, the median price was in the 170,000 to 175,000 range until October when it dropped to around $145,000. In 2009, the median price is hovering between 130,000 and $145,000 so far.
Unit sales and median price have both been strongly affected by foreclosures. Availability of mortgages continues to be an issue as well, especially for the second and vacation home buyers. Forty-four percent of sales were all cash deals, with 35% being new conventional loans, 18% FHA loans, 3% VA loans, and 4% assumed, wraps, or other.
by Mathias Bergendahl
On August 10, 2009 The Pinellas Realtor® Organization released marketplace activity in Pinellas County for the month of July, 2009 indicating that the Pinellas County residential real estate market continued to see declining inventory, rising sales, and a fairly stable median price.
Residential unit sales were 1,134 compared to 841 in July 2008, an increase of 26%. At the end of July, 12,479 active residential listings were on the market compared with 15,919 in July the year before, reflecting a 22% decline in inventory. The median price for all residential properties was $136,200 contrasted with $172,500 in July 2008.
For most of 2008, the median price was in the 170,000 to 175,000 range until October when it dropped to around $145,000. In 2009, the median price is hovering between 130,000 and $145,000 so far.
Unit sales and median price have both been strongly affected by foreclosures. Availability of mortgages continues to be an issue as well, especially for the second and vacation home buyers. Forty-four percent of sales were all cash deals, with 35% being new conventional loans, 18% FHA loans, 3% VA loans, and 4% assumed, wraps, or other.
SHORT SALES - WHAT YOU SHOULD KNOW
STILL HUNTING FOR THOSE BARGAIN HOME SALES?
WHAT YOU SHOULD KNOW IF YOU ARE INTERESTED IN BUYING A SHORT SALE
Short Sales can take between 60 and 120 days or longer for lender approval and your offer is placed in a stack of other offers which may or may not be presented to the bank. Note that in most cases, the bank will accept the highest and best offer, so make sure you understand the particular nature in which your offer will be handled, have the appropriate contingency placed in the contract so you can back out if you feel it is taking too long, and discuss with your real estate professional, what the right course of action would be in your best interest depending on the type of financing you are achieving. This will make it a win-win for everyone. For a more information on short sales, send me an email at Dawnmarie@kw.com.
WHAT YOU SHOULD KNOW IF YOU ARE INTERESTED IN BUYING A SHORT SALE
Short Sales can take between 60 and 120 days or longer for lender approval and your offer is placed in a stack of other offers which may or may not be presented to the bank. Note that in most cases, the bank will accept the highest and best offer, so make sure you understand the particular nature in which your offer will be handled, have the appropriate contingency placed in the contract so you can back out if you feel it is taking too long, and discuss with your real estate professional, what the right course of action would be in your best interest depending on the type of financing you are achieving. This will make it a win-win for everyone. For a more information on short sales, send me an email at Dawnmarie@kw.com.
Friday, July 24, 2009
Forclosures and Pets
Its sad that many homeowners are falling into forclosure, losing maybe the only asset they have ever owned. But it becomes a sadder situation when the homeowner not only loses his home, but had to give up his beloved pets. I just read an article about a man in Tonawanda, New York who packed up a U-Haul truck of all his furniture, belongings and pets after his home foreclosed. He took the Uhaul to the SPCA and told them he lost his home to forclosure and needed to find a safe place for his pets as he searched for a place to go.
In Connecticutt a local shelter received two 12 year old cats that were brought in by someone who was forced to live in her car after losing her home. And in California the Humane Society received a 20% increase in the number of owners surrendering their dogs and cats because they lost their homes.
People are losing their jobs, their homes, having to relocate out of state and are surrendering their pets who have been part of their families for five years or more.
I don;t think anyone ever expected the scope of this mortgage problem to be so widespread, but given the strength the immense financial strain, many don't feel they can care for their pets.
I don't know how anyone else feels. Many people feel pets are just family companions, while others like myself feel they are a part of the family. Would you surrender your children to an orphanage if you lost your job - No., you'd do whatever possible to make ends meet. An animal provides the companionship, unconditional love and strength to a person in the worst of times and they don't require very much except your love and attention.
I'm interested to know anyone elses take on this... it sure makes you think.
In Connecticutt a local shelter received two 12 year old cats that were brought in by someone who was forced to live in her car after losing her home. And in California the Humane Society received a 20% increase in the number of owners surrendering their dogs and cats because they lost their homes.
People are losing their jobs, their homes, having to relocate out of state and are surrendering their pets who have been part of their families for five years or more.
I don;t think anyone ever expected the scope of this mortgage problem to be so widespread, but given the strength the immense financial strain, many don't feel they can care for their pets.
I don't know how anyone else feels. Many people feel pets are just family companions, while others like myself feel they are a part of the family. Would you surrender your children to an orphanage if you lost your job - No., you'd do whatever possible to make ends meet. An animal provides the companionship, unconditional love and strength to a person in the worst of times and they don't require very much except your love and attention.
I'm interested to know anyone elses take on this... it sure makes you think.
Wednesday, June 17, 2009
Friday, May 01, 2009
CONDO FOR SALE - PRICE REDUCED - TAMPA, FLORIDA
PRICE REDUCED-
VILLA SONOMA @ INTERNATIONAL PLAZA (Tampa, FL)
$236,899 *MLS #: 7371558
Beautiful TUSCANY-STYLE Condominium living perfactly located in heart of Tampa's Westshore District convenient to Airport, Downtown Business District, Schools, and steps away from fabulous shopping, spectacular dining and happening nightlife. Enjoy the luxury of your own home right around the corner to unwind with style and sophistication at Villa Sonoma. Tranquil in style equipped with your own exclusive health club, resort-style pool and tanning deck, garden and lush landscaping, Water fountains, enclosed air conditioned corridors, Wi-Fi service throughout property, Elevators, grilling area, optional storage and private and secured parking.
Condo Unit has two (2) bedrooms and (2) baths with garden style shower/tub combo, formal dining area, good size kitchen with all new GE appliances, living area, utility room with washer and dryer hookups and large bay window. Deed Restrictions and fees apply. Seller is taking all offers.
This property is truly in a great location. Minutes away from Clearwater Beaches and Safety Harbor Resort and Spa. Minutes from beautiful water views and great shopping. All you could ask for with plenty to keep you busy. And when you want the peace and quiet, Villa Sonoma provides that and more. Visit our Virtutal Tour and see for yourself.
Anyone interested in this property, should contact Dawnmarie Hatfield, TRC Realtor @ 727-772-8919 ext 149 or via email at Dawnmarie@kw.com .
Monday, November 24, 2008
REMEMBERING OUR MILITARY FOR THE HOLIDAYS
Trying to take care of those at home may be hard this year when it comes to buying gifts. Finding inexpensive ways to celebrate your holidays can still make the most for your family and friends because the thought in putting the gift together should be what matters. Unfortunately, we have many families that will be apart for the holidays. Our Military. And we should not forget the sacrifices they are making for those of us at home that will have the chance to see family for the holidays.
If you can not afford to assist one of the many military programs in sending care packages, etc. Xerox Corporation has a program where you can thank a soldier. You can go to www.LetsSayThanks.com and pick out a card to send. Xerox will print the card for you and mail it to a soldier currently serving in Iraq. You will not be able to select the soldier recipient, but it will go to a member of the armed forces.
If you would like to help out a soldier’s platoon or send a care package, you can visit www.AnySoldier.com or contact me for a list of different military assistance programs or you can go to www.uso.org.
As a sponsor and entertainer for our Armed Forces and the USO, I can tell you from personal experience, that these men and women are very appreciative of what they receive. They experience some of the worst conditions that you or I probably would never imagine and having a touch from home helps the time pass so they can think of coming home. It only takes a second to help out. There are many ways to help out, so please put our military on your list this year During the Holidays.
GIVE BACK FOR THE HOLIDAYS
How can you Help?
How can you Help?
Soldiers Far Away From Home
Any Soldier Inc
Any Soldier Inc. started by the family of Army Sergeant Brian Horn as an effort to help him. Horn "was one of the 1,000 soldiers who parachuted into Northern Iraq on March 26th, 2003."Horn's family "knew his unit, the 173rd Airborne Brigade was living under very rough conditions", and they were "sending Brian care packages as often as we could."Then, thinking about the other soldiers in his unit, Horn's father, an Army veteran, started a web site offering ideas and practical links that help make contacting military personnel much easier. Learn about what's needed by and how you can help our troops deployed in Iraq, Afghanistan, Africa, Kuwait, Kyrgyzstan, Qatar, Serbia, Uzbekistan, or at Sea. Information on sending packages, contacting soldiers by email and much more. This site works year-round, so don't limit your efforts to the December holiday time - no matter when you are reading this - drop by Any Soldier Inc. and reach out to a soldier.cite: anysoldier.com.
A Million Thanks
Military Care Packages
Military Care Packages. "Whether your soldier is learning the ropes at boot camp, or out and about in a foreign land, getting a care package from home gives them the knowledge that people are thinking about them - that's a huge pick-me-up. Military Care Packages orders are shipped in white boxes, have colorful fill to brighten their day and include a card personalized with a note from you. Our top priorities are quality of food and products that go into our care packages, fantastic presentation and top value for your dollar."militarycarepackages.net
Military Exchange Prepaid Calling Cards. The Department of Defense Military Exchanges have been authorized to sell the following prepaid calling cards to individuals and organizations who wish to purchase these [lower rate] cards for our troops serving overseas in Operation Enduring Freedom and Operation Iraqi, freedom.thor.milexch.com
Operation Hero Miles
Soldiers' Angels
Stars and Stripes Holiday Message Program
USO Operation Phone Home
Wounded & Hospitalized Soldiers
Coalition to Salute America's Heroes
Coalition to Salute America's Heroes was created to provide an easy and meaningful way for individuals, corporations and others to help our severely wounded and disabled veterans and their families rebuild their lives. Your gift will be distributed in Coalition programs that provide emergency financial support to wounded heroes and the families in need, create job conferences, build handicapped-accessible homes, as well as many other initiatives.certifichecks.com
Road to Recovery
Road to Recovery was created to provide an easy and meaningful way for individuals, corporations and others to help our severely wounded and disabled veterans and their families rebuild their lives. Your gift will be distributed in Coalition programs that provide emergency financial support to wounded heroes and the families in need, create job conferences, build handicapped-accessible homes, as well as many other initiatives.saluteheroes.org
For the Families of Soldiers
Family Support Network
Family Support Network resources that will provide housing in private homes and hotels for free or significantly discounted costs. Reduced cost meals and airline flights are also available to assist with traveling expenses; provided hundreds of computers to service members and their families to make sure that they can communicate with each other, network, and have access to all the opportunities that being "online" affords.; experienced individuals who will work one-on-one with wounded veterans to provide you the counseling, encouragement and everyday life-coaching you need to figure things out. They're right there with you to make sure you aren't just settling for "getting by."saluteheroes.org
Homes for Wounded Heroes
Homes for Wounded Heroes forges a partnership between the wounded veteran, government agencies, manufacturers, businesses, and individuals in order to provide new or renovated housing at little or no cost. By connecting all of these various resources, the Homes for Wounded Heroes Coalition is looking to lessen the financial burden these heroes must endure in addition to the physical changes that they must deal with daily.saluteheroes.org
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